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    <VOL>90</VOL>
    <NO>228</NO>
    <DATE>Monday, December 1, 2025</DATE>
    <UNITNAME>Contents</UNITNAME>
    <CNTNTS>
        <AGCY>
            <EAR>
                Centers Medicare
                <PRTPAGE P="iii"/>
            </EAR>
            <HD>Centers for Medicare &amp; Medicaid Services</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Agency Information Collection Activities; Proposals, Submissions, and Approvals, </DOC>
                    <PGS>55129-55130</PGS>
                    <FRDOCBP>2025-21690</FRDOCBP>
                </DOCENT>
                <SJ>Medicare and Medicaid Programs:</SJ>
                <SJDENT>
                    <SJDOC>Quarterly Listing of Program Issuances—July Through September 2025, </SJDOC>
                    <PGS>55117-55129</PGS>
                    <FRDOCBP>2025-21622</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Coast Guard</EAR>
            <HD>Coast Guard</HD>
            <CAT>
                <HD>PROPOSED RULES</HD>
                <SJ>Drawbridge Operations:</SJ>
                <SJDENT>
                    <SJDOC>Passaic River, Between the City of Newark and Town of Kearny, NJ, </SJDOC>
                    <PGS>55063-55065</PGS>
                    <FRDOCBP>2025-21670</FRDOCBP>
                </SJDENT>
            </CAT>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Agency Information Collection Activities; Proposals, Submissions, and Approvals, </DOC>
                    <PGS>55144-55150</PGS>
                    <FRDOCBP>2025-21647</FRDOCBP>
                    <FRDOCBP>2025-21672</FRDOCBP>
                    <FRDOCBP>2025-21675</FRDOCBP>
                    <FRDOCBP>2025-21676</FRDOCBP>
                    <FRDOCBP>2025-21677</FRDOCBP>
                    <FRDOCBP>2025-21699</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Commerce</EAR>
            <HD>Commerce Department</HD>
            <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>Comptroller</EAR>
            <HD>Comptroller of the Currency</HD>
            <CAT>
                <HD>RULES</HD>
                <SJ>Regulatory Capital:</SJ>
                <SJDENT>
                    <SJDOC>Modifications to the Enhanced Supplementary Leverage Ratio Standards for U.S. Global Systemically Important Bank Holding Companies and Their Subsidiary Depository Institutions; Total Loss-Absorbing Capacity and Long-Term Debt Requirements for U.S. Global Systemically Important Bank Holding Companies, </SJDOC>
                    <PGS>55248-55292</PGS>
                    <FRDOCBP>2025-21626</FRDOCBP>
                </SJDENT>
            </CAT>
            <CAT>
                <HD>PROPOSED RULES</HD>
                <SJ>Regulatory Capital:</SJ>
                <SJDENT>
                    <SJDOC>Revisions to the Community Bank Leverage Ratio Framework, </SJDOC>
                    <PGS>55048-55063</PGS>
                    <FRDOCBP>2025-21625</FRDOCBP>
                </SJDENT>
            </CAT>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Request for Information:</SJ>
                <SJDENT>
                    <SJDOC>Streamlining the Call Report, </SJDOC>
                    <PGS>55240-55243</PGS>
                    <FRDOCBP>2025-21621</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Consumer Product</EAR>
            <HD>Consumer Product Safety Commission</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Agency Information Collection Activities; Proposals, Submissions, and Approvals:</SJ>
                <SJDENT>
                    <SJDOC>Safety Standard for Cigarette Lighters, </SJDOC>
                    <PGS>55090-55091</PGS>
                    <FRDOCBP>2025-21588</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Safety Standard for Walk-Behind Power Lawn Mowers, </SJDOC>
                    <PGS>55089-55090</PGS>
                    <FRDOCBP>2025-21595</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Copyright Royalty Board</EAR>
            <HD>Copyright Royalty Board</HD>
            <CAT>
                <HD>RULES</HD>
                <SJ>Cost of Living Adjustment:</SJ>
                <SJDENT>
                    <SJDOC>Royalty Rates and Terms for Making and Distributing Phonorecords, </SJDOC>
                    <PGS>55044-55045</PGS>
                    <FRDOCBP>2025-21695</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Satellite Carrier Compulsory License Royalty Rates, </SJDOC>
                    <PGS>55045</PGS>
                    <FRDOCBP>2025-21694</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Council Inspectors</EAR>
            <HD>Council of the Inspectors General on Integrity and Efficiency</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Performance Review Board Members, </DOC>
                    <PGS>55091-55095</PGS>
                    <FRDOCBP>2025-21587</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Defense Department</EAR>
            <HD>Defense Department</HD>
            <CAT>
                <HD>RULES</HD>
                <DOCENT>
                    <DOC>Identification Cards for Members of the Uniformed Services, Their Dependents, and Other Eligible Individuals; Amendment, </DOC>
                    <PGS>55042-55044</PGS>
                    <FRDOCBP>2025-21723</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Drug</EAR>
            <HD>Drug Enforcement Administration</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Importer, Manufacturer or Bulk Manufacturer of Controlled Substances; Application, Registration, etc.:</SJ>
                <SJDENT>
                    <SJDOC>Benuvia Operations, LLC, </SJDOC>
                    <PGS>55179-55180</PGS>
                    <FRDOCBP>2025-21720</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Blue Rabbit Veterinary LLC, </SJDOC>
                    <PGS>55179</PGS>
                    <FRDOCBP>2025-21719</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Invizyne Technologies, Inc., </SJDOC>
                    <PGS>55178-55179</PGS>
                    <FRDOCBP>2025-21724</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Energy Department</EAR>
            <HD>Energy Department</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Federal Energy Regulatory Commission</P>
            </SEE>
        </AGCY>
        <AGCY>
            <EAR>Environmental Protection</EAR>
            <HD>Environmental Protection Agency</HD>
            <CAT>
                <HD>RULES</HD>
                <SJ>Acquisition Regulation:</SJ>
                <SJDENT>
                    <SJDOC>Special Contracting Methods; Options; Contracts; Withdrawal, </SJDOC>
                    <PGS>55045-55046</PGS>
                    <FRDOCBP>2025-21713</FRDOCBP>
                </SJDENT>
            </CAT>
            <CAT>
                <HD>PROPOSED RULES</HD>
                <SJ>Pesticide Tolerance; Exemptions, Petitions, Revocations, etc.:</SJ>
                <SJDENT>
                    <SJDOC>Chemicals in or on Various Commodities (September 2025), </SJDOC>
                    <PGS>55065-55066</PGS>
                    <FRDOCBP>2025-21679</FRDOCBP>
                </SJDENT>
            </CAT>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Certain New Chemicals:</SJ>
                <SJDENT>
                    <SJDOC>Status Information for August-September 2025, </SJDOC>
                    <PGS>55108-55112</PGS>
                    <FRDOCBP>2025-21673</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Status Information for July-August 2025, </SJDOC>
                    <PGS>55102-55107</PGS>
                    <FRDOCBP>2025-21674</FRDOCBP>
                </SJDENT>
                <SJ>Pesticide Product Registration:</SJ>
                <SJDENT>
                    <SJDOC>Applications for New Uses (September 2025), </SJDOC>
                    <PGS>55107-55108</PGS>
                    <FRDOCBP>2025-21684</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Federal Communications</EAR>
            <HD>Federal Communications Commission</HD>
            <CAT>
                <HD>PROPOSED RULES</HD>
                <SJ>Build America:</SJ>
                <SJDENT>
                    <SJDOC>Eliminating Barriers to Wireless Deployments, </SJDOC>
                    <PGS>55066-55083</PGS>
                    <FRDOCBP>2025-21620</FRDOCBP>
                </SJDENT>
            </CAT>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Agency Information Collection Activities; Proposals, Submissions, and Approvals, </DOC>
                    <PGS>55113-55117</PGS>
                    <FRDOCBP>2025-21615</FRDOCBP>
                    <FRDOCBP>2025-21616</FRDOCBP>
                    <FRDOCBP>2025-21617</FRDOCBP>
                    <FRDOCBP>2025-21618</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Federal Deposit</EAR>
            <HD>Federal Deposit Insurance Corporation</HD>
            <CAT>
                <HD>RULES</HD>
                <SJ>Regulatory Capital:</SJ>
                <SJDENT>
                    <SJDOC>Modifications to the Enhanced Supplementary Leverage Ratio Standards for U.S. Global Systemically Important Bank Holding Companies and Their Subsidiary Depository Institutions; Total Loss-Absorbing Capacity and Long-Term Debt Requirements for U.S. Global Systemically Important Bank Holding Companies, </SJDOC>
                    <PGS>55248-55292</PGS>
                    <FRDOCBP>2025-21626</FRDOCBP>
                </SJDENT>
            </CAT>
            <CAT>
                <HD>PROPOSED RULES</HD>
                <SJ>Regulatory Capital:</SJ>
                <SJDENT>
                    <SJDOC>Revisions to the Community Bank Leverage Ratio Framework, </SJDOC>
                    <PGS>55048-55063</PGS>
                    <FRDOCBP>2025-21625</FRDOCBP>
                </SJDENT>
            </CAT>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Request for Information:</SJ>
                <SJDENT>
                    <SJDOC>Streamlining the Call Report, </SJDOC>
                    <PGS>55240-55243</PGS>
                    <FRDOCBP>2025-21621</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>
                Federal Energy
                <PRTPAGE P="iv"/>
            </EAR>
            <HD>Federal Energy Regulatory Commission</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Application and Establishing Intervention Deadline:</SJ>
                <SJDENT>
                    <SJDOC>Columbia Gas Transmission, LLC, </SJDOC>
                    <PGS>55100-55102</PGS>
                    <FRDOCBP>2025-21710</FRDOCBP>
                </SJDENT>
                <SJ>Application:</SJ>
                <SJDENT>
                    <SJDOC>Current Hydro Project 19, LLC, </SJDOC>
                    <PGS>55096</PGS>
                    <FRDOCBP>2025-21706</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Pike Island Hydropower Corp., </SJDOC>
                    <PGS>55095</PGS>
                    <FRDOCBP>2025-21705</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Texas Eastern Transmission, LP, </SJDOC>
                    <PGS>55096-55098</PGS>
                    <FRDOCBP>2025-21709</FRDOCBP>
                </SJDENT>
                <DOCENT>
                    <DOC>Combined Filings, </DOC>
                    <PGS>55095-55096, 55100</PGS>
                    <FRDOCBP>2025-21700</FRDOCBP>
                      
                    <FRDOCBP>2025-21701</FRDOCBP>
                </DOCENT>
                <SJ>Environmental Assessments; Availability, etc.:</SJ>
                <SJDENT>
                    <SJDOC>Domtar Paper Company, LLC, </SJDOC>
                    <PGS>55100</PGS>
                    <FRDOCBP>2025-21708</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Great Basin Gas Transmission Co.; Proposed 2026 Great Basin Expansion Project, </SJDOC>
                    <PGS>55098-55099</PGS>
                    <FRDOCBP>2025-21711</FRDOCBP>
                </SJDENT>
                <SJ>Exemption:</SJ>
                <SJDENT>
                    <SJDOC>Kinneytown Hydro Co., Inc., Connecticut Brownfield Land Bank, Inc., </SJDOC>
                    <PGS>55096</PGS>
                    <FRDOCBP>2025-21707</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Federal Highway</EAR>
            <HD>Federal Highway Administration</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Agency Information Collection Activities; Proposals, Submissions, and Approvals, </DOC>
                    <PGS>55233-55236</PGS>
                    <FRDOCBP>2025-21681</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Federal Motor</EAR>
            <HD>Federal Motor Carrier Safety Administration</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Exemption Application:</SJ>
                <SJDENT>
                    <SJDOC>Parts and Accessories Necessary for Safe Operation; Intelligent Motorist Alert Messaging Systems, </SJDOC>
                    <PGS>55236-55237</PGS>
                    <FRDOCBP>2025-21619</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Federal Reserve</EAR>
            <HD>Federal Reserve System</HD>
            <CAT>
                <HD>RULES</HD>
                <SJ>Regulatory Capital:</SJ>
                <SJDENT>
                    <SJDOC>Modifications to the Enhanced Supplementary Leverage Ratio Standards for U.S. Global Systemically Important Bank Holding Companies and Their Subsidiary Depository Institutions; Total Loss-Absorbing Capacity and Long-Term Debt Requirements for U.S. Global Systemically Important Bank Holding Companies, </SJDOC>
                    <PGS>55248-55292</PGS>
                    <FRDOCBP>2025-21626</FRDOCBP>
                </SJDENT>
            </CAT>
            <CAT>
                <HD>PROPOSED RULES</HD>
                <SJ>Regulatory Capital:</SJ>
                <SJDENT>
                    <SJDOC>Revisions to the Community Bank Leverage Ratio Framework, </SJDOC>
                    <PGS>55048-55063</PGS>
                    <FRDOCBP>2025-21625</FRDOCBP>
                </SJDENT>
            </CAT>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Change in Bank Control:</SJ>
                <SJDENT>
                    <SJDOC>Acquisitions of Shares of a Savings and Loan Holding Company, </SJDOC>
                    <PGS>55117</PGS>
                    <FRDOCBP>2025-21669</FRDOCBP>
                </SJDENT>
                <SJ>Request for Information:</SJ>
                <SJDENT>
                    <SJDOC>Streamlining the Call Report, </SJDOC>
                    <PGS>55240-55243</PGS>
                    <FRDOCBP>2025-21621</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Fish</EAR>
            <HD>Fish and Wildlife Service</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Environmental Assessments; Availability, etc.:</SJ>
                <SJDENT>
                    <SJDOC>Crossroads-Hobbs-Roadrunner Transmission Project; Roosevelt and Lea Counties, NM, </SJDOC>
                    <PGS>55156-55158</PGS>
                    <FRDOCBP>2025-21599</FRDOCBP>
                </SJDENT>
                <SJ>Permits; Applications, Issuances, etc.:</SJ>
                <SJDENT>
                    <SJDOC>Endangered and Threatened Species; Recovery, </SJDOC>
                    <PGS>55158-55159</PGS>
                    <FRDOCBP>2025-21613</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Food and Drug</EAR>
            <HD>Food and Drug Administration</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Guidance:</SJ>
                <SJDENT>
                    <SJDOC>Medical Gases—Current Good Manufacturing Practice, </SJDOC>
                    <PGS>55131-55133</PGS>
                    <FRDOCBP>2025-21689</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Q3E Guideline for Extractables and Leachables; International Council for Harmonisation, </SJDOC>
                    <PGS>55130-55131</PGS>
                    <FRDOCBP>2025-21702</FRDOCBP>
                </SJDENT>
                <DOCENT>
                    <DOC>Strategy Document on Innovative Manufacturing Technologies, </DOC>
                    <PGS>55133-55134</PGS>
                    <FRDOCBP>2025-21692</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Health and Human</EAR>
            <HD>Health and Human Services Department</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Centers for Medicare &amp; Medicaid Services</P>
            </SEE>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Food and Drug Administration</P>
            </SEE>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>National Institutes of Health</P>
            </SEE>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Substance Abuse and Mental Health Services Administration</P>
            </SEE>
        </AGCY>
        <AGCY>
            <EAR>Homeland</EAR>
            <HD>Homeland Security Department</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Coast Guard</P>
            </SEE>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>U.S. Customs and Border Protection</P>
            </SEE>
        </AGCY>
        <AGCY>
            <EAR>Interior</EAR>
            <HD>Interior Department</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Fish and Wildlife Service</P>
            </SEE>
        </AGCY>
        <AGCY>
            <EAR>Internal Revenue</EAR>
            <HD>Internal Revenue Service</HD>
            <CAT>
                <HD>RULES</HD>
                <DOCENT>
                    <DOC>Estate Tax Closing Letter User Fee Update, </DOC>
                    <PGS>55041-55042</PGS>
                    <FRDOCBP>2025-21649</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>Initiation of Five-Year (Sunset) Reviews, </SJDOC>
                    <PGS>55084-55087</PGS>
                    <FRDOCBP>2025-21693</FRDOCBP>
                      
                    <FRDOCBP>2025-21697</FRDOCBP>
                </SJDENT>
                <SJ>Request for Information:</SJ>
                <SJDENT>
                    <SJDOC>American AI Exports Program; Extension of Comment Period, </SJDOC>
                    <PGS>55084</PGS>
                    <FRDOCBP>2025-21722</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>International Trade Com</EAR>
            <HD>International Trade Commission</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Investigations; Determinations, Modifications, and Rulings, etc.:</SJ>
                <SJDENT>
                    <SJDOC>Citric Acid and Certain Citrate Salts From China, </SJDOC>
                    <PGS>55172-55175</PGS>
                    <FRDOCBP>2025-21682</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Fluid End Blocks From China, Germany, India, and Italy, </SJDOC>
                    <PGS>55162-55165</PGS>
                    <FRDOCBP>2025-21685</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Forged Steel Fittings From India and South Korea, </SJDOC>
                    <PGS>55170-55172</PGS>
                    <FRDOCBP>2025-21678</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Frozen Fish Fillets From Vietnam, </SJDOC>
                    <PGS>55176-55178</PGS>
                    <FRDOCBP>2025-21683</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Multifunctional Acrylate and Methacrylate Monomers and Oligomers From South Korea and Taiwan, </SJDOC>
                    <PGS>55175-55176</PGS>
                    <FRDOCBP>2025-21614</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Non-Oriented Electrical Steel From China, Germany, Japan, South Korea, Sweden, and Taiwan, </SJDOC>
                    <PGS>55159-55161</PGS>
                    <FRDOCBP>2025-21687</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Oil Country Tubular Goods From China, </SJDOC>
                    <PGS>55167-55169</PGS>
                    <FRDOCBP>2025-21686</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Quartz Surface Products, </SJDOC>
                    <PGS>55165-55167</PGS>
                    <FRDOCBP>2025-21715</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Slag Pots From China, </SJDOC>
                    <PGS>55161-55162</PGS>
                    <FRDOCBP>2025-21691</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Justice Department</EAR>
            <HD>Justice Department</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Drug Enforcement Administration</P>
            </SEE>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Agency Information Collection Activities; Proposals, Submissions, and Approvals:</SJ>
                <SJDENT>
                    <SJDOC>Application/Permit To Import Firearms, Ammunition, and Defense Articles, </SJDOC>
                    <PGS>55180-55181</PGS>
                    <FRDOCBP>2025-21688</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Library</EAR>
            <HD>Library of Congress</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Copyright Royalty Board</P>
            </SEE>
        </AGCY>
        <AGCY>
            <EAR>National Archives</EAR>
            <HD>National Archives and Records Administration</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Office of Government Information Services</P>
            </SEE>
        </AGCY>
        <AGCY>
            <EAR>National Council</EAR>
            <HD>National Council on Disability</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Request for Information:</SJ>
                <SJDENT>
                    <SJDOC>Disability Clinical Care, </SJDOC>
                    <PGS>55181-55182</PGS>
                    <FRDOCBP>2025-21585</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>
                National Endowment for the Arts
                <PRTPAGE P="v"/>
            </EAR>
            <HD>National Endowment for the Arts</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Agency Information Collection Activities; Proposals, Submissions, and Approvals:</SJ>
                <SJDENT>
                    <SJDOC>Application for International and Domestic Indemnification, </SJDOC>
                    <PGS>55182</PGS>
                    <FRDOCBP>2025-21608</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>National Foundation</EAR>
            <HD>National Foundation on the Arts and the Humanities</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>National Endowment for the Arts</P>
            </SEE>
        </AGCY>
        <AGCY>
            <EAR>National Highway</EAR>
            <HD>National Highway Traffic Safety Administration</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Agency Information Collection Activities; Proposals, Submissions, and Approvals:</SJ>
                <SJDENT>
                    <SJDOC>Assessing the Fit and Comfort of Motorcycle Safety Gear, </SJDOC>
                    <PGS>55237-55240</PGS>
                    <FRDOCBP>2025-21598</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>55135-55143</PGS>
                    <FRDOCBP>2025-21584</FRDOCBP>
                      
                    <FRDOCBP>2025-21589</FRDOCBP>
                      
                    <FRDOCBP>2025-21590</FRDOCBP>
                      
                    <FRDOCBP>2025-21591</FRDOCBP>
                      
                    <FRDOCBP>2025-21592</FRDOCBP>
                      
                    <FRDOCBP>2025-21593</FRDOCBP>
                      
                    <FRDOCBP>2025-21594</FRDOCBP>
                      
                    <FRDOCBP>2025-21596</FRDOCBP>
                      
                    <FRDOCBP>2025-21601</FRDOCBP>
                      
                    <FRDOCBP>2025-21602</FRDOCBP>
                      
                    <FRDOCBP>2025-21603</FRDOCBP>
                      
                    <FRDOCBP>2025-21604</FRDOCBP>
                      
                    <FRDOCBP>2025-21650</FRDOCBP>
                      
                    <FRDOCBP>2025-21651</FRDOCBP>
                      
                    <FRDOCBP>2025-21652</FRDOCBP>
                      
                    <FRDOCBP>2025-21653</FRDOCBP>
                      
                    <FRDOCBP>2025-21654</FRDOCBP>
                      
                    <FRDOCBP>2025-21655</FRDOCBP>
                      
                    <FRDOCBP>2025-21656</FRDOCBP>
                      
                    <FRDOCBP>2025-21657</FRDOCBP>
                      
                    <FRDOCBP>2025-21658</FRDOCBP>
                      
                    <FRDOCBP>2025-21659</FRDOCBP>
                      
                    <FRDOCBP>2025-21660</FRDOCBP>
                      
                    <FRDOCBP>2025-21661</FRDOCBP>
                      
                    <FRDOCBP>2025-21662</FRDOCBP>
                      
                    <FRDOCBP>2025-21716</FRDOCBP>
                      
                    <FRDOCBP>2025-21717</FRDOCBP>
                      
                    <FRDOCBP>2025-21718</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Office of the Secretary, </SJDOC>
                    <PGS>55136</PGS>
                    <FRDOCBP>2025-21600</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>National Oceanic</EAR>
            <HD>National Oceanic and Atmospheric Administration</HD>
            <CAT>
                <HD>RULES</HD>
                <SJ>Fisheries of the Caribbean, Gulf of America, and South Atlantic:</SJ>
                <SJDENT>
                    <SJDOC>2025 Commercial Closure for Gag in the South Atlantic, </SJDOC>
                    <PGS>55046-55047</PGS>
                    <FRDOCBP>2025-21628</FRDOCBP>
                </SJDENT>
            </CAT>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Recommendations for Restoring American Seafood Competitiveness, </DOC>
                    <PGS>55089</PGS>
                    <FRDOCBP>2025-21714</FRDOCBP>
                </DOCENT>
                <SJ>Takes of Marine Mammals Incidental to Specified Activities:</SJ>
                <SJDENT>
                    <SJDOC>Marine Geophysical Survey Off Western Mexico in the Eastern Tropical Pacific Ocean, </SJDOC>
                    <PGS>55087-55089</PGS>
                    <FRDOCBP>2025-21663</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>National Transportation</EAR>
            <HD>National Transportation Safety Board</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Performance Review Board Members, </DOC>
                    <PGS>55182-55183</PGS>
                    <FRDOCBP>2025-21725</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Nuclear Regulatory</EAR>
            <HD>Nuclear Regulatory Commission</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Meetings; Sunshine Act, </DOC>
                    <PGS>55183</PGS>
                    <FRDOCBP>2025-21704</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>OGIS</EAR>
            <HD>Office of Government Information Services</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Hearings, Meetings, Proceedings, etc.:</SJ>
                <SJDENT>
                    <SJDOC>Chief Freedom of Information Act Officers Council, </SJDOC>
                    <PGS>55181</PGS>
                    <FRDOCBP>2025-21698</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>55183-55184</PGS>
                    <FRDOCBP>2025-21612</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Railroad Retirement</EAR>
            <HD>Railroad Retirement Board</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Meetings; Sunshine Act, </DOC>
                    <PGS>55184</PGS>
                    <FRDOCBP>2025-21721</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Securities</EAR>
            <HD>Securities and Exchange Commission</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>Agency Information Collection Activities; Proposals, Submissions, and Approvals, </DOC>
                    <PGS>55190, 55225-55226</PGS>
                    <FRDOCBP>2025-21610</FRDOCBP>
                      
                    <FRDOCBP>2025-21611</FRDOCBP>
                </DOCENT>
                <SJ>Application:</SJ>
                <SJDENT>
                    <SJDOC>Antares Private Credit Fund, et al., </SJDOC>
                    <PGS>55228-55229</PGS>
                    <FRDOCBP>2025-21630</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>ARK ETF Trust and ARK Investment Management LLC, </SJDOC>
                    <PGS>55196, 55198</PGS>
                    <FRDOCBP>2025-21631</FRDOCBP>
                      
                    <FRDOCBP>2025-21632</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Dream Exchange Holdings, Inc. for Registration as a National Securities Exchange, </SJDOC>
                    <PGS>55189</PGS>
                    <FRDOCBP>2025-21627</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>The RBB Fund Trust and Clearbrook Investment Consulting, LLC, </SJDOC>
                    <PGS>55229</PGS>
                    <FRDOCBP>2025-21629</FRDOCBP>
                </SJDENT>
                <SJ>Joint Industry Plan:</SJ>
                <SJDENT>
                    <SJDOC>Filing of Proposed Amendment To Add Paragraph (c) to Section 6 of the Plan for the Purpose of Developing, etc., </SJDOC>
                    <PGS>55203-55206</PGS>
                    <FRDOCBP>2025-21643</FRDOCBP>
                </SJDENT>
                <SJ>Options Price Reporting Authority:</SJ>
                <SJDENT>
                    <SJDOC>Filing and Immediate Effectiveness of Proposed Amendment To Modify the OPRA Fee Schedule Regarding Certain Direct Access Connectivity Fees, </SJDOC>
                    <PGS>55226-55228</PGS>
                    <FRDOCBP>2025-21642</FRDOCBP>
                </SJDENT>
                <SJ>Self-Regulatory Organizations; Proposed Rule Changes:</SJ>
                <SJDENT>
                    <SJDOC>24X National Exchange LLC, </SJDOC>
                    <PGS>55207-55209</PGS>
                    <FRDOCBP>2025-21633</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Cboe EDGA Exchange, Inc., </SJDOC>
                    <PGS>55211-55217</PGS>
                    <FRDOCBP>2025-21644</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Cboe EDGX Exchange, Inc., </SJDOC>
                    <PGS>55218-55225</PGS>
                    <FRDOCBP>2025-21640</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Nasdaq BX, Inc., </SJDOC>
                    <PGS>55209-55211</PGS>
                    <FRDOCBP>2025-21636</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Nasdaq GEMX, LLC, </SJDOC>
                    <PGS>55184-55186</PGS>
                    <FRDOCBP>2025-21639</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Nasdaq ISE, LLC, </SJDOC>
                    <PGS>55230-55231</PGS>
                    <FRDOCBP>2025-21637</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Nasdaq MRX, LLC, </SJDOC>
                    <PGS>55190-55192</PGS>
                    <FRDOCBP>2025-21638</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Nasdaq PHLX LLC, </SJDOC>
                    <PGS>55196-55198</PGS>
                    <FRDOCBP>2025-21641</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>National Securities Clearing Corp., </SJDOC>
                    <PGS>55198-55201</PGS>
                    <FRDOCBP>2025-21645</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>NYSE American LLC, </SJDOC>
                    <PGS>55186-55189</PGS>
                    <FRDOCBP>2025-21634</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>NYSE Arca, Inc., </SJDOC>
                    <PGS>55192-55196</PGS>
                    <FRDOCBP>2025-21646</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>The Nasdaq Stock Market LLC, </SJDOC>
                    <PGS>55201-55203</PGS>
                    <FRDOCBP>2025-21635</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>Edmonia Lewis: Said in Stone, </SJDOC>
                    <PGS>55232</PGS>
                    <FRDOCBP>2025-21624</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Marcel Duchamp, </SJDOC>
                    <PGS>55232</PGS>
                    <FRDOCBP>2025-21623</FRDOCBP>
                </SJDENT>
                <SJ>Designation as Terrorist or Global Terrorist:</SJ>
                <SJDENT>
                    <SJDOC>Muhammad al-Jawlani, </SJDOC>
                    <PGS>55231</PGS>
                    <FRDOCBP>2025-21680</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Substance</EAR>
            <HD>Substance Abuse and Mental Health Services Administration</HD>
            <CAT>
                <HD>NOTICES</HD>
                <DOCENT>
                    <DOC>List of Certified Laboratories and Instrumented Initial Testing Facilities Which Meet Minimum Standards To Engage in Urine and Oral Fluid Drug Testing, </DOC>
                    <PGS>55143-55144</PGS>
                    <FRDOCBP>2025-21666</FRDOCBP>
                </DOCENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Trade Representative</EAR>
            <HD>Trade Representative, Office of United States</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Product Exclusion Extensions:</SJ>
                <SJDENT>
                    <SJDOC>China's Acts, Policies, and Practices Related to Technology Transfer, Intellectual Property, and Innovation, </SJDOC>
                    <PGS>55232-55233</PGS>
                    <FRDOCBP>2025-21671</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>Transportation Department</EAR>
            <HD>Transportation Department</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Federal Highway Administration</P>
            </SEE>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Federal Motor Carrier Safety Administration</P>
            </SEE>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>National Highway Traffic Safety Administration</P>
            </SEE>
        </AGCY>
        <AGCY>
            <EAR>Treasury</EAR>
            <HD>Treasury Department</HD>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Comptroller of the Currency</P>
            </SEE>
            <SEE>
                <HD SOURCE="HED">See</HD>
                <P>Internal Revenue Service</P>
            </SEE>
        </AGCY>
        <AGCY>
            <EAR>Customs</EAR>
            <HD>U.S. Customs and Border Protection</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Agency Information Collection Activities; Proposals, Submissions, and Approvals:</SJ>
                <SJDENT>
                    <SJDOC>Entry Summary, </SJDOC>
                    <PGS>55152-55154</PGS>
                    <FRDOCBP>2025-21607</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Entry/Immediate Delivery, and ACE Cargo Release, </SJDOC>
                    <PGS>55155-55156</PGS>
                    <FRDOCBP>2025-21726</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>International Mail Duty Worksheet, </SJDOC>
                    <PGS>55150-55152</PGS>
                    <FRDOCBP>2025-21606</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>United States-Caribbean Basin Trade Partnership Act, </SJDOC>
                    <PGS>55154</PGS>
                    <FRDOCBP>2025-21609</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <AGCY>
            <EAR>
                Veteran Affairs
                <PRTPAGE P="vi"/>
            </EAR>
            <HD>Veterans Affairs Department</HD>
            <CAT>
                <HD>NOTICES</HD>
                <SJ>Agency Information Collection Activities; Proposals, Submissions, and Approvals:</SJ>
                <SJDENT>
                    <SJDOC>Notice of Disagreement: Appeal to the Board of Veterans' Appeals, </SJDOC>
                    <PGS>55244-55245</PGS>
                    <FRDOCBP>2025-21703</FRDOCBP>
                </SJDENT>
                <SJDENT>
                    <SJDOC>Request for Details of Expenses, </SJDOC>
                    <PGS>55243</PGS>
                    <FRDOCBP>2025-21667</FRDOCBP>
                </SJDENT>
            </CAT>
        </AGCY>
        <PTS>
            <HD SOURCE="HED">Separate Parts In This Issue</HD>
            <HD>Part II</HD>
            <DOCENT>
                <DOC>Federal Deposit Insurance Corporation, </DOC>
                <PGS>55248-55292</PGS>
                <FRDOCBP>2025-21626</FRDOCBP>
            </DOCENT>
            <DOCENT>
                <DOC>Federal Reserve System, </DOC>
                <PGS>55248-55292</PGS>
                <FRDOCBP>2025-21626</FRDOCBP>
            </DOCENT>
            <DOCENT>
                <DOC>Treasury Department, Comptroller of the Currency, </DOC>
                <PGS>55248-55292</PGS>
                <FRDOCBP>2025-21626</FRDOCBP>
            </DOCENT>
        </PTS>
        <AIDS>
            <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>228</NO>
    <DATE>Monday, December 1, 2025</DATE>
    <UNITNAME>Rules and Regulations</UNITNAME>
    <RULES>
        <RULE>
            <PREAMB>
                <PRTPAGE P="55041"/>
                <AGENCY TYPE="F">DEPARTMENT OF THE TREASURY</AGENCY>
                <SUBAGY>Internal Revenue Service</SUBAGY>
                <CFR>26 CFR Part 300</CFR>
                <DEPDOC>[TD 10038]</DEPDOC>
                <RIN>RIN 1545-BR22, 1545-BR28</RIN>
                <SUBJECT>Estate Tax Closing Letter User Fee Update</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Internal Revenue Service (IRS), Treasury.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Final rule.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>This document contains final regulations relating to the imposition of a user fee on authorized persons requesting the issuance of IRS Letter 627, also referred to as an estate tax closing letter. The final regulations adopt without change the text of the interim final rule and proposed regulations that reduced the amount of the user fee imposed on a request for the issuance of an estate tax closing letter from $67 to $56. The Independent Offices Appropriations Act of 1952 authorizes the charging of user fees. The final regulations affect persons who request an estate tax closing letter.</P>
                </SUM>
                <EFFDATE>
                    <HD SOURCE="HED">DATES:</HD>
                    <P/>
                    <P>
                        <E T="03">Effective date:</E>
                         These regulations are effective on December 31, 2025.
                    </P>
                    <P>
                        <E T="03">Applicability date:</E>
                         For date of applicability, see § 300.12(d).
                    </P>
                </EFFDATE>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Concerning the final regulations, Juli Ro Kim at (202) 317-6859; concerning cost methodology, CFO Cost and User Fees at (202) 317-6400 (not toll-free numbers).</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Authority</HD>
                <P>This document contains amendments to 26 CFR part 300 regarding user fees for authorized persons who request the issuance of an estate tax closing letter (IRS Letter 627).</P>
                <P>The Independent Offices Appropriations Act of 1952 (IOAA) (31 U.S.C. 9701) authorizes each agency to prescribe regulations that establish user fees for services provided by the agency. The IOAA provides that regulations implementing user fees are subject to policies prescribed by the President; these policies are set forth in the Office of Management and Budget Circular A-25, 58 FR 38142 (July 15, 1993) (OMB Circular A-25).</P>
                <P>The IOAA states that the services provided by an agency should be self-sustaining to the extent possible. Under OMB Circular A-25, agencies that provide services that confer special benefits on identifiable recipients beyond those accruing to the general public must identify those services, determine whether user fees should be assessed for those services, and, if so, establish user fees that recover the full cost of providing those services, unless an exception to the full cost requirement is granted. As required by the IOAA and OMB Circular A-25, agencies are to review user fees biennially and update them as necessary to reflect changes in the cost of providing the underlying services.</P>
                <HD SOURCE="HD1">Background</HD>
                <P>
                    On May 20, 2025, the Department of the Treasury (Treasury Department) and the IRS published in the 
                    <E T="04">Federal Register</E>
                     (90 FR 21439) a notice of proposed rulemaking (proposed regulations) (REG-107459-24) proposing amendments to regulations under 26 CFR part 300. On the same date, the Treasury Department and the IRS published in the 
                    <E T="04">Federal Register</E>
                     (90 FR 21410) an interim final rule (TD 10031) that reduced the amount of the user fee imposed on a request for the issuance of an estate tax closing letter from $67 to $56, applicable to requests received by the IRS after May 20, 2025. The text of the interim final rule also served as the text of the proposed regulations.
                </P>
                <P>
                    The preamble to the interim final rule contains a detailed explanation of the legal background and user fee calculations supporting the amendment to these regulations. The IRS received five written public comments in response to the interim final rule and proposed regulations. These comments are available at 
                    <E T="03">https://www.regulations.gov</E>
                     or upon request. No public hearing on the proposed regulations was requested and accordingly no public hearing was held. After careful consideration of the comments received, the Treasury Department and the IRS adopt the text of the interim final rule and proposed regulations without change.
                </P>
                <HD SOURCE="HD1">Summary of Comments</HD>
                <P>One comment requested more transparency regarding how the fee is calculated and the specific administrative costs covered in determining the fee. The IRS followed the OMB Circular A-25 guidance to compute the full cost of issuing estate tax closing letters to authorized persons. The preamble to the interim final rule provides a detailed explanation of how the user fee was calculated and shows that computation. The IRS determined the total processing labor and benefits cost and quality assurance labor and benefits cost. The IRS then applied the overhead rate to the total labor and benefits cost to calculate the full cost of the estate tax closing letter program. Finally, the IRS divided that full cost by the average annual volume of requests.</P>
                <P>Comments recommended a further reduction of the user fee for small estates or low-income families. Alternatively, comments suggested eliminating the fee in all cases and encouraged the IRS to automatically issue, without charge, an estate tax closing letter for every estate tax return filed. The elimination of the user fee would require the Federal government to bear the full cost of the additional service of issuing an estate tax closing letter. OMB Circular A-25 states that when a service offered by an agency confers special benefits to identifiable recipients beyond those accruing to the general public, the agency is to charge a user fee to recover the full cost of providing the service. The issuance of the estate tax closing letter constitutes the provision of a service that confers special benefits to persons requesting such letters beyond those accruing to the general public. In accordance with OMB Circular A-25, the IRS conducted a biennial review of the estate tax closing letter user fee and determined that the full cost of issuing estate tax closing letters to authorized persons is $56.</P>
                <P>
                    Finally, one comment recommended changes to the marginal tax brackets for estates at specified amounts. Marginal 
                    <PRTPAGE P="55042"/>
                    tax brackets are beyond the scope of this rulemaking.
                </P>
                <P>After consideration of the comments, these final regulations therefore adopt the text of the interim final rule and proposed regulations without change.</P>
                <HD SOURCE="HD1">Special Analyses</HD>
                <HD SOURCE="HD2">I. Regulatory Planning and Review</HD>
                <P>These final regulations are not subject to review under section 6(b) of Executive Order 12866 pursuant to the Memorandum of Agreement (July 4, 2025) between the Treasury Department and OMB regarding review of tax regulations.</P>
                <HD SOURCE="HD2">II. Regulatory Flexibility Act</HD>
                <P>Pursuant to the Regulatory Flexibility Act (5 U.S.C. chapter 6), it is hereby certified that these final regulations will not have a significant economic impact on a substantial number of small entities. These regulations, which reduce the amount of a fee to obtain a particular service, affect decedents' estates, which generally are not small entities as defined under 5 U.S.C. 601(6). Thus, these regulations have no economic impact on small entities. In addition, the final regulations will establish a $56 fee, which is a reduction from the previously established fee and is not substantial enough to have a significant economic impact on any entities that could be affected by establishing such a fee. Accordingly, the Secretary certifies that the rule will not have a significant economic impact on a substantial number of small entities.</P>
                <HD SOURCE="HD2">III. Unfunded Mandates Reform Act</HD>
                <P>Section 202 of the Unfunded Mandates Reform Act of 1995 requires that agencies assess anticipated costs and benefits and take certain other actions before issuing a final rule that includes any Federal mandate that may result in expenditures in any one year by a State, local, or Tribal government, in the aggregate, or by the private sector, of $100 million in 1995 dollars, updated annually for inflation. These final regulations do not include any Federal mandate that may result in expenditures by State, local, or Tribal governments, or by the private sector in excess of that threshold.</P>
                <HD SOURCE="HD2">IV. Executive Order 13132: Federalism</HD>
                <P>Executive Order 13132 (Federalism) prohibits an agency from publishing any rule that has federalism implications if the rule either imposes substantial, direct compliance costs on State and local governments, and is not required by statute, or preempts State law, unless the agency meets the consultation and funding requirements of section 6 of the Executive order. These final regulations do not have federalism implications and do not impose substantial direct compliance costs on State and local governments or preempt State law within the meaning of the Executive order.</P>
                <HD SOURCE="HD2">V. Submission to Small Business Administration</HD>
                <P>Pursuant to section 7805(f) of the Internal Revenue Code, the notice of proposed rulemaking and the interim final rule that preceded these final regulations were submitted to the Chief Counsel for the Office of Advocacy of the Small Business Administration for comment on their impact on small business. No comments were received on the proposed regulations or the interim final rule.</P>
                <HD SOURCE="HD2">VI. Congressional Review Act</HD>
                <P>
                    Pursuant to the Congressional Review Act (5 U.S.C. 801 
                    <E T="03">et seq.</E>
                    ), the Office of Information and Regulatory Affairs designated this rule as not a major rule, as defined by 5 U.S.C. 804(2).
                </P>
                <HD SOURCE="HD1">Drafting Information</HD>
                <P>The principal author of these regulations is the Office of the Associate Chief Counsel (Passthroughs, Trusts, and Estates). Other personnel from the Treasury Department and the IRS participated in the development of the regulations.</P>
                <LSTSUB>
                    <HD SOURCE="HED">List of Subjects in 26 CFR Part 300</HD>
                    <P>Estate taxes, Reporting and recordkeeping requirements.</P>
                </LSTSUB>
                <PART>
                    <HD SOURCE="HED">PART 300—USER FEES</HD>
                </PART>
                <REGTEXT TITLE="26" PART="300">
                    <AMDPAR>Accordingly, the interim rule amending 26 CFR part 300, which was published at 90 FR 21410 on May 20, 2025, is adopted as final without change.</AMDPAR>
                </REGTEXT>
                <SIG>
                    <NAME>Frank J. Bisignano,</NAME>
                    <TITLE>Chief Executive Officer.</TITLE>
                    <DATED>Approved: November 4, 2025.</DATED>
                    <NAME>Kenneth J. Kies,</NAME>
                    <TITLE>Assistant Secretary of the Treasury (Tax Policy).</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21649 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4831-GV-P</BILCOD>
        </RULE>
        <RULE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF DEFENSE</AGENCY>
                <SUBAGY>Office of the Secretary</SUBAGY>
                <CFR>32 CFR Part 161</CFR>
                <DEPDOC>[Docket ID: DoD-2025-OS-0009]</DEPDOC>
                <RIN>RIN 0790-AL85</RIN>
                <SUBJECT>Identification (ID) Cards for Members of the Uniformed Services, Their Dependents, and Other Eligible Individuals; Amendment</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of the Under Secretary of Defense for Personnel and Readiness (OUSD(P&amp;R)), Department of Defense (DoD).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Interim final rule; request for comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>As directed by the Executive Order “Defending Women from Gender Ideology Extremism and Restoring Biological Truth to the Federal Government,” issued January 30, 2025, the Department is removing the procedures for retirees, dependents, and contractor employees to request a change to their “gender marker” in the Defense Enrollment Eligibility Reporting System (DEERS).</P>
                </SUM>
                <EFFDATE>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>This interim final rule is effective December 1, 2025. Comments must be received by January 30, 2026.</P>
                </EFFDATE>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>You may submit comments, identified by docket number and title, by any of the following methods:</P>
                    <P>
                        (1) 
                        <E T="03">Federal eRulemaking Portal:</E>
                          
                        <E T="03">http://www.regulations.gov.</E>
                         Follow the instructions for submitting comments.
                    </P>
                    <P>
                        (2) 
                        <E T="03">Mail:</E>
                         Department of Defense, Office of the Assistant to the Secretary of Defense for Privacy, Civil Liberties, and Transparency, 4800 Mark Center Drive, Mailbox #24, Suite 05F16, Alexandria, VA 22350-1700.
                    </P>
                    <P>
                        <E T="03">Instructions:</E>
                         All submissions received must include the agency name, docket number and title for this 
                        <E T="04">Federal Register</E>
                         document. The general policy for comments and other submissions from members of the public is to make these submissions available for public viewing on the internet at 
                        <E T="03">http://www.regulations.gov</E>
                         as they are received without change, including any personal identifiers or contact information.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Robert Eves at 571-372-1956; email: 
                        <E T="03">robert.c.eves.civ@mail.mil.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Background</HD>
                <P>
                    On February 14, 2024, the DoD published a final rule, “Identification (ID) Cards for Members of the 
                    <PRTPAGE P="55043"/>
                    Uniformed Services, Their Dependents, and Other Eligible Individuals” (89 FR 11172-11198), concerning the policies and procedures for issuing DoD ID cards. That final rule included the procedures for retirees, dependents, and contractor employees to request a change to their “gender marker” in the Defense Enrollment Eligibility Reporting System (DEERS). Executive Order 14168, “Defending Women from Gender Ideology Extremism and Restoring Biological Truth to the Federal Government,” issued January 30, 2025, recognized two sexes, male and female, and stated that “these sexes are not changeable and are grounded in fundamental and incontrovertible reality.” The Executive Order also requires Federal agencies to ensure that all applicable policies and documents, including rules, use the term “sex” and not “gender.”
                </P>
                <HD SOURCE="HD1">Legal Authority</HD>
                <P>Authorities for this rule include 5 United States Code (U.S.C.) 5703 (per diem, travel, and transportation expenses; experts and consultants; individuals serving without pay); and 10 U.S.C. 1044a (authority to act as a notary); 1061-1064 (commissary and exchange benefits); 1072-1074, 1074a-1074c, 1076, 1076a, 1077, 1095(k)(2) (medical and dental care); 1408(h) (payment of retired or retainer pay in compliance with court orders/benefits for dependents who are victims of abuse by members losing right to retired pay); and Chapter 1223 (retired pay). These authorities provide members of the Uniformed Services (active component, reserve component, or retired members) and their spouses and dependents certain benefits and privileges. 18 U.S.C. 499 (military, naval, or official passes), 506 (seals of departments or agencies), 509 (possessing and making plates or stones for Government transportation requests), 701 (official badges, identification cards, other insignia), and 1001 (statements or entries generally), address penalties, fines and imprisonment for unauthorized reproduction of ID cards.</P>
                <HD SOURCE="HD1">Changes Made With This Rule</HD>
                <P>
                    On February 14, 2024, the DoD published a final rule in the 
                    <E T="04">Federal Register</E>
                     (89 FR 11172-11198) on the policies and procedures for issuing DoD ID cards. Included in the final rule was a provision that allowed retirees, dependents, and contractor employees to request their “gender marker” be changed based on their preference. E.O. 14168,
                    <SU>1</SU>
                    <FTREF/>
                     requires Federal agencies to ensure that all applicable policies and documents, including rules, use the term “sex” and not “gender.”
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         Available at 
                        <E T="03">https://www.govinfo.gov/content/pkg/FR-2025-01-30/pdf/2025-02090.pdf.</E>
                    </P>
                </FTNT>
                <P>With this rule the Department removes and replaces three instances of “gender” with “sex” and one instance of “gender marker” with “sex code.” Additionally, the interim final rule removes the procedure for retirees, dependents, and contractor employees to elect to change this data in DEERS, absent an administrative error. DoD has determined that receiving public comment prior to effectuating this CFR amendment is impracticable and against public interest. DoD seeks to avoid confusion and prevent unnecessary time spent on self-attestation requests, which would not be processed upon the final rule taking effect. For these same reasons, DoD finds good cause to make the interim final rule enforceable immediately upon publication.</P>
                <HD SOURCE="HD1">Regulatory Compliance</HD>
                <P>Pursuant to 5 U.S.C. 553(d)(3), the Department finds there is good cause to make this final rule effective immediately upon publication. This final rule codifies actions taken under direct Presidential authority. Removing the regulations immediately provides transparency and may reduce confusion. Further, a delayed effective date serves no practical purpose here since no adjustment period is needed for any regulated party to come into or otherwise prepare for compliance</P>
                <HD SOURCE="HD1">Executive Order 12866, “Regulatory Planning and Review,” and Executive Order 13563, “Improving Regulation and Regulatory Review”</HD>
                <P>EOs 12866 and 13563 direct agencies to assess all costs and benefits of available regulatory alternatives and, if regulation is necessary, to select regulatory approaches that maximize net benefits (including potential economic, environmental, public health and safety effects, distributive impacts, and equity). E.O. 13563 emphasizes the importance of quantifying both costs and benefits, of reducing costs, of harmonizing rules, and of promoting flexibility. This rule is not a “significant regulatory action” under E.O. 12866 and was not reviewed by OMB. This rule is not an E.O. 14192 regulatory action because this rule is not significant under E.O. 12866.</P>
                <HD SOURCE="HD1">Congressional Review Act (5 U.S.C. 801, et seq.)</HD>
                <P>
                    The Congressional Review Act, 5 U.S.C. 801, 
                    <E T="03">et seq.,</E>
                     as amended by the Small Business Regulatory Enforcement Fairness Act of 1996, generally provides that before a rule may take effect, the agency promulgating the rule must submit a rule report, which includes a copy of the rule, to each house of the Congress and to the Comptroller General of the United States. DoD will submit a report containing this rule and other required information to the U.S. Senate, the U.S. House of Representatives, and the Comptroller General of the United States. This interim final rule is not a “major rule” as defined by 5 U.S.C. 804(2).
                </P>
                <HD SOURCE="HD1">Title 2 U.S.C. Chapter 25, “Unfunded Mandates Reform Act”</HD>
                <P>Section 202 of the Unfunded Mandates Reform Act of 1995 (UMRA) (2 U.S.C. 1532) requires agencies to assess anticipated costs and benefits before issuing any rule whose mandates require spending in any one year of $100 million in 1995 dollars, updated annually for inflation. This rule will not mandate any requirements for State, local, or tribal governments, nor will it affect private sector costs.</P>
                <HD SOURCE="HD1">Public Law 96-354, “Regulatory Flexibility Act” (5 U.S.C. Chapter 6)</HD>
                <P>The Under Secretary of Defense for Personnel and Readiness certifies this interim final rule is not subject to the Regulatory Flexibility Act because it would not, if promulgated, have a significant economic impact on a substantial number of small entities. Therefore, the Regulatory Flexibility Act, as amended, does not require us to prepare a regulatory flexibility analysis.</P>
                <HD SOURCE="HD1">Public Law 96-511, “Paperwork Reduction Act” (44 U.S.C. Chapter 35)</HD>
                <P>
                    Under the Paperwork Reduction Act (PRA) of 1995, OMB approved and assigned OMB Control Number 0704-0415, “Application for Department of Defense Common Access Card—DEERS Enrollment.” The provision for the self-attestation for changing a sex code (gender marker) in an individual's DEERS record (89 FR 11172) required only a signed individual statement. The “Application for Department of Defense Common Access Card—DEERS Enrollment” was not required and it was determined that the self-attestation did not change the cost or burden associated with this information collection. Therefore, removing the provision also has no effect on the cost or burden of the information collection. Additional information regarding this 
                    <PRTPAGE P="55044"/>
                    collection of information—including all current background materials—can be found at 
                    <E T="03">https://www.reginfo.gov/public/do/PRAMain</E>
                     by using the search function to enter either the tile of the collection or the OMB Control Number.
                </P>
                <HD SOURCE="HD1">Executive Order 13132, “Federalism”</HD>
                <P>E.O. 13132 establishes certain requirements that an agency must meet when it promulgates an interim final rule that imposes substantial direct requirement costs on State and local governments, preempts State law, or otherwise has federalism implications. This rule will not have a substantial effect on State and local governments.</P>
                <HD SOURCE="HD1">Executive Order 13175, “Consultation and Coordination With Indian Tribal Governments”</HD>
                <P>E.O. 13175 establishes certain requirements that an agency must meet when it promulgates an interim final rule that imposes substantial direct compliance costs on one or more Indian tribes, preempts tribal law, or effects the distribution of power and responsibilities between the Federal government and Indian tribes. This interim final rule will not have a substantial effect on Indian tribal governments.</P>
                <LSTSUB>
                    <HD SOURCE="HED">List of Subjects in 32 CFR Part 161</HD>
                    <P>Administrative practice and procedure, Armed forces, Military personnel, National defense, Privacy, Security measures.</P>
                </LSTSUB>
                <P>Accordingly, DoD amends 32 CFR part 161 as follows:</P>
                <PART>
                    <HD SOURCE="HED">PART 161—IDENTIFICATION (ID) CARDS FOR MEMBERS OF THE UNIFORMED SERVICES, THEIR DEPENDENTS, AND OTHER ELIGIBLE INDIVIDUALS</HD>
                </PART>
                <REGTEXT TITLE="32" PART="161">
                    <AMDPAR>1. The authority citation for part 161 is revised to read as follows:</AMDPAR>
                    <AUTH>
                        <HD SOURCE="HED">Authority:</HD>
                        <P> 5 U.S.C. 5703, 10 U.S.C. 1061-1064, 1072-1074, 1074a-1074c, 1076, 1076a, 1077, and 1095(k)(2); 18 U.S.C. 499, 506, 509, 701, and 1001; 10 U.S.C. 1408(h), 1044a, and chapter 1223. </P>
                    </AUTH>
                </REGTEXT>
                <SECTION>
                    <SECTNO>§ 161.3</SECTNO>
                    <SUBJECT>[Amended]</SUBJECT>
                </SECTION>
                <REGTEXT TITLE="32" PART="161">
                    <AMDPAR>
                        2. Amend § 161.3 by removing from the definition of 
                        <E T="03">Spouse</E>
                         the word “gender” and adding in its place the word “sex”.
                    </AMDPAR>
                </REGTEXT>
                <SECTION>
                    <SECTNO>§ 161.23</SECTNO>
                    <SUBJECT>[Amended]</SUBJECT>
                </SECTION>
                <REGTEXT TITLE="32" PART="161">
                    <AMDPAR>3. Amend § 161.23 by:</AMDPAR>
                    <AMDPAR>a. Removing paragraph (k) and Table 33 to Subpart D of Part 161;</AMDPAR>
                    <AMDPAR>b. Redesignating paragraphs (l) through (n) as paragraphs (k) through (m) and redesignating Tables 34 through 38 to Subpart D of Part 161 as Tables 33 through 37 to Subpart D of Part 161;</AMDPAR>
                    <AMDPAR>c. In newly redesignated paragraph (k), removing the text “Table 34” and adding in its place the text “table 33”;</AMDPAR>
                    <AMDPAR>d. In newly redesignated paragraph (l), removing the text “Table 35” and adding in its place the text “table 34”; and</AMDPAR>
                    <AMDPAR>e. In newly redesignated paragraph (m)(1)(ii), removing the text “Tables 36 through 38” and adding in its place the text “tables 35 through 37”;</AMDPAR>
                    <AMDPAR>f. In newly redesignated paragraph (m)(2), removing the text “Table 36” and adding in its place the text “table 35”;</AMDPAR>
                    <AMDPAR>g. In newly redesignated paragraph (m)(3), removing the text “Gender”, “gender marker” and “Table 37” and adding in its place the text “Sex”, “sex code”, and “table 36”, respectively;</AMDPAR>
                    <AMDPAR>h. In the heading of newly redesignated Table 36 to Subpart D of Part 161, removing the words “Gender Marker” and adding in their place the words “Sex Code”; and</AMDPAR>
                    <AMDPAR>i. In newly redesignated paragraph (m)(4), removing the text “Table 38” and adding in its place the text “table 37”.</AMDPAR>
                </REGTEXT>
                <SIG>
                    <DATED>Dated: November 26, 2025.</DATED>
                    <NAME>Aaron T. Siegel,</NAME>
                    <TITLE>Alternate OSD Federal Register Liaison Officer, Department of Defense. </TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21723 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6001-FR-P</BILCOD>
        </RULE>
        <RULE>
            <PREAMB>
                <AGENCY TYPE="N">LIBRARY OF CONGRESS</AGENCY>
                <SUBAGY>Copyright Royalty Board</SUBAGY>
                <CFR>37 CFR Part 385</CFR>
                <DEPDOC>[Docket No. 25-CRB-0012-PR COLA (2026)]</DEPDOC>
                <SUBJECT>Cost of Living Adjustment to Royalty Rates and Terms for Making and Distributing Phonorecords</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Copyright Royalty Board, Library of Congress.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Final rule; cost of living adjustment.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Copyright Royalty Judges announce a cost of living adjustment (COLA) in the royalty rates for the statutory license for making and distributing phonorecords of nondramatic musical works regarding physical phonorecords and Permanent Downloads.</P>
                </SUM>
                <EFFDATE>
                    <HD SOURCE="HED">DATES:</HD>
                    <P/>
                    <P>
                        <E T="03">Effective date:</E>
                         December 1, 2025.
                    </P>
                    <P>
                        <E T="03">Applicability date:</E>
                         These rates and terms are applicable during the period from January 1, 2026, through December 31, 2026.
                    </P>
                </EFFDATE>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Anita Brown, CRB Program Specialist, (202) 707-7658, 
                        <E T="03">crb@loc.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    Section 115 of the Copyright Act, title 17 of the United States Code, creates a statutory license for making and distributing phonorecords of nondramatic musical works. On December 16, 2022, the Copyright Royalty Judges (Judges) adopted final regulations governing the rates and terms of copyright royalty payments under that license for the license period 2024-2027 for making and distributing phonorecords of nondramatic musical works. 
                    <E T="03">See</E>
                     87 FR 76942.
                </P>
                <P>
                    Pursuant to those regulations, at least 25 days before January 1 of each year, the Judges shall publish in the 
                    <E T="04">Federal Register</E>
                     notice of a cost of living adjustment (COLA) applicable to the royalty fees for making and distributing physical phonorecords and Permanent Downloads. 
                    <E T="03">See</E>
                     37 CFR 385.11.
                </P>
                <P>
                    The adjustment in the royalty fee shall be based on a calculation of the percentage increase in the Consumer Price Index for All Urban Consumers (CPI-U) published in November 2022 (298.012) 
                    <SU>1</SU>
                    <FTREF/>
                     (“base rate”) according to the following formulas: for the per-work rate, (1 + (Cy−298.012 
                    <SU>2</SU>
                    <FTREF/>
                    )/298.012) × 12¢, rounded to the nearest tenth of a cent; for the per-minute rate, (1 + (Cy−298.012)/298.012) × 2.31¢, rounded to the nearest hundredth of a cent; where Cy is the CPI-U published by the Secretary of Labor before December 1 of the preceding year. 37 CFR 385.11(a)(2). The CPI-U published by the Secretary of Labor from the most recent index published before December 1, 2025, is 324.800.
                    <SU>3</SU>
                    <FTREF/>
                     Applying the formulas in 37 CFR 385.11(a)(2) results in an increase in the rates for 2026.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         The CPI-U published in November 2022 is available at 
                        <E T="03">https://www.bls.gov/news.release/archives/cpi_11102022.htm</E>
                         at Table 1.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         Base rate.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         The CPI-U announced on October 24, 2025, by the Bureau of Labor Statistics in its 
                        <E T="03">Consumer Price Index News Release—Consumer Price Index,</E>
                         is available at 
                        <E T="03">https://www.bls.gov/news.release/pdf/cpi.pdf</E>
                         at Table 1 (last viewed on Nov. 25, 2015). The Copyright Royalty Judges note that the October 24, 2025, publication is the most recent CPI-U published by the Secretary of Labor before December 1 of the preceding year of this COLA adjustment (
                        <E T="03">i.e.,</E>
                         2026). The Bureau of Labor statistics has explained “BLS could not collect October 2025 reference period survey data due to a lapse in appropriations.” 
                        <E T="03">See https://www.bls.gov/bls/2025-lapse-revised-release-dates.htm</E>
                         (last viewed on Nov. 25, 2025).
                    </P>
                </FTNT>
                <P>The adjusted rates for 2026 are 13.1 cents for the per-work rate and 2.52 cents for the per-minute rate.</P>
                <LSTSUB>
                    <HD SOURCE="HED">List of Subjects in 37 CFR Part 385</HD>
                    <P>Copyright, Phonorecords, Recordings.</P>
                </LSTSUB>
                <PRTPAGE P="55045"/>
                <HD SOURCE="HD1">Final Regulations</HD>
                <P>In consideration of the foregoing, the Judges amend part 385 of title 37 of the Code of Federal Regulations as follows:</P>
                <PART>
                    <HD SOURCE="HED">PART 385—RATES AND TERMS FOR USE OF NONDRAMATIC MUSICAL WORKS IN THE MAKING AND DISTRIBUTING OF PHYSICAL AND DIGITAL PHONORECORDS</HD>
                </PART>
                <REGTEXT TITLE="37" PART="385">
                    <AMDPAR>1. The authority citation for part 385 continues to read as follows:</AMDPAR>
                    <AUTH>
                        <HD SOURCE="HED">Authority:</HD>
                        <P> 17 U.S.C. 115, 801(b)(1), 804(b)(4).</P>
                    </AUTH>
                </REGTEXT>
                <REGTEXT TITLE="37" PART="385">
                    <AMDPAR>2. Section 385.11 is amended by revising paragraph (a)(1) to read as follows:</AMDPAR>
                    <SECTION>
                        <SECTNO>§ 385.11 </SECTNO>
                        <SUBJECT> Royalty rates.</SUBJECT>
                        <P>(a) * * *</P>
                        <P>
                            (1) 
                            <E T="03">2026 rate.</E>
                             For the year 2026 for every physical phonorecord and Permanent Download the Licensee makes and distributes or authorizes to be made and distributed, the royalty rate payable for each work embodied in the phonorecord or Permanent Download shall be either 13.1 cents or 2.52 cents per minute of playing time or fraction thereof, whichever amount is larger.
                        </P>
                        <STARS/>
                    </SECTION>
                </REGTEXT>
                <SIG>
                    <DATED>Dated: November 26, 2025.</DATED>
                    <NAME>Christina L. Shifton,</NAME>
                    <TITLE>Interim Chief Copyright Royalty Judge.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21695 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 1410-72-P</BILCOD>
        </RULE>
        <RULE>
            <PREAMB>
                <AGENCY TYPE="S">LIBRARY OF CONGRESS</AGENCY>
                <SUBAGY>Copyright Royalty Board</SUBAGY>
                <CFR>37 CFR Part 386</CFR>
                <DEPDOC>[Docket No. 25-CRB-0011-SA COLA (2026)]</DEPDOC>
                <SUBJECT>Cost of Living Adjustment to Satellite Carrier Compulsory License Royalty Rates</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Copyright Royalty Board (CRB), Library of Congress.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Final rule; cost of living adjustment.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Copyright Royalty Judges announce a cost of living adjustment (COLA) of 2.9% in the royalty rates satellite carriers pay for a compulsory license under the Copyright Act. The COLA is based on the change in the Consumer Price Index from October 2024 to September 2025.</P>
                </SUM>
                <EFFDATE>
                    <HD SOURCE="HED">DATES:</HD>
                    <P/>
                    <P>
                        <E T="03">Effective date:</E>
                         December 1, 2025.
                    </P>
                    <P>
                        <E T="03">Applicability dates:</E>
                         These rates are applicable to the period January 1, 2026, through December 31, 2026.
                    </P>
                </EFFDATE>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Anita Brown, CRB Program Specialist, (202) 707-7658, 
                        <E T="03">crb@loc.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    The satellite carrier compulsory license establishes a statutory copyright licensing scheme for the distant retransmission of television programming by satellite carriers. 17 U.S.C. 119. Congress created the license in 1988 and reauthorized the license for additional five-year periods until 2019 when it made the license permanent.
                    <SU>1</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         The most recent five-year reauthorization was pursuant to the STELA Reauthorization Act of 2014, Public Law 113-200. The license was made permanent by the Satellite Television Community Protection and Promotion Act of 2019, Public Law 116-94, div. P, title XI, § 1102(a), (c)(1), 133 Stat. 3201, 3203.
                    </P>
                </FTNT>
                <P>
                    On August 31, 2010, the Copyright Royalty Judges (Judges) adopted rates for the section 119 compulsory license for the 2010-2014 term. 
                    <E T="03">See</E>
                     75 FR 53198. The rates were proposed by Copyright Owners and Satellite Carriers 
                    <SU>2</SU>
                    <FTREF/>
                     and were unopposed. 
                    <E T="03">Id.</E>
                     Section 119(c)(2) of the Copyright Act provides that, effective January 1 of each year, the Judges shall adjust the royalty fee payable under section 119(b)(1)(B) “to reflect any changes occurring in the cost of living as determined by the most recent Consumer Price Index (for all consumers and for all items) [CPI-U] published by the Secretary of Labor before December 1 of the preceding year.” Section 119 also requires that “[n]otification of the adjusted fees shall be published in the 
                    <E T="04">Federal Register</E>
                     at least 25 days before January 1.” 17 U.S.C. 119(c)(2).
                </P>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         Program Suppliers and Joint Sports Claimants comprised the Copyright Owners while DIRECTV, Inc., DISH Network, LLC, and National Programming Service, LLC, comprised the Satellite Carriers.
                    </P>
                </FTNT>
                <P>
                    The change in the cost of living as determined by the CPI-U during the period from the most recent index published before December 1, 2024, to the most recent index published before December 1, 2025, is 2.9%.
                    <SU>3</SU>
                    <FTREF/>
                     Application of the 2.9% COLA to the current rate for the secondary transmission of broadcast stations by satellite carriers for private home viewing—36 cents per subscriber per month—results in a rate of 37 cents per subscriber per month (rounded to the nearest cent). 
                    <E T="03">See</E>
                     37 CFR 386.2(b)(1). Application of the 2.9% COLA to the current rate for viewing in commercial establishments—74 cents per subscriber per month—results in a rate of 76 cents per subscriber per month (rounded to the nearest cent). 
                    <E T="03">See</E>
                     37 CFR 386.2(b)(2).
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         The CPI-U announced on October 24, 2025, by the Bureau of Labor Statistics in its 
                        <E T="03">Consumer Price Index News Release—Consumer Price Index,</E>
                         is available at 
                        <E T="03">https://www.bls.gov/news.release/pdf/cpi.pdf</E>
                         at Table 1 (last viewed Nov. 25, 2025). The Copyright Royalty Judges note that the October 24, 2025, publication is the most recent CPI-U published by the Secretary of Labor before December 1 of the preceding year of this COLA adjustment (
                        <E T="03">i.e.</E>
                         2026). The Bureau of Labor statistics has explained “BLS could not collect October 2025 reference period survey data due to a lapse in appropriations.” 
                        <E T="03">See https://www.bls.gov/bls/2025-lapse-revised-release-dates.htm.</E>
                         The change in the cost of living during the period from the most recent index published prior to the previous notice to the most recent index published prior to December 1 of this year 
                        <E T="03">i.e.</E>
                         the change from October 2024 to September 2025 is 2.9% ((324.800-315.664)/315.664).
                    </P>
                </FTNT>
                <LSTSUB>
                    <HD SOURCE="HED">List of Subjects in 37 CFR Part 386</HD>
                    <P>Copyright, Satellite, Television.</P>
                </LSTSUB>
                <HD SOURCE="HD1">Final Regulations</HD>
                <P>In consideration of the foregoing, the Judges amend part 386 of title 37 of the Code of Federal Regulations as follows:</P>
                <PART>
                    <HD SOURCE="HED">PART 386—ADJUSTMENT OF ROYALTY FEES FOR SECONDARY TRANSMISSIONS BY SATELLITE CARRIERS</HD>
                </PART>
                <REGTEXT TITLE="37" PART="386">
                    <AMDPAR>1. The authority citation for part 386 continues to read as follows:</AMDPAR>
                    <AUTH>
                        <HD SOURCE="HED">Authority:</HD>
                        <P> 17 U.S.C. 119(c), 801(b)(1).</P>
                    </AUTH>
                </REGTEXT>
                <REGTEXT TITLE="37" PART="386">
                    <AMDPAR>2. Section 386.2 is amended by adding paragraphs (b)(1)(xvii) and (b)(2)(xvii) to read as follows:</AMDPAR>
                    <SECTION>
                        <SECTNO>§ 386.2 </SECTNO>
                        <SUBJECT>Royalty fee for secondary transmission by satellite carriers.</SUBJECT>
                        <STARS/>
                        <P>(b) * * *</P>
                        <P>(1) * * *</P>
                        <P>(xvii) 2026: 37 cents per subscriber per month.</P>
                        <P>(2) * * *</P>
                        <P>(xvii) 2026: 76 cents per subscriber per month.</P>
                    </SECTION>
                </REGTEXT>
                <SIG>
                    <DATED>Dated: November 26, 2025.</DATED>
                    <NAME>Christina L. Shifton,</NAME>
                    <TITLE>Interim Chief Copyright Royalty Judge.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21694 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 1410-72-P</BILCOD>
        </RULE>
        <RULE>
            <PREAMB>
                <AGENCY TYPE="N">ENVIRONMENTAL PROTECTION AGENCY</AGENCY>
                <CFR>48 CFR Part 1517</CFR>
                <DEPDOC>[EPA-HQ-OMS-2024-0148; FRL-12938-03-OMS]</DEPDOC>
                <SUBJECT>Environmental Protection Agency Acquisition Regulation (EPAAR); Special Contracting Methods; Options; Contracts; Withdrawal</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Environmental Protection Agency (EPA).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Withdrawal of direct final rule.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        Due to the receipt of adverse comments on this action, the EPA is 
                        <PRTPAGE P="55046"/>
                        withdrawing the direct final rule “Environmental Protection Agency Acquisition Regulation (EPAAR); Special Contracting Methods; Options; Contracts,” published on September 22, 2025.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Effective December 2, 2025, the EPA withdraws the direct final rule published at 90 FR 45335 on September 22, 2025</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Joshua Gardner, Policy Division, Policy Compliance Branch, Environmental Protection Agency, 1200 Pennsylvania Ave. NW, Washington, DC 20460; telephone number: 202-250-8739; email address: 
                        <E T="03">gardner.joshua@epa.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    Due to the receipt of adverse comments on this action, the Agency is withdrawing the direct final rule “Environmental Protection Agency Acquisition Regulation (EPAAR); Special Contracting Methods; Options; Contracts,” published on September 22, 2025. We stated in that direct final rule that if we received adverse comment by October 31, 2025, the direct final rule would not take effect and we would publish a timely withdrawal in the 
                    <E T="04">Federal Register</E>
                    . Because the EPA subsequently received adverse comment on that direct final rule, we are withdrawing the direct final rule.
                </P>
                <EXTRACT>
                    <FP>
                        <E T="04">Joan Rogers,</E>
                    </FP>
                    <FP>
                        <E T="03">Acting Director, Office of the Chief Procurement Officer.</E>
                    </FP>
                </EXTRACT>
                <LSTSUB>
                    <HD SOURCE="HED">List of Subjects in 48 CFR Part 1517</HD>
                    <P>Environmental protection, Government procurement. </P>
                </LSTSUB>
                <PART>
                    <HD SOURCE="HED">PART 1517—SPECIAL CONTRACTING METHODS</HD>
                </PART>
                <REGTEXT TITLE="48" PART="157">
                    <AMDPAR>Accordingly, effective December 2, 2025, the EPA withdraws the direct final rule amending 48 CFR 1517.204 which published at 90 FR 45335 on September 22, 2025.</AMDPAR>
                </REGTEXT>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21713 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6560-50-P</BILCOD>
        </RULE>
        <RULE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF COMMERCE</AGENCY>
                <SUBAGY>National Oceanic and Atmospheric Administration</SUBAGY>
                <CFR>50 CFR Part 622</CFR>
                <DEPDOC>[Docket No. 140819686-5999-02; RTID 0648-XF241]</DEPDOC>
                <SUBJECT>Fisheries of the Caribbean, Gulf of America, and South Atlantic; 2025 Commercial Closure for Gag in the South Atlantic</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>Temporary rule; closure.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>NMFS implements an accountability measure for the commercial harvest of gag in South Atlantic Federal waters. NMFS projects that commercial landings of gag will reach the commercial annual catch limit (ACL) for 2025. Therefore, NMFS closes the commercial sector of gag in South Atlantic Federal waters to protect the gag resource from overfishing.</P>
                </SUM>
                <EFFDATE>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>This temporary rule is effective from December 1, 2025, through December 31, 2025.</P>
                </EFFDATE>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Mary Vara, NMFS Southeast Regional Office, telephone: 727-824-5305, email: 
                        <E T="03">mary.vara@noaa.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>The snapper-grouper fishery of the South Atlantic includes gag and is managed under the Fishery Management Plan for the Snapper-Grouper Fishery of the South Atlantic Region (FMP). The FMP was prepared by the South Atlantic Fishery Management Council and NMFS, approved by the Secretary of Commerce, and is implemented by NMFS under the authority of the Magnuson-Stevens Fishery Conservation and Management Act (Magnuson-Stevens Act) by regulations at 50 CFR part 622. All weights in this temporary rule are in gutted weight.</P>
                <P>The commercial ACL (commercial quota) for gag for the 2025 fishing year is 171,687 pounds (lb) or 77,876 kilograms (kg) [50 CFR 622.190(a)(7)(iii)]. Regulations at 50 CFR 622.193(c)(1)(i) specify the commercial in-season accountability measure for gag in the South Atlantic. NMFS is required to close the commercial sector for the harvest of gag for the rest of the fishing year when the commercial ACL has been reached or is projected to be reached. NMFS projects that commercial landings of gag will reach the commercial ACL for the 2025 fishing year. Therefore, the commercial sector of gag is closed beginning on December 1, 2025, and will remain closed through December 31, 2025, the end of the current fishing year.</P>
                <P>The recreational harvest of gag in the South Atlantic closed on June 26, 2025, and is closed through December 31, 2025 (90 FR 13425, March 24, 2025). Therefore, gag may not be harvested or possessed in or from South Atlantic Federal waters during this commercial closure, and the sale or purchase of gag from the South Atlantic is prohibited. In addition, these prohibitions apply to any person on a vessel issued a Federal commercial or charter vessel/headboat permit for South Atlantic snapper-grouper in South Atlantic Federal waters or state waters. The prohibition on sale or purchase does not apply to gag that were harvested, landed ashore, and sold before the effective period of this commercial closure, and were held in cold storage by a dealer or processor [50 CFR 622.190(c)(1)(i)]. The operator of a vessel with a valid Federal commercial vessel permit for South Atlantic snapper-grouper with gag on the vessel must have landed and bartered, traded, or sold such gag before December 1, 2025.</P>
                <P>The 2026 fishing season for the commercial harvest of South Atlantic gag opens again on May 1, 2026 [50 CFR 622.183(b)(1)]. The commercial ACL (commercial quota) for gag for the 2026 fishing year is 215,051 lb (97,545 kg).</P>
                <HD SOURCE="HD1">Classification</HD>
                <P>NMFS issues this action pursuant to section 305(d) of the Magnuson-Stevens Act. This action is required by 50 CFR 622.193(c)(1)(i), which was issued pursuant to section 304(b) of the Magnuson-Stevens Act and is exempt from review under Executive Order 12866.</P>
                <P>
                    Pursuant to 5 U.S.C. 553(b)(B), there is good cause to waive prior notice and an opportunity for public comment on this action, as notice and comment are unnecessary and contrary to the public interest. Such procedures are unnecessary because the regulations associated with the commercial closure of gag have already been subject to notice and public comment, and all that remains is to notify the public of the closure. Prior notice and opportunity for public comment on this action is contrary to the public interest because of the need to immediately implement the commercial closure to protect the gag resource in the South Atlantic. The capacity of the commercial fishing fleet allows for rapid harvest of the commercial quota, and any delay in the closure could result in the exceedance 
                    <PRTPAGE P="55047"/>
                    of the applicable quota. Prior notice and opportunity for public comment would require time and would potentially result in a harvest that exceeds the commercial quota.
                </P>
                <P>For the reasons just stated, NMFS also finds good cause to waive the 30-day delay in the effectiveness of this action under 5 U.S.C. 553(d)(3).</P>
                <AUTH>
                    <HD SOURCE="HED">Authority: </HD>
                    <P>
                        16 U.S.C. 1801 
                        <E T="03">et seq.</E>
                    </P>
                </AUTH>
                <SIG>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Kelly Denit,</NAME>
                    <TITLE>Director, Office of Sustainable Fisheries, National Marine Fisheries Service.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21628 Filed 11-26-25; 4:15 pm]</FRDOC>
            <BILCOD>BILLING CODE 3510-22-P</BILCOD>
        </RULE>
    </RULES>
    <VOL>90</VOL>
    <NO>228</NO>
    <DATE>Monday, December 1, 2025</DATE>
    <UNITNAME>Proposed Rules</UNITNAME>
    <PRORULES>
        <PRORULE>
            <PREAMB>
                <PRTPAGE P="55048"/>
                <AGENCY TYPE="F">DEPARTMENT OF TREASURY</AGENCY>
                <SUBAGY>Office of the Comptroller of the Currency</SUBAGY>
                <CFR>12 CFR Part 3</CFR>
                <DEPDOC>[Docket ID OCC-2025-0141]</DEPDOC>
                <RIN>RIN 1557-AF33</RIN>
                <AGENCY TYPE="O">FEDERAL RESERVE SYSTEM</AGENCY>
                <CFR>12 CFR Part 217</CFR>
                <DEPDOC>[Docket No. R-1876]</DEPDOC>
                <RIN>RIN 7100-AH08</RIN>
                <AGENCY TYPE="O">FEDERAL DEPOSIT INSURANCE CORPORATION</AGENCY>
                <CFR>12 CFR Part 324</CFR>
                <RIN>RIN 3064-AG17</RIN>
                <SUBJECT>Regulatory Capital Rule: Revisions to the Community Bank Leverage Ratio Framework</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of the Comptroller of the Currency, Treasury; the Federal Deposit Insurance Corporation; and the Board of Governors of the Federal Reserve System.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of proposed rulemaking.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation are inviting public comment on a notice of proposed rulemaking (proposal) that would lower the community bank leverage ratio (CBLR) requirement for certain depository institutions and depository institution holding companies from 9 percent to 8 percent, consistent with the lower bound provided in section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The proposal would also extend the length of time that certain depository institutions or depository institution holding companies can remain in the CBLR framework while not meeting all of the qualifying criteria for the CBLR framework from two quarters to four quarters, subject to a limit of eight quarters in any five-year period.</P>
                </SUM>
                <EFFDATE>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments must be received by January 30, 2026.</P>
                </EFFDATE>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>Comments should be directed to the agencies as follows:</P>
                    <P>
                        <E T="03">OCC:</E>
                         You may submit comments to the OCC by any of the methods set forth below. Commenters are encouraged to submit comments through the Federal eRulemaking Portal. Please use the title “Regulatory Capital Rule: Revisions to the Community Bank Leverage Ratio Framework” to facilitate the organization and distribution of the comments. You may submit comments by any of the following methods:
                    </P>
                    <P>
                        • 
                        <E T="03">Federal eRulemaking Portal—Regulations.gov:</E>
                    </P>
                    <P>
                        Go to 
                        <E T="03">https://regulations.gov/.</E>
                         Enter Docket ID “OCC-2025-0141” in the Search Box and click “Search.” Public comments can be submitted via the “Comment” box below the displayed document information or by clicking on the document title and then clicking the “Comment” box on the top-left side of the screen. For help with submitting effective comments, please click on “Commenter's Checklist.” For assistance with the 
                        <E T="03">Regulations.gov</E>
                         site, please call 1-866-498-2945 (toll free) Monday-Friday, 9 a.m.-5 p.m. EST, or email 
                        <E T="03">regulationshelpdesk@gsa.gov.</E>
                    </P>
                    <P>
                        • 
                        <E T="03">Mail:</E>
                         Chief Counsel's Office, Attention: Comment Processing, Office of the Comptroller of the Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
                    </P>
                    <P>
                        • 
                        <E T="03">Hand Delivery/Courier:</E>
                         400 7th Street SW, Suite 3E-218, Washington, DC 20219.
                    </P>
                    <P>
                        <E T="03">Instructions:</E>
                         You must include “OCC” as the agency name and Docket ID “OCC-2025-0141” in your comment. In general, the OCC will enter all comments received into the docket and publish the comments on the 
                        <E T="03">Regulations.gov</E>
                         website without change, including any business or personal information provided such as name and address information, email addresses, or phone numbers. Comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. Do not include any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure.
                    </P>
                    <P>You may review comments and other related materials that pertain to this action by the following method:</P>
                    <P>
                        • 
                        <E T="03">Viewing Comments Electronically—Regulations.gov:</E>
                    </P>
                    <P>
                        Go to 
                        <E T="03">https://regulations.gov/.</E>
                         Enter Docket ID “OCC-2025-0141” in the Search Box and click “Search.” Click on the “Dockets” tab and then the document's title. After clicking the document's title, click the “Browse All Comments” tab. Comments can be viewed and filtered by clicking on the “Sort By” drop-down on the right side of the screen or the “Refine Comments Results” options on the left side of the screen. Supporting materials can be viewed by clicking on the “Browse Documents” tab. Click on the “Sort By” drop-down on the right side of the screen or the “Refine Results” options on the left side of the screen checking the “Supporting &amp; Related Material” checkbox. For assistance with the 
                        <E T="03">Regulations.gov</E>
                         site, please call 1-866-498-2945 (toll free) Monday-Friday, 9 a.m.-5 p.m. EST, or email 
                        <E T="03">regulationshelpdesk@gsa.gov.</E>
                    </P>
                    <P>The docket may be viewed after the close of the comment period in the same manner as during the comment period.</P>
                    <P>
                        <E T="03">Board:</E>
                         You may submit comments, identified by Docket No. R-1876 and RIN 7100-AH08, by any of the following methods:
                    </P>
                    <P>
                        • 
                        <E T="03">Agency website: https://www.federalreserve.gov/apps/proposals/.</E>
                         Follow the instructions for submitting comments, including attachments. 
                        <E T="03">Preferred Method.</E>
                    </P>
                    <P>
                        • 
                        <E T="03">Mail:</E>
                         Benjamin W. McDonough, Deputy Secretary, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551.
                    </P>
                    <P>
                        • 
                        <E T="03">Hand Delivery/Courier:</E>
                         Same as mailing address.
                    </P>
                    <P>
                        • 
                        <E T="03">Other Means: publiccomments@frb.gov.</E>
                         You must include the docket number in the subject line of the message.
                    </P>
                    <P>
                        Comments received are subject to public disclosure. In general, comments received will be made available on the Board's website at 
                        <E T="03">https://www.federalreserve.gov/apps/proposals/</E>
                         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 
                        <PRTPAGE P="55049"/>
                        such as confidential information that would be not appropriate for public disclosure. Public comments may also be viewed electronically or in person in Room M-4365A, 2001 C St. NW, Washington, DC 20551, between 9 a.m. and 5 p.m. during Federal business weekdays.
                    </P>
                    <P>
                        <E T="03">FDIC:</E>
                         You may submit comments, identified by RIN 3064-AG17, by any of the following methods:
                    </P>
                    <P>
                        <E T="03">Agency website: https://www.fdic.gov/federal-register-publications.</E>
                         Follow instructions for submitting comments on the FDIC's website.
                    </P>
                    <P>
                        <E T="03">Mail:</E>
                         Jennifer M. Jones, Deputy Executive Secretary, Attention: Comments/Legal OES RIN 3064-AG17, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429.
                    </P>
                    <P>
                        <E T="03">Hand Delivered/Courier:</E>
                         Comments may be hand-delivered to the guard station at the rear of the 550 17th Street NW, building (located on F Street NW) on business days between 7 a.m. and 5 p.m. eastern time.
                    </P>
                    <P>
                        <E T="03">Email: comments@FDIC.gov.</E>
                         Include the RIN 3064-AG17 on the subject line of the message.
                    </P>
                    <P>
                        <E T="03">Public Inspection:</E>
                         Comments received, including any personal information provided, may be posted without change to 
                        <E T="03">https://www.fdic.gov/federal-register-publications.</E>
                         Commenters should submit only information that the commenter wishes to make available publicly. The FDIC may review, redact, or refrain from posting all or any portion of any comment that it may deem to be inappropriate for publication, such as irrelevant or obscene material. The FDIC may post only a single representative example of identical or substantially identical comments, and in such cases will generally identify the number of identical or substantially identical comments represented by the posted example. All comments that have been redacted, as well as those that have not been posted, that contain comments on the merits of this notice will be retained in the public comment file and will be considered as required under all applicable laws. All comments may be accessible under the Freedom of Information Act.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P/>
                    <P>
                        <E T="03">OCC:</E>
                         Benjamin Pegg, Technical Expert, Capital Policy, (202) 649-6370; or Carl Kaminski, Assistant Director, Ron Shimabukuro, Senior Counsel or Daniel Perez, Counsel, Bank Advisory Group, Chief Counsel's Office, (202) 649-5490, Office of the Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
                    </P>
                    <P>
                        <E T="03">Board:</E>
                         Juan Climent, Deputy Associate Director, (202) 872-7526; Morgan Lewis, Manager, (202) 407-5093; Missaka Nuwan Warusawitharana, Manager, (202) 452-3461; Lars Arnesen, Senior Financial Institution Policy Analyst, (202) 868-0546, Division of Supervision and Regulation; or Jay Schwarz, Deputy Associate General Counsel, (202) 731-8852; Mark Buresh, Senior Special Counsel, (202) 499-0261; Jasmin Keskinen, Counsel, (202) 853-7872, Legal Division, Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551. For the hearing impaired only, Telecommunication Device for the Deaf (TDD), (202) 263-4869.
                    </P>
                    <P>
                        <E T="03">FDIC:</E>
                         Benedetto Bosco, Chief, Capital Policy Section; Kyle McCormick, Senior Policy Analyst; Keith Bergstresser, Senior Policy Analyst; Matthew Park, Financial Analyst; Rachel Romm-Nisson, Risk Analytics Specialist; Capital Markets and Accounting Policy Branch, Division of Risk Management Supervision; Catherine Wood, Counsel; Merritt Pardini, Counsel; Kevin Zhao, Senior Attorney; Nicholas Soyer, Attorney; Legal Division, 
                        <E T="03">regulatorycapital@fdic.gov,</E>
                         (202) 898-6888; Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">I. Background</HD>
                <HD SOURCE="HD2">A. Economic Growth, Regulatory Relief, and Consumer Protection Act</HD>
                <P>
                    The community bank leverage ratio (CBLR) framework 
                    <SU>1</SU>
                    <FTREF/>
                     implements section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA), which requires the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) to establish a community bank leverage ratio (the CBLR requirement) of not less than 8 percent and not more than 10 percent for qualifying community banking organizations.
                    <SU>2</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         12 CFR 3.12 (OCC); 12 CFR 217.12 (Board); 12 CFR 324.12 (FDIC).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         Public Law 115-174, 132 Stat. 1296, 1306-07 (2018) (codified at 12 U.S.C. 5371 note). The authorizing statute uses the term “qualifying community bank,” whereas the agencies' regulations implementing the statute use the term “qualifying community banking organization.” 
                        <E T="03">See, e.g.,</E>
                         12 CFR 3.12(a)(2) (OCC); 12 CFR 217.12(a)(2) (Board); 12 CFR 324.12(a)(2) (FDIC). The terms generally have the same meaning. Section 201(a)(3) of EGRRCPA provides that a qualifying community banking organization is a depository institution or depository institution holding company with total consolidated assets of less than $10 billion that satisfies such other factors, based on the banking organization's risk profile, that the agencies determine are appropriate. Section 201(a)(3) further provides that this determination shall be based on consideration of off-balance sheet exposures, trading assets and liabilities, total notional derivatives exposures, and such other factors that the agencies determine appropriate.
                    </P>
                </FTNT>
                <P>
                    Under section 201(c) of EGRRCPA, a qualifying community banking organization that exceeds the CBLR requirement shall be considered to have met: (i) the generally applicable risk-based and leverage capital requirements in the capital rule; 
                    <SU>3</SU>
                    <FTREF/>
                     (ii) the capital ratio requirements to be considered well capitalized under the agencies' prompt corrective action (PCA) framework (in the case of insured depository institutions); and (iii) any other applicable capital or leverage requirements. Section 201(b) of EGRRCPA also requires each of the agencies to establish procedures for the treatment of a qualifying community banking organization whose leverage ratio falls below the CBLR requirement as established by each of the agencies.
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         The OCC's capital rule is at 12 CFR part 3. The Board's capital rule is at 12 CFR part 217. The FDIC's capital rule is at 12 CFR part 324.
                    </P>
                </FTNT>
                <P>
                    In 2019, the agencies issued a final rule establishing the CBLR framework, which became effective January 1, 2020 (2019 final rule).
                    <SU>4</SU>
                    <FTREF/>
                     Under the 2019 final rule, each of the agencies established a CBLR requirement of greater than 9 percent. The CBLR was defined by reference to the capital rule's existing leverage ratio, equal to tier 1 capital divided by average total consolidated assets.
                    <SU>5</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         84 FR 61776 (Nov. 13, 2019).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See</E>
                         12 CFR 3.10(b)(4) (OCC); 12 CFR 217.10(b)(4) (Board); 12 CFR 324.10(b)(4) (FDIC).
                    </P>
                </FTNT>
                <P>
                    Under the 2019 final rule, depository institutions and depository institution holding companies that have less than $10 billion in total consolidated assets; leverage ratios of greater than 9 percent; off-balance sheet exposures (excluding derivatives other than sold credit derivatives and unconditionally cancelable commitments) of 25 percent or less of total consolidated assets; and trading assets and liabilities of 5 percent or less of total consolidated assets (qualifying community banking organizations) are eligible to opt into the CBLR framework.
                    <SU>6</SU>
                    <FTREF/>
                     A qualifying community banking organization also cannot be an advanced approaches banking organization.
                    <SU>7</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         
                        <E T="03">See</E>
                         12 CFR 3.12(a)(2) (OCC); 12 CFR 217.12(a)(2) (Board); 12 CFR 324.12(a)(2) (FDIC).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         12 CFR 3.100(b) (OCC); 12 CFR 217.100(b) (Board); 12 CFR 324.100(b) (FDIC).
                    </P>
                </FTNT>
                <PRTPAGE P="55050"/>
                <P>
                    A qualifying community banking organization that elects to use the CBLR framework is considered to satisfy the risk-based capital requirements and any other applicable capital or leverage requirements and, in the case of an insured depository institution, to meet the capital ratio requirements for the well capitalized capital category under the PCA framework.
                    <SU>8</SU>
                    <FTREF/>
                     The agencies adopted the 9 percent requirement on the basis that this threshold, with complementary qualifying criteria, would generally maintain the level of regulatory capital held by qualifying community banking organizations and support the agencies' goal of reducing regulatory burden while maintaining safety and soundness.
                    <SU>9</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         12 CFR 6.4(b)(1)(ii) (OCC); 12 CFR 208.43(b)(1)(ii) (Board); 12 CFR 324.403(b)(1)(ii) (FDIC). 
                        <E T="03">See also</E>
                         12 CFR 225.2(r)(4)(i) (Board). In addition to the capital ratio requirements, to be considered well capitalized under the PCA framework, a bank must also demonstrate that it is not subject to any written agreement, order, capital directive, or as applicable, prompt corrective action directive, to meet and maintain a specific capital level for any capital measure. 12 CFR 6.4(b)(1)(i)(E) (OCC); 12 CFR 208.43(b)(1)(i)(E) (Board); 12 CFR 324.403(b)(1)(i)(E) (FDIC). 
                        <E T="03">See also</E>
                         12 CFR 225.2(r)(1)(iii) (Board). These requirements continue to apply under the community bank leverage ratio framework.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">See</E>
                         84 FR 61776, 61778, 61780, 61784 (Nov. 13, 2019).
                    </P>
                </FTNT>
                <P>The 2019 final rule also established a two-quarter grace period during which a qualifying community banking organization that fails to meet any of the qualifying criteria, including the 9 percent CBLR requirement, but maintains a leverage ratio of greater than 8 percent, would continue to be considered to satisfy the risk-based capital requirements and any other applicable capital or leverage requirements and, in the case of an insured depository institution, to meet the capital ratio requirements for the well capitalized capital category under the PCA framework. If a community banking organization returns to compliance with all the qualifying criteria before the conclusion of the two-quarter grace period, the banking organization could continue to participate in the CBLR framework. A community banking organization that either failed to meet all of the qualifying criteria by the end of the grace period or that, at any time, failed to maintain a leverage ratio of greater than 8 percent would be required to comply with the risk-based capital requirements and file the associated information in its regulatory reports.</P>
                <HD SOURCE="HD2">B. Coronavirus Aid, Relief, and Economic Security Act</HD>
                <P>
                    On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law.
                    <SU>10</SU>
                    <FTREF/>
                     The CARES Act directed the agencies to make temporary changes to the CBLR framework. Specifically, section 4012 of the CARES Act directed the agencies to help mitigate economic strain placed on qualifying community banking organizations by issuing an interim final rule that would temporarily lower the CBLR requirement to 8 percent and provide a reasonable grace period for qualifying community banking organizations that fell below the 8 percent requirement. Under section 4012 of the CARES Act, the changes to the CBLR framework were effective during the period beginning on the date on which the agencies issued the interim final rule implementing the statute and ending on the sooner of the termination date of the national emergency concerning the coronavirus disease (COVID-19) outbreak declared by the President on March 13, 2020, under the National Emergencies Act, or December 31, 2020.
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         Coronavirus Aid, Relief, and Economic Security Act, Public Law 116-136, 134 Stat. 281.
                    </P>
                </FTNT>
                <P>
                    The agencies issued an interim final rule implementing the CARES Act's temporary changes to the CBLR framework on April 23, 2020 (statutory interim final rule).
                    <SU>11</SU>
                    <FTREF/>
                     To provide for a more gradual return to the initial CBLR calibration, the agencies also issued a separate interim final rule providing a graduated transition from the temporary 8 percent CBLR requirement back to the 9 percent requirement (transition interim final rule).
                    <SU>12</SU>
                    <FTREF/>
                     The agencies intended for this graduated approach to provide community banking organizations with sufficient time to meet the 9 percent requirement while they focused on supporting lending to creditworthy households and businesses through the economic strain caused by COVID-19.
                    <SU>13</SU>
                    <FTREF/>
                     The interim final rules did not make any changes to the other qualifying criteria in the CBLR framework.
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         85 FR 22924 (Apr. 23, 2020). The threshold for the grace period under the statutory interim final rule was set at 7 percent, 1 percent less than the CBLR requirement of 8 percent under the statutory interim final rule.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         85 FR 22930 (Apr. 23, 2020). The transition interim final rule extended the 8 percent CBLR requirement through December 31, 2020. Thus, even if the statutory interim final rule had terminated prior to December 31, 2020, the transition interim final rule provided that the CBLR requirement would continue to be set at 8 percent for the remainder of 2020. The threshold for the grace period under the transition interim final rule was set at 1 percent less than the CBLR requirement as it increased during the transition period.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">Id.,</E>
                         at 22932-22933.
                    </P>
                </FTNT>
                <P>
                    Consistent with section 201(c) of EGRRCPA, under the transition interim final rule, a community banking organization that temporarily failed to meet any of the qualifying criteria, including the applicable CBLR requirement, generally would have been considered to satisfy the risk-based capital requirements and any other applicable capital or leverage requirements and, in the case of an insured depository institution, to meet the capital ratio requirements for the well capitalized capital category under the PCA framework during a two-quarter grace period so long as the community banking organization maintained a leverage ratio of the following: greater than 7 percent in the second quarter through fourth quarter of calendar year 2020, greater than 7.5 percent in calendar year 2021, and greater than 8 percent thereafter.
                    <SU>14</SU>
                    <FTREF/>
                     A community banking organization that failed to meet the qualifying criteria by the end of the grace period or that reported a leverage ratio of equal to or less than 7 percent in the second through fourth quarters of calendar year 2020, equal to or less than 7.5 percent in calendar year 2021, or equal to or less than 8 percent thereafter, would have been required to comply immediately with the risk-based capital requirements and file the associated regulatory reports. Both interim final rules were finalized without change.
                    <SU>15</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         While the statutory interim final rule was in effect, a qualifying community banking organization that temporarily failed to meet any of the qualifying criteria, including the applicable community bank leverage ratio requirement, generally would still be deemed well capitalized so long as the banking organization maintained a leverage ratio of 7 percent or greater during a two-quarter grace period. Similarly, while the statutory interim final rule was in effect, a banking organization that failed to meet the qualifying criteria by the end of the grace period or reported a leverage ratio of less than 7 percent was required to comply with the risk-based requirements and file the appropriate regulatory reports.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         85 FR 64003 (Oct. 9, 2020).
                    </P>
                </FTNT>
                <P>
                    On December 21, 2021, the agencies issued a statement confirming that the CARES Act's temporary changes to the CBLR framework would expire at the end of 2021.
                    <SU>16</SU>
                    <FTREF/>
                     The CBLR requirement reverted to 9 percent on January 1, 2022.
                </P>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         “Community Bank Leverage Ratio Framework: Interagency Statement,” OCC Bulletin 2021-66 (Dec. 21, 2021); “Interagency Statement on the Community Bank Leverage Ratio Framework,” SR Letter 21-21 (Dec. 21, 2021); “Interagency Statement on the Community Bank Leverage Ratio Framework,” FIL-81-2021 (Dec. 21, 2021).
                    </P>
                </FTNT>
                <PRTPAGE P="55051"/>
                <HD SOURCE="HD1">II. Experience With the Community Bank Leverage Ratio</HD>
                <P>As stated in the 2019 final rule, the CBLR framework is intended to provide a simple measure of capital adequacy for qualifying community banking organizations. It reduces burden by removing the requirements for calculating and reporting risk-based capital ratios for qualifying community banking organizations that opt into the framework, thereby providing meaningful regulatory relief for qualifying community banking organizations, while maintaining capital levels that support safety and soundness.</P>
                <P>
                    As of the second quarter of 2025, the agencies estimate that 84 percent of community banking organizations qualify to use the CBLR framework.
                    <SU>17</SU>
                    <FTREF/>
                     As of the second quarter of 2025, 40 percent of community banking organizations have adopted the CBLR framework. This adoption rate has remained relatively constant since the rule was implemented in 2020. Notably, data show that smaller banking organizations are more likely to adopt the framework, underscoring the value of the simplification of the regulatory capital requirements for those banking organizations. For example, approximately half of qualifying community banking organizations with less than $1 billion in assets have opted into the framework, compared to a quarter of qualifying community banking organizations with more than $1 billion and less than $10 billion in assets (see section V.A.2. for more information).
                </P>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         Analysis summarized in sections II and III is conducted at the community banking organization level and includes depository institutions and depository institution holding companies with less than $10 billion in total consolidated assets. Specifically, community banking organization level analysis uses data that combines FR Y-9C data for top-tier holding companies with Call Report data for depository institutions that are standalone or do not have a holding company with less than $10 billion in total consolidated assets that files an FR Y-9C report. In instances where consolidated regulatory data are not available at the consolidated organization level, data are aggregated at the banking organization level by combining the balance sheets of certain depository institutions that share the same consolidating parent. Section V includes additional analysis at the depository institution and holding company level.
                    </P>
                </FTNT>
                <P>
                    Since the introduction of the CBLR framework, the overwhelming majority of qualifying community banking organizations that participate in the framework have continued to operate in a safe and sound manner through a range of conditions and most maintain capital levels well in excess of the CBLR requirement.
                    <SU>18</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         As of the second quarter of 2025, community banking organizations that participate in the framework maintain median leverage ratios of 11.8 percent, reflecting median levels of capital 2.8 percentage points above the current 9 percent requirement.
                    </P>
                </FTNT>
                <P>Some qualifying community banking organizations that have chosen not to opt into the CBLR framework have indicated that they do not believe it provides effective regulatory burden relief. These organizations have raised concerns about the calibration of the framework and the two-quarter grace period. As described below, both factors could discourage broader adoption of the CBLR framework, as qualifying community banking organizations assess the risk and cost of reverting quickly to the risk-based capital rule as too great to provide genuine regulatory relief.</P>
                <HD SOURCE="HD1">III. Summary of the Proposal</HD>
                <P>The agencies' experience in implementing the CBLR, including lower-than-expected participation rates, concerns expressed by community banking organizations, and sound performance of qualifying community banking organizations participating in the CBLR framework, demonstrate opportunities to change the CBLR framework to provide more meaningful regulatory burden relief, while continuing to achieve the agencies' safety and soundness objective. Accordingly, the agencies are proposing to recalibrate the CBLR requirement and to extend the grace period in a manner consistent with the statutory authority provided in section 201 of the EGRRCPA.</P>
                <HD SOURCE="HD2">A. Lower Calibration of the CBLR Requirement</HD>
                <P>The agencies are proposing to lower the CBLR requirement to 8 percent. Such recalibration would allow more community banking organizations to qualify for the CBLR framework, which is significantly less burdensome than the risk-based capital requirements. According to data from the second quarter of 2025, an additional 475 community banking organizations would qualify to participate in the framework under the proposed 8 percent requirement, and the agencies estimate that a total of 95 percent of community banking organizations would qualify to participate in the CBLR framework (see section V.B.1. for additional information).</P>
                <P>In addition to expanding eligibility, the proposed CBLR recalibration could encourage community banking organizations that are currently eligible, but which are not participating in the framework, to opt in by providing a larger buffer between the amount of regulatory capital held and the CBLR requirement. A larger buffer would decrease the likelihood that qualifying community banking organizations that participate in the CBLR framework would be required to revert to the risk-based capital requirements due to unexpected fluctuations in regulatory capital ratios. For example, during periods of stress, banking organizations can face increased credit losses, which in turn cause leverage ratios to decline. Reducing the CBLR requirement to 8 percent could encourage greater adoption of the CBLR framework by qualifying community banking organizations, as it would decrease the likelihood that stress losses would cause them to fall below the CBLR requirement.</P>
                <P>
                    The proposal would remain broadly consistent with the current well capitalized standard. Specifically, the CBLR framework would remain comparable to and, in most cases, materially more stringent than, the corresponding requirements under the PCA framework.
                    <SU>19</SU>
                    <FTREF/>
                     The proposed 8 percent requirement would be more stringent than the corresponding 8 percent tier 1 risk-based capital requirement to be considered well capitalized under the PCA framework for all newly eligible community banking organizations and for nearly all community banking organizations that are currently eligible but do not participate in the CBLR framework (see section V.B.1 for more information).
                    <SU>20</SU>
                    <FTREF/>
                     Similarly, an 8 percent CBLR requirement would be substantially higher than the 5 percent tier 1 leverage ratio required to be considered well-capitalized. As of the second quarter of 2025, all community banking organizations that would be newly 
                    <PRTPAGE P="55052"/>
                    eligible under the proposed 8 percent CBLR requirement are currently well capitalized under the PCA framework.
                    <SU>21</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         This analysis compares the proposed 8 percent CBLR requirement relative to the 8 percent tier 1 risk-based capital requirement to be considered well capitalized under the PCA framework for all community banking organizations that would qualify under the proposal, but which are not currently participating in the CBLR framework, in order to demonstrate the stringency of the CBLR relative to risk-based capital requirements. The PCA framework applies only to insured depository institutions. The definitions of well capitalized for bank holding companies and savings and loan holding companies can be found at 12 CFR 225.2(r) and 12 CFR 238.2(s), respectively.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         The agencies also compared required capital under the proposal to other risk-based capital requirements including the total capital requirement and found that the 8 percent CBLR requirement would broadly require similar or more capital for the vast majority of depository institutions that would be eligible under the proposal.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         To be considered well capitalized under the agencies' PCA framework, depository institutions must meet or exceed a 6.5 percent common equity tier 1 capital risk-based ratio, 8 percent tier 1 capital risk-based ratio, and 10 percent total capital risk-based ratio.
                    </P>
                </FTNT>
                <P>
                    As further discussed in the economic analysis in section V.C.2, lowering the calibration to 8 percent would provide additional balance sheet capacity for lending by community banking organizations that are currently participating in the CBLR framework. Community banking organizations serve a vital function in the economy through their relatively outsized lending to agricultural and commercial borrowers.
                    <SU>22</SU>
                    <FTREF/>
                     In addition, rural communities rely heavily on community banking organizations for lending and financial services.
                    <SU>23</SU>
                    <FTREF/>
                     Additional lending by community banking organizations supports the economic activity of the communities and industries that they serve.
                </P>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         
                        <E T="03">See</E>
                         Hanauer, M., Lytle, B., Summers, C., &amp; Ziadeh, S. (2021). Community banks' ongoing role in the US economy. Federal Reserve Bank of Kansas City, 
                        <E T="03">Economic Review,</E>
                         106(2), 37-81.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         
                        <E T="03">See Id.</E>
                    </P>
                </FTNT>
                <HD SOURCE="HD2">B. Extension of the Grace Period</HD>
                <P>Under the proposal, a qualifying community banking organization that fails to meet the qualifying criteria after opting into the CBLR framework would have four reporting periods to meet the qualifying criteria again under the CBLR framework or satisfy risk-based capital requirements.</P>
                <P>Supervisory experience indicates that, since the adoption of the CBLR framework, about half of community banking organizations that fell out of compliance with the CBLR requirement returned to compliance within the two-quarter grace period. The remaining community banking organizations transitioned back to the risk-based capital requirements. Under a four-quarter grace period, more community banking organizations could return to compliance and remain in the CBLR framework. For additional grace period analysis, see section V.C.1.</P>
                <P>
                    While a majority of community banking organizations were able to return to compliance within two quarters, doing so may have incurred unnecessary costs or been operationally challenging in certain circumstances. For example, in part because community banking organizations generally have reduced access to capital markets compared to larger banking organizations, they tend to rely more heavily on retained earnings for regulatory capital. As a result, community banking organizations may face challenges increasing capital quickly, particularly in environments in which bank profitability is constrained.
                    <SU>24</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         For an analysis of the impact of a low interest rate environment on small banking organizations, 
                        <E T="03">see</E>
                         Genay, H., &amp; Podjasek, R. (2014). What is the impact of a low interest rate environment on bank profitability. Chicago Fed Letter, 324(1).
                    </P>
                </FTNT>
                <P>The agencies believe the grace period should ensure that a banking organization that ceases to meet the criteria for a qualifying community banking organization has sufficient time to make appropriate changes to its activities and build up its regulatory capital levels as necessary, or to begin reporting risk-based capital consistent with the risk-based capital rule. When the agencies initially adopted the CBLR framework, they did not require community banking organizations to comply simultaneously with the risk-based capital reporting requirements after opting into the CBLR framework. Since the adoption of the CBLR framework, it has not been the agencies' policy to require qualifying community banking organizations to hold a minimum amount of common equity tier 1 capital or to demonstrate, from a supervisory perspective, that they have a readiness plan to comply with risk-based capital requirements in the event they become ineligible to use the CBLR framework.</P>
                <P>A longer grace period would provide community banking organizations that fail to meet the qualifying criteria with additional time to satisfy the definition of a qualifying community banking organization under the CBLR framework, or to achieve compliance with risk-based capital requirements. By reducing the risk of a rapid requirement to implement the risk-based capital framework, the proposed changes could incentivize greater adoption of the less burdensome CBLR framework.</P>
                <P>Under the proposal, a community banking organization that has opted into the CBLR framework and no longer meets the qualifying criteria would have a four-quarter grace period to remain in the CBLR framework provided it maintains a leverage ratio above 7 percent. This 7 percent minimum would ensure that community banking organizations with capital levels that have declined significantly would be subject to the risk-based capital framework, which more accurately accounts for a banking organization's risk profile.</P>
                <P>
                    For example, if a qualifying community banking organization that has opted into the CBLR framework no longer meets one of the qualifying criteria as of February 15 and still does not meet the criteria as of the end of that quarter, the grace period for such a banking organization will begin as of the end of the quarter ending March 31. The banking organization may continue to use the CBLR framework as of June 30, September 30, and December 31 but will need to comply fully with the risk-based capital framework (including the associated reporting requirements) as of March 31 of the following calendar year, unless by that date the banking organization once again meets all qualifying criteria of the CBLR framework, including a leverage ratio above 8 percent.
                    <SU>25</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         Qualifying community banking organizations would continue to opt in to and out of the CBLR framework through their regulatory reports.
                    </P>
                </FTNT>
                <P>Consistent with the current rule, a banking organization that no longer meets the definition of a qualifying community banking organization as a result of a merger or acquisition would not be able to use the grace period as of the quarter in which the merger or acquisition occurs. A banking organization that plans to grow or materially expand its activities due to a merger or acquisition should develop systems to calculate and report risk-based capital commensurate with those plans.</P>
                <P>A qualifying community banking organization that has elected to use the CBLR framework and that expects to no longer meet the qualifying criteria as a result of a business combination generally would be expected to provide its pro forma risk-based capital ratios to its appropriate regulator as part of its merger application, if applicable, and fully comply with risk-based capital requirements for the regulatory reporting period during which the transaction is completed.</P>
                <HD SOURCE="HD2">C. Additional Limitation Relating to Usage of the Grace Period</HD>
                <P>
                    The CBLR framework is an optional, burden-reducing framework for qualifying community banking organizations. To ensure that the proposed recalibration of the CBLR and the extended grace period continue to support prudent levels of capitalization, the agencies are proposing a limitation regarding the use of the grace period. Specifically, although a qualifying community banking organization may use the grace period for up to four quarters at a time, it would only be allowed to use the grace period if it had not used the grace period for more than eight of the prior twenty quarters. If a banking organization that has used the 
                    <PRTPAGE P="55053"/>
                    grace period for eight of the previous 20 quarters subsequently ceases to meet the definition of a qualifying community banking organization, it must immediately comply with the minimum risk-based capital requirements and report the required risk-based capital ratios.
                </P>
                <P>For example, if a community banking organization were to use the grace period for each of the eight quarters in calendar year 2026 and calendar year 2028, without using the grace period in calendar year 2027, it would not be able to use the grace period during calendar years 2029 or 2030. If it ceases meeting the definition of a qualifying community banking organization in the second quarter of 2029, it would be required to comply immediately with the risk-based capital requirements. If, instead, the community banking organization does not use the grace period in calendar year 2029 or 2030, but ceases meeting the definition of a qualifying community banking organization in the second quarter of 2031, it would be able to use the grace period in that quarter because, in the twenty quarters prior (the second quarter of 2026 through first quarter of 2031), it would have used the grace period for seven quarters (the second, third and fourth quarters of 2026 and all four quarters of 2028). This limitation would help ensure that the proposed longer grace period is not used to allow a community banking organization with a leverage ratio below the required level to remain within the CBLR framework for an extended period and would encourage appropriate long-term capital planning by community banking organizations.</P>
                <P>
                    The agencies intend to monitor usage of the grace period to determine whether it is functioning as intended. If unique or unusual circumstances warrant a further extension of the grace period, or if application of different regulatory capital requirements becomes necessary, the agencies continue to reserve the authority to apply different risk-based or leverage capital requirements as appropriate and commensurate with the relevant risks and circumstances of a banking organization.
                    <SU>26</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         12 CFR 3.1(d) (OCC); 12 CFR 217.1(d) (Board); 12 CFR 324.1(d) (FDIC).
                    </P>
                </FTNT>
                <HD SOURCE="HD2">D. Removal of Temporary CARES Act Provisions</HD>
                <P>
                    The agencies are also proposing to remove the provisions under the CBLR framework that provided temporary relief for qualifying community banking organizations during the COVID-19 outbreak, including provisions required by the CARES Act.
                    <SU>27</SU>
                    <FTREF/>
                     Because this temporary burden relief expired on December 31, 2021, removal of these provisions would have no substantive impact.
                </P>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         12 CFR 3.12(a)(4) (OCC); 12 CFR 3.303 (OCC); 12 CFR 217.12(a)(4) (Board); 12 CFR 217.304 (Board); 12 CFR 324.12(a)(4) (FDIC); 12 CFR 324.303 (FDIC).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">IV. Request for Comment</HD>
                <P>The agencies invite commenters' views on all aspects of the proposal, including the proposed CBLR calibration and grace period.</P>
                <P>
                    <E T="03">Question 1:</E>
                     What other factors should the agencies consider in calibrating the CBLR requirement and why?
                </P>
                <P>
                    <E T="03">Question 2:</E>
                     Under what facts and circumstances might the appropriate grace period for returning to compliance with the CBLR qualifying criteria vary? What alternative regulatory requirements should the agencies consider with respect to a community banking organization that no longer meets the definition of a qualifying community banking organization and why?
                </P>
                <P>
                    <E T="03">Question 3:</E>
                     What factors should the agencies consider in determining whether to impose limits on the number of times during a fixed time horizon that a community banking organization can enter the grace period and remain in the CBLR framework? What are the advantages and disadvantages of the proposed limitation to ensure that community banking organizations maintain appropriate levels of capitalization while using the CBLR framework, and what other options should the agencies consider to achieve this goal? For example, what are the advantages and disadvantages of an alternative limitation that would allow for the proposed four quarter grace period, but would temporarily (for example, for 5 years) limit its subsequent use to two quarters if a qualifying community banking organization were to fail to meet the qualifying criteria due to a leverage ratio of eight percent or less?
                </P>
                <P>
                    <E T="03">Question 4:</E>
                     What changes, if any, to the numerator of the CBLR requirement should the agencies consider? What are the advantages and disadvantages of requiring the numerator of the CBLR to be predominantly common equity? What would be the benefits and drawbacks of using tangible GAAP equity, excluding accumulated other comprehensive income, as the numerator of the CBLR?
                </P>
                <HD SOURCE="HD1">V. Economic Analysis</HD>
                <P>
                    This section outlines the expected economic effects of the proposal, including both its benefits and costs, on community banking organizations. The proposal would modify the CBLR framework for qualifying community banking organizations along two key dimensions. First, it reduces the calibration of the CBLR requirement, from 9 percent to 8 percent. Second, a qualifying community banking organization that fails to meet the qualifying criteria after opting into the CBLR framework would have four quarters, rather than two quarters,
                    <SU>28</SU>
                    <FTREF/>
                     to meet the qualifying criteria under the CBLR framework or to comply with the risk-based capital requirements. The analysis compares outcomes under the proposal to a baseline scenario in which the current framework remains unchanged; specifically, the baseline assumes a 9 percent CBLR requirement with a two-quarter grace period for electing community banking organizations.
                </P>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         Subject to a maximum of eight quarters within any given five-year (20 quarter) period.
                    </P>
                </FTNT>
                <P>The analysis is based on data from recent Reports of Condition and Income (Call Reports) for depository institutions and Consolidated Financial Statements for Holding Companies (FR Y-9C) data for holding companies. Core statistics are reported at the depository institution, community bank holding company, and community banking organization levels, with the latter using consolidated organization data aggregated at the top-tier consolidated organization level. While some supporting analysis is conducted at either the depository institution level or the community banking organization level, the agencies expect the conclusions to be broadly applicable across these entity types.</P>
                <HD SOURCE="HD2">A. Baseline</HD>
                <P>
                    According to Call Reports for the quarter ending June 30, 2025, there are 4,477 depository institutions.
                    <SU>29</SU>
                    <FTREF/>
                     Of these, 4,240 meet the size and simplicity thresholds for CBLR eligibility: total consolidated assets of less than $10 billion, off-balance sheet exposures of no more than 25 percent of total consolidated assets, total trading assets and trading liabilities of no more than 5 percent of total consolidated assets, and are not an advanced approaches banking organization.
                </P>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         Not including nine insured branches of foreign banks or eight noninsured depository institutions that do not report regulatory capital. Of the 4,477 depository institutions, 4,421 have their deposits insured by the FDIC.
                    </P>
                </FTNT>
                <PRTPAGE P="55054"/>
                <P>
                    According to FR Y-9C data for the quarter ending June 30, 2025, there are 238 community bank holding companies subject to the capital rule.
                    <SU>30</SU>
                    <FTREF/>
                     Of these, 228 meet the size and simplicity thresholds for CBLR eligibility.
                </P>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         Depository institution holding companies with less than $3 billion in total consolidated assets and which meet certain additional criteria qualify for the Board's small bank holding company policy statement and are not subject to the capital rule. 
                        <E T="03">See</E>
                         12 CFR 217.1(c)(1)(ii) and (iii); 12 CFR part 225, appendix C; 12 CFR 238.9.
                    </P>
                </FTNT>
                <P>Taking a consolidated perspective, these depository institutions and holding companies together compose 4,101 unique community banking organizations as of June 30, 2025. Of these, 4,030 meet the size and simplicity thresholds for CBLR eligibility.</P>
                <HD SOURCE="HD3">1. Community Banking Organizations and CBLR Framework Participation</HD>
                <P>
                    Of the 4,240 depository institutions that meet the size and simplicity thresholds for CBLR eligibility, 3,641 report a leverage ratio greater than 9 percent and therefore meet all requirements to qualify for the CBLR framework. Of the 3,641 qualifying depository institutions, 1,694 currently participate in the CBLR framework. That is, 47 percent of eligible depository institutions have adopted the CBLR framework, and this participation rate has remained relatively constant since the CBLR framework was implemented in 2020. Another 20 depository institutions, although not presently meeting the CBLR requirement, remain in the framework under the current two quarter grace period.
                    <SU>31</SU>
                    <FTREF/>
                     Table 1 reports counts of these depository institutions, including a breakdown by discrete leverage ratio:
                </P>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         An additional three depository institutions have leverage ratios greater than 9 percent but do not meet one of the qualifying criteria.
                    </P>
                </FTNT>
                <GPOTABLE COLS="9" OPTS="L2,nj,p7,7/8,i1" CDEF="s50,10,10,10,10,10,10,10,10">
                    <TTITLE>Table 1—Current Counts of Depository Institutions, Partitioned by Leverage Ratios</TTITLE>
                    <BOXHD>
                        <CHED H="1"> </CHED>
                        <CHED H="1">
                            Range of leverage ratio 
                            <LI>(percent) *</LI>
                        </CHED>
                        <CHED H="2">≤ 7</CHED>
                        <CHED H="2">7-8</CHED>
                        <CHED H="2">8-9</CHED>
                        <CHED H="2">9-10</CHED>
                        <CHED H="2">10-11</CHED>
                        <CHED H="2">11-12</CHED>
                        <CHED H="2">&gt; 12</CHED>
                        <CHED H="1">Total</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Excess leverage ratio * *</ENT>
                        <ENT>≤ −2</ENT>
                        <ENT>−2-−1</ENT>
                        <ENT>−1-0</ENT>
                        <ENT>0-1</ENT>
                        <ENT>1-2</ENT>
                        <ENT>2-3</ENT>
                        <ENT>&gt; 3</ENT>
                        <ENT/>
                    </ROW>
                    <ROW>
                        <ENT I="01">Depository institutions that meet CBLR size and simplicity requirements * * *</ENT>
                        <ENT>20</ENT>
                        <ENT>101</ENT>
                        <ENT>478</ENT>
                        <ENT>871</ENT>
                        <ENT>754</ENT>
                        <ENT>546</ENT>
                        <ENT>1,470</ENT>
                        <ENT>4,240</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Participating depository institutions * * * *</ENT>
                        <ENT>0</ENT>
                        <ENT>0</ENT>
                        <ENT>20</ENT>
                        <ENT>274</ENT>
                        <ENT>322</ENT>
                        <ENT>261</ENT>
                        <ENT>837</ENT>
                        <ENT>1,714</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">% Participating depository institutions</ENT>
                        <ENT>0%</ENT>
                        <ENT>0%</ENT>
                        <ENT>4%</ENT>
                        <ENT>31%</ENT>
                        <ENT>43%</ENT>
                        <ENT>48%</ENT>
                        <ENT>57%</ENT>
                        <ENT>40%</ENT>
                    </ROW>
                    <TNOTE>Call Report Data, June 30, 2025.</TNOTE>
                    <TNOTE>* Each range excludes the lower end and includes the upper end.</TNOTE>
                    <TNOTE>* * “Excess leverage ratio” is equal to leverage ratio minus the CBLR requirement of 9 percent. </TNOTE>
                    <TNOTE>* * * * “Participating depository institutions” are those qualifying depository institutions that had elected to use the CBLR framework as of June 30, 2025.</TNOTE>
                    <TNOTE>* * * These counts include only depository institutions that meet the qualifying community banking organization criteria involving advanced approaches, total consolidated assets, off-balance sheet exposures, and trading assets and liabilities.</TNOTE>
                </GPOTABLE>
                <P>As Table 1 shows, the fraction of participating depository institutions increases with the depository institutions' excess leverage ratio. This tendency suggests that, by decreasing the CBLR requirement to 8 percent, the proposal could encourage some currently eligible depository institutions to opt into the framework.</P>
                <P>Turning to community bank holding companies, 165 report a leverage ratio greater than 9 percent and therefore meet all requirements to be considered qualifying community banking organizations. Of the 165 qualifying community bank holding companies, 26 currently opt into the CBLR framework. That is, 16 percent of community bank holding companies are participating in the CBLR framework.</P>
                <P>Taking a consolidated perspective, 3,430 community banking organizations meet all requirements to be considered qualifying community banking organizations. Of the 3,430 qualifying community banking organizations, 1,659 currently opt in to the CBLR framework. That is, 48 percent of qualifying community banking organizations participate in the CBLR framework.</P>
                <HD SOURCE="HD3">2. CBLR Framework Adoption Among Small Community Banking Organizations</HD>
                <P>
                    The smallest community banking organizations tend to opt into the CBLR framework at the highest rates. Fifty-two percent of qualifying community banking organizations with assets less than $1 billion are participating in the framework as of June 30, 2025, compared to 26 percent of community banking organizations with assets above $1 billion. Of community banking organizations with less than $500 million in assets, 56 percent are currently participating in the framework. Viewed another way, 89 percent of community banking organizations that are currently participating in the CBLR framework have total assets of less than $1 billion.
                    <SU>32</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>32</SU>
                         
                        <E T="03">See</E>
                         section VI.A for a further analysis of entities with less than $850 million in assets for the Regulatory Flexibility Act (RFA).
                    </P>
                </FTNT>
                <HD SOURCE="HD2">B. Effects of the Proposal</HD>
                <HD SOURCE="HD3">1. CBLR Framework Eligibility and Adoption Under the Proposed Calibration</HD>
                <P>As shown above in Table 1, 478 depository institutions have leverage ratios between 8 and 9 percent while meeting all other qualifying criteria for the CBLR framework. Under the proposal, these 478 depository institutions would be eligible for the CBLR framework, in addition to the 3,641 depository institutions that currently qualify, which would represent a 13 percent increase in the population of eligible depository institutions. As such, under the proposal, more depository institutions would become eligible for the CBLR framework.</P>
                <P>
                    While the proposal would increase the number of qualifying depository institutions, historical experience indicates that not all qualifying depository institutions opt into the CBLR framework. To provide a broad estimate of the number of depository institutions that could opt into the framework under the proposal, the agencies assume that the likelihood of adoption depends primarily on a depository institution's buffer of tier 1 capital in excess of the CBLR requirement. This assumption implies that the relationship between adoption rates and capital buffers will remain consistent with that observed under the baseline. Based on this approach, the agencies estimate that 2,034 depository institutions would adopt the CBLR under the expanded scope, representing an increase of 320 depository 
                    <PRTPAGE P="55055"/>
                    institutions relative to the current rule. See Appendix for details. This estimate is imprecise because it is based on a simple model, which does not take into account the potential impact of the grace period extension on CBLR adoption.
                    <SU>33</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>33</SU>
                         The estimate of 320 additional participating depository institutions could be undercounted because the benefits of the proposal, as later discussed in this section, would make the CBLR framework more attractive to depository institutions and could result in greater adoption of the CBLR framework among organizations that currently qualify, but have not elected, to use the CBLR. On the other hand, historical patterns show a smaller change in adoption rate when the CBLR requirement was temporarily lowered: when the statutory interim final rule reduced the CBLR requirement from 9 percent to 8 percent between the first and second quarters of 2020, 131 additional organizations elected to use the CBLR framework. Later on, there was a decrease of 245 electing organizations between the fourth quarter of 2020 (the last quarter for which the CBLR requirement was 8 percent) and the first quarter of 2022 (the first quarter for which the CBLR requirement reverted to 9 percent). Confounding factors such as the COVID-19 pandemic, the initial rollout of CBLR, and the temporary nature of the decrease make this comparison difficult.
                    </P>
                </FTNT>
                <P>For community bank holding companies, 46 have leverage ratios between 8 and 9 percent while meeting all other criteria for the CBLR framework, which would represent a 28 percent increase in the population of eligible community bank holding companies relative to the 165 that currently qualify.</P>
                <P>
                    Considering the depository institutions and holding companies together from a consolidated perspective, 475 community banking organizations have leverage ratios between 8 and 9 percent while meeting all other qualifying criteria, which would represent a 14 percent increase in the population of eligible community banking organizations relative to the 3,430 community banking organizations that currently qualify.
                    <SU>34</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>34</SU>
                         For the consolidated organization analysis, CBLR participation and eligibility are assessed at the highest tier entity in a banking organization. In cases where multiple depository institutions belong to the same organization, and one that does not have a top-tier community bank holding company subject to the capital rule, CBLR eligibility for the consolidated organization is defined based on the total assets of these depository institutions. If eligible depository institutions account for at least 50 percent of the consolidated organizations' assets, the community banking organization is considered to be CBLR eligible. The consolidated community banking organization in these instances is considered to be a CBLR organization if at least one of its depository institutions participate in the CBLR framework.
                    </P>
                </FTNT>
                <P>
                    The agencies assess the stringency of the CBLR framework by comparing the 8 percent risk-based tier 1 capital requirement to be considered well-capitalized under the PCA framework directly with the CBLR requirement for community banking organizations that are not participating in the CBLR framework and would be eligible under the proposal.
                    <SU>35</SU>
                    <FTREF/>
                     The proposed 8 percent CBLR requirement is less stringent than the tier 1 risk-based capital requirement for two currently eligible banking organizations that are not participating in the framework. No newly eligible community banking organizations would face a less stringent tier 1 capital requirement under the proposed CBLR requirement.
                </P>
                <FTNT>
                    <P>
                        <SU>35</SU>
                         The PCA framework applies only to insured depository institutions. The definitions of well capitalized for bank holding companies and savings and loan holding companies can be found at 12 CFR 225.2(r) and 12 CFR 238.2(s), respectively.
                    </P>
                </FTNT>
                <HD SOURCE="HD2">C. Expected Benefits of the Proposal</HD>
                <P>The agencies identify two main benefits for the proposed changes to the CBLR framework. First, by expanding eligibility and extending the grace period, the proposal would enable more community banking organizations to benefit from the regulatory cost savings provided by the CBLR framework. Second, the reduced CBLR requirement would provide community banking organizations that are currently participating in the CBLR framework with the capacity to expand their balance sheets, which could lead to increased lending to the communities served by these banking organizations.</P>
                <HD SOURCE="HD3">1. Regulatory Cost Savings</HD>
                <P>
                    All participating community banking organizations under the proposal would benefit by avoiding the costs associated with gathering, recording, and reporting various risk-based capital measures. While the agencies do not have sufficient information to quantify all aspects of these savings,
                    <SU>36</SU>
                    <FTREF/>
                     participating community banking organizations that operate internal recordkeeping systems to comply with risk-based capital regulations may discontinue or simplify these systems. Other participating community banking organizations that rely on third party vendors to operate the relevant compliance systems could experience reductions in outsourcing costs.
                    <SU>37</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>36</SU>
                         According to agency estimates published in January 2020, per-response Paperwork Reduction Act (PRA) burden hours for preparing Call Reports, which is only one component of risk-based capital compliance costs, would decrease by approximately 3.5 hours between 2019 and 2020, with the change in burden “predominantly due to changes associated with the community bank leverage ratio final rule.” See 85 FR 4780 at 4782. This estimated change in PRA burden also includes various other changes to the Call Reports that were implemented in the first quarter of 2020 and assumed a 60 percent CBLR adoption rate.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>37</SU>
                         These cost savings could be partially offset by one-time costs of adoption incurred by electing banking organizations.
                    </P>
                </FTNT>
                <P>Some participating community banking organizations currently maintain parallel record keeping systems to comply with both the CBLR framework and the risk-based capital requirements to minimize the cost of falling out of compliance with the CBLR framework. The proposal would reduce the risk of falling out of compliance by providing additional time to adjust systems in the event that a community banking organization no longer meets the qualifying criteria. As such, the proposal could enable some participating community banking organizations to decide to discontinue these systems and realize meaningful cost savings.</P>
                <P>
                    The proposed extension of the CBLR grace period would provide benefits to community banking organizations participating in the framework who enter the grace period due to a drop in their leverage ratios or a failure to meet any of the other qualifying criteria and which are capable of meeting the criteria within a four-quarter period but not a two-quarter period. Between the second quarter of 2022 and fourth quarter of 2024, 210 participating depository institutions have entered grace periods for one or more quarters.
                    <SU>38</SU>
                    <FTREF/>
                     Within these two years, there were 28 depository institutions that were required to leave the CBLR framework at least once because they did not regain CBLR eligibility within two quarters, and subsequently regained CBLR eligibility within four quarters.
                    <SU>39</SU>
                    <FTREF/>
                     Thus, 
                    <PRTPAGE P="55056"/>
                    if the grace period had been four quarters, these 28 depository institutions would have been able to remain in the CBLR framework and avoid any costs incurred by returning to the risk-based capital framework. This suggests that there is a similar population of depository institutions that would benefit from the proposed extension of the grace period.
                </P>
                <FTNT>
                    <P>
                        <SU>38</SU>
                         The agencies' analysis of the CBLR grace period uses data starting in 2022, when the CBLR requirement was returned to 9 percent under the transition interim final rule. The agencies' analysis only includes depository institutions that entered the grace period by the fourth quarter of 2024, because that is the last date for which the agencies have two subsequent quarters of Call Report data, which are necessary to determine whether the DIs regained eligibility within the two-quarter grace period. Some depository institutions experienced multiple instances of entering the grace period; the agencies find 261 such instances between the second quarter of 2022 and the fourth quarter of 2024, involving 210 distinct depository institutions. As eligibility for the grace period applies at the individual institution level, the analysis focuses on depository institutions, without taking into account consolidation among institutions with joint ownership.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>39</SU>
                         Of the 210 grace period depository institutions: 78 depository institutions had at least one instance in which they entered the grace period and subsequently did not regain CBLR eligibility within the grace period (including the 28 that did not regain eligibility within two quarters but did within four quarters); 13 depository institutions regained CBLR eligibility in all the instances where they entered the grace period but still chose to leave the CBLR framework in at least one of the instances; and 119 depository institutions regained CBLR eligibility within the two-quarter grace period and continued within the CBLR framework (in all the instances where they entered the grace period). 
                        <PRTPAGE/>
                        Three depository institutions entered the grace period between the second quarter of 2022 and the fourth quarter of 2024, but ceased reporting Call Reports at some point in this time period and were not included in the previously listed population counts.
                    </P>
                </FTNT>
                <P>An increase in CBLR framework adoption is expected to especially benefit the smaller banking organizations that participate by reducing their costs of compliance with the risk-based capital framework. Such fixed costs can have greater salience for smaller banking organizations. This benefit is consistent with the finding in section V.A.2 that a greater fraction of smaller banking organizations participate in the CBLR framework.</P>
                <HD SOURCE="HD3">2. Increased Balance Sheet Capacity To Support Lending</HD>
                <P>The agencies examine how the proposed calibration could expand the balance sheet capacity of community banking organizations that currently participate in the CBLR framework using a two-step process. First, the agencies estimate the potential reduction in community banking organizations' tier 1 leverage ratios due to the proposed change in the CBLR requirement from 9 percent to 8 percent. The analysis assumes that community banking organizations participating in the CBLR framework could reduce their tier 1 leverage ratios by the proposed change of 1 percentage point of average consolidated assets, except for those community banking organizations with a leverage ratio less than 10 percent. The latter are assumed to reduce their tier 1 leverage ratio to 9 percent (that is, maintain an excess leverage ratio of 1 percentage point).</P>
                <P>In the second step, the analysis computes the growth in each participating community banking organization's total consolidated assets that would reduce its tier 1 leverage ratio to the ratio derived in step one, while holding tier 1 capital fixed. The estimated asset growth rate is then multiplied by the community banking organization's average consolidated assets to obtain its expanded asset base under the proposal, with the provision that community banking organizations do not grow above $10 billion in total assets.</P>
                <P>
                    The agencies estimate that the reduced CBLR requirement under the proposal could provide currently participating community banking organizations with the capacity to expand their balance sheets by $64 billion in aggregate. This would represent an 8.1 percent expansion of participating community banking organizations' assets or a 1.8 percent expansion relative to the total assets of all community banking organizations. This increase in balance sheet capacity could facilitate additional lending by community banking organizations participating in the CBLR framework and support the economic activity of the communities they serve.
                    <SU>40</SU>
                    <FTREF/>
                     However, community banking organizations may not utilize this capacity in full and the agencies acknowledge uncertainty regarding the extent to which such an increase in lending by these banking organizations would occur.
                    <SU>41</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>40</SU>
                         For perspective from the academic literature on the relationship between bank capital requirements and lending, see, among others: J. S. Mésonnier, and A. Monk, Heightened bank capital requirements and bank credit in a crisis: the case of the 2011 EBA Capital Exercise in the euro area, 
                        <E T="03">Rue de la Banque,</E>
                         (08) (2015); M. Behn, R. Haselmann, and P. Wachtel, Procyclical capital regulation and lending, 
                        <E T="03">The Journal of Finance, 71</E>
                        (2) (2016); C. Mendicino, K. Nikolov, J. Suarez, and D. Supera, Bank capital in the short and in the long run, 
                        <E T="03">Journal of Monetary Economics, 115</E>
                         (2020); S. Firestone, A. Lorenc, and B. Ranish, An empirical economic assessment of the costs and benefits of bank capital in the United States, 
                        <E T="03">SSRN 349416</E>
                         (2019); D. Corbae, and P. D'Erasmo, Capital buffers in a quantitative model of banking industry dynamics, 
                        <E T="03">Econometrica, 89</E>
                        (6) (2021); V. Elenev, T. Landvoigt, and S. Van Nieuwerburgh, A macroeconomic model with financially constrained producers and intermediaries, 
                        <E T="03">Econometrica, 89</E>
                        (3) (2021).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>41</SU>
                         Section V.D discusses the agencies' experience with temporary changes in the CBLR requirement.
                    </P>
                </FTNT>
                <P>
                    Many newly eligible community banking organizations that opt into the CBLR framework could also increase their lending relative to total assets. Historical evidence provides support: between 2020 and 2025, participating depository institutions increased the fraction of loans and leases 
                    <SU>42</SU>
                    <FTREF/>
                     in their total assets by about 6.5 percent, on average, in the year after adopting the CBLR framework.
                    <SU>43</SU>
                    <FTREF/>
                     This average increase only occurs after adoption of the CBLR framework—it is not present in analogous year-over-year differences ending four quarters prior, one quarter prior, or one quarter after the election,
                    <SU>44</SU>
                    <FTREF/>
                     which suggests that the proposed rule could result in an increase in lending by newly eligible community banking organizations that opt into the CBLR framework.
                </P>
                <FTNT>
                    <P>
                        <SU>42</SU>
                         As reported on schedule RC-C of the Call Report.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>43</SU>
                         The agencies obtain a 95 percent confidence interval of 5.3 to 7.8 percent across approximately 2,100 electing banking organizations between the first quarter of 2020 and the second quarter of 2025.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>44</SU>
                         The average year-over-year changes ending four quarters prior, one quarter prior, and one quarter after CBLR election were 1.3 percent,−0.2 percent, and−0.2 percent, respectively. Only the first of these three measures were statistically different from zero.
                    </P>
                </FTNT>
                <P>In summary, the expected benefits of the proposal accrue to both community banking organizations participating under the current requirements and to community banking organizations that would adopt the framework under the proposed requirements. Although the agencies cannot precisely quantify these benefits, the fact that fewer than half of qualifying community banking organizations currently opt into the CBLR framework suggests that the potential benefits could be material.</P>
                <HD SOURCE="HD2">D. Expected Costs of the Proposal</HD>
                <P>The proposal would broadly maintain the current standard for designating community banking organizations as well capitalized. It may, however, impose costs on banking organizations and the banking industry in that it could encourage community banking organizations currently participating in the CBLR framework to operate with lower capital ratios or newly eligible community banking organizations that opt into the CBLR framework to take on riskier loans. For example, the increase in balance sheet capacity presented above in section V.C.2 assumes banking organizations currently participating in the CBLR framework would grow their balance sheets while maintaining the amount of capital fixed. While such changes may increase the risk of bank failure, these costs are expected to be modest.</P>
                <P>
                    The evidence on potential balance sheet adjustments is mixed. Some studies evaluating the initial creation of the CBLR framework suggest that participating community banking organizations increased their share of relatively higher-yielding assets, including unsecured loans, and experienced modest increases in non-performing loans, charge-offs, or subordinate mortgage exposures.
                    <SU>45</SU>
                    <FTREF/>
                     However, the extent of these changes appears heterogeneous across organizations and the overall effect on risk-taking seems muted. This also suggests that, while the proposal may result in changes to the composition, in addition to the level, of bank lending, 
                    <PRTPAGE P="55057"/>
                    the compositional shift would likely be minimal.
                </P>
                <FTNT>
                    <P>
                        <SU>45</SU>
                         
                        <E T="03">See</E>
                         Liu, Ruinan, 2025, “Leverage Without Risk Weights: A Double-Edged Sword for Community Banks,” Working paper; and Lu, George, 2024, “The Effect of Capital Modification on Community Banking: Evidence from the Community Bank Leverage Ratio Framework,” Working paper.
                    </P>
                </FTNT>
                <P>
                    In addition, the agencies could not find evidence that previous temporary changes in the CBLR requirement substantially affected the amount of tier 1 capital maintained by depository institutions: between the fourth quarter of 2020, when the CBLR requirement was above 8 percent, and the fourth quarter of 2022, when the CBLR requirement was above 9 percent, the aggregate leverage ratio for a balanced panel of 1,172 electing depository institutions decreased by 4 basis points, from 12.37 to 12.33, suggesting that the aggregate tier 1 capital at electing depository institutions did not react in aggregate to the increase in the CBLR requirement.
                    <SU>46</SU>
                    <FTREF/>
                     The agencies acknowledge this observation is over a relatively short period of time and likely inconclusive. Moreover, depository institutions participating in the CBLR framework currently maintain high levels of tier 1 capital, with a median excess capital of 2.9 percent of average total consolidated assets.
                </P>
                <FTNT>
                    <P>
                        <SU>46</SU>
                         Call Report Data for the quarters ending December 2020 and 2022. During the same period, the leverage ratios for qualifying community banking organizations that did not elect to use the CBLR framework decreased a similar amount: from 11.13 percent of 11.08 percent.
                    </P>
                </FTNT>
                <P>The proposed extension of the grace period from two quarters to four quarters could entail additional costs if community banking organizations approaching the CBLR requirement delay timely capital adjustments. A longer grace period may allow some community banking organizations to operate temporarily below the CBLR requirement while remaining in the CBLR framework, potentially increasing supervisory monitoring needs. However, the additional grace period limitation (a qualifying community banking organization would only be allowed to use the grace period for up to four quarters at a time if it had not used the grace period for more than eight of the prior twenty quarters) is expected to mitigate these potential costs. In addition, the proposed extension could produce regulatory cost savings for community banking organizations by limiting unnecessary exits and re-entries into the framework due to short-term fluctuations in their leverage ratios.</P>
                <P>Overall, the agencies anticipate that the benefits of the proposal justify the costs.</P>
                <P>
                    <E T="03">Question 5:</E>
                     The agencies invite comments on all aspects of the economic analysis provided in this supplemental information. What, if any, additional significant benefits or costs should the agencies consider and why?
                </P>
                <HD SOURCE="HD2">E. Reasonable Alternatives</HD>
                <P>The agencies considered several alternatives to the proposal that could meet the objectives of this rulemaking. For the reasons described, the agencies view the proposal as the most appropriate and effective means of achieving the policy objectives described in section III.</P>
                <P>The agencies considered not promulgating any regulatory action to amend the CBLR framework. However, as previously discussed, the CBLR framework has a low adoption rate. As discussed above, the proposed rule would provide clear cost savings and other benefits, over this no-action alternative.</P>
                <P>The agencies also considered lowering the CBLR requirement to above 8 percent but keeping the grace period to two quarters. This alternative would provide some relief to community banking organizations; however, as described above, the proposed extension of the grace period would provide substantial regulatory relief that meets the objectives of the EGRRCPA and the stated objectives of the proposal without entailing significant costs.</P>
                <P>The agencies invite comments on possible alternatives to the proposal.</P>
                <HD SOURCE="HD3">Appendix: CBLR-Election Projection</HD>
                <P>Table 2 calculates the fraction of depository institutions that adopt the CBLR framework by groups of tier 1 capital buffers split in 1 percentage point increments. For example, 31 percent of depository institutions with an excess leverage ratio between 0 and 1 percent of average total consolidated assets adopted the CBLR framework as of June 30, 2025. Assuming that these observed adoption rates remain unchanged for each group of capital buffer under the proposed calibration, the agencies estimate the number of depository institutions that will join the framework.</P>
                <P>
                    The agencies estimate that 2,034 depository institutions could adopt the CBLR framework under the proposed calibration, representing an increase of 320 depository institutions relative to the current rule. Under this projection, 130 of the newly electing depository institutions have a leverage ratio between 8 and 9 percent and would be newly eligible, while 186 depository institutions are currently eligible and would decide to join under the new calibration.
                    <SU>47</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>47</SU>
                         In addition, 4 depository institutions are projected to be in the grace period.
                    </P>
                </FTNT>
                <GPOTABLE COLS="9" OPTS="L2,nj,p7,7/8,i1" CDEF="s50,10,10,10,10,10,10,10,10">
                    <TTITLE>Table 2—Estimated Counts of Electing Depository Institutions Under the Proposal, Partitioned by Leverage Ratios</TTITLE>
                    <BOXHD>
                        <CHED H="1"> </CHED>
                        <CHED H="1">
                            Range of leverage ratio 
                            <LI>(percent) *</LI>
                        </CHED>
                        <CHED H="2">≤7</CHED>
                        <CHED H="2">7-8</CHED>
                        <CHED H="2">8-9</CHED>
                        <CHED H="2">9-10</CHED>
                        <CHED H="2">10-11</CHED>
                        <CHED H="2">11-12</CHED>
                        <CHED H="2">&gt;12</CHED>
                        <CHED H="1">Total</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Excess leverage ratio **</ENT>
                        <ENT>≤−1</ENT>
                        <ENT>−1-0</ENT>
                        <ENT>0-1</ENT>
                        <ENT>1-2</ENT>
                        <ENT>2-3</ENT>
                        <ENT>3-4</ENT>
                        <ENT>&gt;4</ENT>
                        <ENT/>
                    </ROW>
                    <ROW>
                        <ENT I="01">Depository institutions that meet CBLR size and simplicity requirements ***</ENT>
                        <ENT>20</ENT>
                        <ENT>101</ENT>
                        <ENT>478</ENT>
                        <ENT>871</ENT>
                        <ENT>754</ENT>
                        <ENT>546</ENT>
                        <ENT>1,470</ENT>
                        <ENT>4,240</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">% Electing depository institutions (proposed) ***</ENT>
                        <ENT>0%</ENT>
                        <ENT>4%</ENT>
                        <ENT>31%</ENT>
                        <ENT>43%</ENT>
                        <ENT>48%</ENT>
                        <ENT>57%</ENT>
                        <ENT>57%</ENT>
                        <ENT/>
                    </ROW>
                    <ROW>
                        <ENT I="01"># Electing depository institutions (proposed) ***</ENT>
                        <ENT>0</ENT>
                        <ENT>4</ENT>
                        <ENT>150</ENT>
                        <ENT>372</ENT>
                        <ENT>360</ENT>
                        <ENT>311</ENT>
                        <ENT>837</ENT>
                        <ENT>2,034</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01"># Electing depository institutions (current) ***</ENT>
                        <ENT>0</ENT>
                        <ENT>0</ENT>
                        <ENT>20</ENT>
                        <ENT>274</ENT>
                        <ENT>322</ENT>
                        <ENT>261</ENT>
                        <ENT>837</ENT>
                        <ENT>1,714</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Δ Electing depository institutions (proposed−current) ***</ENT>
                        <ENT>0</ENT>
                        <ENT>4</ENT>
                        <ENT>130</ENT>
                        <ENT>98</ENT>
                        <ENT>38</ENT>
                        <ENT>50</ENT>
                        <ENT>0</ENT>
                        <ENT>320</ENT>
                    </ROW>
                    <TNOTE>Call Report Data, June 30, 2025.</TNOTE>
                    <TNOTE>* Each range excludes the lower end and includes the upper end.</TNOTE>
                    <TNOTE>** “Excess leverage ratio” is equal to leverage ratio minus the CBLR requirement of 8 percent. “% Electing depository institutions (proposed)” is the estimated percent of those that would choose to elect into the CBLR. “# Electing depository institutions (proposed)” equals the product of the number of all depository institutions that meet CBLR size and simplicity requirements and “% Electing depository institutions (proposed).” “Δ Electing depository institutions (proposed−current)” is the difference between “# Electing depository institutions (proposed)” and the current number of electing depository institutions (“# Electing banks (current)”).</TNOTE>
                    <TNOTE>*** These counts include only depository institutions that meet the qualifying community banking organization criteria involving advanced approaches, total consolidated assets, off-balance sheet exposures, and total trading assets and liabilities.</TNOTE>
                </GPOTABLE>
                <PRTPAGE P="55058"/>
                <HD SOURCE="HD1">VI. Regulatory Analysis</HD>
                <HD SOURCE="HD2">A. Paperwork Reduction Act</HD>
                <P>
                    This notice of proposed rulemaking has been reviewed for compliance with the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3501 
                    <E T="03">et seq.</E>
                    ). In accordance with the PRA, the agencies may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless the information collection displays a currently valid Office of Management and Budget (OMB) control number. The agencies have reviewed the notice of proposed rulemaking and determined that it would not introduce any new collection of information pursuant to the PRA. Therefore, no submission will be made to OMB for review.
                </P>
                <P>The proposal, however, may necessitate clarification of the instructions to the Financial Statements for Holding Companies (FR Y-9; OMB No. 7100-0128). In such event, the Board would address such clarifications separately. This proposal may also necessitate clarification of the instructions to reporting for depository institutions. The agencies, under the auspices of the Federal Financial Institutions Examination Council (FFIEC), may separately address such clarifications to the instructions to the Consolidated Reports of Condition and Income (Call Report) (FFIEC 031, FFIEC 041, and FFIEC 051; OMB Nos. 1557-0081; 3064-0052, and 7100-0036).</P>
                <HD SOURCE="HD2">B. Regulatory Flexibility Act</HD>
                <HD SOURCE="HD3">OCC</HD>
                <P>
                    The Regulatory Flexibility Act (RFA), 5 U.S.C. 601 
                    <E T="03">et seq.,</E>
                     requires an agency, in connection with a proposed rule, to prepare an Initial Regulatory Flexibility Analysis describing the impact of the rule on small entities (defined by the Small Business Administration (SBA) for purposes of the RFA to include commercial banks and savings institutions with total assets of $850 million or less and trust companies with total assets of $47 million or less) or to certify that the proposed rule would not have a significant economic impact on a substantial number of small entities.
                </P>
                <P>
                    To measure whether a rule would impact a “substantial number of small entities” the OCC focused on the potential costs of the rule on OCC-supervised small entities, consistent with guidance on the RFA published by the Office of Advocacy of the Small Business Administration.
                    <SU>48</SU>
                    <FTREF/>
                     As of December 31, 2024, the OCC supervised approximately 609 small entities, of which 579 will be impacted by the proposal.
                    <E T="51">49 50</E>
                    <FTREF/>
                     Thus, a substantial number of small entities will be impacted by the proposed rule.
                </P>
                <FTNT>
                    <P>
                        <SU>48</SU>
                         
                        <E T="03">See,</E>
                         “A Guide for Government Agencies; How to Comply with the Regulatory Flexibility Act,” (pp. 18-20), 
                        <E T="03">available at: https://advocacy.sba.gov/wp-content/uploads/2019/07/How-to-Comply-with-the-RFA-WEB.pdf.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>49</SU>
                         The OCC based its estimate of the number of small entities on the Small Business Administration's size thresholds for commercial banks and savings institutions (NAICS Code: 522110), and trust companies (NAICS Code: 523991), which are $850 million and $47 million, respectively. Consistent with the General Principles of Affiliation 13 CFR 121.103(a), the OCC counted the assets of affiliated financial institutions when determining whether to classify an OCC-supervised institution as a small entity. The OCC used December 31, 2024, to determine size because a “financial institution's assets are determined by averaging the assets reported on its four quarterly financial statements for the preceding year.” 
                        <E T="03">See,</E>
                         footnote 8 of the U.S. Small Business Administration's 
                        <E T="03">Table of Size Requirements.</E>
                    </P>
                    <P>
                        <SU>50</SU>
                         The OCC included all OCC-supervised small entities that qualify for the CBLR framework in the proposal. Not all qualifying national banks and federal savings associations will choose to adopt the CBLR framework, but all qualifying national banks and federal savings associations will have the option.
                    </P>
                </FTNT>
                <P>
                    The OCC also considered whether the proposed rule would result in a significant economic impact on affected small entities. The total impact associated with the proposal is the estimated annual tax benefit or cost. In general, the OCC classifies the economic impact of expected cost (to comply with a rule) on an individual bank as significant if the total estimated monetized costs in one year are greater than (1) 5 percent of the bank's total annual salaries and benefits 
                    <SU>51</SU>
                    <FTREF/>
                     or (2) 2.5 percent of the bank's total annual non-interest expense.
                    <SU>52</SU>
                    <FTREF/>
                     Based on the above criteria, the estimated cost of the rule could impose a significant economic impact at 2 of the 579 small entities if they elected to opt into the CBLR framework. The OCC uses 5 percent to determine a substantial number, and less than 1 percent (2/609=.33%) of small entities could be significantly impacted by the rule. Furthermore, the CBLR framework is voluntary, and small national banks and federal savings associations can choose to remain in the current risk-based capital framework. Thus, the OCC concludes that the proposal would not have a significant economic impact on a substantial number of OCC-supervised small entities.
                </P>
                <FTNT>
                    <P>
                        <SU>51</SU>
                         Call report schedule RI, Item 7.a., Salaries and employee benefits.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>52</SU>
                         Call report schedule RI, Item 7.e., Total noninterest expense.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Board</HD>
                <P>
                    The Board is providing an initial regulatory flexibility analysis with respect to this proposed rule. The Regulatory Flexibility Act 
                    <SU>53</SU>
                    <FTREF/>
                     (RFA) requires an agency to consider whether the rules it proposes will have a significant economic impact on a substantial number of small entities.
                    <SU>54</SU>
                    <FTREF/>
                     In connection with a proposed rule, the RFA requires an agency to prepare and invite public comment on an initial regulatory flexibility analysis describing the impact of the rule on small entities, unless the agency certifies that the proposed rule, if promulgated, would not have a significant economic impact on a substantial number of small entities. An initial regulatory flexibility analysis must contain: (1) a description of the reasons why action by the agency is being considered; (2) a succinct statement of the objectives of, and legal basis for, the proposed rule; (3) a description of, and, where feasible, an estimate of the number of small entities to which the proposed rule will apply; (4) a description of the projected reporting, recordkeeping, and other compliance requirements of the proposed rule, including an estimate of the classes of small entities that will be subject to the requirement and the type of professional skills necessary for preparation of the report or record; (5) an identification, to the extent practicable, of all relevant Federal rules which may duplicate, overlap with, or conflict with the proposed rule; and (6) a description of any significant alternatives to the proposed rule which accomplish its stated objectives and minimize any significant economic impact of the proposed rule on small entities.
                    <SU>55</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>53</SU>
                         5 U.S.C. 601 
                        <E T="03">et seq.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>54</SU>
                         Under regulations issued by the U.S. Small Business Administration (SBA), a small entity includes a depository institution, bank holding company, or savings and loan holding company with total assets of $850 million or less. 
                        <E T="03">See</E>
                         13 CFR 121.201. Consistent with the SBA's General Principles of Affiliation, the Board includes the assets of all domestic and foreign affiliates toward the applicable size threshold when determining whether to classify a particular entity as a small entity. 
                        <E T="03">See</E>
                         13 CFR 121.103. As of the second quarter of 2025, there were approximately 2,796 small bank holding companies and approximately 157 small savings and loan holding companies, and approximately 443 small state member banks.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>55</SU>
                         5 U.S.C. 603(b)-(c).
                    </P>
                </FTNT>
                <P>
                    The Board has considered the potential impact of the proposed rule on small entities in accordance with the RFA. Based on its analysis and for the reasons stated below, the Board believes that this proposed rule will not have a significant economic impact on a substantial number of small entities. Nevertheless, the Board is publishing and inviting comment on this initial regulatory flexibility analysis.
                    <PRTPAGE P="55059"/>
                </P>
                <P>As discussed in detail above, the proposed rule would amend the community bank leverage ratio framework. The community bank leverage ratio framework is available on an elective basis to qualifying community banking organizations, which consist of insured depository institutions, bank holding companies, and savings and loan holding companies with total consolidated assets of less than $10 billion that also satisfy certain qualifying criteria. The proposed rule would lower the community bank leverage ratio requirement for these organizations from greater than 9 percent to greater than 8 percent, consistent with the lower bound provided in section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The proposal would also extend the length of time that a qualifying community banking organization can remain in the community bank leverage ratio framework while being below the community bank leverage ratio requirement from two quarters to four quarters subject to a limit of eight quarters in any five-year period. The proposed changes would increase the number of qualifying community banking organizations eligible to elect, and to continue, to use the framework.</P>
                <P>
                    The Board has broad authority under the International Lending Supervision Act of 1983 (ILSA) 
                    <SU>56</SU>
                    <FTREF/>
                     and the Prompt Corrective Action (PCA) provisions of the Federal Deposit Insurance Act 
                    <SU>57</SU>
                    <FTREF/>
                     to establish regulatory capital requirements for the institutions it regulates. For example, ILSA directs each Federal banking agency to cause banking institutions to achieve and maintain adequate capital by establishing minimum capital requirements as well as by other means that the agency deems appropriate.
                    <SU>58</SU>
                    <FTREF/>
                     The PCA provisions of the Federal Deposit Insurance Act direct each Federal banking agency to specify, for each relevant capital measure, the level at which an IDI subsidiary is well capitalized, adequately capitalized, undercapitalized, and significantly undercapitalized.
                    <SU>59</SU>
                    <FTREF/>
                     In addition, the Board has broad authority to establish regulatory capital standards for bank holding companies, savings and loan holding companies, and U.S. intermediate holding companies of foreign banking organizations under the Bank Holding Company Act, the Home Owners' Loan Act, and the Dodd-Frank Act.
                    <SU>60</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>56</SU>
                         12 U.S.C. 3901-3911.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>57</SU>
                         12 U.S.C. 1831o.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>58</SU>
                         12 U.S.C. 3907(a)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>59</SU>
                         12 U.S.C. 1831o(c)(2).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>60</SU>
                         
                        <E T="03">See</E>
                         12 U.S.C. 1467a, 1844, 5365, 5371.
                    </P>
                </FTNT>
                <P>The proposed rule amends an optional framework that qualifying community banking organizations could choose to apply instead of the Board's current capital rule. A qualifying community banking organization would be able to remain subject to the capital rule if it chose to do so. The proposed rule would increase the number of qualifying community banking organizations eligible to elect to use the framework. The proposed rule, therefore, would not impose mandatory requirements on any small entities. Eligible small entities that are subject to the Board's capital rule could make such an election, which would require immediate changes to reporting, recordkeeping, and compliance systems.</P>
                <P>
                    Further, as discussed previously in the Paperwork Reduction Act section, the proposal would not make changes to the projected reporting, recordkeeping, and other compliance requirements of the community bank leverage ratio framework. Although the proposed changes in eligibility requirements of the proposal could impact the reporting, recordkeeping, and other compliance requirements for small entities that elect to use the community bank leverage ratio framework, the impact would be a reduction in reporting and recordkeeping for these entities. Therefore, the Board does not expect that the compliance, recordkeeping, and reporting updates from this proposal would impose a significant cost on small Board-regulated institutions. The Board is aware of no other federal rules that duplicate, overlap, or conflict with the proposal. Although the Board considered several alternatives, as discussed in more detail in section V.E. of this 
                    <E T="02">SUPPLEMENTARY INFORMATION</E>
                    , the proposal would provide greater cost savings and regulatory relief than these alternatives. Accordingly, the Board believes that there are no significant alternatives to the proposal that would accomplish the stated objectives and minimize the economic impact of the proposal on small entities.
                </P>
                <P>Therefore, the Board believes that the proposed rule will not have a significant economic impact on substantial number of small entities supervised by the Board.</P>
                <P>The Board welcomes comment on all aspects of its analysis. In particular, the Board requests that commenters describe the nature of any impact on small entities and provide empirical data to illustrate and support the extent of the impact.</P>
                <HD SOURCE="HD3">FDIC</HD>
                <P>
                    The Regulatory Flexibility Act (RFA) generally requires an agency, in connection with a proposed rule, to prepare and make available for public comment an initial regulatory flexibility analysis that describes the impact of the proposed rule on small entities.
                    <SU>61</SU>
                    <FTREF/>
                     However, an initial regulatory flexibility analysis is not required if the agency certifies that the proposed rule will not, if promulgated, have a significant economic impact on a substantial number of small entities. The Small Business Administration (SBA) has defined “small entities” to include banking organizations with total assets of less than or equal to $850 million.
                    <SU>62</SU>
                    <FTREF/>
                     Generally, the FDIC considers a significant economic impact to be a quantified effect in excess of 5 percent of total annual salaries and benefits or 2.5 percent of total noninterest expenses. The FDIC believes that effects in excess of one or more of these thresholds typically represent significant economic impacts for FDIC-supervised institutions. For the reasons described below, the FDIC certifies that the proposed rule will not have a significant economic impact on a substantial number of small entities.
                </P>
                <FTNT>
                    <P>
                        <SU>61</SU>
                         5 U.S.C. 601 
                        <E T="03">et seq.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>62</SU>
                         The SBA defines a small banking organization as having $850 million or less in assets, where an organization's “assets are determined by averaging the assets reported on its four quarterly financial statements for the preceding year.” 
                        <E T="03">See</E>
                         13 CFR 121.201 (as amended by 87 FR 69118, effective December 19, 2022). In its determination, the “SBA counts the receipts, employees, or other measure of size of the concern whose size is at issue and all of its domestic and foreign affiliates.” 
                        <E T="03">See</E>
                         13 CFR 121.103. Following these regulations, the FDIC uses an insured depository institution's affiliated and acquired assets, averaged over the preceding four quarters, to determine whether the insured depository institution is “small” for the purposes of RFA.
                    </P>
                </FTNT>
                <P>The proposed rule, if promulgated, would amend the CBLR framework. To determine whether the proposal would have a significant economic impact, the FDIC compared expected outcomes under the proposal to a baseline scenario in which the current regulations remain unchanged; specifically, the CBLR requirement of 9 percent with a two-quarter grace period.</P>
                <P>
                    As described in section V, Economic Analysis, of this document, the proposed rule could potentially affect all community banking organizations, including many FDIC-supervised insured depository institutions (IDIs). According to recent Call Reports, the FDIC supervises 2,085 IDIs that are considered small entities for the purposes of the RFA (small entity 
                    <PRTPAGE P="55060"/>
                    IDIs).
                    <SU>63</SU>
                    <FTREF/>
                     Of these IDIs, 2,057 meet the size and simplicity requirements of the CBLR framework by having total consolidated assets of less than $10 billion, off-balance sheet exposures of no more than 25 percent of total consolidated assets, and total trading assets and trading liabilities of no more than 5 percent of total consolidated assets. Within that cohort, 1,755 small entity IDIs also report leverage ratios greater than 9 percent, making them eligible to participate in the CBLR framework. Further, 990 of these eligible small entity IDIs currently elect into the framework.
                    <SU>64</SU>
                    <FTREF/>
                     Finally, 14 are in the CBLR grace period—13 because their leverage ratios are below 9 percent and one because it did not meet the off-balance sheet criterion. Table 3 reports counts of these FDIC-supervised small entity IDIs, including a breakdown by discrete leverage ratio:
                </P>
                <FTNT>
                    <P>
                        <SU>63</SU>
                         Excluding branches of foreign banks. FDIC Call Reports, June 30, 2025.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>64</SU>
                         Ibid.
                    </P>
                </FTNT>
                <GPOTABLE COLS="9" OPTS="L2,nj,p7,7/8,i1" CDEF="s50,10,10,10,10,10,10,10,10">
                    <TTITLE>Table 3—Current Counts of Small Entity IDIs, Partitioned by Leverage Ratios</TTITLE>
                    <BOXHD>
                        <CHED H="1"> </CHED>
                        <CHED H="1">
                            Range of leverage ratio
                            <LI>(percent) *</LI>
                        </CHED>
                        <CHED H="2">≤7</CHED>
                        <CHED H="2">7-8</CHED>
                        <CHED H="2">8-9</CHED>
                        <CHED H="2">9-10</CHED>
                        <CHED H="2">10-11</CHED>
                        <CHED H="2">11-12</CHED>
                        <CHED H="2">&gt;12</CHED>
                        <CHED H="1">Total</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Excess leverage ratio **</ENT>
                        <ENT>≤−2</ENT>
                        <ENT>−2-−1</ENT>
                        <ENT>−1-0</ENT>
                        <ENT>0-1</ENT>
                        <ENT>1-2</ENT>
                        <ENT>2-3</ENT>
                        <ENT>&gt;3</ENT>
                        <ENT/>
                    </ROW>
                    <ROW>
                        <ENT I="01">IDIs that meet CBLR size and simplicity requirements ***</ENT>
                        <ENT>13</ENT>
                        <ENT>52</ENT>
                        <ENT>237</ENT>
                        <ENT>367</ENT>
                        <ENT>353</ENT>
                        <ENT>259</ENT>
                        <ENT>776</ENT>
                        <ENT>2,057</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Participating IDIs **</ENT>
                        <ENT/>
                        <ENT/>
                        <ENT>13</ENT>
                        <ENT>161</ENT>
                        <ENT>190</ENT>
                        <ENT>145</ENT>
                        <ENT>494</ENT>
                        <ENT>1,003</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">% Participating IDIs</ENT>
                        <ENT/>
                        <ENT/>
                        <ENT>5%</ENT>
                        <ENT>44%</ENT>
                        <ENT>54%</ENT>
                        <ENT>56%</ENT>
                        <ENT>64%</ENT>
                        <ENT>49%</ENT>
                    </ROW>
                    <TNOTE>Call Report Data, June 30, 2025.</TNOTE>
                    <TNOTE>* Each range excludes the lower end and includes the upper end.</TNOTE>
                    <TNOTE>** “Excess leverage ratio” is equal to leverage ratio minus the CBLR requirement of above 9 percent. “Participating IDIs” are those qualifying small entity IDIs that elect to use the CBLR framework as of June 30, 2025.</TNOTE>
                    <TNOTE>*** These counts include only FDIC-supervised insured depository institutions (IDIs) that are considered small entities by the Regulatory Flexibility Act and that meet the qualifying community banking organization criteria involving advanced approaches, total consolidated assets, off-balance sheet exposures, and trading assets and liabilities. These counts do not include one IDI that does not currently meet off-balance sheet criterion but are in the CBLR grace period.</TNOTE>
                </GPOTABLE>
                <P>The proposal would modify the CBLR framework for qualifying community banking organizations in two ways. First, it would reduce the CBLR requirement from 9 percent to 8 percent. This reduction would result in a 237 (14 percent) increase in the population of IDIs eligible for the CBLR framework, as compared to the baseline population of 1,755. However, as discussed in section V and presented in Table 3, many banks that qualify for the CBLR choose not to elect. Using the same methodology as in section V, the FDIC estimates that approximately 159 additional small entity IDIs would elect into the CBLR framework under the proposal. These electing IDIs would benefit by avoiding the costs associated with gathering, recording, and reporting various risk-based capital measures. Those that operate internal recordkeeping systems to comply with risk-based capital regulations may discontinue or simplify these systems. Others that rely on third party vendors to operate the relevant compliance systems could experience reductions in outsourcing costs. The FDIC does not have the data necessary to quantify these benefits. However, for purposes of this RFA analysis, the FDIC notes that the 159 additional electing IDIs make up less than 8 percent of the total number of small entity IDIs supervised by the FDIC.</P>
                <P>
                    The proposed reduction in the CBLR requirement would lower capital requirements for all small entity IDIs that participate in the CBLR framework. Some IDIs may benefit by expanding their balance sheets. However, as discussed in section V, the agencies acknowledge uncertainty regarding the extent to which this expansion may occur; empirical results do not provide any strong evidence that participating banks would adjust their balance sheet composition or tier 1 capital holdings, relative to the baseline. Specifically, leverage ratios for participating CBLR banks did not increase between 2020 and 2022, when the requirement increased from 8 to 9 percent.
                    <SU>65</SU>
                    <FTREF/>
                     As such, for purposes of this RFA analysis, the FDIC expects most small entity IDIs would not significantly adjust their leverage ratios in response to the proposal.
                </P>
                <FTNT>
                    <P>
                        <SU>65</SU>
                         Call Report Data for the quarters ending December 30, 2020 and 2022.
                    </P>
                </FTNT>
                <P>The second proposed modification to the CBLR framework is the extension of the grace period from two quarters to four quarters. As noted in section V., of the 210 depository institutions that entered the grace period in recent years, 28 (13 percent) would have benefited from a four-quarter grace period. Given that there are 14 FDIC-supervised small entity IDIs that are currently under the grace period, the FDIC estimates that 2 (13 percent) of these IDIs would benefit under the proposal relative to the baseline. These banks would avoid any costs incurred by returning to the generally applicable capital rules. The FDIC does not have the data necessary to quantify these benefits; for purposes of this RFA analysis, the FDIC notes that the 2 IDIs make up less than half of a percent of the total number of small entity IDIs supervised by the FDIC.</P>
                <P>The proposed rule may result in indirect costs on small entity IDIs that voluntarily participate in the CBLR framework. Depending on the behaviors of electing banks, such costs may include the increased risk of bank failures; however, Section V notes that empirical evidence for such costs are mixed, muted, and/or modest. For purposes of this RFA analysis, the FDIC notes that the proposed rule would not impose direct mandatory costs on any small entity IDIs.</P>
                <P>In summary, the FDIC estimates that an additional 159 IDIs would accrue benefits from CBLR election and 2 IDIs would accrue benefits from the grace period extension under the proposed rule. While the FDIC does not have data to quantify the benefits to these IDIs, these 161 IDIs make up less than eight percent of all FDIC-supervised small entity IDIs. The FDIC does not consider eight percent to be a substantial number of small entities. In other words, even if all 161 IDIs accrued significant benefits, the proposed rule would not significantly affect a substantial number of small entities. Other aspects of the proposed rule, while potentially affecting all small entity IDIs that participate in the CBLR framework, are indirect effects and/or are not expected to be significant based on empirical evidence.</P>
                <P>
                    Given the analysis above, the FDIC certifies that the proposed rule would not have a significant economic impact on a substantial number of small entities.
                    <PRTPAGE P="55061"/>
                </P>
                <P>The FDIC invites comments on all aspects of the supporting information provided in this RFA section. The FDIC is particularly interested in comments on any significant effects on small entities that the agency has not identified.</P>
                <HD SOURCE="HD2">C. Plain Language</HD>
                <P>
                    Section 722 of the Gramm-Leach Bliley Act 
                    <SU>66</SU>
                    <FTREF/>
                     requires the Federal banking agencies 
                    <SU>67</SU>
                    <FTREF/>
                     to use plain language in all proposed and final rules published after January 1, 2000. The agencies have sought to present the proposed rule in a simple and straightforward manner and invite comments on the use of plain language and whether any part of the proposed rule could be more clearly stated. For example:
                </P>
                <FTNT>
                    <P>
                        <SU>66</SU>
                         Public Law 106-102, sec. 722, 113 Stat. 1338, 1471 (1999).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>67</SU>
                         The Federal banking agencies are the OCC, Board, and FDIC.
                    </P>
                </FTNT>
                <P>• Have the agencies presented the material in an organized manner that meets your needs? If not, how could this material be better organized?</P>
                <P>• Are the requirements in the notice of proposed rulemaking clearly stated? If not, how could the proposal be more clearly stated?</P>
                <P>• Does the proposal contain language that is not clear? If so, which language requires clarification?</P>
                <P>• Would a different format (grouping and order of sections, use of headings, paragraphing) make the proposed rule easier to understand? If so, what changes to the format would make the proposal easier to understand?</P>
                <P>• What else could the agencies do to make the proposal easier to understand?</P>
                <HD SOURCE="HD2">D. OCC Unfunded Mandates Reform Act of 1995</HD>
                <P>The OCC analyzed the proposed rule under the factors set forth in the Unfunded Mandates Reform Act of 1995 (UMRA) (2 U.S.C. 1532). Under this analysis, the OCC considered whether the proposed rule includes a Federal mandate that may result in the expenditure by State, local, and Tribal governments, in the aggregate, or by the private sector, of $100 million or more in any one year (adjusted for inflation). Because the proposed rule would not specifically require banks to modify their policies and procedures, the OCC has determined that there are no expenditures for the purposes of UMRA. Therefore, the OCC concludes that the proposed rule would not result in an expenditure of $100 million or more annually by state, local, and tribal governments, or by the private sector.</P>
                <HD SOURCE="HD2">E. Riegle Community Development and Regulatory Improvement Act of 1994</HD>
                <P>
                    Pursuant to section 302(a) of the Riegle Community Development and Regulatory Improvement Act (RCDRIA),
                    <SU>68</SU>
                    <FTREF/>
                     in determining the effective date and administrative compliance requirements for new regulations that impose additional reporting, disclosure, or other requirements on insured depository institutions, each Federal banking agency must consider, consistent with principles of safety and soundness and the public interest, any administrative burdens that such regulations would place on depository institutions, including small depository institutions, and customers of depository institutions, as well as the benefits of such regulations. In addition, section 302(b) of RCDRIA requires new regulations and amendments to regulations that impose additional reporting, disclosures, or other new requirements on insured depository institutions generally to take effect on the first day of a calendar quarter that begins on or after the date on which the regulations are published in final form, with certain exceptions.
                    <SU>69</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>68</SU>
                         12 U.S.C. 4802(a).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>69</SU>
                         12 U.S.C. 4802(b).
                    </P>
                </FTNT>
                <P>The agencies note that comment on these matters has been requested in other sections of this Supplementary Information section, and that the requirements of RCDRIA will be considered as part of the overall rulemaking process. In addition, the agencies also invite any other comments that further will inform their consideration of RCDRIA.</P>
                <HD SOURCE="HD2">F. Executive Orders 12866, 13563 and 14192</HD>
                <P>
                    Executive Order 12866 (Regulatory Planning and Review) 
                    <SU>70</SU>
                    <FTREF/>
                     and Executive Order 13563 (Improving Regulation and Regulatory Review) 
                    <SU>71</SU>
                    <FTREF/>
                     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 proposed rule was drafted and reviewed in accordance with Executive Order 12866 and Executive Order 13563. Within OMB, the Office of Information and Regulatory Affairs (OIRA) has determined that this rulemaking is a “significant regulatory action” under section 3(f) Executive Order 12866. The proposal, if finalized as proposed, is not expected to be an Executive Order 14192 regulatory action.
                </P>
                <FTNT>
                    <P>
                        <SU>70</SU>
                         E.O. 12866, 58 FR 51735.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>71</SU>
                         E.O. 13563, 76 FR 3821.
                    </P>
                </FTNT>
                <HD SOURCE="HD2">G. Providing Accountability Through Transparency Act of 2023</HD>
                <P>
                    The Providing Accountability Through Transparency Act of 2023 requires that a notice of proposed rulemaking include the internet address of a summary of not more than 100 words in length of a proposed rule, in plain language, that shall be posted on the internet website under section 206(d) of the E-Government Act of 2002.
                    <SU>72</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>72</SU>
                         44 U.S.C. 3501 note.
                    </P>
                </FTNT>
                <P>The agencies are proposing to lower the community bank leverage ratio requirement from above 9 percent to above 8 percent. The proposal would also extend the length of the “grace period” afforded to qualifying community banking organizations that fall out of compliance with the community bank leverage ratio from two quarters to four quarters, with a reservation of authority to provide further extensions if deemed appropriate. The proposal would also include a limitation that would allow a qualifying community banking organization a grace period of up to four quarters at a time if it had not used the grace period for more than eight of the prior twenty quarters.</P>
                <P>
                    The proposal and the required summary can be found at 
                    <E T="03">https://www.regulations.gov</E>
                     by searching for Docket ID OCC-2025-0141, 
                    <E T="03">https://occ.gov/topics/laws-and-regulations/occ-regulations/proposed-issuances/index-proposed-issuances.html,</E>
                     and at 
                    <E T="03">https://www.federalreserve.gov/supervisionreg/reglisting.htm</E>
                     and 
                    <E T="03">https://www.fdic.gov/federal-register-publications.</E>
                </P>
                <LSTSUB>
                    <HD SOURCE="HED">List of Subjects</HD>
                    <CFR>12 CFR Part 3</CFR>
                    <P>Administrative practice and procedure, Banks, Banking, Federal Reserve System, Federal savings associations, Investments, National banks, Reporting and recordkeeping requirements.</P>
                    <CFR>12 CFR Part 217</CFR>
                    <P>Administrative practice and procedures, Banks, Banking, Capital, Federal Reserve System, Holding companies, Reporting and recordkeeping requirements, Risk, Securities.</P>
                    <CFR>12 CFR Part 324</CFR>
                    <P>
                        Administrative practice and procedure, Banks, Banking, Capital, Capital adequacy, Confidential business information, Investments, Reporting and 
                        <PRTPAGE P="55062"/>
                        recordkeeping requirements, Savings associations, State non-member banks.
                    </P>
                </LSTSUB>
                <HD SOURCE="HD1">
                    <E T="0742">DEPARTMENT OF THE TREASURY</E>
                </HD>
                <HD SOURCE="HD1">
                    <E T="0742">Office of the Comptroller of the Currency</E>
                </HD>
                <EXTRACT>
                    <HD SOURCE="HD1">12 CFR Chapter I</HD>
                </EXTRACT>
                <HD SOURCE="HD1">Authority and Issuance</HD>
                <P>For the reasons set forth in the preamble, the Office of the Comptroller of the Currency proposes to amend part 3 of chapter I of Title 12 of the Code of Federal Regulations as follows:</P>
                <PART>
                    <HD SOURCE="HED">PART 3—CAPITAL ADEQUACY STANDARDS</HD>
                </PART>
                <AMDPAR>1. The authority citation for part 3 is revised to read as follows:</AMDPAR>
                <AUTH>
                    <HD SOURCE="HED">Authority:</HD>
                    <P>12 U.S.C. 93a, 161, 1462, 1462a, 1463, 1464, 1818, 1828(n), 1828 note, 1831n note, 1835, 3907, 3909, 5371, 5371 note, 5412(b)(2)(B), and Pub. L. 116-136, 134 Stat. 281.</P>
                </AUTH>
                <AMDPAR>2. In § 3.12:</AMDPAR>
                <AMDPAR>a. Amend paragraphs (a)(1) and (a)(2)(i) by removing the text “9 percent” wherever it appears and adding in its place the text “8 percent”;</AMDPAR>
                <AMDPAR>b. Remove paragraph (a)(4);</AMDPAR>
                <AMDPAR>c. Revise paragraph (c)(1);</AMDPAR>
                <AMDPAR>d. Amend paragraph (c)(2) by removing the word “second” and adding in its place the word “fourth”;</AMDPAR>
                <AMDPAR>e. Amend paragraph (c)(6) by removing the text “8 percent” wherever it appears and adding in its place the text “7 percent”; and</AMDPAR>
                <AMDPAR>f. Add paragraph (c)(7).</AMDPAR>
                <P>The revision and addition read as follows:</P>
                <SECTION>
                    <SECTNO>§ 3.12 </SECTNO>
                    <SUBJECT>Community bank leverage ratio framework.</SUBJECT>
                    <STARS/>
                    <P>(c) * * *</P>
                    <P>(1) Except as provided in paragraphs (c)(5) through (7) of this section, if a national bank or Federal savings association ceases to meet the definition of a qualifying community banking organization, the national bank or Federal savings association has a grace period (grace period) of four reporting periods under its Call Report either to satisfy the requirements to be a qualifying community banking organization or to comply with § 3.10(a)(1) and report the required capital measures under § 3.10(a)(1) on its Call Report.</P>
                    <STARS/>
                    <P>(7) Notwithstanding paragraphs (c)(1) through (4) of this section, a national bank or Federal savings association that has spent eight or more of the previous twenty quarters within the grace period, may not use the grace period in the current quarter. If the national bank or Federal savings association does not meet the definition of a qualifying community banking organization in the current quarter, the national bank or Federal savings association must immediately comply with the minimum capital requirements under § 3.10(a)(1) and must report the required capital measures under § 3.10(a)(1).</P>
                </SECTION>
                <SECTION>
                    <SECTNO>§ 3.303 </SECTNO>
                    <SUBJECT>[Removed and Reserved]</SUBJECT>
                </SECTION>
                <AMDPAR>3. Remove and reserve § 3.303.</AMDPAR>
                <HD SOURCE="HD1">
                    <E T="0742">FEDERAL RESERVE SYSTEM</E>
                </HD>
                <HD SOURCE="HD1">
                    <E T="0742">12 CFR Chapter II</E>
                </HD>
                <HD SOURCE="HD1">Authority and Issuance</HD>
                <P>For the reasons set forth in the preamble, the Board proposes to amend part 217 of chapter II of Title 12 of the Code of Federal Regulations as follows:</P>
                <PART>
                    <HD SOURCE="HED">PART 217—CAPITAL ADEQUACY OF BANK HOLDING COMPANIES, SAVINGS AND LOAN HOLDING COMPANIES, AND STATE MEMBER BANKS (REGULATION Q)</HD>
                </PART>
                <AMDPAR>4. The authority citation for part 217 continues to read as follows:</AMDPAR>
                <AUTH>
                    <HD SOURCE="HED">Authority:</HD>
                    <P>12 U.S.C. 248(a), 321-338a, 481-486, 1462a, 1467a, 1818, 1828, 1831n, 1831o, 1831p-1, 1831w, 1835, 1844(b), 1851, 3904, 3906-3909, 4808, 5365, 5368, 5371, 5371 note, and sec. 4012, Pub. L. 116-136, 134 Stat. 281.</P>
                </AUTH>
                <AMDPAR>5. In § 217.12:</AMDPAR>
                <AMDPAR>a. Amend paragraphs (a)(1) and (a)(2)(i) by removing the text “9 percent” wherever it appears and adding in its place the text “8 percent”;</AMDPAR>
                <AMDPAR>b. Remove paragraph (a)(4);</AMDPAR>
                <AMDPAR>c. Revise paragraph (c)(1);</AMDPAR>
                <AMDPAR>d. Amend paragraph (c)(2) by removing the word “second” and adding in its place the word “fourth”;</AMDPAR>
                <AMDPAR>e. Amend paragraph (c)(6) by removing the text “8 percent” wherever it appears and adding in its place the text “7 percent”; and</AMDPAR>
                <AMDPAR>f. Add paragraph (c)(7).</AMDPAR>
                <P>The revision and addition read as follows:</P>
                <SECTION>
                    <SECTNO>§ 217.12 </SECTNO>
                    <SUBJECT>Community bank leverage ratio framework.</SUBJECT>
                    <STARS/>
                    <P>(c) * * *</P>
                    <P>(1) Except as provided in paragraphs (c)(5) through (7) of this section, if a Board-regulated institution ceases to meet the definition of a qualifying community banking organization, the Board-regulated institution has a grace period (grace period) of four reporting periods under its Call Report or Form FR Y-9C, as applicable, either to satisfy the requirements to be a qualifying community banking organization or to comply with § 217.10(a)(1) and report the required capital measures under § 217.10(a)(1) on its Call Report or its Form FR Y-9C, as applicable.</P>
                    <STARS/>
                    <P>(7) Notwithstanding paragraphs (c)(1) through (4) of this section, a Board-regulated institution that has spent eight or more of the previous twenty quarters within the grace period, may not use the grace period in the current quarter. If the Board-regulated institution does not meet the definition of a qualifying community banking organization in the current quarter, the Board-regulated institution must immediately comply with the minimum capital requirements under § 217.10(a)(1) and must report the required capital measures under § 217.10(a)(1).</P>
                    <STARS/>
                </SECTION>
                <SECTION>
                    <SECTNO>§ 217.304 </SECTNO>
                    <SUBJECT>[Removed and Reserved]</SUBJECT>
                </SECTION>
                <AMDPAR>6. Remove and reserve § 217.304.</AMDPAR>
                <STARS/>
                <HD SOURCE="HD1">
                    <E T="0742">FEDERAL DEPOSIT INSURANCE CORPORATION</E>
                </HD>
                <EXTRACT>
                    <HD SOURCE="HD1">
                        <E T="0742">12 CFR Chapter III</E>
                    </HD>
                </EXTRACT>
                <HD SOURCE="HD1">Authority and Issuance</HD>
                <P>For the reasons stated in the joint preamble, the Board of Directors of the Federal Deposit Insurance Corporation proposes to amend 12 CFR part 324 as follows:</P>
                <PART>
                    <HD SOURCE="HED">PART 324—CAPITAL ADEQUACY OF FDIC-SUPERVISED INSTITUTIONS</HD>
                </PART>
                <AMDPAR>7. The authority citation for part 324 continues to read as follows:</AMDPAR>
                <AUTH>
                    <HD SOURCE="HED">Authority:</HD>
                    <P>12 U.S.C. 1815(a), 1815(b), 1816, 1818(a), 1818(b), 1818(c), 1818(t), 1819(Tenth), 1828(c), 1828(d), 1828(i), 1828(n), 1828(o), 1831o, 1835, 3907, 3909, 4808; 5371; 5412; Pub. L. 102-233, 105 Stat. 1761, 1789, 1790 (12 U.S.C. 1831n note); Pub. L. 102-242, 105 Stat. 2236, 2355, as amended by Pub. L. 103-325, 108 Stat. 2160, 2233 (12 U.S.C. 1828 note); Pub. L. 102-242, 105 Stat. 2236, 2386, as amended by Pub. L. 102-550, 106 Stat. 3672, 4089 (12 U.S.C. 1828 note); Pub. L. 111-203, 124 Stat. 1376, 1887 (15 U.S.C. 78o-7 note), Pub. L. 115-174; section 4014 § 201, Pub. L. 116-136, 134 Stat. 281 (15 U.S.C. 9052).</P>
                </AUTH>
                <AMDPAR>8. In § 324.12:</AMDPAR>
                <AMDPAR>a. Amend paragraphs (a)(1) and (a)(2)(i) by removing the text “9 percent” wherever it appears and adding in its place the text “8 percent”;</AMDPAR>
                <AMDPAR>b. Remove paragraph (a)(4);</AMDPAR>
                <AMDPAR>c. Revise paragraph (c)(1);</AMDPAR>
                <AMDPAR>d. Amend paragraph (c)(2) by removing the word “second” and adding in its place the word “fourth”;</AMDPAR>
                <AMDPAR>
                    e. Amend paragraph (c)(6) by removing the text “8 percent” wherever it appears and adding in its place the text “7 percent”; and
                    <PRTPAGE P="55063"/>
                </AMDPAR>
                <AMDPAR>f. Add a new paragraph (c)(7).</AMDPAR>
                <P>The revision and addition read as follows:</P>
                <SECTION>
                    <SECTNO>§ 324.12 </SECTNO>
                    <SUBJECT>Community bank leverage ratio framework.</SUBJECT>
                    <STARS/>
                    <P>(c) * * *</P>
                    <P>(1) Except as provided in paragraphs (c)(5) through (7) of this section, if an FDIC-supervised institution ceases to meet the definition of a qualifying community banking organization, the FDIC-supervised institution has a grace period (grace period) of four reporting periods under its Call Report either to satisfy the requirements to be a qualifying community banking organization or to comply with § 324.10(a)(1) and report the required capital measures under § 324.10(a)(1) on its Call Report.</P>
                    <STARS/>
                    <P>(7) Notwithstanding paragraphs (c)(1) through (4) of this section, an FDIC-supervised institution that has spent eight or more of the previous twenty quarters within the grace period, may not use the grace period in the current quarter. If the FDIC-supervised institution does not meet the definition of a qualifying community banking organization in the current quarter, the FDIC-supervised institution must immediately comply with the minimum capital requirements under § 324.10(a)(1) and must report the required capital measures under § 324.10(a)(1).</P>
                </SECTION>
                <SECTION>
                    <SECTNO>§ 324.303 </SECTNO>
                    <SUBJECT>[Removed and Reserved]</SUBJECT>
                </SECTION>
                <AMDPAR>9. Remove and reserve § 324.303.</AMDPAR>
                <SIG>
                    <NAME>Jonathan V. Gould,</NAME>
                    <TITLE>Comptroller of the Currency.</TITLE>
                    <P>By order of the Board of Governors of the Federal Reserve System.</P>
                    <NAME>Benjamin W. McDonough,</NAME>
                    <TITLE>Deputy Secretary of the Board.</TITLE>
                    <FP>Federal Deposit Insurance Corporation.</FP>
                    <P>By order of the Board of Directors,</P>
                    <DATED>Dated at Washington, DC, on November 25, 2025.</DATED>
                    <NAME>Jennifer M. Jones,</NAME>
                    <TITLE>Deputy Executive Secretary.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21625 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4810-33-6210-01-6714-01-P</BILCOD>
        </PRORULE>
        <PRORULE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF HOMELAND SECURITY</AGENCY>
                <SUBAGY>Coast Guard</SUBAGY>
                <CFR>33 CFR Part 117</CFR>
                <DEPDOC>[Docket No. USCG-2025-0999]</DEPDOC>
                <RIN>RIN 1625-AA09</RIN>
                <SUBJECT>Drawbridge Operation Regulation; Passaic River, Between the City of Newark and Town of Kearny, NJ</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Coast Guard, DHS.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of proposed rulemaking.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Coast Guard proposes to modify the operating regulation that governs the Point No Point Railroad Bridge across the Passaic River, mile 2.6, between the City of Newark and Town of Kearny, NJ. The proposed change in the regulation will allow the bridge to be remotely operated from the Conrail North Jersey Dispatch Center in Mount Laurel, NJ. This proposed change will alter the operating schedule of the bridge to open on signal and no longer require a four-hour advance notice. We invite your comments on this proposed rulemaking.</P>
                </SUM>
                <EFFDATE>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments and related material must be received by the Coast Guard on or before December 31, 2025.</P>
                </EFFDATE>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                         You may submit comments identified by docket number USCG-2025-0999 at 
                        <E T="03">https://www.regulations.gov.</E>
                    </P>
                    <P>
                        See the “Public Participation and Request for Comments” portion of the 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                         section below for instructions on submitting comments. This notice of proposed rulemaking with its plain-language, 100-word-or-less proposed rule summary will be available in this same docket.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        If you have questions on this proposed rule, call or email Mr. Gregory P. Hitchen, Northeast Coast Guard District (dpb), the Coast Guard; telephone 571-607-8154, email 
                        <E T="03">Gregory.P.Hitchen@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">OMB Office of Management and Budget</FP>
                    <FP SOURCE="FP-1">NPRM Notice of Proposed Rulemaking (Advance, Supplemental)</FP>
                    <FP SOURCE="FP-1">§ Section </FP>
                    <FP SOURCE="FP-1">U.S.C. United States Code</FP>
                </EXTRACT>
                <HD SOURCE="HD1">II. Background, Purpose and Legal Basis</HD>
                <P>The Point No Point Railroad Bridge across the Passaic River, between the City of Newark and Town of Kearny, NJ, mile 2.6, owned and operated by Conrail, has a vertical clearance of 20 feet above mean high water when closed and is unlimited when open.</P>
                <P>This proposed regulation will allow the bridge to be remotely operated from the Conrail North Jersey Dispatch Center in Mount Laurel, NJ. The current operating schedule is published in 33 CFR 117.739(c). With the implementation of remote operation of the bridge, the operating schedule will change to allow the bridge to open on signal versus requiring a four-hour advance notice. There are 30 daily train transits that cross the bridge and an average of one bridge opening every six months for vessel transits. The bridge is normally maintained in the closed position due to the average daily number of trains crossing the bridge. The Passaic River has limited commercial and recreational vessel traffic. Most commercial traffic supports marine construction projects in the waterway.</P>
                <P>The Coast Guard is proposing to allow remote operations to improve the efficiency of bridge openings. Currently the Conrail train dispatcher in Mount Laurel NJ must dispatch bridge operating personnel to open the Point No Point Railroad Bridge. Remote operations will allow the Conrail train dispatcher to open the bridge on signal.</P>
                <P>The legal basis for this rulemaking is 33 U.S.C. 499.</P>
                <HD SOURCE="HD1">III. Discussion of Proposed Rule</HD>
                <P>This proposed operating regulation will allow the Point No Point Railroad Bridge to be operated remotely from the Conrail North Jersey Dispatch Center in Mount Laurel, NJ. The remote operations system includes eight camera views (four marine and four rail), marine radar, sonar, automated integration system (AIS) sensors, integration software, a dedicated phone line for bridge operations, and radiotelephone communications on VHF-FM channels 13 and 16.</P>
                <P>
                    The remote operation system is designed to provide equal or greater capabilities compared to the on-site bridge tender, in visibility of the waterway and bridge, and in signals (communications) via sound and visual signals and radio telephone (voice) via VHF-FM channels 13 and 16. The remote operation system also incorporates a dedicated telephone line for bridge operations and push-to-talk (PTT) capability on VHF-FM channels 13. Vessels that require an opening shall continue to request an opening via the methods (sound or visual signals or radio telephone (VHF-FM) voice 
                    <PRTPAGE P="55064"/>
                    communications) as defined in 33 CFR 117.15(b) through (d), via telephone at (856) 231-2301, or push-to-talk (PTT) on VHF-FM channel 13. Vessels may push the PTT button five times while on VHF-FM channel 13 and the North Jersey Dispatch Center will receive and respond to the request and commence opening of the bridge.
                </P>
                <P>The remote operation system will be considered failed and qualified personnel will return and operate the Point No Point Railroad Bridge within 60 minutes if any of the following conditions are found: (1) The remote operation system becomes incapable of safely and effectively operating the bridge from the remote operation center, (2) visibility of the waterway or bridge is degraded to less than equal that of an on-site bridge tender (all eight camera views are required), or (3) signals (communications) via sound or visual signals or radio telephone (voice) via VHF-FM channels 13 or 16 become inoperative.</P>
                <HD SOURCE="HD1">IV. Regulatory Analyses</HD>
                <P>We developed this proposed rule after considering numerous statutes and Executive Orders related to rulemaking. Below we summarize our analyses based on these statutes and Executive Orders.</P>
                <HD SOURCE="HD2">A. 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 proposed rule would not have a significant economic impact on a substantial number of small entities for the following reasons. (1) vessels will be able to obtain bridge openings on signal versus a four-hour advance notice, (2) the remote operation system is designed to provide equal or greater capabilities compared to the on-site bridge tender, and (3) the bridge owner will be capable of restoring on-site operation of the bridge within 60 minutes if the remote operation system fails.</P>
                <P>
                    If you think that your business, organization, or governmental jurisdiction qualifies as a small entity and that this rule would have a significant economic impact on it, please submit a comment (see 
                    <E T="02">ADDRESSES</E>
                    ) explaining why you think it qualifies and how and to what degree this rule would economically affect it.
                </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 proposed rule. If the proposed rule would affect your small business, organization, or governmental jurisdiction and you have questions concerning its provisions or options for compliance, please contact the person listed in the 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                     section. The Coast Guard will not retaliate against small entities that question or complain about this proposed rule or any policy or action of the Coast Guard.
                </P>
                <HD SOURCE="HD2">B. Collection of Information</HD>
                <P>This proposed rule would call for no new collection of information under the Paperwork Reduction Act of 1995 (44 U.S.C. 3501-3520.).</P>
                <HD SOURCE="HD2">C. 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 proposed 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 proposed rule does not have tribal implications under Executive Order 13175 (Consultation and Coordination with Indian Tribal Governments) because it would 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. If you believe this proposed rule has implications for federalism or Indian tribes, please contact the person listed in the 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                     section.
                </P>
                <HD SOURCE="HD2">D. 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 proposed rule will not result in such an expenditure, we do discuss the effects of this proposed rule elsewhere in this preamble.</P>
                <HD SOURCE="HD2">E. Environment</HD>
                <P>We have analyzed this rule under Department of Homeland Security Management Directive 023-01, Rev.1, associated implementing instructions, and Environmental Planning Policy COMDTINST 5090.1 (series), which guide the Coast Guard in complying with the National Environmental Policy Act of 1969 (NEPA) (42 U.S.C. 4321-4370f). The Coast Guard has 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 proposed rule promulgates the operating regulations or procedures for drawbridges. Normally such actions are categorically excluded from further review, under paragraph L49, of Appendix A, Table 1 of DHS Instruction Manual 023-01-001-01, Rev. 1.</P>
                <P>Neither a Record of Environmental Consideration nor a Memorandum for the Record are required for this rule. We seek any comments or information that may lead to the discovery of a significant environmental impact from this proposed rule.</P>
                <HD SOURCE="HD1">V. Public Participation and Request for Comments</HD>
                <P>We view public participation as essential to effective rulemaking and will consider all comments and material received during the comment period. Your comment can help shape the outcome of this rulemaking. If you submit a comment, please include the docket number for this rulemaking, indicate the specific section of this document to which each comment applies, and provide a reason for each suggestion or recommendation.</P>
                <P>
                    <E T="03">Submitting comments.</E>
                     We encourage you to submit comments at 
                    <E T="03">https://www.regulations.gov.</E>
                     To do so, go to 
                    <E T="03">https://www.regulations.gov,</E>
                     type USCG-2025-0999 in the search box and click “Search.” Next, look for this document in the Search Results column, and click on it. Then click on the Comment option. If your material cannot be submitted using 
                    <E T="03">https://www.regulations.gov,</E>
                     contact the person in the 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                     section of this document for alternate instructions.
                </P>
                <P>
                    <E T="03">Viewing material in docket.</E>
                     To view documents mentioned in this proposed rule as being available in the docket, find the docket as described in the previous paragraph, and then select “Supporting &amp; Related Material” in the 
                    <PRTPAGE P="55065"/>
                    Document Type column. Public comments will also be placed in our online docket and can be viewed by following instructions on the 
                    <E T="03">https://www.regulations.gov</E>
                     Frequently Asked Questions web page. Also, if you go to the online docket and sign up for email alerts through the “Subscribe” option, you will be notified when comments/updates are posted, or a final rule is published.
                </P>
                <P>
                    <E T="03">Personal information.</E>
                     We accept anonymous comments. Comments we post to 
                    <E T="03">https://www.regulations.gov</E>
                     will include any personal information you have provided. For more about privacy and submissions in response to this document, see DHS's eRulemaking System of Records notice (85 FR 14226, March 11, 2020).
                </P>
                <LSTSUB>
                    <HD SOURCE="HED">List of Subjects in 33 CFR Part 117 </HD>
                    <P>Bridges.</P>
                </LSTSUB>
                <P>For the reasons discussed in the preamble, the Coast Guard proposes to amend 33 CFR part 117 as follows:</P>
                <PART>
                    <HD SOURCE="HED">PART 117—DRAWBRIDGE OPERATION REGULATIONS</HD>
                </PART>
                <AMDPAR>1. The authority citation for part 117 continues to read as follows:</AMDPAR>
                <AUTH>
                    <HD SOURCE="HED">Authority:</HD>
                    <P> 33 U.S.C. 499; 33 CFR 1.05-1; and DHS Delegation No. 00170.1. Revision No. 01.3</P>
                </AUTH>
                <AMDPAR>2. Revise § 117.739(c) to read as follows</AMDPAR>
                <SECTION>
                    <SECTNO>§ 117.739 </SECTNO>
                    <SUBJECT>Passaic River.</SUBJECT>
                    <STARS/>
                    <P>(c) The draw of CONRAIL's Point-No-Point Railroad Bridge, mile 2.6, between the City of Newark and the Town of Kearny, NJ, shall be operated from a remote location at all times, except when it is tended locally. The bridge shall open on signal once notice is given. After the signal to open is given, the opening may be delayed no more than ten minutes.</P>
                    <P>(1) Closed circuit television cameras shall be operated and maintained at the bridge site to enable the remotely located bridge tender to have a full view of both vessel traffic and the bridge.</P>
                    <P>(2) Radiotelephone Channel 13/16 VHF-FM shall be maintained and utilized to facilitate communication in both remote and local control locations. A push-to-talk (PTT) will be maintained on VHF-FM channel 13. Vessels may push the PTT button five times while on VHF-FM channel 13 and the remotely located bridge tender will receive and respond to the request and commence opening of the bridge.</P>
                    <P>(3) The bridge shall also be equipped with directional microphones and horns to receive and deliver signals to vessels.</P>
                    <P>(4) A telephone number will be maintained and posted for mariners to directly contact the remotely located bridge tender.</P>
                    <STARS/>
                </SECTION>
                <SIG>
                    <NAME>M.E. Platt,</NAME>
                    <TITLE>Rear Admiral, U.S. Coast Guard, Commander, Northeast Guard District.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21670 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 9110-04-P</BILCOD>
        </PRORULE>
        <PRORULE>
            <PREAMB>
                <AGENCY TYPE="N">ENVIRONMENTAL PROTECTION AGENCY</AGENCY>
                <CFR>40 CFR Parts 174 and 180</CFR>
                <DEPDOC>[EPA-HQ-OPP-2025-0028; FRL-12474-09-OCSPP]</DEPDOC>
                <SUBJECT>Receipt of Pesticide Petitions Filed for Residues of Pesticide Chemicals in or on Various Commodities—September 2025</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Environmental Protection Agency (EPA).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of filing of petitions and request for comment.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>This document announces the Agency's receipt of and solicits public comment on initial filings of pesticide petitions requesting the establishment or modification of regulations for residues of pesticide chemicals in or on various commodities. The Agency is providing this notice in accordance with the Federal Food, Drug, and Cosmetic Act (FFDCA). EPA uses the month and year in the title to identify when the Agency compiled the petitions identified in this notice of filing. Unit II. of this document identifies certain petitions received in 2024, that are currently being evaluated by EPA, along with information about each petition, including who submitted the petition and the requested action.</P>
                </SUM>
                <EFFDATE>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments must be received on or before December 31, 2025.</P>
                </EFFDATE>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Submit your comments, identified by docket identification (ID) number and the pesticide petition (PP) of interest identified in Unit II. of this document, online 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 and 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>Each application summary in Unit II. specifies a contact division. The appropriate division contacts are identified as follows:</P>
                    <P>
                        • RD (Registration Division) (Mail Code 7505T); Charles Smith; main telephone number: (202) 566-1030; email address: 
                        <E T="03">RDFRNotices@epa.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">I. Executive Summary</HD>
                <HD SOURCE="HD2">A. Does this action apply to me?</HD>
                <P>This action provides information that is directed to the public in general.</P>
                <HD SOURCE="HD2">B. What is the Agency's authority for taking this action?</HD>
                <P>
                    EPA regulations for residues of pesticide chemicals in or on various food commodities are established under section 408 of the Federal Food, Drug, and Cosmetic Act (FFDCA), 21 U.S.C. 346a. FFDCA section 408(d)(3), 21 U.S.C. 346a(d)(3), requires EPA to publish a notice of receipt of these petitions in the 
                    <E T="04">Federal Register</E>
                     and provide an opportunity for public comment on the requests.
                </P>
                <HD SOURCE="HD2">C. What action is the Agency taking?</HD>
                <P>As specified in FFDCA section 408(d)(3), 21 U.S.C. 346a(d)(3), EPA is publishing notice of the receipt of pesticide petitions filed under FFDCA section 408 that request the establishment or modification of regulations for residues of pesticide chemicals in or on various food commodities. The Agency is taking public comment on the requests before responding to the petitioner. Pursuant to 40 CFR 180.7(f), a summary of the petition identified in this document, prepared by the petitioner, is included in a docket. EPA has determined that the pesticide petitions described in this document contain data or information prescribed in FFDCA section 408(d)(2), 21 U.S.C. 346a(d)(2), and 40 CFR 180.7(b); however, EPA has not fully evaluated the sufficiency of the submitted data at this time or whether the data supports granting the pesticide petitions. After considering the public comments, EPA intends to evaluate whether and what action may be warranted. Additional data may be needed before EPA can make a final determination on these pesticide petitions.</P>
                <P>
                    Based upon review of the data supporting these petitions and in accordance with its authority under FFDCA section 408(d)(4)(A)(i), EPA may establish a final tolerance or tolerance exemption that “may vary from that sought by the petitioner.” For example, EPA may determine that it is appropriate to vary the commodity 
                    <PRTPAGE P="55066"/>
                    name for consistency with EPA's Food and Feed Commodity Vocabulary, which is located here 
                    <E T="03">https://www.epa.gov/pesticide-tolerances/food-and-feed-commodity-vocabulary,</E>
                     or vary the tolerance level based on available data, harmonization interests, or the trailing zeros policy. In addition, when evaluating a petition's requests for a tolerance or exemption, EPA will consider how use of the pesticide on a crop for which a tolerance is requested may result in residues in or on commodities related to that requested commodity (
                    <E T="03">e.g.,</E>
                     whether use on sugar beets for which a tolerance was requested on sugar beet root also requires a tolerance on sugar beet tops or whether use on a cereal grain for which a grain tolerance was requested also requires a tolerance on related animal feed commodities derived from that cereal grain). Public commenters should consider the possibility of such revisions in preparing comments on these petitions.
                </P>
                <HD SOURCE="HD2">D. What should I consider as I prepare my comments for EPA?</HD>
                <P>
                    1. 
                    <E T="03">Submitting CBI.</E>
                     Do not submit CBI to EPA through 
                    <E T="03">https://www.regulations.gov</E>
                     or email. If you wish to include CBI in your comment, please follow the applicable instructions at 
                    <E T="03">https://www.epa.gov/dockets/commenting-epa-dockets#rules</E>
                     and clearly mark the information that you claim to be CBI. In addition to one complete version of the comment that includes CBI, a copy of the comment without CBI must be submitted for inclusion in the public docket. Information marked as CBI will not be disclosed except in accordance with procedures set forth in 40 CFR part 2.
                </P>
                <P>
                    2. 
                    <E T="03">Tips for preparing your comments.</E>
                     When preparing and submitting your comments, see the commenting tips at 
                    <E T="03">https://www.epa.gov//commenting-epa-dockets.</E>
                </P>
                <HD SOURCE="HD1">II. Petitions Received</HD>
                <P>This unit provides the following information about the petitions:</P>
                <P>• The Pesticide Petition (PP) Identification (IN) number;</P>
                <P>• EPA docket ID number for the petition;</P>
                <P>
                    • Information about the petition (
                    <E T="03">i.e.,</E>
                     name of the petitioner, name of the pesticide chemical residue and the commodities for which a tolerance or exemption is sought);
                </P>
                <P>• The analytical method available to detect and measure the pesticide chemical residue or the petitioner's statement about why such a method is not needed; and</P>
                <P>• The division to contact for that petition.</P>
                <P>Additional information on the petitions may be obtained through the petition summaries that were prepared by the petitioners pursuant to 21 U.S.C. 346a(d)(2)(A)(i)(I) and 40 CFR 180.7(b)(1), which are included in the docket for the petition as identified in this unit.</P>
                <P>
                    • 
                    <E T="03">PP 4F9161.</E>
                     (EPA-HQ-OPP-2025-0129). Valent U.S.A. LLC, 4600 Norris Canyon Road, San Ramon, CA 94583 requests to amend 40 CFR part 180 by establishing a tolerance for residues of fungicide inpyrfluxam (3-(difluoromethyl)-
                    <E T="03">N</E>
                    -[(
                    <E T="03">R</E>
                    )-2,3-dihydro-1,1,3-trimethyl-1
                    <E T="03">H</E>
                    -inden-4-yl]-1-methyl-1
                    <E T="03">H</E>
                    -pyrazole-4-carboxamide) in or on leafy greens subgroup 4-16A at 5 parts per million (ppm). An independently validated method is used to measure and evaluate the chemical inpyrfluxam. 
                    <E T="03">Contact:</E>
                     RD.
                </P>
                <P>
                    • 
                    <E T="03">PP 5F9188.</E>
                     (EPA-HQ-OPP-2025-1444). ADAMA Agan Ltd. c/o Makhteshim Agan of North America, Inc. (d/b/a ADAMA) 8601 Six Forks Road, Suite 300 Raleigh, NC 27615, requests to establish a tolerance in 40 CFR part 180 for residues of the herbicide metamitron in or on beet, sugar, roots at 0.01 ppm. The HPLC employing tandem mass spectrometric (MS/MS) detection (LC-MS/MS) is used to measure and evaluate the chemical metamitron. 
                    <E T="03">Contact:</E>
                     RD.
                </P>
                <P>
                    • 
                    <E T="03">PP 5F9198.</E>
                     (EPA-HQ-OPP-2025-2103). Corteva Agriscience, 9330 Zionsville Road Indianapolis, IN 46268, requests to establish a tolerance in 40 CFR part 180 for residues of the nematicide fluazaindolizine in or on: Almond, hulls at 3.0 ppm; strawberry at 0.15 ppm; fruit, small vine climbing (except fuzzy kiwifruit), subgroup 13-07F at 0.04 ppm; raisins at 0.15 ppm; cherry subgroup 12-12A at 0.01 ppm; orange subgroup 10-10A at 0.03 ppm; lemon/lime subgroup 10-10B at 0.01 ppm; grapefruit subgroup 10-10C at 0.01 ppm; nut, tree, group 14-12 at 0.04 ppm; vegetable, brassica, head and stem, group 5-16 at 0.02 ppm; vegetable, leafy, group 4-16 at 0.02 ppm and herb, fresh leaves, subgroup 25A at 0.02 ppm. The LC/MS/MS method is used to measure and evaluate the chemical fluazaindolizine. 
                    <E T="03">Contact:</E>
                     RD.
                </P>
                <P>
                    • 
                    <E T="03">PP 5F9198.</E>
                     (EPA-HQ-OPP-2025-2103). Corteva Agriscience, 9330 Zionsville Road Indianapolis, IN 46268, requests to establish an indirect or inadvertent tolerance for residues of the nematicide fluazaindolizine in or on Sugarcane at 0.01 ppm. The LC/MS/MS method is used to measure and evaluate the chemical fluazaindolizine. 
                    <E T="03">Contact:</E>
                     RD.
                </P>
                <AUTH>
                    <HD SOURCE="HED">Authority: </HD>
                    <P>21 U.S.C. 346a.</P>
                </AUTH>
                <SIG>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Edward Messina,</NAME>
                    <TITLE>Director, Office of Pesticide Programs.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21679 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6560-50-P</BILCOD>
        </PRORULE>
        <PRORULE>
            <PREAMB>
                <AGENCY TYPE="N">FEDERAL COMMUNICATIONS COMMISSION</AGENCY>
                <CFR>47 CFR Part 1</CFR>
                <DEPDOC>[WT Docket No. 25-276; FCC 25-67; FR ID 318640]</DEPDOC>
                <SUBJECT>Build America: Eliminating Barriers to Wireless Deployments</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Federal Communications Commission.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Proposed rule.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>In this document, the Federal Communications Commission (the FCC or Commission) seeks to advance its Build America Agenda by seeking comment on reforms that would free towers and other wireless infrastructure from unlawful regulatory burdens imposed.</P>
                </SUM>
                <EFFDATE>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments are due December 31, 2025. Reply Comments are due January 15, 2026.</P>
                </EFFDATE>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>Pursuant to §§ 1.415 and 1.419 of the Commission's rules, 47 CFR 1.415, 1.419, interested parties may file comments and reply comments on or before the dates indicated on the first page of this document. Comments may be filed using the Commission's Electronic Comment Filing System (ECFS). You may submit comments, identified by WT Docket No. 25-276, by any of the following methods:</P>
                    <P>
                        • 
                        <E T="03">Electronic Filers:</E>
                         Comments may be filed electronically using the internet by accessing the ECFS: 
                        <E T="03">https://www.fcc.gov/ecfs.</E>
                    </P>
                    <P>
                        • 
                        <E T="03">Paper Filers:</E>
                         Parties who choose to file by paper must file an original and one copy of each filing. Filings can be sent by hand or messenger delivery, by commercial courier, or by the U.S. Postal Service. All filings must be addressed to the Secretary, Federal Communications Commission.
                    </P>
                    <P>• Hand-delivered or messenger delivered paper filings for the Commission's Secretary are accepted between 8 a.m. and 4 p.m. by the FCC's mailing contractor at 9050 Junction Drive, Annapolis Junction, MD 20701. All hand deliveries must be held together with rubber bands or fasteners. Any envelopes and boxes must be disposed of before entering the building.</P>
                    <P>
                        • Commercial courier deliveries (any deliveries not by the U.S. Postal Service) 
                        <PRTPAGE P="55067"/>
                        must be sent to 9050 Junction Drive, Annapolis Junction, MD 20701.
                    </P>
                    <P>• Filings sent by U.S. Postal Service First-Class Mail, Priority Mail, and Priority Mail Express must be sent to 45 L Street NE, Washington, DC 20554.</P>
                    <P>
                        • 
                        <E T="03">People with Disabilities.</E>
                         To request materials in accessible formats for people with disabilities (braille, large print, electronic files, audio format), send an email to 
                        <E T="03">fcc504@fcc.gov</E>
                         or call the Consumer &amp; Governmental Affairs Bureau at 202-418-0530.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Jeff Bartlett, FCC, Wireless Telecommunications Bureau, Competition &amp; Infrastructure Policy Division, (202) 418-1994, 
                        <E T="03">Jeffrey.Bartlett@fcc.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    This is a summary of the Commission's Notice of Proposed Rulemaking (
                    <E T="03">NPRM</E>
                    ), in WT Docket No. 25-276; FCC 25-276, adopted and released on September 30, 2025. The full text of this document is available at 
                    <E T="03">https://docs.fcc.gov/public/attachments/FCC-25-67A1.pdf.</E>
                </P>
                <P>
                    <E T="03">Paperwork Reduction Act.</E>
                     This document may contain proposed new or modified information collections. The Commission, as part of its continuing effort to reduce paperwork burdens, invites the general public and the Office of Management and Budget (OMB) to comment on any information collections contained in this document, as required by the Paperwork Reduction Act of 1995, 44 U.S.C. 3501-3521. In addition, pursuant to the Small Business Paperwork Relief Act of 2002, 44 U.S.C. 3506(c)(4), we seek specific comment on how we might further reduce the information collection burden for small business concerns with fewer than 25 employees.
                </P>
                <P>
                    <E T="03">Regulatory Flexibility Act.</E>
                     The Regulatory Flexibility Act of 1980, as amended (RFA), requires that an agency prepare a regulatory flexibility analysis for notice and comment rulemaking proceedings, unless the agency certifies that “the rule will not, if promulgated, have a significant economic impact on a substantial number of small entities.” Accordingly, the Commission has prepared an Initial Regulatory Flexibility Analysis (IRFA) concerning potential rule and policy changes contained in this Notice of Proposed Rulemaking (
                    <E T="03">NPRM</E>
                    ). The IRFA is set forth in Appendix B of the 
                    <E T="03">NPRM.</E>
                     The Commission invites the general public, in particular small businesses, to comment on the IRFA. Comments must be filed by the deadlines for comments on the first page of this 
                    <E T="03">NPRM</E>
                     and must have a separate and distinct heading designating them as responses to the IRFA.
                </P>
                <P>
                    <E T="03">Providing Accountability Through Transparency Act.</E>
                     Consistent with the Providing Accountability Through Transparency Act, Public Law 118-9, a summary of this document will be available on 
                    <E T="03">https://www.fcc.gov/proposed-rulemakings.</E>
                </P>
                <HD SOURCE="HD1">Synopsis</HD>
                <HD SOURCE="HD1">Introduction</HD>
                <P>
                    With this Notice of Proposed Rulemaking (
                    <E T="03">NPRM</E>
                    ), we advance the Commission's Build America Agenda by proposing reforms that would free towers and other wireless infrastructure from regulatory burdens imposed at the state and local level. This NPRM answers President Trump's call across the federal government to expedite, eliminate, and simplify permitting burdens that inhibit economic development, job creation, and energy production. This proceeding also builds on the Commission's successful efforts during President Trump's first term to streamline infrastructure rules, which helped spur significant investment and network buildout.
                </P>
                <P>New infrastructure builds remain essential to this nation's 5G leadership. American consumers demand more from their mobile networks as wireless data traffic rises rapidly year-over-year. The number of mobile voice subscriptions has continued to increase year-over-year. In North America alone, experts predict a 12% compound annual growth rate in mobile data traffic per active smartphone between 2024 and 2030. In addition, fixed wireless access (FWA) services, which are provided over the same networks that provide mobile voice and data service, have gained traction in the marketplace and can play a pivotal role in facilitating the delivery of broadband service. Artificial intelligence (AI) is also expected to significantly increase demand on mobile networks.</P>
                <P>To ensure that mobile service providers can keep pace with consumer demands and needs, we seek to continue the success of the Commission's prior efforts to remove regulatory barriers that would unlawfully inhibit the deployment of wireless infrastructure. This objective, which reflects a longstanding bipartisan priority, is consistent with Congress's stated intent in the Telecommunications Act of 1996 to “provide for a pro-competitive, de-regulatory national policy framework designed to accelerate rapidly private sector deployment of advanced telecommunications and information technologies to all Americans by opening all telecommunications markets to competition . . . .”</P>
                <P>
                    In this 
                    <E T="03">NPRM,</E>
                     we first seek to clarify and potentially expand upon the Commission's rulings under certain permitting provisions of section 6409(a) of the Spectrum Act of 2012 (Spectrum Act) that expedite state or local approval of certain modifications of existing tower and wireless base stations. In particular, in response to court remand, we seek to clarify the meaning of “concealment elements,” which are used by builders to minimize the visual impact of towers and other wireless infrastructure, and to codify these clarifications in § 1.6100 of the Commission's rules, as described in Appendix A. We also ask for comment on other changes that the Commission should consider making to § 1.6100, such as changes related to siting conditions, to further streamline wireless permitting proceedings and facilitate the rapid buildout of wireless infrastructure.
                </P>
                <P>Second, we seek comment on whether we should take further steps to ensure that state and local permitting regulations do not prohibit or have the effect of prohibiting the deployment of wireless infrastructure facilities pursuant to sections 253 and 332(c)(7) of the Communications Act. We recognize that some state and local governments have taken important steps to modernize their approach to siting requests. However, in recent years, a number of state and local regulations have inhibited the deployment, densification, and upgrading of wireless networks, resulting in an effective prohibition of 5G wireless services. We seek comment on such regulations, including potential preemption, particularly those that:</P>
                <P>• Inhibit the deployment of macro cell towers and other wireless facilities;</P>
                <P>• Impose unreasonable delays of permitting approvals;</P>
                <P>• Assess disproportionate or otherwise unreasonable fees;</P>
                <P>• Condition approval on aesthetic or similar criteria; and</P>
                <P>• Impose other regulatory impediments in violation of the Telecommunications Act and Commission rules.</P>
                <P>In addition, we seek comment on whether the Commission should consider implementing alternative dispute resolution procedures to facilitate the resolution of permitting disputes.</P>
                <P>
                    Our goal is to ensure that all state and local permitting regulations that address the deployment of wireless infrastructure are consistent with the 
                    <PRTPAGE P="55068"/>
                    requirements of section 6409 of the Spectrum Act and sections 253 and 332(c)(7) of the Communications Act, and do not prohibit or effectively prohibit the provision of service. As an overarching matter, we ask that commenters that responded to our companion Notice of Inquiry construing section 253's statutory provisions to identify portions of that record that bear on factual, policy, economic, or legal issues raised in this 
                    <E T="03">NPRM</E>
                     to help inform the Commission's next steps in this proceeding.
                </P>
                <HD SOURCE="HD1">Background</HD>
                <HD SOURCE="HD1">FCC Implementation of Section 6409(a) of the Spectrum Act</HD>
                <P>In section 6409(a) of the Spectrum Act, Congress recognized the efficiency of using existing infrastructure for the expansion of advanced wireless networks, and, accordingly, the need to expedite state or local approval of certain modifications of existing tower and wireless base stations. Section 6409(a) provides that “a State or local government may not deny, and shall approve, any eligible facilities request for a modification of an existing wireless tower or base station that does not substantially change the physical dimensions of such tower or base station.” Further, section 6003 of the Spectrum Act requires the Commission to “implement and enforce” the provisions of the Spectrum Act as if it “is a part of the Communications Act of 1934.”</P>
                <P>In 2014, the Commission adopted rules implementing section 6409(a). Section 1.6100(c)(2) of the Commission's rules provides that a state or local government must approve an eligible facilities request within 60 days of the date on which an applicant submits the request. The rules define an “eligible facilities request” as “[a]ny request for modification of an existing tower or base station that does not substantially change the physical dimensions of such tower or base station, involving: (i) collocation of new transmission equipment; (ii) removal of transmission equipment; or (iii) replacement of transmission equipment.” The rules provide that changes are “substantial” if they: (i) exceed defined limits on increases in the height or girth of the structure or the number of associated equipment cabinets; (ii) involve excavation or deployment on ground outside a structure's current site; (iii) defeat the concealment elements of the pre-existing structure; or (iv) violate conditions previously imposed by the local zoning authority.</P>
                <P>
                    In the 
                    <E T="03">2020 Declaratory Ruling,</E>
                     the Commission clarified the 2014 rules including clarifying that the term “concealment elements” means “elements of a stealth-designed facility intended to make the facility look like something other than a wireless tower or base station,” such as a tree or flag pole. The Commission clarified that, “the element must have been part of the facility that the locality approved in its prior review.” The Commission determined that a modification “defeats” a concealment element (and thus becomes ineligible for expedited local approval) where it “cause[s] a reasonable person to view the structure's intended stealth design as no longer effective after the modification.”
                </P>
                <P>
                    The 
                    <E T="03">2020 Declaratory Ruling</E>
                     also addressed the application of the siting conditions provision under which a proposed modification would not qualify as an eligible facilities request if it did “not comply with conditions associated with the siting approval of the construction or modification of the eligible support structure or base station equipment . . . .” The 
                    <E T="03">2020 Declaratory Ruling</E>
                     stated that this limitation could include aesthetic conditions to minimize the visual impact of a wireless facility, as long as the condition does not prevent modifications explicitly allowed under the rules (antenna height, antenna width, equipment cabinets, and excavations or deployments outside the current site).
                </P>
                <P>
                    In 2024, the U.S. Court of Appeals for the Ninth Circuit (Ninth Circuit) upheld the 
                    <E T="03">2020 Declaratory Ruling</E>
                     in most respects but remanded to the Commission to use notice-and-comment rulemaking before clarifying the meaning of “concealment elements.” The court determined that the clarifications were “inconsistent with the unambiguous text” of the Commission's 2014 rules implementing section 6409(a) and therefore were “legislative rules” that required a notice-and-comment rulemaking under the Administrative Procedure Act (APA). The court found that the 
                    <E T="03">2020 Declaratory Ruling</E>
                     did not satisfy this procedural requirement and that this was not harmless error.
                </P>
                <HD SOURCE="HD2">A. FCC Implementation of Sections 253 and 332(c)(7) of the Communications Act</HD>
                <P>Sections 253 and 332(c)(7) of the Communications Act expressly preempt state or local requirements that prohibit or have the effect of prohibiting the provision of telecommunications service and personal wireless service, respectively.</P>
                <P>Section 253(a) provides that “[n]o State or local statute or regulation, or other State or local legal requirement, may prohibit or have the effect of prohibiting the ability of any entity to provide any interstate or intrastate telecommunications service.” This provision establishes “a rule of preemption [that] articulates a reasonably broad limitation on state and local governments' authority to regulate telecommunications providers.” Sections 253(b) and 253(c) establish two exceptions to the rule of preemption. First, section 253(b) preserves state statutes, regulations, and legal requirements that are competitively neutral, consistent with section 253 of the Act, and “necessary to preserve and advance universal service, protect the public safety and welfare, ensure the continued quality of telecommunications services, and safeguard the rights of consumers.” Second, section 253(c) preserves “the authority of a State or local government to manage their public rights-of-way or to require fair and reasonable compensation from telecommunications providers, on a competitively neutral and nondiscriminatory basis, for the use of public rights-of-way on a nondiscriminatory basis, if the compensation required is publicly disclosed by such government.” Section 253(d) requires the Commission, after notice and comment, to preempt the enforcement of specific state or local requirements that violate section 253 to “the extent necessary to correct such violation or inconsistency.”</P>
                <P>Similar to section 253, Congress specified in section 332(c)(7) that “[t]he regulation of the placement, construction, and modification of personal wireless service facilities by any State or local government or instrumentality thereof—(I) shall not unreasonably discriminate among providers of functionally equivalent services; and (II) shall not prohibit or have the effect of prohibiting the provision of personal wireless services.” Section 332(c)(7) also sets forth a judicial remedy, stating that “[a]ny person adversely affected by any final action or failure to act by a State or local government” that is inconsistent with the requirements of Section 332(c)(7) “may, within 30 days after such action or failure to act, commence an action in any court of competent jurisdiction.”</P>
                <P>
                    In 2018, the Commission adopted the 
                    <E T="03">Small Cell Order,</E>
                     which affirmed that state or local statutes, regulations, or ordinances are unlawful when they prohibit or have the effect of prohibiting service under sections 253(a) and 332(c)(7) with respect to “Small 
                    <PRTPAGE P="55069"/>
                    Wireless Facilities.” Specifically, the Commission found that state and local regulatory fees prohibit or have the effect of prohibiting the deployment of Small Wireless Facilities under sections 253 and 332, unless the fees: (1) reasonably approximate the state or local government's costs; (2) include only “objectively reasonable costs”; and (3) are “no higher than the fees charged to similarly-situated competitors in similar situations.” Given the characteristics of Small Wireless Facilities and the anticipated number of deployments, the Commission concluded that for Small Wireless Facilities, fees that exceed these limits prohibit or have the effect of prohibiting service when considered in the aggregate. The Commission also established presumptive “shot clocks” that govern the amount of time state and local permitting authorities can take to review applications for both Small Wireless Facilities and other larger facilities. The Commission also concluded that state and local “aesthetics requirements are not preempted if they are (1) reasonable, (2) no more burdensome than those applied to other types of infrastructure deployments, and (3) objective and published in advance.”
                </P>
                <P>
                    In August 2020, the Ninth Circuit upheld the Commission's 
                    <E T="03">Small Cell Order</E>
                     with respect to fee limitations, shot clocks, and the finding that aesthetic requirements must be reasonable. The court, however, vacated and remanded the Commission's determination that aesthetic requirements be no more burdensome than those applied to other types of infrastructure deployments, and found that the requirement that aesthetic requirements be objective lacked a reasoned explanation.
                </P>
                <HD SOURCE="HD1">Discussion</HD>
                <HD SOURCE="HD2">B. Section 6409(a) of the Spectrum Act</HD>
                <P>
                    We propose to revise § 1.6100 of the Commission's rules (as set forth in Appendix A of the 
                    <E T="03">NPRM</E>
                    ) to codify the 
                    <E T="03">2020 Declaratory Ruling'</E>
                    s clarifications regarding concealment elements and siting conditions. In addition, we propose to codify the guidance and examples the Commission provided in the 
                    <E T="03">2020 Declaratory Ruling,</E>
                     to illustrate how the rule revisions would operate in practice. We anticipate that revising the rules as proposed will help provide greater certainty, and thereby reduce the number of disputes in the permitting process.
                </P>
                <HD SOURCE="HD3">Concealment Elements</HD>
                <P>
                    Section 1.6100(b)(7)(v) of the Commission's rules states that a modification “substantially changes” the physical dimensions of an existing structure if “[i]t would defeat the concealment elements of the eligible support structure,” but it does not define what qualifies as a “concealment element.” In the 
                    <E T="03">Wireless Infrastructure Order</E>
                     the Commission stated that “concealed or `stealth'-designed facilities” were “facilities designed to look like some feature other than a wireless tower or base station,” and that “any change that defeats the concealment elements of such facilities would be considered a substantial change under section 6409(a).” The Commission identified “painting to match the supporting facade or artificial tree branches” as examples of “concealment elements.”
                </P>
                <P>
                    In the 
                    <E T="03">2020 Declaratory Ruling,</E>
                     the Commission sought to clarify the concealment elements provision in § 1.6100(b)(7)(v), noting that stakeholders had “interpreted the definition of `concealment element' and the types of modifications that would `defeat' concealment in different ways.” The Commission clarified that concealment elements were “elements of a stealth-designed facility intended to make the facility look like something other than a wireless tower or base station.” The Commission also found that concealment elements are “defeated” when “the proposed modification . . . cause[s] a reasonable person to view the structure's intended stealth design as no longer effective after the modification.” In doing so, the Commission rejected arguments that “any attribute that minimizes the visual impact of a facility, such as a specific location on a rooftop site or placement behind a tree line or fence, can be a concealment element.” The Commission noted that local governments often address visual impacts “not through specific stealth conditions, but through careful placement conditions” and that the Commission's rules governing “conditions associated with the siting approval” separately address conditions to minimize the visual impact of non-stealth facilities.
                </P>
                <P>
                    Consistent with the 
                    <E T="03">2020 Declaratory Ruling,</E>
                     we propose to define concealment elements as those elements intended to make a stealth-designed facility look like something other than a wireless tower or base station. We also propose that a requested modification would “defeat” a concealment element if it would cause a reasonable person to view the structure's intended stealth design as ineffective. A proposed modification would not defeat concealment if its stealth-design elements would continue to make the structure not appear to be a wireless facility.
                </P>
                <P>
                    We further propose to codify the guidance the Commission provided in the 
                    <E T="03">2020 Declaratory Ruling</E>
                     regarding the application of this approach. For example, placing coaxial cable on the outside of a stealth facility would be unlikely to make the stealth design of the facility ineffective because such cables are typically a small size. A modification that involves a change in color would only defeat concealment if it would cause a reasonable person to view the intended stealth design of the underlying facility as no longer effective. For facilities stealth-designed to resemble a pine tree (a “monopine” wireless facility), if the prior approval of that facility requires that the monopine remain hidden behind a tree line, a proposed modification that makes the monopine visible above the tree line would not defeat concealment if a reasonable person would continue to view the stealth design of the monopine as effective. We would not view a requirement that the facility remain hidden behind a tree line as a feature of a stealth-designed facility, but instead as an aesthetic siting approval condition that would fall under § 1.6100(b)(7)(vi), as described below.
                </P>
                <P>
                    We expect that these changes will provide a clearer regulatory framework that will mitigate potential disputes during the permitting process and expedite broadband deployment. We seek comment on this analysis and on the scope of benefits and any potential drawbacks associated with our proposed approach. Do commenters agree that adopting these proposed rule changes would help spur wireless facilities deployment by providing clarity and reducing permitting disputes? We ask commenters to provide information about their experiences during the permitting process. To what extent do disputes regarding concealment elements arise? What changes have localities viewed as defeating concealment? What effect have such disputes about concealment elements had on efforts to deploy wireless infrastructure? If any commenters oppose our proposed rule changes, we ask them to explain why the proposed changes should not be adopted and to discuss alternative approaches we should consider, including any alternative approaches that should apply to small entities. We propose to codify the examples to illustrate how the rules would apply and seek 
                    <PRTPAGE P="55070"/>
                    comment on this approach. Are there other situations that we should consider addressing in this manner?
                </P>
                <HD SOURCE="HD3">Conditions Associated With the Siting Approval</HD>
                <P>
                    We also propose to revise the rules to formally codify the Commission's determinations in the 
                    <E T="03">2020 Declaratory Ruling</E>
                     regarding siting approval conditions. Under the current rules, a modification is “substantial” (and thus ineligible for expedited approval) if “[i]t does not comply with conditions associated with the siting approval of the construction or modification of the eligible support structure or base station equipment, provided however that this limitation does not apply to any modification that is non-compliant only in a manner that would not exceed the thresholds identified in [paragraphs](b)(7)(i) through (iv).” Consistent with the court's decision and the 
                    <E T="03">2020 Declaratory Ruling,</E>
                     we propose to revise the rule to clarify that any siting approval condition—including an aesthetics-related condition or any other condition designed to address the visual impact of a facility—cannot be used to prevent modifications specifically allowed under § 1.6100(b)(7)(i) through (iv) of the rules.
                </P>
                <P>
                    We further propose to adopt and codify the Commission's previous guidance and examples from the 
                    <E T="03">2020 Declaratory Ruling.</E>
                     For example, if a locality had an aesthetics-related condition that specified a three-foot shroud cover for a three-foot antenna, the locality could not prevent replacement of the original antenna with a four-foot antenna that complies with § 1.6100(b)(7)(i). If there was express evidence that the shroud cover requirement was a condition of the locality's original approval, the locality could enforce its shrouding condition if the provider could reasonably install a four-foot shroud to cover the new four-foot antenna. The locality also could enforce a shrouding requirement that was not size-specific and that did not limit modifications allowed under § 1.6100(b)(7)(i) through (iv).
                </P>
                <P>Under the proposal, existing walls and fences around non-stealth designed facilities would be considered aesthetic conditions and not concealment elements. However, if there was express evidence that the wall or fence was a condition of approval in order to fully obscure the original equipment from view, the locality may require a provider to make reasonable efforts to extend the wall or fence to continue covering the equipment. We further propose to codify the Commission's 2020 guidance that for a tower that was originally approved conditioned on being hidden behind a tree line, a proposed modification, allowed under § 1.6100, that would make the tower visible above the tree line would be permitted. A locality could not prevent such a modification because the provider presumably could not reasonably replace a grove of mature trees with a grove of taller mature trees to maintain the absolute hiding of the tower.</P>
                <P>We seek comment on the proposed rule changes. We tentatively conclude that they would make the Commission's rules clearer and easier to understand, streamline the wireless permitting processes across the country, and minimize disputes over differing interpretations. We ask for comments on this analysis and on the potential benefits or drawbacks of this approach. In addition, we invite commenters to discuss their experiences with respect to aesthetics-related conditions and conditions designed to address the visual impact of wireless facilities. Do such conditions affect the time to complete deployment, increase costs, or reduce providers' ability to satisfy coverage demands and/or provide enhanced services. We ask commenters to also provide information on the extent to which such conditions have restricted modifications to existing infrastructure that would have otherwise been permitted under our rules. Commenters who oppose our approach should explain why the proposed rule changes should not be adopted and discuss alternatives the Commission should consider, including alternatives that would be appropriate for small entities.</P>
                <HD SOURCE="HD3">Other Considerations</HD>
                <P>Finally, we seek comment on other possible changes to § 1.6100 to reduce permitting and other barriers to infrastructure deployment. For example, should the Commission clarify the relationship between time-limited conditional use permits (CUPs) and the requirements of section 6409(a)? Recently, some local jurisdictions have passed ordinances that require tower owners to renew their wireless tower facility permits after 10 years, which include “eligible facilities” under section 6409. In some instances, after the expiration of the initial permit period, the local government imposes new conditions on permit renewals for deployments previously deemed eligible facilities requests under section 6409(a). For example, a City of Monterey, CA ordinance states that a wireless facility permit may not have a duration longer than ten years. We seek comment on whether the Commission should adopt a rule that, once a particular deployment is found to be an eligible facilities request and the permit is granted by a state or local jurisdiction, that state or local jurisdiction may not seek to impose new conditions as part of a permit renewal process. Does the imposition of new conditions at the time of renewal conflict with section 6409(a)(1), which provides, in pertinent part, that “a State or local government may not deny, and shall approve, any eligible facilities request for a modification of an existing wireless tower or base station that does not substantially change the physical dimensions of such tower or base station”? Are such ordinances equivalent to a local or state government limiting eligible facilities status to the length of the term of the local permit? Is there any scenario under which an “eligible facility” would lose this designation after it is acknowledged at the initial permit stage? For example, would imposing a new condition be acceptable after a natural disaster alters the terrain where the eligible facility was previously authorized?</P>
                <P>Are there other changes that should be made to initial permit application review and/or renewal applications that would clarify and expedite deployment? Is there a need to further clarify when the timeframe for review is deemed to have begun? Are there other considerations regarding § 1.6100 that would clarify the permitting and renewal process and make it more efficient?</P>
                <HD SOURCE="HD2">C. Sections 253 and 332(c)(7) of the Communications Act</HD>
                <P>
                    As described in this section, we continue to see state and local regulatory impediments to vital infrastructure builds and to the provision of new and high quality services in a competitive marketplace. We seek comment on whether we should take further steps to ensure that state and local permitting regulations do not prohibit or have the effect of prohibiting the deployment of wireless infrastructure facilities pursuant to sections 253 and 332(c)(7) of the Communications Act, recognizing the Ninth Circuit's guidance outlined above. Specifically, we seek comment on state and local permitting regulations that: inhibit the deployment of macro cell towers and other wireless facilities, impose unreasonable delays on permitting approvals, assess disproportionate or otherwise unreasonable fees, condition approval on aesthetic requirements or similar criteria, and impose other regulatory 
                    <PRTPAGE P="55071"/>
                    impediments. In addition, we seek comment on whether the Commission should consider implementing alternative dispute resolution procedures to resolve permitting disputes between applicants and state and local governments.
                </P>
                <HD SOURCE="HD3">Macro Cell Towers and Other Wireless Facilities</HD>
                <P>
                    The 
                    <E T="03">Small Cell Order</E>
                     focused on state and local permitting requirements that affect the installation of Small Wireless Facilities. We recognize, however, the importance of ensuring the timely buildout of macro cell towers and other wireless facilities, which play a vital role in promoting competition and securing higher-quality services.
                </P>
                <P>
                    We seek comment on whether we should extend any of the 
                    <E T="03">Small Cell Order</E>
                     reforms adopted in 2018 or discussed in this NPRM to macro cell towers and other wireless facilities. Are there barriers to extending the 
                    <E T="03">Small Cell Order</E>
                     reforms to macro facilities or other wireless facilities? Commenters should identify which reforms should or should not be extended, and provide specific examples and data that support their position. For example, are there aspects of the 
                    <E T="03">Small Cell Order</E>
                     related to densification or fees that are applicable to macro towers or other wireless facilities? If we extend any of the Small Wireless Facilities reforms to macro cell towers and other wireless facilities, is there a need to modify these reforms to match the specific circumstances associated with the siting of these types of facilities? Are there issues beyond those addressed in the 
                    <E T="03">Small Cell Order</E>
                     and this NPRM that are unique to macro cell towers and, if so, how should the Commission address those issues?
                </P>
                <P>
                    We also seek comment on what constitutes a macro cell tower. Are macro cell towers simply wireless facilities that do not qualify as Small Wireless Facilities under our rules? Are there other factors that we should consider in defining macro cell towers and related facilities? For instance, should we consider the height, width, and volume of the tower or whether the tower is a monopole, lattice, or guyed tower? Should we consider whether the macro facilities or other wireless facilities will be placed on pre-existing structures (
                    <E T="03">e.g.,</E>
                     a water tower)? Commenters should propose definitions for what qualifies as a macro cell tower or other wireless facilities, explain how these facilities are distinguishable from Small Wireless Facilities, and articulate how the Commission should treat these other categories of wireless facilities.
                </P>
                <HD SOURCE="HD3">Unreasonable Delays of Permitting Approvals</HD>
                <P>
                    In the Commission's 
                    <E T="03">2009 Declaratory Ruling,</E>
                     the Commission established a “shot clock” framework to implement the “reasonable period of time” provision of section 332(c)(7)(B)(ii), finding that the lack of a decision from a permitting authority within certain periods of time constituted a “failure to act”. Specifically, the Commission found that 90 days is a reasonable time frame for processing collocation applications and 150 days is a reasonable time frame to process applications other than collocations. In the 
                    <E T="03">Small Cell Order,</E>
                     the Commission adopted a new shot clock framework to take into account the unique features and needs of Small Wireless Facilities. There, the Commission adopted a 60-day shot clock as a presumptively reasonable time period for reviewing applications for Small Wireless Facility collocations, and a 90-day shot clock as a presumptive reasonable time period for a newly constructed structure. The Commission also codified the presumptive 90-day and 150-day shot clocks developed in the 
                    <E T="03">2009 Declaratory Ruling</E>
                     for siting applications that do not involve Small Wireless Facilities.
                </P>
                <P>We seek comment on how well the shot clocks codified in the Commission's rules have helped expedite the delivery of advanced communications services. Have the shot clock timeframes provided greater clarity and efficiency in processing permit applications? Has litigation been reduced? Would adopting additional shot clocks for specific scenarios help improve the efficiency of permit approvals and, if so, what specific revisions and/or additions should be made?</P>
                <P>
                    In the 
                    <E T="03">Small Cell Order,</E>
                     the Commission codified its previous determination that a shot clock begins to run when an application is submitted, not when it is deemed complete by the permitting authority. The rules provide for a temporary pause or tolling if: (1) the permitting authority notifies the applicant within 30 days of submission that the application is materially incomplete and specifies the information needed for completion; and (2) the locality provides written notice to the applicant within 10 days of submission of the applicant's response that not all of the specified information was submitted. The shot clock restarts once the applicant submits the supplemental information.
                </P>
                <P>We seek comment on the effectiveness of these notifications in removing complications and ensuring the efficient processing of incomplete applications. Are permitting authorities requesting multiple rounds of supplements, with subsequent requests including comments not contained in the first request? How often do permitting authorities notify applicants of incomplete filings close to the end of the shot clock period?</P>
                <P>The Commission determined violations of the shot clocks for Small Wireless Facilities constitute a section 332(c) “failure to act,” and a “presumptive prohibition on the provision of personal wireless services within the meaning of section 332(c)(7)(B)(i)(II).” The Commission expects that either the permitting authority would “issue all necessary permits without further delay,” or the applicant would have “a straightforward case” for obtaining relief in court based on violations of section 332(c)(7). The Commission anticipated that courts will typically find that injunctive relief is warranted if there is inaction at the end of the shot clock period, absent extraordinary circumstances that would rebut the presumptive shot clock period.</P>
                <P>
                    In the 
                    <E T="03">Small Cell Order,</E>
                     the Commission noted that “there may be merit” to a “deemed granted” remedy but it declined to adopt this remedy because it determined that the shot clock framework that it had codified “should address the concerns raised by a `deemed granted' remedy.” The Commission also indicated that if its approach “proves insufficient” it may again consider adopting a deemed granted approach.” The Ninth Circuit upheld the Commission's decision not to adopt a “deemed granted” remedy because the Commission had “reasonably explained” that the new shot clock framework would reduce delays prevalent under the prior shot clock regime.
                </P>
                <P>We seek comment on whether shot clocks are preventing unreasonable delay or whether the Commission should reconsider its prior decision not to adopt a deemed granted remedy. If appropriate, what would be the basis for the Commission to adopt a “deemed granted” rule for shot clock violations? For example, could a deemed granted remedy be justified on the basis that unreasonable delays have the effect of prohibiting deployment in violation of section 332(c)(7)(B)(i)(II)? Could the Commission enforce a shot clock violation through a petition under section 253(d)?</P>
                <P>
                    In addition, we seek comment on the effect of excessive delays on the prohibition of covered service under section 253 and 332(c)(7). For example, 
                    <PRTPAGE P="55072"/>
                    can excessive delays result in the abandonment of certain planned deployments? Can such delays also raise the cost of deployments such that a provider might be forced to scale back a planned deployment, either in the locality affected by the delay or in other planned localities? Commenters should provide estimates of recent deployment costs that were raised or schedules that were not met due to expected or actual delays in authorization, including costs per day of delay. How do covered service providers determine when regulatory costs and delays make the provision of telecommunications uneconomical and, therefore, prohibitive in a community? Do delays and costs have a uniquely harmful effect on wireless deployments as opposed to other types of deployments?
                </P>
                <HD SOURCE="HD3">Disproportionate or Unreasonable State and Local Fees</HD>
                <P>
                    <E T="03">Standard for Determining Reasonability of Fees.</E>
                     In the 
                    <E T="03">Small Cell Order,</E>
                     the Commission recognized that “state and local fees and other charges associated with the deployment of wireless infrastructure can unlawfully prohibit the provision of service” under sections 253 and 332(c)(7). The Commission determined that “fees are only permitted to the extent that they are nondiscriminatory and represent a reasonable approximation of the locality's reasonable costs.” The Commission identified “specific fee levels for the deployment of Small Wireless Facilities that presumptively comply with this standard.” The Commission further found that “a variety of fees not reasonably tethered to costs appear to violate sections 253(a) or 332(c)(7) . . . .” For example, the Commission noted, “gross revenue fees generally are not based on the costs associated with an entity's use of the ROW, and where that is the case, are preempted under section 253(a).” With respect to the use of third party contractors or consultants, the Commission found that the “fees must not only be limited to a reasonable approximation of costs, but in order to be reflected in fees, the 
                    <E T="03">costs themselves</E>
                     must also be reasonable.” In 
                    <E T="03">City of Portland,</E>
                     the Ninth Circuit upheld the Commission's determinations on fees, concluding that the Commission reasonably determined that, when localities impose small cell fees that exceed the localities' actual and reasonable costs, those inflated fees have a prohibitive effect on the deployment of small cells nationwide.
                </P>
                <P>
                    Subsequent to the 
                    <E T="03">Small Cell Order,</E>
                     the Wireless Telecommunications Bureau (Bureau) addressed a petition for declaratory ruling requesting preemption of certain recurring fees set forth in a Clark County, Nevada (Clark County) ordinance. In doing so, the Bureau clarified that, pursuant to the 
                    <E T="03">Small Cell Order,</E>
                     a locality, rather than the petitioner, “has the burden of demonstrating to the Commission why fees above safe harbor levels should not be preempted (assuming that the petitioner has made a 
                    <E T="03">prima facie</E>
                     case that the fees in question do, in fact, exceed these safe harbor levels).”
                </P>
                <P>
                    We seek comment on the extent to which state and local fees continue to impede wireless infrastructure deployment and on whether certain findings in the 
                    <E T="03">Small Cell Order</E>
                     on fees are equally applicable to larger wireless facilities, such as macro towers. Additionally, we seek comment on whether we should codify the Commission's findings from the 
                    <E T="03">Small Cell Order</E>
                     and the 
                    <E T="03">Verizon Clark County Dismissal Order</E>
                    ? Should we consider adopting other safe harbors for additional types of fees and/or additional types of wireless infrastructure deployments, such as larger wireless facilities? Should we further define what constitutes reasonable costs? If so, what rules should we consider to help ensure that costs are reasonably limited to the processing of applications and to the use and maintenance of rights of way? Would codifying these clarifications help prevent states and localities from continuing to impose fees that are unlawful under sections 253 and 332(c)(7)?
                </P>
                <P>
                    <E T="03">Application of Economic Principles.</E>
                     The Commission's clarifications on fees in the 
                    <E T="03">Small Cell Order</E>
                     stemmed from application of economic principles and its recognition that “infrastructure builders, like all economic actors, have a finite (though perhaps fluid) amount of resources to use for the deployment of infrastructure” and that “fees imposed by localities, above and beyond the recovery of localities' reasonable costs, materially and improperly inhibit deployment that could have occurred elsewhere.” Moreover, the Commission has recognized the importance of considering the “aggregate effects of fees imposed by individual localities.” While the Commission's focus in the 
                    <E T="03">Small Cell Order</E>
                     was on the use of Small Wireless Facilities, we tentatively conclude that its implicit rationale applies with equal force to macro facilities and other wireless facilities. Such facilities continue to be critically important components of wireless network infrastructure nationwide and providers need these facilities to densify their networks and help improve the quality of the services they offer. We seek comment on whether this economic interpretation of our rules could help set a standard for determining when high rights-of-way and other access fees on macro facilities and other wireless facilities would “have the effect of prohibiting” the deployment of 5G networks—as they would raise the cost of service provision above a competitive level and prohibit certain efficient investments.
                </P>
                <P>
                    This theoretical grounding supports and flows naturally from the principles the Commission articulated in the 
                    <E T="03">Small Cell Order,</E>
                     and we seek comment on how to apply them in the context of macro and other wireless facilities—in particular how an economic grounding illuminates the “prohibit or have the effect of prohibiting” language in sections 253 and 332. As noted, section 253 preempts any state or local regulations that “prohibit or have the effect of prohibiting the ability of any entity to provide any interstate or intrastate telecommunications service.” We are interested in understanding this provision from an economic perspective in a manner consistent with the 
                    <E T="03">Small Cell Order</E>
                    .
                </P>
                <P>
                    In particular, we are interested in exploring the fact that states and localities can set prices in a manner that is freed from competitive constraints when setting rights-of-way and other access charges. They therefore can charge rights-of-way fees that are higher than the direct or incremental costs of such access, thereby prohibiting the making of socially beneficial investments. Indeed, all else equal, setting price above incremental costs will tend to lower investment and reduce overall social welfare. The concern over lost investment due to excessive fees for access to rights-of-way or facilities within the rights-of-way is reflected in the Commission's precedent. As the Commission said in the 
                    <E T="03">California Payphone Order</E>
                     and emphasized again in the 
                    <E T="03">Small Cell Order,</E>
                     section 253 preempts those “ordinance[s that] materially inhibi[t] or limi[t] the ability of any competitor or potential competitor to compete in a fair and balanced legal and regulatory environment.”
                </P>
                <P>
                    In competitive markets, prices tend toward marginal or incremental cost resulting in greater consumer welfare. Fees that are closely connected to recovering only direct or incremental costs are generally acceptable under section 253(a), while fees that recover more overhead such as joint and common costs require greater scrutiny. Fees that were set without regard to costs, such as those based on a 
                    <PRTPAGE P="55073"/>
                    percentage of a provider's revenue, require the greatest scrutiny. Do commenters agree that fees that exceed the direct or incremental costs of issuing permits for such facilities result in a reduction in infrastructure investment and effectively prohibit the provision of wireless services on that basis?
                </P>
                <P>
                    The 
                    <E T="03">Small Cell Order</E>
                     found fees above and beyond the localities' reasonable costs can result in an effective prohibition of a deployment elsewhere. As part of that determination, should we allow localities to recover some portion of joint and common costs? We note that, with the exception of Ramsey pricing, there is no non-arbitrary methodology for allocating common costs. Economic principles, therefore, can only suggest ranges of acceptable rights-of-way and access fees. Given the lack of clear economic principles for allocating common costs, would allowing recovery of common costs enable localities to load significant common costs on to access fees, such that they would discourage network investment?
                </P>
                <P>With respect to macro facilities and other wireless facilities, should the Commission allow localities to recover a portion of their joint and common costs? How do these costs relate to section 253's protection of states' and localities' ability to “require fair and reasonable compensation from telecommunications providers, on a competitively neutral and nondiscriminatory basis?” Given the importance of encouraging the deployment of telecommunications infrastructure, does section 253(c) require the recovery of common costs in excess of those costs directly attributable to, or caused by, the deployment of telecommunications infrastructure within the rights-of-way? We seek comment on what would be an appropriate limiting principle for joint and common costs in the context of macro and other wireless facilities that would be within the scope of this statutory provision and inform the Commission's determination in this proceeding.</P>
                <P>In particular, would it be helpful for the Commission to define: (1) which types of potential common costs could be recovered from telecom providers; and (2) the portion of common costs that could be recovered from each provider? As far as which types of potential common costs could be recovered, we seek comment on limiting recoverable costs to those that directly and unambiguously benefit the party on which the fee is assessed. As far as the portion of common costs that could be recovered from each provider, we seek comment on suggesting that states and localities employ some measure of usage and/or benefits of cost-imposing activity to determine the portion of common costs recovered from each party benefiting from the activity. We also seek comment on whether and to what extent we should consider cost recovery schemes the Commission has adopted in other contexts to inform our understanding of fees that “ha[ve] the effect of prohibiting” under section 253(a) and fall outside the scope of “fair and reasonable compensation” under section 253(c).</P>
                <P>
                    <E T="03">Preemption of Local Fees.</E>
                     We are aware that applicants seeking permits to deploy wireless infrastructure facilities continue to face a range of state and local fees that may prohibit or have the effect of prohibiting telecommunications service in violation of sections 253 and 332(c)(7). These state and local fees take the form of initial one-time fees, consulting fees, annual recurring fees, and gross revenue fees. These fees are applicable to permit requests for both Small Wireless Facilities as well as larger wireless facilities, such as macro towers. We tentatively conclude that the following examples are not justified by a state or local government's reasonable costs, and we seek comment on whether the Commission should preempt the local regulations that impose the fees discussed below. In addition to those listed, we also seek comment on other instances where state and local fees may be prohibiting or having the effect of prohibiting covered services.
                </P>
                <P>
                    <E T="03">One-time Fees:</E>
                </P>
                <P>• The City of San Francisco, California: Application fee of $6,874 and a surcharge of $120 for a total of $6,994;</P>
                <P>• City of San Diego, California: Fees ranging from more than $13,000 to more than $16,000 in addition to other fees to cover an “environmental initial study” and an “historic resources review”;</P>
                <P>• County of San Diego, California: Initial deposit plus fee ranging from more than $9,000 to more than $19,000 depending on type of facility;</P>
                <P>• Gwinnett County, Georgia: Application fee of $6,000 for communication towers greater than 50 feet in height;</P>
                <P>• Grant County, New Mexico: Application fee of $17,500 for a new tower and a $9,000 application fee for collocation on an existing tower or modification of existing facilities;</P>
                <P>• Rio Rancho, New Mexico: Application fee up to $15,000 for a new tower and $8,000 for collocation or substantial change;</P>
                <P>• Putnam Valley, New York: Building permitting fee of up to $5,000 per linear foot in height for a new tower plus a $3,000 fee for each antenna collocated on the tower;</P>
                <P>• Marion, North Carolina: Application fee of $5,000 for a new wireless tower plus an additional $15,000 fee for new towers to be located in the downtown district;</P>
                <P>• Portland, Oregon: Conditional use fee of $6,251 or $9,315 (depending on location), plus additional fees for design review, environmental review, greenway review, and/or historic resource review that can exceed $20,000 in total; and</P>
                <P>• Thurston County, Washington: Base application fee of $25,776 (includes community planning and economic development, environmental health, and public works development review).</P>
                <P>
                    <E T="03">Consulting Fees:</E>
                </P>
                <P>• Oyster Bay, New York: Regulation that requires an applicant to maintain an escrow account with a balance of between $2,500 and $5,000 to reimburse the town for consultant costs; and</P>
                <P>• Walkersville, Maryland: Regulation that requires an expert assistance fee of no less than $7,500 for a new tower, support structure, or a substantial modification.</P>
                <P>
                    <E T="03">Recurring Fees:</E>
                </P>
                <P>• Phoenix, Arizona: Annual recurring fees for public rights-of-way use for macro facilities that range from more than $4,000 to more than $27,000 depending on the size of ground equipment that is installed at the site; and</P>
                <P>• Scottsdale, Arizona: Annual recurring fee for public rights-of-way use for macro facilities that ranges from more than $7,000 to more than $30,000 depending on the size of ground equipment installed.</P>
                <P>
                    <E T="03">Gross Revenue Fees:</E>
                </P>
                <P>• Ashland, Oregon: Except for limited use telecommunications grantees, imposing minimum quarterly right-of-way usage fee equaling a percent of the grantee's gross revenues derived from grantee's provision of telecommunications services and telecommunications facilities to retail customers in the City and one percent (1%) on all other gross revenues derived from grantee's provision of telecommunications services and telecommunications facilities to wholesale customers in the City;</P>
                <P>
                    • Ogden City, Utah: Providing that unless a wireless provider is subject to the Municipal Telecommunications License Tax under title 10, chapter 1, part 4 Utah Code Annotated, for the right to use and occupy the right-of-way the wireless provider shall pay to the 
                    <PRTPAGE P="55074"/>
                    City an annual fee equal to the greater of: 3.5 percent of all annual gross revenue related to the wireless provider's use of the right-of-way within the City or two hundred fifty dollars ($250.00) annually for each small wireless facility located in the City;
                </P>
                <P>• St. George, Utah: Imposing an annual right of way usage fee equal to the greater of: (1) three and one-half percent (3.5%) of a wireless provider's gross revenues related to wireless provider's use of the public way, or (2) two hundred fifty dollars ($250.00) per small wireless facility; and</P>
                <P>• Lake Forest, Illinois: Imposing a city telecommunications infrastructure maintenance fee upon all telecommunications retailers in the amount of 1.0% of all gross charges charged by the telecommunications retailer to service addresses within the city for telecommunications originating or received in the city.</P>
                <P>For the four categories of fee regulations provided above we seek comment on our tentative conclusion that we should preempt these provisions because these fee regulations prohibit or have the effect of prohibiting the ability of wireless service providers to provide covered service. These fees do not appear to represent a reasonable approximation of the local permitting authority's reasonable costs. For example, some are assessed at a flat rate and, thus, do not appear to reflect the specifics of individual applications, such as the conditions at the particular site or the size and other characteristics of the proposed facility.</P>
                <P>To the extent these fees are applicable to Small Wireless Facilities, they do not appear to comply with the Commission's safe harbor fee levels, and are unlikely to be based on the costs associated with an entity's use of the public rights-of-way. For those that apply to larger wireless facilities, such as macro towers, the cumulative effect of these fees on macro towers can constrain providers' capital budgets and limit their ability to upgrade and improve their networks, similar to Small Wireless Facilities. Accordingly, we seek comment on whether we should preempt the local fee regulations listed above for both Small Wireless Facilities and other wireless facilities as violating sections 253(a) and 332(c)(7).</P>
                <P>Commenters advocating for preemption of such fees should provide evidence and documentation demonstrating that these fees prohibit or have the effect of prohibiting covered service and demonstrating that these fees are not based on the locality's reasonable and actual costs. Commenters who support these fees should explain why the Commission should not preempt these fees. They should provide evidence or documentation that: (1) these fees represent a reasonable approximation of the locality's costs and that the costs themselves are reasonable; and (2) that these fees are reasonably related to the management of public rights-of-way or the fees represent fair and reasonable compensation on a competitively neutral and nondiscriminatory basis for use of public rights-of-way.</P>
                <P>Are there other local permitting authorities that are imposing regulatory fees that mirror the fees cited above? If so, commenters should provide cites to these regulations, explain why the Commission should preempt these fees, and provide a legal rationale supporting their position, for example, that the fees are an effective prohibition of covered services and/or are not fair and reasonable.</P>
                <HD SOURCE="HD3">Aesthetic Requirements</HD>
                <P>In 2018, the Commission found that aesthetic regulations for Small Wireless Facilities significantly impacted the ability to deploy wireless infrastructure. The Commission stated that “[l]ike fees, compliance with aesthetic requirements imposes costs on providers, and the impact on their ability to provide service is just the same as the impact of fees.” The Commission concluded that, to be permissible under section 332, aesthetic requirements had to be reasonable, no more burdensome than those applied to other types of infrastructure deployments, and objective and published in advance.</P>
                <P>
                    In 
                    <E T="03">City of Portland,</E>
                     the Ninth Circuit upheld the Commission's ruling that local aesthetic regulations be “reasonable,” and left in place the requirement that such regulations be “published in advance.” The court vacated the requirement that local aesthetic regulations for Small Wireless Facilities be “no more burdensome” than those imposed on “other types of infrastructure deployments” because it found this requirement to “depart[ ] from . . . Section 332 in at least two critical ways.' ” First, the court found that the Commission's standard did “not permit even reasonable regulatory distinctions among functionally equivalent, but physically different services.” Second, the Commission's standard “require[d] the comparison of the challenged aesthetic regulation of 5G deployments to the regulation of any other infrastructure deployments, while the statute only requires a comparison with the regulation of functionally equivalent infrastructure deployments.”
                </P>
                <P>Against this backdrop, we seek comment on whether the Commission should clarify what constitutes unreasonable discrimination in the siting of wireless facilities and whether certain state and local aesthetic requirements unreasonably discriminate against wireless facilities. Are such requirements unreasonably limiting the deployment of wireless infrastructure, including the deployment of Small Wireless Facilities as well as larger macro towers and other wireless facilities? Do parties seeking to deploy wireless infrastructure facilities frequently encounter state or local aesthetic regulations that unreasonably impose requirements on the deployment of wireless facilities that are more burdensome than those imposed on functionally equivalent infrastructure deployments? If so, we ask commenters to provide specific examples of such requirements and the consequences for wireless infrastructure deployment.</P>
                <P>
                    We also seek comment on the appropriate standard for detecting unreasonable discrimination and whether to adopt that standard into our rules. Does the 
                    <E T="03">City of Portland</E>
                     decision provide sufficient certainty about the scope of permissible distinctions in state and local permitting requirements generally and aesthetic regulations in particular? What costs and resources would providers need to expend to make a showing under the Ninth Circuit standard? Are there other factors that should be considered in determining whether discrimination is unreasonable in the context of a permitting authority's aesthetic requirements for wireless infrastructure?
                </P>
                <HD SOURCE="HD3">Regulatory Impediments</HD>
                <P>
                    As we describe below, we continue to have concerns that state and local authorities are adopting regulations that impede the deployment of new and high quality services, and thereby could be in violation of the Telecommunications Act and Commission rules. In this section, we address the use of siting regulations for the unlawful regulation of radiofrequency (RF) emissions, the negative impact of conditional use permits on the provision of service, and the continued imposition of 
                    <E T="03">de facto</E>
                     moratoria by local authorities on wireless providers in violation of the Commission's 
                    <E T="03">Moratoria Order.</E>
                     We also reaffirm our position that restrictions which prohibit densifying or upgrading wireless networks result in an effective prohibition of service. Further, we seek comment on how state and local regulations on AI may be an effective prohibition on wireless providers' 
                    <PRTPAGE P="55075"/>
                    ability to provide service using AI technologies.
                </P>
                <P>
                    <E T="03">Setbacks and Radio Frequency Emissions.</E>
                     Our research shows that some localities adopted ordinances restricting the placement and manner of infrastructure deployment (
                    <E T="03">e.g.,</E>
                     through setback provisions and pole height requirements) for the purpose of limiting human exposure to RF emissions. Other localities require that service providers pay for third-party randomized testing of RF emissions, regardless of whether there is any objective basis to suspect the tower or antennas may have become out of compliance with the Commission's RF emissions rules. We seek comment regarding any additional scenarios of RF emissions regulation where state and local authorities add barriers to the deployment of communications facilities. Commenters should provide descriptions of such barriers and evidence of the material impacts upon the cost and timing of facility deployment.
                </P>
                <P>The Commission has exclusive authority to set RF emissions limits. Section 332(c)(7)(B)(iv) specifically prohibits state and local jurisdictions from regulating deployments based on RF emissions “to the extent that such facilities comply with the Commission's regulations concerning such emissions.” Accordingly, we seek comment on whether the Commission should preempt, under sections 253(a) and (d) and section 332(c)(7)(B)(iv), these specific state and local ordinances (including setback regulations) as unlawful regulation of RF emissions. Are there other specific examples of such restrictions that the Commission should consider preempting? Should the Commission adopt a rule prohibiting state and local government regulation of RF emissions which involve setback requirements or establish limits on state and local requirements for RF testing? We seek comment on additional actions the Commission can take to prevent the use of state and local authority to regulate the placement, construction, and modification of wireless facilities for unlawful purposes such as RF emissions concerns.</P>
                <P>
                    <E T="03">Conditional Use Permits.</E>
                     Outside of the context of facilities eligible for section 6409 preemptive relief, some states and localities grant applications to build or install wireless communications facilities under a conditional use permit (CUP) with conditions, including time-limited provisions. Under time-limited CUP approvals, once initial approvals have expired, some localities treat renewals as opportunities to impose new conditions on previously approved facilities, resulting in significant costs for service providers. We seek comment on whether state and local conditional CUPs are effectively prohibiting the provision of covered services under sections 253 and 332(c)(7) when they apply to facilities that not are eligible for preemptive relief under section 6409.
                </P>
                <P>In Ventura County, California, for example, providers requesting permit extensions must “replace or upgrade existing equipment when feasible to reduce the facility's visual impacts and improve land use compatibility.” In Carlsbad, California, upon a request for an extension of a CUP, the city will review whether the existing facility's design continues to meet certain criteria. Do state and local CUPs and regulations relating to the extension of such permits, like the examples here, result in the effective prohibition of the provision of covered service? How frequently do localities change the permitting requirements and what are the costs to service providers and tower owners of these changes? What are some examples of new conditions that localities have imposed at CUP renewals? Are infrastructure providers being required to change the design of their facilities to accommodate the locality's updated aesthetic preferences? Do the unpredictable costs of CUP renewal requirements discourage the deployment of needed infrastructure?</P>
                <P>Are the burdens associated with these types of provisions significant enough to warrant Commission preemption under section 253(d)? We seek comment on whether we should preempt the specific local regulations listed above and whether they prohibit or have the effect of prohibiting covered service. If we preempt state and local CUP regulations, how can we ensure that the range of preempted conditions is tailored to avoid broadly preempting CUPs altogether? For example, should we preempt durational limitations? Should we permit durational limitations only if changes in permit conditions are limited to legitimate safety concerns and do not include new aesthetic limitations on existing facilities? Should we permit new conditions to be imposed on previously approved facilities when a natural disaster has altered the terrain thereby requiring the new condition? Alternatively, or in addition to preemption under section 253(d), should the Commission adopt a rule addressing CUPs and the scope of appropriate renewal conditions?</P>
                <P>
                    <E T="03">Moratoria.</E>
                     In its 2018 
                    <E T="03">Moratoria Order,</E>
                     the Commission concluded that “state and local moratoria on telecommunications services and facilities deployment are barred by section 253(a) of the Communications Act because they `prohibit or have the effect of prohibiting the ability of any entity to provide any interstate or intrastate telecommunications service.' ” The Declaratory Ruling gave a brief summary of ways in which state and local governments impose moratoria on construction, and found that moratoria fall into two categories, express and 
                    <E T="03">de facto,</E>
                     both of which are presumptively prohibited under section 253(a). Express moratoria are those restrictions “that expressly, by their very terms, prevent or suspend the acceptance, processing, or approval of applications or permits necessary for deploying telecommunications services and/or facilities.” 
                    <E T="03">De facto</E>
                     moratoria are state and local actions “not formally codified by state or local governments as outright prohibitions but . . . by their operation, prohibit or have the effect of prohibiting deployment of telecommunications services and/or telecommunications facilities.” The difference between 
                    <E T="03">de facto</E>
                     moratoria and state and local actions that simply result in delay is one of degrees. An action becomes a 
                    <E T="03">de facto</E>
                     moratorium when it results in delay that is so unreasonable or indefinite that it discourages the filing of applications or prevents carriers from deploying facilities.
                </P>
                <P>
                    Despite the Commission's adoption of the 
                    <E T="03">Small Cell Order</E>
                     and the 
                    <E T="03">Moratoria Order,</E>
                     state and local governments continue to engage in the practice of moratoria. For example, temporary bans on 5G deployments have been adopted by Keene, NH, Hawaii County, HI, and Easton, CT. Although not a ban, Farragut, TN passed a resolution asking states and the federal government to take the lead in halting 5G deployments until the FCC conducts a study of the possible health risks of 5G. We seek comment on whether these local ordinances meet the existing definition of moratoria or otherwise violate section 253(a) and section 332(c)(7) because they appear to prohibit or have the effect of prohibiting wireless service and do not appear to meet the requirements of section 253(b) and (c). We ask commenters to provide additional information about whether express or 
                    <E T="03">de facto</E>
                     moratoria continue to exist in state or local ordinances. For example, do localities impose setbacks of such size or frequency that they function as 
                    <E T="03">de facto</E>
                     moratoria?
                </P>
                <P>
                    If these specific resolutions remain in effect, should we preempt these resolutions under section 253(d)? Are there other examples of resolutions we should consider preempting? Should 
                    <PRTPAGE P="55076"/>
                    the Commission address either 
                    <E T="03">de facto</E>
                     or express moratoria through adoption of rules? What other actions should the Commission take to address the continued existence of these moratoria?
                </P>
                <P>
                    <E T="03">Deployment and Densification of New and High Quality Services.</E>
                     The continued deployment of new and high quality services is a cornerstone of the Communications Act and integral to the provision of telecommunications services. When Congress comprehensively amended the Communications Act in the Telecommunications Act of 1996 (1996 Act) and adopted sections 253 and 332(c)(7), its stated goal was to promote competition, improve service quality, and enable the rapid deployment of new technologies. Section 706(a) of the 1996 Act, which exhorts the Commission to “encourage the deployment on a reasonable and timely basis of advanced telecommunications capability to all Americans,” informs the Commission's exercise of its statutory authority under sections 253 and 332(c)(7).”
                </P>
                <P>5G is the fastest growing segment of the wireless industry and these 5G networks integrate voice services as well as new and evolving services such as video, mobile gaming, and telehealth. Consequently, service providers need to continue to grow their network capacity to meet demand. However, there are a limited number of ways to increase capacity: acquire more spectrum; develop and deploy more advanced and efficient technology; or, reuse existing spectrum through network densification. Spectrum is a finite resource with many users and use cases, each with unique demands. And while technological advancements in efficient network management are vital, they are unpredictable. Therefore, in a spectrum constrained environment, densification, which permits the efficient reuse of spectrum, is more important than ever to satisfy increasing demand.</P>
                <P>It is with this context that we turn to the preemption provisions of the Communications Act in the context of deployment densification and enhanced capacity for covered services. Under sections 253 and 332(c)(7), state and local laws may not “prohibit or have the effect of prohibiting the provision of” telecommunications services or personal wireless services. At the core of providing new and high quality services is the need to densify networks. Here, the term “densification” refers to the build-out of facilities in support of 5G services. Such services are reliant upon the siting of additional antennas, including macro sites and small wireless facilities, that can transmit frequency signals that travel short distances and efficiently reuse finite spectrum resources to provide higher bandwidth applications. Densification enhances capacity and speed, which are necessary to manage growing network congestion. A local regulation blocking or delaying network deployments that provide access to new and high quality services does not merely govern the “placement” of antennas, it prevents the provision of the level of service Congress intended the Communications Act to protect. It follows, then, that section 253's and 332(c)(7)'s preemption of local measures that effectively prohibit the provision of covered service must necessarily protect a provider's right to upgrade their network through densification in order to ensure the continued provision of high quality telecommunications services and personal wireless services.</P>
                <P>Jurisdictions that prohibit densification—for example, by requiring that a coverage gap exists—overlook that 5G is a different technology with unique features and benefits that make it well-suited to meet demands for modern communications. Preventing the densification of 5G networks can have a significant effect on the functionality of telecommunications and personal wireless services, which are integrated on 5G devices. Indeed, access to these new technologies are central to public safety and emergency services such as transmission of 911 calls or other emergency traffic when a network is congested or service is at least partially disrupted. 5G networks can provide critical communications needs—including better call reliability and management of network congestion—for first responders during tragic events such as natural disasters or mass shootings when communications needs surge and time is of the essence. While prior generations of wireless technology may become overloaded in such circumstances—leading to audio distortions, delays in connecting calls, or dropped calls—5G networks can minimize or eliminate these problems and help people reach first responders and family members during emergencies. State and local restrictions that prevent densification can pose a real and substantial risk to public safety. In a technology-driven sector, the inability to timely densify a network can lead to network degradation and can effectively prohibit these important covered services.</P>
                <P>We propose to affirm our long-standing understanding that state and local regulations that prevent the densification of a network can be an effective prohibition of covered services. We seek comment on whether we should codify in our rules that an effective prohibition occurs where a state or local requirement prevents a service provider from improving its service capabilities (such as coverage, capacity, speed, latency, and/or reliability) or introducing new services. What types of limits could state or local governments place on the densification of a network without undermining the statutory goals of protecting against network degradation or ensuring access to new or upgraded services? Should the Commission adopt presumptions about what would suffice to avoid violating sections 253 and 332(c)(7)?</P>
                <P>Our research shows that some localities continue to consider factors that prevent the densification of networks. We seek comment on whether the Commission should preempt these regulations under section 253(a) and (d). We also seek assistance in identifying other instances where state and local regulations have the effect of preventing carriers from meeting evolving consumer demands. What consumer uses are prevented or limited by state and local restrictions on densification? Could state and local limits on densification inhibit or slow progress in building wireless networks capable of supporting advanced technologies beyond 5G? Are there state or local regulatory limitations on wireless network deployment that otherwise could inhibit U.S. leadership in evolving technologies like artificial intelligence or future technologies like 6G? And how might those inhibitions affect the functionality of telecommunications and personal wireless services? Are there additional actions we should consider to help implement the Communications Act's goals regarding competition, service quality, and rapid deployment of new technologies and covered services while taking into account the role that Congress intended for state and local authorities?</P>
                <P>
                    <E T="03">Artificial Intelligence.</E>
                     Mobile network operators use AI technologies to help manage and optimize the performance of their networks. In seeking to leverage these technologies, providers increasingly face a complex landscape of state and local regulations on AI. We seek comment on whether state and local regulations addressing the use of AI may be an effective prohibition on wireless providers' ability to provide covered service using AI technologies.
                </P>
                <P>
                    In July 2025, the White House released “Winning the Race-America's AI Action Plan” (AI Action Plan) aimed at ensuring U.S. leadership in AI technology development. The AI Action Plan directs the Commission to 
                    <PRTPAGE P="55077"/>
                    “evaluate whether state AI regulations interfere with the agency's ability to carry out its obligations and authorities under the Communications Act of 1934.” In particular, the Commission is responsible for implementing the Communications Act, including the deployment of higher quality service and new technologies for American telecommunications consumers. Congress also directed the Commission to ensure the efficient and intensive use of the electromagnetic spectrum.
                </P>
                <P>Accordingly, we seek comment on ways AI tools are, or may be, used in communications networks to provide higher quality service and ensure the efficient and intensive use of the electromagnetic spectrum for the public benefit. Similarly, we seek comment on how state and local regulations on AI are, or have the effect of, impeding the advancement of telecommunications and personal wireless service. We also request that commenters provide legal theories on how the Commission has authority under sections 253 and 332(c)(7) to preempt these state and local AI regulations.</P>
                <P>We ask commenters to provide information about state and local AI regulations that prohibit or have the effect of prohibiting the provision of covered wireless services, including specific examples that may limit providers' ability to use AI tools to improve the efficiency and quality of covered services. Are these rules overly broad and difficult to implement, and might they prevent deployment of AI infrastructure?</P>
                <HD SOURCE="HD3">Expedited Processes for Resolving Permitting Disputes</HD>
                <P>Significant litigation at the state and local level continues to impede the Congressional mandate of promoting a pro-competitive, de-regulatory national policy that accelerates private sector deployment of advanced telecommunications and information technologies and service to all Americans. Litigation is notoriously costly and time consuming. Delays caused by litigation diminish American consumers' access to advanced telecommunications and take a toll in the form of lost economic and educational opportunities and productivity, the ability to communicate, and even harms to health and safety. Conscious of these effects, we seek comment on whether there is a role for the Commission to play in reducing litigation in the implementation of sections 253 and 332(c)(7) through alternative dispute resolution procedures to resolve disagreements between permitting authorities and siting applicants. Are there models within the Commission already that offer a template for developing this option for permitting authorities and applicants?</P>
                <P>For example, what can be learned or adapted from the Market Disputes Resolution Division of the Enforcement Bureau, which serves an adjudicatory role in resolving formal complaints against common carriers and utility pole owners that are filed by industry participants, entities, or other organizations? What might be learned or adapted from the structure, operation, and experience of the Rapid Broadband Assessment Team (RBAT), which is a joint initiative of the Wireline Competition Bureau and the Enforcement Bureau, to efficiently and effectively resolve broadband-related pole attachment disputes? Should the Commission create a process that is non-public similar to RBAT to encourage participation?</P>
                <P>Along these lines, should the Commission create an accelerated process or “rocket docket” to resolve disputes under section 253(d)? Section 253(d) authorizes the Commission to preempt any statute, regulation, or legal requirement—after notice and opportunity for public comment—if it determines that the requirement violates section 253(a) or (b). We seek comment on creating an expedited process whereby applicants could submit petitions of disputes involving state or local legal requirements that may violate 253(a) or (b). Would such a process help reduce costly litigation and expedite permitting in a manner consistent with the Communications Act?</P>
                <P>We seek comment on the Commission's legal authority to help resolve infrastructure siting disputes between permitting authorities and applicants for permits to deploy communications infrastructure. How can the Commission encourage the use of internal procedures and processes, whether through its bureaus or offices or through other institutions that offer these services? Are there any other approaches or alternatives the Commission should consider to facilitate the resolution of infrastructure siting disputes?</P>
                <HD SOURCE="HD1">Procedural Matters</HD>
                <P>
                    <E T="03">Ex Parte Rules.</E>
                     This proceeding shall be treated as a “permit-but-disclose” proceeding in accordance with the Commission's 
                    <E T="03">ex parte</E>
                     rules. Persons making 
                    <E T="03">ex parte</E>
                     presentations must file a copy of any written presentation or a memorandum summarizing any oral presentation within two business days after the presentation (unless a different deadline applicable to the Sunshine period applies). Persons making oral 
                    <E T="03">ex parte</E>
                     presentations are reminded that memoranda summarizing the presentation must (1) list all persons attending or otherwise participating in the meeting at which the 
                    <E T="03">ex parte</E>
                     presentation was made, and (2) summarize all data presented and arguments made during the presentation. If the presentation consisted in whole or in part of the presentation of data or arguments already reflected in the presenter's written comments, memoranda, or other filings in the proceeding, then the presenter may provide citations to such data or arguments in his or her prior comments, memoranda, or other filings (specifying the relevant page and/or paragraph numbers where such data or arguments can be found) in lieu of summarizing them in the memorandum. Documents shown or given to Commission staff during 
                    <E T="03">ex parte</E>
                     meetings are deemed to be written 
                    <E T="03">ex parte</E>
                     presentations and must be filed consistent with 47 CFR 1.1206(b). In proceedings governed by 47 CFR 1.49(f), or for which the Commission has made available a method of electronic filing, written 
                    <E T="03">ex parte</E>
                     presentations and memoranda summarizing oral 
                    <E T="03">ex parte</E>
                     presentations, and all attachments thereto, must be filed through the electronic comment filing system available for that proceeding and must be filed in their native format (
                    <E T="03">e.g.,</E>
                     .doc, .xml, .ppt, searchable .pdf). Participants in this proceeding should familiarize themselves with the Commission's 
                    <E T="03">ex parte</E>
                     rules.
                </P>
                <HD SOURCE="HD1">Initial Regulatory Flexibility Analysis</HD>
                <P>
                    As required by the Regulatory Flexibility Act of 1980, as amended (RFA), the Federal Communications Commission (Commission) has prepared this Initial Regulatory Flexibility Analysis (IRFA) of the policies and rules proposed in the 
                    <E T="03">NPRM.</E>
                     The Commission requests written public comments on this IRFA. Comments must be identified as responses to the IRFA and must be filed by the deadlines for comments specified on the first page of the 
                    <E T="03">NPRM.</E>
                     The Commission will send a copy of the 
                    <E T="03">NPRM,</E>
                     including this IRFA, to the Chief Counsel for Advocacy of the Small Business Administration (SBA). In addition, the 
                    <E T="03">NPRM</E>
                     and IRFA (or summaries thereof) will be published in the 
                    <E T="04">Federal Register</E>
                    .
                </P>
                <HD SOURCE="HD2">D. Need for and Objectives of the Proposed Rules</HD>
                <P>
                    In the 
                    <E T="03">NPRM,</E>
                     the Commission proposes to revise its rules implementing section 6409 of the 
                    <PRTPAGE P="55078"/>
                    Spectrum Act of 2012 and sections 332(c)(7) and 253 of the Communications Act of 1934, as amended by the Telecommunications Act of 1996, to further streamline the wireless permitting process and facilitate the rapid buildout of wireless infrastructure. Specifically, the 
                    <E T="03">NPRM</E>
                     proposes and seeks comment on revising § 1.6100(b)(7)(v) and (vi) of the Commission's rules regarding concealment elements and siting conditions, respectively, in order to formally codify the clarifications made in the 
                    <E T="03">2020 Declaratory Ruling.</E>
                     The 
                    <E T="03">NPRM</E>
                     proposes to codify the guidance and examples the Commission provided in the 
                    <E T="03">2020 Declaratory Ruling,</E>
                     to illustrate how the rule revisions would operate in practice. The 
                    <E T="03">NPRM</E>
                     also seeks comment on whether to adopt new rules to ensure that state and local permitting regulations do not prohibit or have the effect of prohibiting the deployment of wireless infrastructure facilities pursuant to sections 253 and 332(c)(7) of the Communications Act. Specifically, the 
                    <E T="03">NPRM</E>
                     seeks comment on state and local permitting regulations that: inhibit the deployment of macro cell towers and other wireless facilities, impose unreasonable delays on permitting approvals, assess disproportionate or otherwise unreasonable fees, condition approval on aesthetic requirements or similar criteria, and impose other regulatory impediments. The 
                    <E T="03">NPRM</E>
                     seeks comment on whether to adopt new rules codifying the protections of the Communications Act for service providers to densify and upgrade their networks. The 
                    <E T="03">NPRM</E>
                     seeks comment on whether to adopt new rules preempting state and local regulations that violate provisions of the Communications Act. In addition, it seeks comment on whether the Commission should consider implementing alternative dispute resolution procedures to facilitate the resolution of permitting disputes. The Commission wishes to ensure that all state and local permitting regulations that address the deployment of wireless infrastructure are consistent with the requirements of sections 6409 of the Spectrum Act and 253 and 332(c)(7) of the Communications Act, the legislative intent of Congress, and do not prohibit or effectively prohibit the provision of telecommunications service.
                </P>
                <P>
                    <E T="03">Section 6409.</E>
                     The 
                    <E T="03">NPRM</E>
                     proposes to revise § 1.6100(b)(7)(v) of the Commission's rules to define concealment elements as elements of a stealth-designed facility intended to make the facility look like something other than a wireless tower or base station and to provide that a proposed modification would defeat a concealment element if it would cause a reasonable person to view the structure's intended stealth design as no longer effective after the modification. Next, the 
                    <E T="03">NPRM</E>
                     proposes to revise § 1.6100(b)(7)(vi) of the Commission's rules to clarify that neither an aesthetics-related condition nor any other condition designed to address the visual impact of a facility may be used to prevent modifications specifically allowed under § 1.6100(b)(7)(i) through (iv) of the rules. The Commission proposes these revisions to help reduce permitting disputes, which in turn would promote expedited deployments.
                </P>
                <P>
                    Additionally, the 
                    <E T="03">NPRM</E>
                     seeks comment on amending § 1.6100 of the Commission's rules to address the relationship between time-limited conditional use permits (CUPs) and section 6409(a) of the Spectrum Act. Some jurisdictions have ordinances that require tower owners to renew wireless tower facility permits after 10 years. In some cases, the local governments have imposed new conditions on permit renewals for deployments that were previously found to be eligible facilities requests under section 6409(a). The 
                    <E T="03">NPRM</E>
                     seeks comment on whether the Commission should adopt a rule that clarifies that, once a particular deployment is found to be an eligible facilities request and the permit is granted by a state or local jurisdiction, the state or local jurisdiction may not seek to impose new conditions when reviewing the deployment as part of a permit renewal process. The 
                    <E T="03">NPRM</E>
                     seeks comment on whether such ordinances that impact eligible facilities requests conflict with section 6409(a).
                </P>
                <P>
                    <E T="03">Sections 332(c)(7) and 253.</E>
                     The 
                    <E T="03">NPRM</E>
                     seeks comment on whether to extend any of the 
                    <E T="03">Small Cell Order</E>
                     reforms or any other measures the Commission may adopt in this proceeding to macro cell towers and other wireless facilities. While the 
                    <E T="03">Small Cell Order</E>
                     focused on state and local permitting requirements that impact the installation of Small Wireless Facilities, the Commission is equally interested in ensuring the timely buildout of macro cell towers and other wireless facilities, and removing regulatory obstacles that may unlawfully delay these buildouts. The Commission also seeks comment on how and whether to clarify the definition of a macro cell tower, and comment on what state or local permitting issues commonly delay the buildout of macro cell and other wireless facility deployments.
                </P>
                <P>
                    Next, the 
                    <E T="03">NPRM</E>
                     addresses issues associated with its shot clock rules. The Commission initially adopted shot clock rules in its 
                    <E T="03">2009 Declaratory Ruling,</E>
                     finding that unreasonable delays in the siting process “impede[d] the promotion of advanced services and competition that Congress deemed critical to the Telecommunications Act of 1996,” it established a defined time period or “shot clock” framework to effectuate the “reasonable period of time” provision of section 332(c)(7)(B)(ii). This shot clock approach was intended to provide clarity and a degree of certainty both to the applicants for siting permits as well as to state and local permitting authorities. In the 
                    <E T="03">Small Cell Order,</E>
                     the Commission adopted a new set of shot clocks calibrated to the unique features of Small Wireless Facilities. The Commission adopted a presumptive 60-day shot clock for reviewing Small Wireless Facility collocations and a presumptive 90-day shot clock for Small Wireless Facilities to be attached to a newly constructed structure. The Commission also codified the presumptive 90-day and 150-day shot clocks developed in the 
                    <E T="03">2009 Declaratory Ruling,</E>
                     for a total of four shot clocks. The shot clock rules preserved a siting agency's ability to rebut the presumptive reasonableness of any of the applicable shots clocks based on a specific situation. The 
                    <E T="03">NPRM</E>
                     seeks comment on how well the shot clocks codified in the Commission's rules have helped expedite the delivery of advanced communications services. It also seeks comment on whether further refinement through a broader number of shot clocks for specific scenarios is warranted.
                </P>
                <P>
                    The Commission also previously codified its determination in the 
                    <E T="03">Wireless Infrastructure Order</E>
                     that a shot clock begins to run when an application is submitted, not when it is deemed complete by the permitting authority. The 
                    <E T="03">NPRM</E>
                     seeks comment on how well the notification of incompleteness feature of the shot clock framework is functioning as a means to remove complications in the smooth processing of incomplete applications.
                </P>
                <P>
                    Regarding remedies for shot clock violations, the Commission determined violations of the shot clocks for Small Wireless Facilities constitute not only a section 332(c)(7)(B)(v) “failure to act,” but also a “presumptive prohibition on the provision of personal wireless services within the meaning of section 332(c)(7)(B)(i)(II).” The Commission noted that “there may be merit” to a “deemed granted” remedy but it declined to adopt this remedy because it determined that the shot clock 
                    <PRTPAGE P="55079"/>
                    framework that it had codified “should address the concerns raised by a `deemed granted' remedy.” The Commission also indicated that if its approach “proves insufficient” it may again consider adopting a deemed granted approach. The 
                    <E T="03">NPRM</E>
                     seeks comment on whether shot clocks are preventing unreasonable delay or whether the Commission should reconsider its prior decision not to adopt a deemed granted remedy.
                </P>
                <P>
                    Next, the 
                    <E T="03">NPRM</E>
                     addresses issues associated with fees imposed by state and local permitting authorities to process permit applications. In the 
                    <E T="03">Small Cell Order</E>
                     and the 
                    <E T="03">Verizon Clark County Dismissal Order,</E>
                     the Commission explained that localities have the burden of proving the reasonableness of their fees, and that fees for use of a right-of-way can constitute an effective prohibition of service. The 
                    <E T="03">NPRM</E>
                     seeks comment on state and local fees. Service providers continue to face a range of state and local fees that may increase unpredictably over the course of a project. These state and local fees take the form of initial one-time fees, annual recurring fees, and gross revenue fees. The 
                    <E T="03">NPRM</E>
                     seeks comment on whether to preempt a number of local regulations that impose these types of fees as prohibiting or having the effect of prohibiting service under sections 253(a) and 332(c)(7) and also seeks comment on preempting the fee regulations of other local permitting authorities whose fees mirror those described in the 
                    <E T="03">NPRM.</E>
                     The 
                    <E T="03">NPRM</E>
                     seeks comment on whether to preempt the fee regulations listed in the 
                    <E T="03">NPRM</E>
                     both for Small Wireless Facilities and other larger facilities as violating sections 253(a) and 332(c)(7). The 
                    <E T="03">NPRM</E>
                     also seeks comment on whether the Commission should take additional steps to address fees including whether to adopt rules codifying the fee guidance of the 
                    <E T="03">Small Cell Order</E>
                     and the 
                    <E T="03">Verizon Clark County Dismissal Order</E>
                     and whether to extend application of the previous clarifications on fees to macro and other wireless facilities.
                </P>
                <P>
                    Next, the 
                    <E T="03">NPRM</E>
                     seeks comment on how state and local aesthetic requirements are affecting the deployment of wireless infrastructure. In the 
                    <E T="03">Small Cell Order,</E>
                     the Commission found that that “[l]ike fees, compliance with aesthetic requirements imposes costs on providers, and the impact on their ability to provide service is just the same as the impact of fees.” The Commission concluded that, to be permissible under section 332(c)(7), aesthetic requirements had to be reasonable, no more burdensome than those applied to other types of infrastructure deployments, and objective and published in advance.
                </P>
                <P>
                    In 
                    <E T="03">City of Portland,</E>
                     the Court of Appeals for the Ninth Circuit upheld most of the 
                    <E T="03">Small Cell Order,</E>
                     but vacated the requirement that local aesthetic regulations for Small Wireless Facilities be “no more burdensome” than those imposed on other technologies, finding that this requirement was not consistent with the “more lenient statutory standard that regulations not `unreasonably discriminate.' ” The court also found that the requirement that local aesthetic regulations be “objective” was “neither adequately defined nor its purpose adequately explained.” The court held that section 332(c)(7)(B)(i)(I) of the Communications Act “permits some difference in the treatment of different providers, so long as the treatment is reasonable” and that to “establish unreasonable discrimination, providers `must show that they have been treated differently from other providers whose facilities are similarly situated in terms of the structure, placement or cumulative impact as the facilities in question.' ”
                </P>
                <P>
                    In response to this decision, the 
                    <E T="03">NPRM</E>
                     seeks comment on whether the Commission should revisit the issue of what constitutes unreasonable discrimination in the siting of wireless facilities, and in particular, whether certain state and local aesthetic requirements unreasonably discriminate against wireless facilities. The 
                    <E T="03">NPRM</E>
                     also seeks comments on whether the 
                    <E T="03">City of Portland</E>
                     decision addressing the meaning of “unreasonable discrimination” under section 332(c)(7) provides sufficient certainty about the scope of permissible distinctions in state and local permitting requirements generally and aesthetic regulations, in particular. The 
                    <E T="03">NPRM</E>
                     asks whether additional guidance is needed with regard to the scope of permissible aesthetic regulations, and whether the Commission should codify the test articulated by the 9th Circuit, into its rules.
                </P>
                <P>
                    Next, the 
                    <E T="03">NPRM</E>
                     addresses state and local regulations associated with radiofrequency (RF). Although any RF-based state or local wireless infrastructure deployment restrictions are explicitly prohibited by section 332(c)(7)(B)(iv) of the Communications Act, the Commission finds that state and local authorities continue to adopt such regulations—particularly within the context of local setback restrictions for siting wireless communications facilities. The 
                    <E T="03">NPRM</E>
                     seeks comment on whether the Commission should adopt rules to address this practice of some state and local permitting authorities. The 
                    <E T="03">NPRM</E>
                     also seeks comment on whether the Commission should preempt these types of regulations, and the Commission's legal authority for doing so.
                </P>
                <P>
                    Next, the 
                    <E T="03">NPRM</E>
                     seeks comment on the impact of conditional use permits on the rapid deployment of wireless infrastructure. The Commission has found that numerous localities impose conditional use permits on tower builders with strict durational limits. When the duration of the permit is over, the permit renewal process may require expensive changes to or complete removal of the already constructed infrastructure. These permits inject uncertainty into the network planning process and impose large costs on tower builders and service providers. The 
                    <E T="03">NPRM</E>
                     also seeks comment on whether the Commission should take action to preempt state and local conditional use permits under section 253(d) of the Communications Act. In the alternative, the Commission seeks comment on whether to adopt a rule narrowing the scope of conditional use permits in order to limit unlawful conditional use permits.
                </P>
                <P>
                    Next, the 
                    <E T="03">NPRM</E>
                     considers the persistence of state and local authorities imposing moratoria on the buildout of wireless infrastructure. Despite the Commission stating in the 
                    <E T="03">Moratoria Order</E>
                     that moratoria are barred by section 253(a) of the Communications Act because they effectively prohibit the ability of any entity to provide telecommunication services, state and local governments continue to engage in the practice of moratoria. The 
                    <E T="03">NPRM</E>
                     seeks comment on whether, pursuant to section 253(d), to preempt local ordinances banning 5G equipment. It also seeks comment on what further actions the Commission can take to address the phenomenon of 
                    <E T="03">de facto</E>
                     moratoria.
                </P>
                <P>
                    Next, the 
                    <E T="03">NPRM</E>
                     addresses the issue of network upgrades and densification. It is the stated purpose of the Telecommunications Act to promote competition, improve service quality, and to enable the rapid deployment of new technologies. The Act contains several provisions to advance this goal including section 706 which imposes on the Commission an affirmative duty to “encourage the deployment on a reasonable and timely basis of advanced telecommunications capability to all Americans,” and section 332(c)(7)(B)(i)(II) which provides that state and local regulations may not have the effect of prohibiting the provision of 
                    <PRTPAGE P="55080"/>
                    wireless service. In the 
                    <E T="03">Small Cell Order,</E>
                     the Commission clarified that, consistent with the intent of Congress in passing the Communications Act to promote the rapid deployment of new technologies, state and local regulations that prevent service providers from upgrading their networks or densifying their networks constitute an effective prohibition of service. Despite this, numerous jurisdictions, not recognizing that 5G networks are a new technology with distinct network infrastructure needs, continue to prevent service providers from densifying or upgrading their networks where an outdated legacy network already exists. The 
                    <E T="03">NPRM</E>
                     seeks to affirm the Commission's historic understanding that state and local regulations that prevent the densification of a network can be an effective prohibition of protected services. The 
                    <E T="03">NPRM</E>
                     also seeks comment on whether to codify within our rules that state and local restrictions that prohibit the densification and upgrading of existing networks constitute an effective prohibition of service under sections 332(c)(7) and 253(a) of the Communications Act, and seek comment on what presumptions the Commission can adopt to preserve state and local authority while still protecting the right of providers to densify and upgrade their networks. The 
                    <E T="03">NPRM</E>
                     seeks comment on whether the Commission should preempt restrictions that prohibit the upgrading and densification of networks under sections 253(a) and (d).
                </P>
                <P>
                    In the 
                    <E T="03">NPRM,</E>
                     in order to ensure Americans' have access to high equality services and the latest technology, the Commission asks commenters to identify ways in which AI tools are used in communications networks. The 
                    <E T="03">NPRM</E>
                     further requests comment on how state and local regulations on AI are, or have the effect of, impeding the advancement of telecommunications and personal wireless service. The 
                    <E T="03">NPRM</E>
                     also requests that commenters provide legal theories on how the Commission has authority under sections 253 and 332(c)(7) to preempt these state and local AI regulations.
                </P>
                <P>
                    Finally, the 
                    <E T="03">NPRM</E>
                     turns its attention to whether, in order to reduce costly litigation and to accelerate permitting, the Commission should explore alternative dispute resolution procedures that could facilitate the resolution of disagreements between permitting authorities and siting applicants and seeks comment on what a successful alternative dispute resolution might look like. The 
                    <E T="03">NPRM</E>
                     also seeks comment on how permitting disputes could be put on an Accelerated Docket for resolution. In addition, the 
                    <E T="03">NPRM</E>
                     seeks comment on whether the Commission has legal authority to engage in facilitating infrastructure siting disputes between permitting authorities and applicants for permits to deploy communications infrastructure.
                </P>
                <P>These proposed revisions will satisfy Congress's intent and meet the Commission's statutory responsibility to enhance regulatory certainty, reduce disputes and litigation in the permitting process, and facilitate deployment of 5G and other advanced wireless services throughout the country in a competitive marketplace for the advantage all Americans.</P>
                <HD SOURCE="HD2">E. Legal Basis</HD>
                <P>The proposed action is authorized pursuant to sections 1, 4(i)-(j), 7, 201, 253, 301, 303, 309, 319, and 332 of the Communications Act of 1934, as amended, and sections 6003 and 6409 of the Middle Class Tax Relief and Job Creation Act of 2012, as amended, 47 U.S.C. 151, 154(i)-(j), 157, 201, 253, 301, 303, 309, 319, 332, 1403, 1455(a).</P>
                <HD SOURCE="HD2">F. Description and Estimate of the Number of Small Entities to Which the Proposed Rules Will Apply</HD>
                <P>The RFA directs agencies to provide a description of, and where feasible, an estimate of the number of small entities that may be affected by the rules adopted herein. The RFA generally defines the term “small entity” as having the same meaning as under the Small Business Act. In addition, the term “small business” has the same meaning as the term “small business concern” under the Small Business Act.” A “small business concern” is one which: (1) is independently owned and operated; (2) is not dominant in its field of operation; and (3) satisfies any additional criteria established by the SBA.</P>
                <P>Our actions, over time, may affect small entities that are not easily categorized at present. We therefore describe three broad groups of small entities that could be directly affected by our actions. In general, a small business is an independent business having fewer than 500 employees. These types of small businesses represent 99.9% of all businesses in the United States, which translates to 34.75 million businesses. Next, “small organizations” are not-for-profit enterprises that are independently owned and operated and not dominant their field. While we do not have data regarding the number of non-profits that meet that criteria, over 99 percent of nonprofits have fewer than 500 employees. Finally, “small governmental jurisdictions” are defined as cities, counties, towns, townships, villages, school districts, or special districts with populations of less than fifty thousand. Based on the 2022 U.S. Census of Governments data, we estimate that at least 48,724 out of 90,835 local government jurisdictions have a population of less than 50,000.</P>
                <P>
                    The actions taken in the 
                    <E T="03">NPRM</E>
                     will apply to small entities in the industries identified in the chart below by their six-digit North American Industry Classification System codes and corresponding SBA size standard.
                </P>
                <GPOTABLE COLS="6" OPTS="L2,nj,tp0,i1" CDEF="s75,8,xs80,8,8,10">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Regulated industry</CHED>
                        <CHED H="1">NAICS code</CHED>
                        <CHED H="1">
                            SBA size
                            <LI>standard</LI>
                        </CHED>
                        <CHED H="1">
                            Total
                            <LI>firms</LI>
                        </CHED>
                        <CHED H="1">
                            Small
                            <LI>firms</LI>
                        </CHED>
                        <CHED H="1">
                            % Small
                            <LI>firms in</LI>
                            <LI>industry</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">All Other Information Services</ENT>
                        <ENT>519190</ENT>
                        <ENT>1,500 employees</ENT>
                        <ENT>704</ENT>
                        <ENT>556</ENT>
                        <ENT>78.98</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">All Other Telecommunications</ENT>
                        <ENT>517810</ENT>
                        <ENT>$40 million</ENT>
                        <ENT>1,079</ENT>
                        <ENT>1,039</ENT>
                        <ENT>96.29</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Cable and Other Subscription Programming</ENT>
                        <ENT>515210</ENT>
                        <ENT>$47 million</ENT>
                        <ENT>378</ENT>
                        <ENT>149</ENT>
                        <ENT>39.42</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers</ENT>
                        <ENT>516210</ENT>
                        <ENT>$47 million</ENT>
                        <ENT>6,417</ENT>
                        <ENT>5,710</ENT>
                        <ENT>88.98</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Radio and Television Broadcasting and Wireless Communications Equipment Manufacturing</ENT>
                        <ENT>334220</ENT>
                        <ENT>1,250 employees</ENT>
                        <ENT>656</ENT>
                        <ENT>624</ENT>
                        <ENT>95.12</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Satellite Telecommunications</ENT>
                        <ENT>517410</ENT>
                        <ENT>$47 million</ENT>
                        <ENT>275</ENT>
                        <ENT>242</ENT>
                        <ENT>88.00</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Telecommunications Resellers</ENT>
                        <ENT>517121</ENT>
                        <ENT>1,500 employees</ENT>
                        <ENT>1,386</ENT>
                        <ENT>1,375</ENT>
                        <ENT>99.21</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Wired Telecommunications Carriers</ENT>
                        <ENT>517111</ENT>
                        <ENT>1,500 employees</ENT>
                        <ENT>3,054</ENT>
                        <ENT>2,964</ENT>
                        <ENT>97.05</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Wireless Telecommunications Carriers (except Satellite)</ENT>
                        <ENT>517112</ENT>
                        <ENT>1,500 employees</ENT>
                        <ENT>2,893</ENT>
                        <ENT>2,837</ENT>
                        <ENT>98.06</ENT>
                    </ROW>
                </GPOTABLE>
                <PRTPAGE P="55081"/>
                <P>Based on currently available U.S. Census data regarding the estimated number of small firms in each identified industry, we conclude that the adopted rules will impact a substantial number of small entities. Where available, we provide additional information regarding the number of potentially affected entities in the above identified industries, and information for other affected entities, as follows.</P>
                <GPOTABLE COLS="4" OPTS="L2,nj,i1" CDEF="s75,12,12,12">
                    <TTITLE>2024 Universal Service Monitoring Report Telecommunications Service Provider Data</TTITLE>
                    <TDESC>[Data as of December 2023]</TDESC>
                    <BOXHD>
                        <CHED H="1">Affected entity</CHED>
                        <CHED H="1">
                            SBA size standard
                            <LI>(1,500 employees)</LI>
                        </CHED>
                        <CHED H="2">
                            Total # FCC form 499A
                            <LI>filers</LI>
                        </CHED>
                        <CHED H="2">
                            Small
                            <LI>firms</LI>
                        </CHED>
                        <CHED H="2">
                            % Small
                            <LI>entities</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Competitive Local Exchange Carriers (CLECs)</ENT>
                        <ENT>3,729</ENT>
                        <ENT>3,576</ENT>
                        <ENT>95.90</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Incumbent Local Exchange Carriers (Incumbent LECs)</ENT>
                        <ENT>1,175</ENT>
                        <ENT>917</ENT>
                        <ENT>78.04</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Interexchange Carriers (IXCs)</ENT>
                        <ENT>113</ENT>
                        <ENT>95</ENT>
                        <ENT>84.07</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Local Exchange Carriers (LECs)</ENT>
                        <ENT>4,904</ENT>
                        <ENT>4,493</ENT>
                        <ENT>91.62</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Local Resellers</ENT>
                        <ENT>222</ENT>
                        <ENT>217</ENT>
                        <ENT>97.75</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Other Toll Carriers</ENT>
                        <ENT>74</ENT>
                        <ENT>71</ENT>
                        <ENT>95.95</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Prepaid Card Providers</ENT>
                        <ENT>47</ENT>
                        <ENT>47</ENT>
                        <ENT>100.00</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Toll Resellers</ENT>
                        <ENT>411</ENT>
                        <ENT>398</ENT>
                        <ENT>96.84</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Telecommunications Resellers</ENT>
                        <ENT>633</ENT>
                        <ENT>615</ENT>
                        <ENT>97.16</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Wired Telecommunications Carriers</ENT>
                        <ENT>4,682</ENT>
                        <ENT>4,276</ENT>
                        <ENT>91.33</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Wireless Telecommunications Carriers (except Satellite)</ENT>
                        <ENT>585</ENT>
                        <ENT>498</ENT>
                        <ENT>85.13</ENT>
                    </ROW>
                </GPOTABLE>
                <GPOTABLE COLS="2" OPTS="L2,nj,i1" CDEF="s200,24">
                    <TTITLE>Broadband Internet Access Providers</TTITLE>
                    <TDESC>[Internet Access Services Report: Status as of June 30, 2024]</TDESC>
                    <BOXHD>
                        <CHED H="1">Affected entity</CHED>
                        <CHED H="1">
                            Number of providers of
                            <LI>connections over</LI>
                            <LI>200 kbps in at least</LI>
                            <LI>one direction</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Wired Broadband Internet Access Service Providers (Wired ISPs)</ENT>
                        <ENT>2,204</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Wireless Broadband Internet Access Service Providers (Wireless ISPs or WISPs)</ENT>
                        <ENT>1,209</ENT>
                    </ROW>
                </GPOTABLE>
                <HD SOURCE="HD2">G. Description of Economic Impact and Projected Reporting, Recordkeeping, and Other Compliance Requirements for Small Entities</HD>
                <P>
                    The RFA directs agencies to provide a description of the projected reporting, recordkeeping and other compliance requirements of the proposed rule, including an estimate of the classes of small entities which will be subject to the requirement and the type of professional skills necessary for preparation of the report or record. At this time, the we do not believe that the proposed rules in the 
                    <E T="03">NPRM,</E>
                     if adopted, will create any new reporting, recordkeeping, or other compliance requirements for small and other entities preparing eligible facilities requests under sections 6409(a), 253, or 332(c)(7) as entities are already required to submit construction proposals outlining the work to be done regardless of whether the project qualifies as an eligible facilities request under sections 6409(a), 253, and 332(c)(7). In addition, for these reasons we do not anticipate that any action we take on the matters raised in the 
                    <E T="03">NPRM</E>
                     will require small entities to hire additional attorneys, engineers, consultants, or other professionals to comply with the proposed revised rules.
                </P>
                <P>
                    We anticipate that the proposed rule changes on which the 
                    <E T="03">NPRM</E>
                     seeks comment would help reduce the economic impact on small entities that may need to deploy wireless infrastructure by reducing the cost and delay associated with the deployment of such infrastructure and by reducing costly litigation. To assist the Commission in its evaluation of the economic impact on small entities, and of the proposed rule changes generally, and to better explore options and alternatives, the 
                    <E T="03">NPRM</E>
                     asks small entities to discuss any benefits or drawbacks associated with making the proposed rule changes in their comments. The Commission expects to consider more fully the economic impact on small entities following its review of comments filed in response to the 
                    <E T="03">NPRM,</E>
                     including costs and benefits information.
                </P>
                <HD SOURCE="HD2">H. Discussion of Significant Alternatives Considered That Minimize the Significant Economic Impact on Small Entities</HD>
                <P>The RFA directs agencies to provide a description of any significant alternatives to the proposed rules that would accomplish the stated objectives of applicable statutes, and minimize any significant economic impact on small entities. The discussion is required to include alternatives such as: “(1) the establishment of differing compliance or reporting requirements or timetables that take into account the resources available to small entities; (2) the clarification, consolidation, or simplification of compliance and reporting requirements under the rules for such small entities; (3) the use of performance rather than design standards; and (4) an exemption from coverage of the rule, or any part thereof, for such small entities.</P>
                <P>
                    The 
                    <E T="03">NPRM</E>
                     seeks comment on proposed changes to the Commission's existing rules implementing section 6409(a) of the Spectrum Act and sections 253 and 332(c)(7) of the Communications Act, as well as adopting new rules implementing sections 253 and 332(c)(7) of the Communications Act. The purpose of these changes is to reduce economic impact and regulatory burden on small entities and other applicants. In this regard, the 
                    <E T="03">NPRM</E>
                     seeks comment on 
                    <PRTPAGE P="55082"/>
                    different approaches or alternatives the Commission might take in streamlining compliance with section 6409(a) of the Spectrum Act and sections 253 and 332(c)(7) of the Communications Act. For instance, the Commission may adopt rules implementing section 6409(a) of the Spectrum Act and sections 253 and 332(c)(7) of the Communications Act establishing that, once a particular deployment is found to be an eligible facilities request and the permit is granted by a state or local jurisdiction, that state or local jurisdiction may not seek to impose new conditions when reviewing the deployment as part of a permit renewal process. The Commission is also evaluating whether to adopt a deemed granted remedy for violations of its shot-clock rules, and whether to codify rules that state and local restrictions that prohibit the densification and upgrading of existing networks constitute an effective prohibition of service prohibited under sections 253(a) and 332(c)(7) of the Communications Act.
                </P>
                <P>
                    In the 
                    <E T="03">NPRM,</E>
                     the Commission also seeks comment on proposals to revise the concealment elements and siting conditions provisions of § 1.6100 of its rules to provide more clarity to parties involved in the process of obtaining local approval for siting of wireless infrastructure and to enable small entities and others to navigate the permitting process more effectively. In making its determinations for the proposed rules in the 
                    <E T="03">NPRM,</E>
                     the Commission considered alternatives intended to minimize significant economic impact on small entities. For example, we considered other potential changes to the application review process, such as timeframes for review, that would help clarify and expedite the process and thereby reduce economic burdens on small entities seeking to comply with the revised rules that are ultimately adopted. In developing the proposed rule revisions for concealment elements, we considered to what extent disputes about concealment elements had on efforts to deploy wireless infrastructure and what other approaches could be considered. Lastly, regarding the proposed rule revisions for siting conditions, we considered factors such as the time to complete deployment, cost impacts, and the potential delays in satisfying coverage demand and/or enhancements for consumers.
                </P>
                <P>
                    The 
                    <E T="03">NPRM</E>
                     seeks comment on whether to revise existing rules and/or adopt new rules under sections 253 and 332(c)(7) of the Communications Act to protect the rights of service providers to densify and upgrade their networks, to establish a “deemed granted” remedy for shot-clock violations, and to prohibit fees that constitute an effective prohibition of service or otherwise violate the guidance of the 
                    <E T="03">Small Cell Order.</E>
                     It seeks comment on whether to offer clarifying guidance on the meaning of “unreasonable discrimination” under section 332 of the Communications Act. The 
                    <E T="03">NPRM</E>
                     also seeks comment on whether to preempt under sections 253(a) and (d) and section 332(c)(7)(B)(iv) of the Communications Act state and local regulations predicated on RF emissions, ordinances that permit or require the use of conditional use permits, and ordinances or resolutions that impose moratoria on the buildout of wireless infrastructure. In the alternative, the Commission seeks comment on whether to adopt a rule narrowing the scope of conditional use permits in order to limit conditional use permit abuse. The 
                    <E T="03">NPRM</E>
                     seeks comment on (1) whether to preempt a number of local regulations that impose certain fees on applicants seeking to build wireless infrastructure as prohibiting or having the effect of prohibiting service under sections 253(a) and 332(c)(7); (2) whether to preempt the fee regulations listed in the 
                    <E T="03">NPRM</E>
                     both for Small Wireless Facilities and other larger facilities as violating sections 253(a) and 332(c)(7); and (3) whether the Commission could and should offer an alternative dispute resolution option to reduce litigation between permit applicants and permitting authorities.
                </P>
                <P>
                    The Commission will decide what actions it should take based on the record developed to the 
                    <E T="03">NPRM.</E>
                     Part of the decisional process will include evaluating the impact of these decisions on small entities and what alternatives it might adopt to lessen significant economic impact and regulatory burden on small entities while complying with the requirements of sections 6409(a), 253, and 332(c)(7) of the Communications Act. Alternative proposals and approaches from commenters will further develop the record and could help the Commission further minimize the economic impact on small entities. The Commission's evaluation of the comments filed in this proceeding will shape the final conclusions it reaches, the final alternatives it considers, and the actions it ultimately takes to minimize any significant economic impact that may occur on small entities from the final rules.
                </P>
                <HD SOURCE="HD2">I. Federal Rules That May Duplicate, Overlap, or Conflict With the Proposed Rules</HD>
                <P>None.</P>
                <HD SOURCE="HD1">Ordering Clauses</HD>
                <P>
                    Accordingly, 
                    <E T="03">it is ordered</E>
                     that, pursuant to sections 1, 4(i)-(j), 7, 201, 253, 301, 303, 309, 319, and 332 of the Communications Act of 1934, as amended, and sections 6003 and 6409 of the Middle Class Tax Relief and Job Creation Act of 2012, as amended, 47 U.S.C. 151, 154(i)-(j), 157, 201, 253, 301, 303, 309, 319, 332, 1403, 1455(a) this Notice of Proposed Rulemaking in WT Docket No. 25-276 
                    <E T="03">is adopted.</E>
                </P>
                <P>
                    <E T="03">It is further ordered</E>
                     that, pursuant to applicable procedures set forth in §§ 1.415 and 1.419 of the Commission's rules, 47 CFR 1.415, 1.419, interested parties may file comments on the Notice of Proposed Rulemaking on or before 30 days after publication in the 
                    <E T="04">Federal Register</E>
                    <E T="03">,</E>
                     and reply comments on or before 45 days after publication in the 
                    <E T="04">Federal Register</E>
                    .
                </P>
                <P>
                    <E T="03">It is further ordered</E>
                     that the Commission's Office of the Secretary 
                    <E T="03">shall send</E>
                     a copy of this Notice of Proposed Rulemaking, including the Initial Regulatory Flexibility Analysis, to the Chief Counsel for Advocacy of the Small Business Administration.
                </P>
                <LSTSUB>
                    <HD SOURCE="HED">List of Subjects in 47 CFR Part 1</HD>
                    <P>Administrative practice and procedure. </P>
                </LSTSUB>
                <SIG>
                    <FP>Federal Communications Commission.</FP>
                    <NAME>Marlene Dortch,</NAME>
                    <TITLE>Secretary, Office of the Secretary.</TITLE>
                </SIG>
                <HD SOURCE="HD1">Proposed Rules</HD>
                <P>For the reasons discussed in the preamble, the Federal Communications Commission proposes to amend 47 CFR part 1 as follows:</P>
                <PART>
                    <HD SOURCE="HED">PART 1—PRACTICE AND PROCEDURE</HD>
                </PART>
                <AMDPAR>1. The authority citation for part 1 continues to read as follows:</AMDPAR>
                <AUTH>
                    <HD SOURCE="HED">Authority:</HD>
                    <P> 47 U.S.C. chs. 2, 5, 9, 13; 28 U.S.C. 2461 note; 47 U.S.C. 1754, unless otherwise noted.</P>
                </AUTH>
                <AMDPAR>2. Section 1.6100 is amended by revising paragraphs (b)(7)(v) and (vi) as follows:</AMDPAR>
                <SECTION>
                    <SECTNO>§ 1.6100 </SECTNO>
                    <SUBJECT>Wireless Facility Modifications.</SUBJECT>
                    <STARS/>
                    <P>(b) * * *</P>
                    <P>(7) * * *</P>
                    <P>
                        (v) It would defeat the concealment elements of the eligible support structure. For purposes of this paragraph, “concealment elements” are 
                        <PRTPAGE P="55083"/>
                        elements intended to make a stealth-designed facility look like something other than a wireless tower or base station. A proposed modification would defeat the concealment elements of the eligible support structure if it would cause a reasonable person to view the structure's intended stealth design as ineffective; or
                    </P>
                    <P>
                        <E T="03">Example 1 to paragraph (v):</E>
                         Placement of coaxial cable on the outside of a stealth-designed facility would be unlikely to render the intended stealth design of the facility ineffective at the distance from which individuals would view a facility because of the typically small size of such cabling.
                    </P>
                    <P>
                        <E T="03">Example 2 to paragraph (v):</E>
                         A modification that involves a change in color would only defeat concealment if it would cause reasonable person to view the intended stealth design of the underlying facility as no longer effective. For instance, if new equipment is shielded by an existing shroud that is not being modified, then the color of the equipment is irrelevant because it is not visible to the public and would not render an intended concealment ineffective.
                    </P>
                    <P>
                        <E T="03">Example 3 to paragraph (v):</E>
                         For a stealth-designed facility, (such as a wireless facility designed to resemble a pine tree), that was originally conditioned on the facility being hidden behind a tree line, a proposed modification that would make the facility visible above the tree line would not defeat the concealment elements of the facility under § 1.6100(b)(7)(v) if a reasonable person would continue to view the intended stealth design as effective. The requirement that the facility be hidden behind a tree line is not a feature of a stealth-designed facility, but rather an aesthetic condition that falls under § 1.6100(b)(7)(vi).
                    </P>
                    <P>(vi) It does not comply with conditions associated with the siting approval of the construction or modification of the eligible support structure or base station equipment, provided, however, that this limitation does not apply to any modification that is noncompliant only in a manner that would not exceed the thresholds identified in paragraphs (b)(7)(i) through (iv) of this section. Any condition under this paragraph (b)(7)(vi), including aesthetics-related conditions or any other conditions designed to address the visual impact of a facility, cannot be used to prevent modifications allowed under § 1.6100(b)(7)(i) through (iv).</P>
                    <P>
                        <E T="03">Example 1 to paragraph (vi):</E>
                         If a locality imposes an aesthetics-related condition that specifies a three-foot shroud cover for a three-foot antenna, the locality could not prevent the replacement of the original antenna with a four-foot antenna otherwise permissible under § 1.6100(b)(7)(i) because the new antenna could not fit in the original shroud. If there was express evidence that the shroud was a condition of approval, the locality could enforce its shrouding condition if the provider could reasonably install a four-foot shroud to cover the new four-foot antenna. The locality also could enforce a shrouding requirement that was not size-specific and did not limit modifications allowed under § 1.6100(b)(7)(i) through (iv).
                    </P>
                    <P>
                        <E T="03">Example 2 to paragraph (vi):</E>
                         Existing walls and fences around non-camouflaged towers would be considered aesthetic conditions and not concealment elements. However, if there was express evidence that the wall or fence was a condition of approval, the locality may require a provider to extend the wall or fence to continue covering the equipment.
                    </P>
                    <P>
                        <E T="03">Example 3 to paragraph (vi):</E>
                         In regard to a tower that was originally approved conditioned on being hidden behind a tree line, a proposed modification within the thresholds of § 1.6100(b)(7)(i) through (iv) that would make the tower visible above the tree line would be permitted under § 1.6100(b)(7)(vi), assuming the provider cannot reasonably replace a grove of mature trees with a grove of taller mature trees to maintain the absolute hiding of the tower.
                    </P>
                    <STARS/>
                </SECTION>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21620 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6712-01-P</BILCOD>
        </PRORULE>
    </PRORULES>
    <VOL>90</VOL>
    <NO>228</NO>
    <DATE>Monday, December 1, 2025</DATE>
    <UNITNAME>Notices</UNITNAME>
    <NOTICES>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="55084"/>
                <AGENCY TYPE="F">DEPARTMENT OF COMMERCE</AGENCY>
                <SUBAGY>International Trade Administration</SUBAGY>
                <DEPDOC>[Docket No. 251125-0175]</DEPDOC>
                <SUBJECT>Request for Information; Extension of Comment Period</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>International Trade Administration, U.S. Department of Commerce.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Request for information; extension of comment period.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        On October 28, 2025, the U.S. Department of Commerce (Department) published in the 
                        <E T="04">Federal Register</E>
                         a request for information (RFI) to solicit public comment on questions relating to the American AI Exports Program (Program). Through that RFI, the Department is seeking information from the public on the request for proposals that the Department will issue pursuant to Executive Order (E.O.) 14320, “Promoting the Export of the American AI Technology Stack.” The Department has determined that an extension of the comment period until December 13, 2025 is appropriate.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>The public comment period for the Request for Information published on October 28, 2025 (90 FR 48726), is extended from November 28, 2025, to December 13, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        All electronic public comments on this action, identified by 
                        <E T="03">Regulations.gov</E>
                         docket number ITA-2025-0070, may be submitted through the Federal e-rulemaking Portal at 
                        <E T="03">https://www.regulations.gov,</E>
                         as well as 
                        <E T="03">https://aiexports.gov.</E>
                         Response to this RFI is voluntary; you can choose to respond to all or some of the questions. Each individual or institution is requested to submit only one response. Submissions should be made in 12 point or larger font, with a page number provided on each page. All submissions should be captioned with “American AI Exports Program Comments.” Anyone submitting business confidential information should clearly identify the business confidential portion at the time of submission, file a statement justifying nondisclosure and referring to the specific legal authority claimed, and provide a non-confidential version of the submission.
                    </P>
                    <P>
                        For comments submitted electronically containing business confidential information, the file name of the business confidential version should begin with the characters “BC.” Any page containing business confidential information must be clearly marked “BUSINESS CONFIDENTIAL” on the top of that page. The corresponding non-confidential version of those comments must be clearly marked “PUBLIC.” The file name of the non-confidential version should begin with the character “P.” Any submissions with file names that do not begin with either a “BC” or a “P” will be assumed to be public and will be made publicly available at: 
                        <E T="03">https://www.regulations.gov.</E>
                         Commenters submitting business confidential information are encouraged to scan a hard copy of the non-confidential version to create an image of the file, rather than submitting a digital copy with redactions applied, to avoid inadvertent redaction errors which could enable the public to view business confidential information.
                    </P>
                    <P>Please note that the U.S. Government will not pay for response preparation, or for the use of any information contained in the response. A response to this RFI will not be viewed as a binding commitment to develop or pursue the project or ideas discussed.</P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Emily Davis, Director for Public Affairs, International Trade Administration, U.S. Department of Commerce, 202-482-3809, 
                        <E T="03">Emily.Davis@trade.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    On October 28, 2025, the Department published in the 
                    <E T="04">Federal Register</E>
                     its RFI to inform the request for proposals that the Department will issue for the Program pursuant to E.O. 14320. The RFI seeks information from the public relating to the AI technology stack, consortia membership and formation, foreign markets, proposals' business and operational models, federal support for consortia, national security regulations, and proposal evaluation. The Department received feedback from multiple sources regarding the challenging timing of the RFI. In response to this feedback, and to ensure increased access and ability to respond to the RFI, the Department has decided to extend the RFI's comment period to December 13, 2025. The Department refers readers to the October 28, 2025, 
                    <E T="04">Federal Register</E>
                     notice (90 FR 48726) for background information concerning the RFI for the American AI Exports Program.
                </P>
                <SIG>
                    <NAME>Darren Remington,</NAME>
                    <TITLE>Deputy Under Secretary for International Trade, United States Department of Commerce.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21722 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3510-DR-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF COMMERCE</AGENCY>
                <SUBAGY>International Trade Administration</SUBAGY>
                <SUBJECT>Initiation of Five-Year (Sunset) Reviews</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>
                        In accordance with the Tariff Act of 1930, as amended (the Act), the U.S. Department of Commerce (Commerce) is automatically initiating the five-year reviews (Sunset Reviews) of the antidumping duty (AD) and countervailing duty (CVD) orders and suspended investigations listed below. The U.S. International Trade Commission (ITC) is publishing concurrently with this notice its notice of 
                        <E T="03">Institution of Five-Year Reviews</E>
                         which covers the same orders and suspended investigations.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Applicable December 1, 2025.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Commerce official identified in the 
                        <E T="03">Initiation of Review</E>
                         section below at AD/CVD Operations, Enforcement and Compliance, International Trade Administration, U.S. Department of Commerce, 1401 Constitution Avenue NW, Washington, DC 20230. For information from the ITC, contact Mary Messer, Office of Investigations, U.S. International Trade Commission at (202) 205-3193.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Background</HD>
                <P>
                    Commerce's procedures for the conduct of Sunset Reviews are set forth 
                    <PRTPAGE P="55085"/>
                    in its 
                    <E T="03">Procedures for Conducting Five-Year (Sunset) Reviews of Antidumping and Countervailing Duty Orders,</E>
                     63 FR 13516 (March 20, 1998) and 70 FR 62061 (October 28, 2005). Guidance on methodological or analytical issues relevant to Commerce's conduct of Sunset Reviews is set forth in 
                    <E T="03">Antidumping Proceedings: Calculation of the Weighted-Average Dumping Margin and Assessment Rate in Certain Antidumping Duty Proceedings; Final Modification,</E>
                     77 FR 8101 (February 14, 2012).
                </P>
                <HD SOURCE="HD1">Initiation of Review</HD>
                <P>In accordance with section 751(c) of the Act and 19 CFR 351.218(c), we are initiating the Sunset Reviews of the following AD and CVD orders and suspended investigations:</P>
                <GPOTABLE COLS="5" OPTS="L2,tp0,i1" CDEF="xs62,xs62,xs54,r50,r45">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">
                            Commerce 
                            <LI>case No.</LI>
                        </CHED>
                        <CHED H="1">
                            ITC Commerce 
                            <LI>case No.</LI>
                        </CHED>
                        <CHED H="1">Country</CHED>
                        <CHED H="1">Product</CHED>
                        <CHED H="1">Contact</CHED>
                    </BOXHD>
                    <ROW EXPSTB="04" RUL="s">
                        <ENT I="21">
                            <E T="02">Antidumping Duty Proceedings</E>
                        </ENT>
                    </ROW>
                    <ROW EXPSTB="00">
                        <ENT I="01">A-570-937 </ENT>
                        <ENT>731-TA-1152 </ENT>
                        <ENT>China </ENT>
                        <ENT>Citric Acid and Citrate Salt (3rd Review)</ENT>
                        <ENT>Thomas Martin, (202) 482-3936.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">A-428-847 </ENT>
                        <ENT>731-TA-1466</ENT>
                        <ENT>Germany </ENT>
                        <ENT>Forged Steel Fluid End Blocks (1st Review)</ENT>
                        <ENT>Thomas Martin, (202) 482-3936.</ENT>
                    </ROW>
                    <ROW RUL="s">
                        <ENT I="01">A-475-840 </ENT>
                        <ENT>731-TA-1468 </ENT>
                        <ENT>Italy </ENT>
                        <ENT>Forged Steel Fluid End Blocks (1st Review)</ENT>
                        <ENT>Thomas Martin, (202) 482-3936. </ENT>
                    </ROW>
                    <ROW EXPSTB="04" RUL="s">
                        <ENT I="21">
                            <E T="02">Countervailing Duty Proceedings</E>
                        </ENT>
                    </ROW>
                    <ROW EXPSTB="00">
                        <ENT I="01">C-428-848 </ENT>
                        <ENT>701-TA-633 </ENT>
                        <ENT>Germany </ENT>
                        <ENT>Forged Steel Fluid End Blocks (1st Review)</ENT>
                        <ENT>Mary Kolberg, (202) 482-1785.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">C-475-841 </ENT>
                        <ENT>701-TA-635 </ENT>
                        <ENT>Italy </ENT>
                        <ENT>Forged Steel Fluid End Blocks (1st Review)</ENT>
                        <ENT>Mary Kolberg, (202) 482-1785.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">C-533-894 </ENT>
                        <ENT>701-TA-634 </ENT>
                        <ENT>India </ENT>
                        <ENT>Forged Steel Fluid End Blocks (1st Review)</ENT>
                        <ENT>Mary Kolberg, (202) 482-1785.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">C-570-116 </ENT>
                        <ENT>701-TA-632 </ENT>
                        <ENT>China </ENT>
                        <ENT>Forged Steel Fluid End Blocks (1st Review)</ENT>
                        <ENT>Mary Kolberg, (202) 482-1785.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">C-570-938 </ENT>
                        <ENT>701-TA-456 </ENT>
                        <ENT>China </ENT>
                        <ENT>Citric Acid and Citrate Salt (3rd Review)</ENT>
                        <ENT>Mary Kolberg, (202) 482-1785.</ENT>
                    </ROW>
                </GPOTABLE>
                <HD SOURCE="HD1">Filing Information</HD>
                <P>
                    As a courtesy, we are making information related to sunset proceedings, including copies of the pertinent statute and Commerce's regulations, Commerce's schedule for Sunset Reviews, a listing of past revocations and continuations, and current service lists, available to the public on Commerce's website at the following address: 
                    <E T="03">https://enforcement.trade.gov/sunset/.</E>
                     All submissions in these Sunset Reviews must be filed in accordance with Commerce's regulations regarding format, translation, and service of documents. These rules, including electronic filing requirements via Enforcement and Compliance's Antidumping and Countervailing Duty Centralized Electronic Service System (ACCESS), can be found at 19 CFR 351.303.
                </P>
                <P>In accordance with section 782(b) of the Act, any party submitting factual information in an AD/CVD proceeding must certify to the accuracy and completeness of that information. Parties must use the certification formats provided in 19 CFR 351.303(g). Commerce intends to reject factual submissions if the submitting party does not comply with applicable revised certification requirements.</P>
                <HD SOURCE="HD1">Letters of Appearance and Administrative Protective Orders</HD>
                <P>
                    Pursuant to 19 CFR 351.103(d), Commerce will maintain and make available a public service list for these proceedings. Parties wishing to participate in any of these five-year reviews must file letters of appearance as discussed at 19 CFR 351.103(d). To facilitate the timely preparation of the public service list, it is requested that those seeking recognition as interested parties to a proceeding submit an entry of appearance within 10 days of the publication of the Notice of Initiation. Because deadlines in Sunset Reviews can be very short, we urge interested parties who want access to proprietary information under administrative protective order (APO) to file an APO application immediately following publication in the 
                    <E T="04">Federal Register</E>
                     of this notice of initiation. Commerce's regulations on submission of proprietary information and eligibility to receive access to business proprietary information under APO can be found at 19 CFR 351.304-306. Note that Commerce has temporarily modified certain of its requirements for serving documents containing business proprietary information, until further notice.
                    <SU>1</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         
                        <E T="03">See Temporary Rule Modifying AD/CVD Service Requirements Due to</E>
                         COVID-19, 85 FR 41363 (July 10, 2020).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Information Required From Interested Parties</HD>
                <P>
                    Domestic interested parties, as defined in sections 771(9)(C), (D), (E), (F), and (G) of the Act and 19 CFR 351.102(b), wishing to participate in a Sunset Review must respond not later than 15 days after the date of publication in the 
                    <E T="04">Federal Register</E>
                     of this notice of initiation by filing a notice of intent to participate. The required contents of the notice of intent to participate are set forth at 19 CFR 351.218(d)(1)(ii). In accordance with Commerce's regulations, if we do not receive a notice of intent to participate from at least one domestic interested party by the 15-day deadline, Commerce will automatically revoke the order without further review.
                    <SU>2</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         
                        <E T="03">See</E>
                         19 CFR 351.218(d)(1)(iii).
                    </P>
                </FTNT>
                <P>
                    If we receive an order-specific notice of intent to participate from a domestic interested party, Commerce's regulations provide that 
                    <E T="03">all parties</E>
                     wishing to participate in a Sunset Review must file complete substantive responses not later than 30 days after the date of publication in the 
                    <E T="04">Federal Register</E>
                     of this notice of initiation. The required contents of a substantive response, on an order-specific basis, are set forth at 19 CFR 351.218(d)(3). Note that certain information requirements differ for respondent and domestic parties. Also, note that Commerce's information requirements are distinct from the ITC 's information requirements. Consult Commerce's regulations for information regarding Commerce's conduct of Sunset Reviews. Consult Commerce's regulations at 19 CFR part 351 for definitions of terms and for other general information concerning AD and CVD proceedings at Commerce. Note that Commerce has amended certain of its requirements pertaining to the service of documents in 19 CFR 351.303(f).
                    <SU>3</SU>
                    <FTREF/>
                     An electronically filed document must be received successfully in its entirety by ACCESS by 5:00 p.m. Eastern Time on the day on which it is due.
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See Administrative Protective Order, Service, and Other Procedures in Antidumping and Countervailing Duty Proceedings; Final Rule,</E>
                         88 FR 67069 (September 29, 2023).
                    </P>
                </FTNT>
                <P>
                    In prior proceedings we have encouraged interested parties to provide 
                    <PRTPAGE P="55086"/>
                    an executive summary of their comments, including footnotes. In these sunset reviews, we request that interested parties provide at the beginning of their comments, an executive summary for each issue raised in their comments. Further, we request that interested parties limit their public executive summary of each issue to no more than 450 words, not including citations. We intend to use the public executive summaries as the basis of the comment summaries included in the decision memorandum that will accompany the notice to be published in the 
                    <E T="04">Federal Register</E>
                    . Finally, we request that interested parties include footnotes for relevant citations in the public executive summary of each issue.
                </P>
                <HD SOURCE="HD1">Notification to Interested Parties</HD>
                <P>This notice of initiation is being published in accordance with section 751(c) of the Act and 19 CFR 351.218(c).</P>
                <SIG>
                    <DATED>Dated: November 24, 2025.</DATED>
                    <NAME>Scot Fullerton,</NAME>
                    <TITLE>Acting Deputy Assistant Secretary for Antidumping and Countervailing Duty Operations.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21697 Filed 11-28-25; 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>
                <SUBJECT>Initiation of Five-Year (Sunset) Reviews</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>
                        In accordance with the Tariff Act of 1930, as amended (the Act), the U.S. Department of Commerce (Commerce) is automatically initiating the five-year reviews (Sunset Reviews) of the antidumping duty (AD) and countervailing duty (CVD) orders and suspended investigations listed below. The U.S. International Trade Commission (ITC) is publishing concurrently with this notice its notice of 
                        <E T="03">Institution of Five-Year Reviews</E>
                         which covers the same orders and suspended investigations.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        Applicable November 3, 2025.
                        <SU>1</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>1</SU>
                             Commerce exercised its discretion to toll all deadlines affected by the federal government shutdown from October 1, 2025, through the resumption of operations on November 13, 2025. 
                            <E T="03">See</E>
                             Memorandum, “Deadlines Affected by the Shutdown of the Federal Government,” dated November 14, 2025. The applicable date of this notice is within the 47-day tolling period Commerce set forth.
                        </P>
                    </FTNT>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Commerce official identified in the 
                        <E T="03">Initiation of Review</E>
                         section below at AD/CVD Operations, Enforcement and Compliance, International Trade Administration, U.S. Department of Commerce, 1401 Constitution Avenue NW, Washington, DC 20230. For information from the ITC, contact Mary Messer, Office of Investigations, U.S. International Trade Commission at (202) 205-3193.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Background</HD>
                <P>
                    Commerce's procedures for the conduct of Sunset Reviews are set forth in its 
                    <E T="03">Procedures for Conducting Five-Year (Sunset) Reviews of Antidumping and Countervailing Duty Orders,</E>
                     63 FR 13516 (March 20, 1998) and 70 FR 62061 (October 28, 2005). Guidance on methodological or analytical issues relevant to Commerce's conduct of Sunset Reviews is set forth in 
                    <E T="03">Antidumping Proceedings: Calculation of the Weighted-Average Dumping Margin and Assessment Rate in Certain Antidumping Duty Proceedings; Final Modification,</E>
                     77 FR 8101 (February 14, 2012).
                </P>
                <HD SOURCE="HD1">Initiation of Review</HD>
                <P>In accordance with section 751(c) of the Act and 19 CFR 351.218(c), we are initiating the Sunset Reviews of the following AD and CVD orders and suspended investigations:</P>
                <GPOTABLE COLS="5" OPTS="L2,tp0,i1" CDEF="xs72,xs72,xs72,r50,r50">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Commerce case No.</CHED>
                        <CHED H="1">ITC case No. </CHED>
                        <CHED H="1">Country</CHED>
                        <CHED H="1">Product</CHED>
                        <CHED H="1">Commerce contact</CHED>
                    </BOXHD>
                    <ROW EXPSTB="04" RUL="s">
                        <ENT I="21">
                            <E T="02">Antidumping Duty Proceedings</E>
                        </ENT>
                    </ROW>
                    <ROW EXPSTB="00">
                        <ENT I="01">A-570-996 </ENT>
                        <ENT>731-TA-1238 </ENT>
                        <ENT>China </ENT>
                        <ENT>Non-Oriented Electrical Steel (2nd Review)</ENT>
                        <ENT>Thomas Martin, (202) 482-3936.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">A-570-943 </ENT>
                        <ENT>731-TA-1159 </ENT>
                        <ENT>China</ENT>
                        <ENT>Oil Country Tubular Goods (3rd Review)</ENT>
                        <ENT>Mary Kolberg, (202) 482-1785. </ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">A-428-843 </ENT>
                        <ENT>731-TA-1239 </ENT>
                        <ENT>Germany </ENT>
                        <ENT>Non-Oriented Electrical Steel  (2nd Review)</ENT>
                        <ENT>Thomas Martin, (202) 482-3936.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">A-533-891 </ENT>
                        <ENT>731-TA-1463 </ENT>
                        <ENT>India </ENT>
                        <ENT>Forged Steel Fittings (1st Review)</ENT>
                        <ENT>Thomas Martin, (202) 482-3936.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">A-588-872 </ENT>
                        <ENT>731-TA-1240 </ENT>
                        <ENT>Japan </ENT>
                        <ENT>Non-Oriented Electrical Steel (2nd Review)</ENT>
                        <ENT>Thomas Martin, (202) 482-3936.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">A-580-904 </ENT>
                        <ENT>731-TA-1464 </ENT>
                        <ENT>South Korea </ENT>
                        <ENT>Forged Steel Fittings (1st Review)</ENT>
                        <ENT>Thomas Martin, (202) 482-3936.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">A-580-872</ENT>
                        <ENT>731-TA-1241 </ENT>
                        <ENT>South Korea </ENT>
                        <ENT>Non-Oriented Electrical Steel (2nd Review)</ENT>
                        <ENT>Thomas Martin, (202) 482-3936.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">A-401-809 </ENT>
                        <ENT>731-TA-1242 </ENT>
                        <ENT>Sweden </ENT>
                        <ENT>Non-Oriented Electrical Steel (2nd Review)</ENT>
                        <ENT>Thomas Martin, (202) 482-3936.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">A-583-851 </ENT>
                        <ENT>731-TA-1243 </ENT>
                        <ENT>Taiwan </ENT>
                        <ENT>Non-Oriented Electrical Steel (2nd Review)</ENT>
                        <ENT>Thomas Martin, (202) 482-3936.</ENT>
                    </ROW>
                    <ROW RUL="s">
                        <ENT I="01">A-552-801 </ENT>
                        <ENT>731-TA-1012 </ENT>
                        <ENT>Vietnam</ENT>
                        <ENT>Frozen Fish Fillets (4th Review)</ENT>
                        <ENT>Thomas Martin, (202) 482-3936. </ENT>
                    </ROW>
                    <ROW EXPSTB="04" RUL="s">
                        <ENT I="21">
                            <E T="02">Countervailing Duty Proceedings</E>
                        </ENT>
                    </ROW>
                    <ROW EXPSTB="00">
                        <ENT I="01">C-570-997 </ENT>
                        <ENT>701-TA-506 </ENT>
                        <ENT>China </ENT>
                        <ENT>Non-Oriented Electrical Steel (2nd Review)</ENT>
                        <ENT>Mary Kolberg, (202) 482-1785.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">C-570-944 </ENT>
                        <ENT>701-TA-463 </ENT>
                        <ENT>China </ENT>
                        <ENT>Oil Country Tubular Goods (3rd Review)</ENT>
                        <ENT>Mary Kolberg, (202) 482-1785.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">C-533-892 </ENT>
                        <ENT>701-TA-631 </ENT>
                        <ENT>India </ENT>
                        <ENT>Steel Fittings (1st Review)</ENT>
                        <ENT>Thomas Martin, (202) 482-3936.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">C-583-852 </ENT>
                        <ENT>701-TA-508 </ENT>
                        <ENT>Taiwan </ENT>
                        <ENT>Non-Oriented Electrical Steel (2nd Review)</ENT>
                        <ENT>Mary Kolberg, (202) 482-1785.</ENT>
                    </ROW>
                </GPOTABLE>
                <PRTPAGE P="55087"/>
                <HD SOURCE="HD1">Filing Information</HD>
                <P>
                    As a courtesy, we are making information related to sunset proceedings, including copies of the pertinent statute and Commerce's regulations, Commerce's schedule for Sunset Reviews, a listing of past revocations and continuations, and current service lists, available to the public on Commerce's website at the following address: 
                    <E T="03">https://enforcement.trade.gov/sunset/.</E>
                     All submissions in these Sunset Reviews must be filed in accordance with Commerce's regulations regarding format, translation, and service of documents. These rules, including electronic filing requirements via Enforcement and Compliance's Antidumping and Countervailing Duty Centralized Electronic Service System (ACCESS), can be found at 19 CFR 351.303.
                </P>
                <P>In accordance with section 782(b) of the Act, any party submitting factual information in an AD/CVD proceeding must certify to the accuracy and completeness of that information. Parties must use the certification formats provided in 19 CFR 351.303(g). Commerce intends to reject factual submissions if the submitting party does not comply with applicable revised certification requirements.</P>
                <HD SOURCE="HD1">Letters of Appearance and Administrative Protective Orders</HD>
                <P>
                    Pursuant to 19 CFR 351.103(d), Commerce will maintain and make available a public service list for these proceedings. Parties wishing to participate in any of these five-year reviews must file letters of appearance as discussed at 19 CFR 351.103(d). To facilitate the timely preparation of the public service list, it is requested that those seeking recognition as interested parties to a proceeding submit an entry of appearance within 10 days of the publication of the Notice of Initiation. Because deadlines in Sunset Reviews can be very short, we urge interested parties who want access to proprietary information under administrative protective order (APO) to file an APO application immediately following publication in the 
                    <E T="04">Federal Register</E>
                     of this notice of initiation. Commerce's regulations on submission of proprietary information and eligibility to receive access to business proprietary information under APO can be found at 19 CFR 351.304-306. Note that Commerce has temporarily modified certain of its requirements for serving documents containing business proprietary information, until further notice.
                    <SU>2</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         
                        <E T="03">See Temporary Rule Modifying AD/CVD Service Requirements Due to</E>
                         COVID-19, 85 FR 41363 (July 10, 2020).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Information Required From Interested Parties</HD>
                <P>
                    Domestic interested parties, as defined in sections 771(9)(C), (D), (E), (F), and (G) of the Act and 19 CFR 351.102(b), wishing to participate in a Sunset Review must respond not later than 15 days after the date of publication in the 
                    <E T="04">Federal Register</E>
                     of this notice of initiation by filing a notice of intent to participate. The required contents of the notice of intent to participate are set forth at 19 CFR 351.218(d)(1)(ii). In accordance with Commerce's regulations, if we do not receive a notice of intent to participate from at least one domestic interested party by the 15-day deadline, Commerce will automatically revoke the order without further review.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         19 CFR 351.218(d)(1)(iii).
                    </P>
                </FTNT>
                <P>
                    If we receive an order-specific notice of intent to participate from a domestic interested party, Commerce's regulations provide that 
                    <E T="03">all parties</E>
                     wishing to participate in a Sunset Review must file complete substantive responses not later than 30 days after the date of publication in the 
                    <E T="04">Federal Register</E>
                     of this notice of initiation. The required contents of a substantive response, on an order-specific basis, are set forth at 19 CFR 351.218(d)(3). Note that certain information requirements differ for respondent and domestic parties. Also, note that Commerce's information requirements are distinct from the ITC 's information requirements. Consult Commerce's regulations for information regarding Commerce's conduct of Sunset Reviews. Consult Commerce's regulations at 19 CFR part 351 for definitions of terms and for other general information concerning AD and CVD proceedings at Commerce. Note that Commerce has amended certain of its requirements pertaining to the service of documents in 19 CFR 351.303(f).
                    <SU>4</SU>
                    <FTREF/>
                     An electronically filed document must be received successfully in its entirety by ACCESS by 5:00 p.m. Eastern Time on the day on which it is due.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         
                        <E T="03">See Administrative Protective Order, Service, and Other Procedures in Antidumping and Countervailing Duty Proceedings; Final Rule,</E>
                         88 FR 67069 (September 29, 2023)
                    </P>
                </FTNT>
                <P>
                    In prior proceedings we have encouraged interested parties to provide an executive summary of their comments, including footnotes. In these sunset reviews, we request that interested parties provide at the beginning of their comments, an executive summary for each issue raised in their comments. Further, we request that interested parties limit their public executive summary of each issue to no more than 450 words, not including citations. We intend to use the public executive summaries as the basis of the comment summaries included in the decision memorandum that will accompany the notice to be published in the 
                    <E T="04">Federal Register</E>
                    . Finally, we request that interested parties include footnotes for relevant citations in the public executive summary of each issue.
                </P>
                <HD SOURCE="HD1">Notification to Interested Parties</HD>
                <P>This notice of initiation is being published in accordance with section 751(c) of the Act and 19 CFR 351.218(c).</P>
                <SIG>
                    <DATED>Dated: November 24, 2025.</DATED>
                    <NAME>Scot Fullerton,</NAME>
                    <TITLE>Acting Deputy Assistant Secretary for Antidumping and Countervailing Duty Operations.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21693 Filed 11-28-25; 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-XE956]</DEPDOC>
                <SUBJECT>Takes of Marine Mammals Incidental to Specified Activities; Taking Marine Mammals Incidental to a Marine Geophysical Survey off Western Mexico in the Eastern Tropical Pacific Ocean</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 incidental harassment authorization.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>In accordance with regulations implementing the Marine Mammal Protection Act (MMPA) as amended, notification is hereby given that NMFS has issued an incidental harassment authorization (IHA) to Lamont-Doherty Earth Observatory (L-DEO) for authorization to take marine mammals incidental to a marine geophysical survey off Western Mexico in the Eastern Tropical Pacific Ocean (ETP).</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>This authorization is effective for one year from the date of notification by the IHA-holder, not to exceed one year from the date of issuance (November 25, 2025).</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Electronic copies of the application and supporting documents, 
                        <PRTPAGE P="55088"/>
                        as well as a list of the references cited in this document, may be obtained online at: 
                        <E T="03">https://www.fisheries.noaa.gov/action/incidental-take-authorization-lamont-doherty-earth-observatorys-marine-geophysical-survey-1.</E>
                         In case of problems accessing these documents, please call the contact listed below.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Jenna Harlacher, Office of Protected Resources, NMFS, (301) 427-8401.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">MMPA Background and Determinations</HD>
                <P>
                    The MMPA prohibits the “take” of marine mammals, with certain exceptions. Among the exceptions is section 101(a)(5)(D) of the MMPA (16 U.S.C. 1361 
                    <E T="03">et seq.</E>
                    ) which directs the Secretary of Commerce (as delegated to NMFS) to allow, upon request, the incidental, but not intentional, taking by harassment of small numbers of marine mammals by U.S. citizens who engage in a specified activity (other than commercial fishing) within a specified geographical region if certain findings are made and the public has an opportunity to comment on the proposed IHA.
                </P>
                <P>Specifically, NMFS will issue an IHA if it finds that the taking will have a negligible impact on the species or stock(s) and will not have an unmitigable adverse impact on the availability of the species or stock(s) for taking for subsistence uses (where relevant). Further, NMFS must prescribe the permissible methods of taking and other “means of effecting the least [practicable] adverse impact” on the affected species or stocks and their habitat, paying particular attention to rookeries, mating grounds, and areas of similar significance, and on the availability of such species or stocks for taking for certain subsistence uses (referred to here as “mitigation”). NMFS must also prescribe requirements pertaining to monitoring and reporting of such takings. The definition of key terms such as “take,” “harassment,” and “negligible impact” can be found in the MMPA and the NMFS' implementing regulations (see 16 U.S.C. 1362; 50 CFR 216.103).</P>
                <P>
                    On May 5, 2025, a notice of NMFS' proposal to issue an IHA to L-DEO for take of marine mammals incidental to a marine geophysical survey off Western Mexico in the ETP was published in the 
                    <E T="04">Federal Register</E>
                     (90 FR 19090, May 5, 2025). In that notice, NMFS indicated the estimated numbers, type, and methods of incidental take proposed for each species or stock and the mitigation, monitoring, and reporting measures that would be required should the IHA be issued. The 
                    <E T="04">Federal Register</E>
                     notice also included analysis to support NMFS' preliminary conclusions and determinations that the IHA, if issued, would satisfy the requirements of section 101(a)(5)(D) of the MMPA for issuance of the IHA. The 
                    <E T="04">Federal Register</E>
                     notice included web links to a draft IHA for review and other supporting documents.
                </P>
                <P>
                    NMFS' consideration of public comments, which we respond to below, did not result in changes to the analysis or findings in the 
                    <E T="04">Federal Register</E>
                     notice of proposed IHA or the required mitigation, monitoring, or reporting measures set forth in the proposed IHA. With the exception of the minor updates discussed below, there are no changes to the specified activity, the species taken, type, or methods of take, or the monitoring, or reporting measures in the proposed IHA notice. There are minor changes to the take numbers and mitigation requirements. No new information that would change any of the preliminary analyses, conclusions, or determinations in the proposed IHA notice has become available since that notice was published, and, therefore, the preliminary analyses, conclusions, and determinations included in the proposed IHA are considered final.
                </P>
                <P>During the 30-day public comment period, NMFS received one substantive comment submission, from a member of the public. NMFS' response to the comment is provided below.</P>
                <P>
                    <E T="03">Comment 1:</E>
                     A commenter suggests a net be put at the center of the study location and extend out to the needed radius of the action area. The commenter states the nets would be the most effective at keeping out larger animals, and minimize killing of protected species. They also state that this would help the project comply with the Endangered Species Act.
                </P>
                <P>
                    <E T="03">Response 1:</E>
                     NMFS disagrees with the commenter's suggestion of putting a net in the action area to reduce impacts to marine mammals. In fact, a net would introduce new increased risk to marine mammals through entanglement that could potentially lead to serious injury or mortality, which is not a potential risk from the action as proposed. Large whales entangled in gear or nets are impacted at both the individual and population level. Entanglement can result in the restriction of their movement and has been documented to cause mild to severe injuries to whales, and additionally, if not removed, could lead to drowning or suffocation. Injuries to these marine animals can affect their ability to reproduce and feed (Saez 
                    <E T="03">et al.,</E>
                     2020).
                </P>
                <P>Both the National Science Foundation and this MMPA IHA are Federal actions that are being consulted under Section 7 of the Endangered Species Act to ensure the continued existence of threatened and endangered species. The required mitigation measures are intended to be protective of marine mammals including those that are ESA-listed.</P>
                <P>
                    NMFS expects that all potential take would be Level B harassment in the form of temporary avoidance of the area or decreased foraging (if such activity was occurring), responses that are considered to be of low severity, and with no lasting biological consequences (
                    <E T="03">e.g.,</E>
                     Southall 
                    <E T="03">et al.,</E>
                     2007, 2021). These low-level impacts of behavioral harassment are not likely to impact the overall fitness of any individual or lead to population level effects of any species. Additionally, this survey is very small related to the ranges of all marine mammals that could be found in the action area and is limited to only 7 days, further reducing population level impacts to species. As described in the proposed notice, Level A harassment is not expected to occur and we don't expect any serious injury or mortality. Therefore, NMFS disagrees with the commenter that the use of a net would be a suitable mitigation measure reducing impacts to marine mammals.  Minor changes have been made between publication of the notice of proposed IHA and this notice of final IHA, including changes to take and mitigation. For this survey, 4.7 percent of the effort would occur in waters 1,000-2,000 meters deep where Guadalupe fur seal density is zero. Based on this update, take of Guadalupe fur seal is reduced from 13 to 12. Additionally, since the majority of pinniped takes are Guadalupe fur seal we have decided to remove pinnipeds from the shutdown waiver in the shutdown requirement of the mitigation section.
                </P>
                <HD SOURCE="HD1">National Environmental Policy Act</HD>
                <P>
                    To comply with the National Environmental Policy Act of 1969 (NEPA; 42 U.S.C. 4321 
                    <E T="03">et seq.</E>
                    ) and NOAA Administrative Order (NAO) 216-6A, NMFS must review our proposed action (
                    <E T="03">i.e.,</E>
                     the issuance of an IHA) with respect to potential impacts on the human environment.
                </P>
                <P>
                    This action is consistent with categories of activities identified in Categorical Exclusion B4 (IHAs with no anticipated serious injury or mortality) of the Companion Manual for NAO 216-6A, which do not individually or 
                    <PRTPAGE P="55089"/>
                    cumulatively have the potential for significant impacts on the quality of the human environment and for which we have not identified any extraordinary circumstances that would preclude this categorical exclusion. Accordingly, NMFS has determined that the issuance of the IHA qualifies to be categorically excluded from further NEPA review.
                </P>
                <HD SOURCE="HD1">Endangered Species Act</HD>
                <P>
                    Section 7(a)(2) of the Endangered Species Act of 1973 (ESA; 16 U.S.C. 1531 
                    <E T="03">et seq.</E>
                    ) requires that each Federal agency ensures that any action it authorizes, funds, or carries out is not likely to jeopardize the continued existence of any endangered or threatened species or result in the destruction or adverse modification of designated critical habitat. To ensure ESA compliance for the issuance of IHAs, NMFS consults internally whenever we propose to authorize take for endangered or threatened species.
                </P>
                <P>The NMFS Office of Protected Resources (OPR) ESA Interagency Cooperation Division has issued a Biological Opinion under section 7 of the ESA, on the issuance of an IHA to L-DEO under section 101(a)(5)(D) of the MMPA by the NMFS OPR Permits and Conservation Division. The Biological Opinion concluded that the action is not likely to jeopardize the continued existence of ESA-listed humpback whales (Central America DPS), fin whales, sei whales, sperm whales and Guadalupe fur seals.</P>
                <HD SOURCE="HD1">Authorization</HD>
                <P>Accordingly, consistent with the requirements of section 101(a)(5)(D) of the MMPA, NMFS has issued an IHA to L-DEO for authorization to take marine mammals incidental to a marine geophysical survey off Western Mexico in the ETP.</P>
                <SIG>
                    <DATED>Dated: November 26, 2025.</DATED>
                    <NAME>Kimberly Damon-Randall,</NAME>
                    <TITLE>Director, Office of Protected Resources, National Marine Fisheries Service.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21663 Filed 11-28-25; 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-XF355]</DEPDOC>
                <SUBJECT>Recommendations for Restoring American Seafood Competitiveness; Reopening of Comment Period</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; reopening of comment period.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        On August 27, 2025, NMFS published a 
                        <E T="04">Federal Register</E>
                         request for comment on suggestions to improve fisheries management and science within the requirements of applicable laws, as required in the Executive Order titled “Restoring American Seafood Competitiveness”. The request for comment provided a 45-day comment period, which closed on October 14, 2025. Due to the lapse in appropriations that occurred during the comment period, NMFS has determined that reopening the comment period until December 15, 2025, is appropriate to allow interested parties additional time to prepare and submit comments. Therefore, NMFS is reopening the comment period.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>The comment period is reopened from December 1, 2025 to December 15, 2025. Comments must be received by 11:59 p.m. EDT on December 15, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Responses should be submitted via email to 
                        <E T="03">nmfs.seafoodstrategy@noaa.gov.</E>
                         Include “E.O. 14276 Notice Response” in the subject line of the message.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT: </HD>
                    <P>Kelly Denit, Director, Office of Sustainable Fisheries, National Marine Fisheries Service, 301-427-8517.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION: </HD>
                <P>
                    On August 27, 2025, NMFS published in the 
                    <E T="04">Federal Register</E>
                     a request for comment from interested parties on suggestions to improve fisheries management and science within the requirements of applicable laws, as required in the Executive Order 14276 titled “Restoring American Seafood Competitiveness.” (90 FR 41818). The request for comment provided a 45-day comment period, which closed on October 14, 2025. Due to the lapse in appropriations that occurred during the comment period, NMFS has determined reopening the comment period until December 15, 2025, is appropriate. This action will allow interested parties additional time to prepare and submit comments. Therefore, NMFS is reopening the comment period for the request for comments as outlined in the 
                    <E T="02">DATES</E>
                     section of this notice.
                </P>
                <SIG>
                    <DATED>Dated: November 26, 2025.</DATED>
                    <NAME>Samuel D. Rauch III,</NAME>
                    <TITLE>Deputy Assistant Administrator for Regulatory Programs, National Marine Fisheries Service.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21714 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3510-22-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">CONSUMER PRODUCT SAFETY COMMISSION</AGENCY>
                <DEPDOC>[Docket No. CPSC-2012-0058]</DEPDOC>
                <SUBJECT>Agency Information Collection Activities; Extension of Collection; Safety Standard for Walk-Behind Power Lawn Mowers</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Consumer Product Safety Commission.</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>
                        As required by the Paperwork Reduction Act of 1995 (PRA), the Consumer Product Safety Commission (CPSC or Commission) announces that the Commission has submitted to the Office of Management and Budget (OMB) a request for extension of approval of information collection requirements associated with the Safety Standard for Walk-Behind Power Lawn Mowers. OMB previously approved the collection of information under control number 3041-0091. OMB's most recent extension of approval will expire on November 30, 2025. On September 23, 2025, CPSC published a notice in the 
                        <E T="04">Federal Register</E>
                         to announce the agency's intention to seek extension of approval of the collection of information. The Commission received four public comments. Therefore, by publication of this notice, the Commission announces that CPSC has submitted to OMB a request for extension of approval of that collection of information.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Submit comments on the collection of information by December 29, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Submit comments about this request by email: 
                        <E T="03">OIRA_submission@omb.eop.gov</E>
                         or fax: 202-395-6881. Comments by mail should be sent to the Office of Information and Regulatory Affairs, Attn: OMB Desk Officer for the CPSC, Office of Management and Budget, Room 10235, 725 17th Street NW, Washington, DC 20503. Written comments that are sent to OMB also should be submitted electronically at 
                        <E T="03">http://www.regulations.gov</E>
                        , under Docket No. CPSC-2012-0058.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Cynthia Gillham, Consumer Product Safety Commission, 4330 East-West Highway, Bethesda, MD 20814; (301) 504-7791, or by email to: 
                        <E T="03">pra@cpsc.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>CPSC seeks to renew the following currently approved collection of information:</P>
                <P>
                    <E T="03">Title:</E>
                     Safety Standard for Walk-Behind Lawn Mowers.
                </P>
                <P>
                    <E T="03">OMB Number:</E>
                     3041-0091.
                    <PRTPAGE P="55090"/>
                </P>
                <P>
                    <E T="03">Type of Review:</E>
                     Renewal of collection.
                </P>
                <P>
                    <E T="03">Frequency of Response:</E>
                     On occasion.
                </P>
                <P>
                    <E T="03">Affected Public:</E>
                     Manufacturers and importers of walk-behind power lawn mowers.
                </P>
                <P>
                    <E T="03">General Description of Collection:</E>
                     The Safety Standard for Walk-Behind Power Lawn Mowers (16 CFR part 1205) addresses blade contact injuries. Subpart B of the standard sets forth regulations prescribing requirements for a reasonable testing program to support certificates of compliance with the standard for walk-behind power lawn mowers. Section 14(a) of the CPSA requires manufacturers, importers, and private labelers of a consumer product subject to a consumer product safety standard to issue a certificate stating that the product complies with all applicable consumer product safety standards. 15 U.S.C. 2063(a). Section 14(a) of the CPSA also requires that the certificate of compliance must be based on a test of each product or upon a reasonable testing program. 
                    <E T="03">Id.</E>
                     The rule requires manufacturers (including importers) to establish and maintain written records showing that the certificates of compliance issued are based on a test of each mower or on a reasonable testing program. The records are to be maintained for a period of at least three years from the date of certification of each mower or each production lot. The rule also requires that the certificates be in the form of a label on the product stating (1) “Meets CPSC blade safety requirements”; (2) an identification of the production lot; (3) the name of the person or firm issuing the certificate; (4) the location where the product was principally assembled; and (5) the month and year the product was manufactured. See 16 CFR 1205.35(a)-(b).
                </P>
                <P>
                    <E T="03">Estimated Number of Respondents:</E>
                     CPSC estimates approximately 34 lawn-mower suppliers will respond to the collection annually.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     Based on subject matter knowledge and previous experience during compliance inspections conducted for lawn mowers subject to the standard, CPSC estimates that each respondent expends eight hours daily engaged in compiling and maintaining a testing record to support the certification of a production lot of lawn mowers. This may involve testing approximately five to six lawn mowers per day and recording test results in some form of a retrievable record system. CPSC assumes testing is performed over 130 estimated yearly production days, based on a highly seasonal production period. Thus, total hour burden to respondents for the recordkeeping associated with testing to support certification is estimated to be 1,040 hours per respondent (8 × 130). For the specified labeling requirements, the information should be readily available, and it could take a manufacturer an additional hour per production day to collect the information and place it on the label. Therefore, an additional 130 hours per respondent have been added to the total burden, which is 1,170 hours (1,040 + 130).
                </P>
                <P>
                    <E T="03">Total Estimated Annual Burden:</E>
                     CPSC estimates that the annual burden for compiling and maintaining a testing record to support certification is estimated to be 35,360 hours (34 respondents × 1,040 hours). The estimated additional burden related to labeling is 4,420 hours. The total annual burden hours related to recordkeeping associated with certification, and labeling are estimated to be 39,780 hours for the collection of information annually (35,360 + 4,420).
                </P>
                <P>
                    <E T="03">Total Estimated Annual Cost to Respondents:</E>
                     CPSC estimates that the cost of collecting information related to testing is approximately $2,729,438.40 based on 35,360 hours × $77.19 (total compensation for management, professional, and related workers in goods-producing industries) and annual cost burden related to labeling is estimated to be $183,827.80 based on 4,420 hours × $41.59 (total compensation for all sales and office workers in goods-producing industries).
                    <SU>1</SU>
                    <FTREF/>
                     Therefore, total annual burden costs related to the information collection are estimated to be $2,913,266.20 ($2,729,438.40 + $183,827.80).
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         U.S. Bureau of Labor Statistics, “Employer Costs for Employee Compensation,” March 2025, Table 4, 
                        <E T="03">https://www.bls.gov/news.release/archives/ecec_06132025.pdf.</E>
                    </P>
                </FTNT>
                <P>
                    <E T="03">Response to Public Comments:</E>
                     Three comments were out of scope. The fourth commenter, Outdoor Power Equipment Institute (OPEI), asserted that CPSC's burden estimates are low because CPSC does not account for manufacturers that may be producing mowers all year-round. CPSC's estimated burden assumes 130 yearly production days, based on a highly seasonal production period. OPEI agrees that this is true for some manufacturers. However, OPEI asserts that there are other manufacturers, without specifying how many, who are in production for an estimated 250 business days all year-round. Some firms may have more than 130 yearly production days, even up to 250 business production days, as suggested by OPEI, and others may have fewer production days. OPEI has not provided any detailed information that will assist in revising the estimated PRA burden. For this reason, CPSC is not revising its current burden estimates based on 130 days of production per year.
                </P>
                <P>
                    OPEI also expressed concerns about potential duplicative burdens associated with e-filing requirements under a new rule, Certificates of Compliance. 
                    <E T="03">See</E>
                     16 CFR 1110. The PRA burden associated with the e-filing requirements for walk-behind lawn mowers is accounted for in the final e-filing rule. 90 FR 1800, 1839 (Jan. 8, 2025).
                    <SU>2</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         OMB approved the information collection request associated with the e-filing rule on February, 28, 2025. 
                        <E T="03">See</E>
                         OMB Control No. 3041-0203.
                    </P>
                </FTNT>
                <SIG>
                    <NAME>Alberta E. Mills, </NAME>
                    <TITLE>Secretary, Consumer Product Safety Commission.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21595 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6355-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">CONSUMER PRODUCT SAFETY COMMISSION</AGENCY>
                <DEPDOC>[Docket No. CPSC-2009-0044]</DEPDOC>
                <SUBJECT>Agency Information Collection Activities; Extension of Collection; Safety Standard for Cigarette Lighters</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Consumer Product Safety Commission.</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>
                        As required by the Paperwork Reduction Act of 1995 (PRA), the Consumer Product Safety Commission (CPSC or Commission) announces that the Commission has submitted to the Office of Management and Budget (OMB) a request for extension of approval of information collection requirements associated with the Safety Standard for Cigarette Lighters. OMB previously approved the collection of information under control number 3041-0116. OMB's most recent extension of approval will expire on November 30, 2025. On September 22, 2025, CPSC published a notice in the 
                        <E T="04">Federal Register</E>
                         to announce the agency's intention to seek extension of approval of the collection of information. The Commission received two, out of scope, public comments. Therefore, by publication of this notice, the Commission announces that CPSC has submitted to OMB a request for extension of approval of that collection of information.
                    </P>
                </SUM>
                <DATES>
                    <PRTPAGE P="55091"/>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Submit comments on the collection of information by December 29, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Submit comments about this request by email: 
                        <E T="03">OIRA_submission@omb.eop.gov</E>
                         or fax: 202-395-6881. Comments by mail should be sent to the Office of Information and Regulatory Affairs, Attn: OMB Desk Officer for the CPSC, Office of Management and Budget, Room 10235, 725 17th Street NW, Washington, DC 20503. Written comments that are sent to OMB also should be submitted electronically at 
                        <E T="03">http://www.regulations.gov,</E>
                         under Docket No. CPSC-2009-0044.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Cynthia Gillham, Consumer Product Safety Commission, 4330 East-West Highway, Bethesda, MD 20814; (301) 504-7791, or by email to: 
                        <E T="03">pra@cpsc.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>CPSC seeks to renew the following currently approved collection of information:</P>
                <P>
                    <E T="03">Title:</E>
                     Safety Standard for Cigarette Lighters.
                </P>
                <P>
                    <E T="03">OMB Number:</E>
                     3041-0116.
                </P>
                <P>
                    <E T="03">Type of Review:</E>
                     Renewal of collection.
                </P>
                <P>
                    <E T="03">Frequency of Response:</E>
                     On occasion.
                </P>
                <P>
                    <E T="03">Affected Public:</E>
                     Manufacturers and importers of cigarette lighters.
                </P>
                <P>
                    <E T="03">General Description of Collection:</E>
                     The Safety Standard for Cigarette Lighters (16 CFR part 1210) addresses the risks of death and burn injury associated with fires accidentally started by children playing with cigarette lighters. The standard requires certain test protocols, as well as recordkeeping and reporting requirements. 16 CFR part 1210, subpart B. In addition, section 14(a) of the Consumer Product Safety Act (CPSA) requires manufacturers, importers, and private labelers of a consumer product subject to a consumer product safety standard to issue a certificate stating that the product complies with all applicable consumer product safety standards. 15 U.S.C. 2063(a). Section 14(a) of the CPSA also requires that the certificate of compliance must be based on a test of each product or upon a reasonable testing program. 
                    <E T="03">Id.</E>
                </P>
                <P>
                    <E T="03">Estimated Number of Respondents:</E>
                     Based on averaging available data from fiscal years 2021 (used in the last PRA renewal) and 2024, CPSC estimates approximately 30 firms will respond to the collection annually.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     The burden associated with the standard includes the time spent compiling the test records. The burden associated with compiling a test record for a new model is expected to be about 90 hours per model. There is no burden associated with the comparison lighters.
                    <SU>1</SU>
                    <FTREF/>
                     For recordkeeping, the time for a new model is estimated to be 20 hours and for a comparison lighter it is estimated to be three hours. For reporting, approximately one hour per product will be required for manufacturers to submit information to CPSC.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         Under § 1210.14, if a manufacturer has tested one lighter model, and then wishes to distribute another lighter model that differs from the first model only in features that would not have an adverse effect on child resistance, the second model need not be tested in accordance with § 1210.4.
                    </P>
                </FTNT>
                <P>
                    <E T="03">Total Estimated Annual Burden:</E>
                     CPSC expects four new models to be subject to initial qualification testing annually and approximately 139 lighters comparable to previously tested models, comparison lighters, to be subject to ongoing testing annually.
                </P>
                <P>
                    The burden associated with the standard includes the cost for compiling and maintaining the test records, either by the firm or by outside contractors. As previously mentioned, comparison lighters do not have a burden associated with compiling a test record, including costs. If the firm elects to use an outside contractor, the estimated cost for compiling a test record for a new model is about $25,000 on average.
                    <SU>2</SU>
                    <FTREF/>
                     If all four new lighter models are tested annually by outside contractors, the cost is expected to be about $100,000. The total time to compile a test record for the four models, if conducted in-house, is approximately 360 hours. The total time for recordkeeping of new models is expected to be 80 hours (20 hours × 4 models). For 139 comparison lighters, the estimated burden for recordkeeping is 417 hours (139 models × 3 hours). For reporting, CPSC estimates 143 total hours for reporting (4 new models + 139 comparison lighters). The annual total number of hours is expected to be 1,000 hours (360 testing hours + 497 record keeping hours + 143 reporting hours) per year.
                </P>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         This estimate is based on an approximate cost of $22,000 of compiling a test record per panel, but for a few models a second test panel will be required.
                    </P>
                </FTNT>
                <P>
                    <E T="03">Total Estimated Annual Cost to Respondents:</E>
                     CPSC estimates that hourly compensation for the time required for compiling a test record is $77.19 per hour (U.S. Bureau of Labor Statistics, “Employer Costs for Employee total compensation for management, professional, and related workers in goods-producing industries: 
                    <E T="03">https://www.bls.gov/news.release/archives/ecec_06132025.pdf</E>
                    ). The total cost to industry for this regulation is expected to be within the range of $27,788 to $100,000 per year, depending on whether the testing is performed in-house or outsourced.
                </P>
                <P>
                    For the recordkeeping burden, CPSC estimates that the hourly compensation is $41.59 (U.S. Bureau of Labor Statistics, “Employer Costs for Employee Compensation,” March 2025, Table 4, total compensation for all sales and office workers in goods-producing, private industries: 
                    <E T="03">https://www.bls.gov/news.release/archives/ecec_06132025.pdf</E>
                    ). The estimated annual cost of recordkeeping for new models rounded to the nearest dollar is $3,327 (80 hours × $41.59). The estimated annual cost of recordkeeping for comparison lighters rounded to the nearest dollar is $17,343 (417 hours × $41.59). In total, the estimated recordkeeping burden for new lighter models and comparison lighters is 497 hours (80 hours + 417 hours). The estimated total recordkeeping costs for new lighter models and comparison lighters is $20,670 ($3,327 + $17,343).
                </P>
                <P>
                    For the reporting burden, CPSC estimates the hourly compensation for the time required for submitting the form to be $41.59 (U.S. Bureau of Labor Statistics, “Employer Costs for Employee Compensation,” March 2025, Table 4, total compensation for all sales and office workers in goods-producing, private industries: 
                    <E T="03">https://www.bls.gov/news.release/archives/ecec_06132025.pdf</E>
                    ). Therefore, rounded to the nearest whole dollar, the estimated cost of reporting is $5,947.
                </P>
                <P>CPSC estimates that the total burden cost for firms to prepare, maintain, and submit testing records to the CPSC is within the range of $54,406 to $126,618, depending upon whether the firms choose to conduct testing in-house or through outsourcing.</P>
                <SIG>
                    <NAME>Alberta E. Mills,</NAME>
                    <TITLE>Secretary Consumer Product Safety Commission.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21588 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6355-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">COUNCIL OF THE INSPECTORS GENERAL ON INTEGRITY AND EFFICIENCY</AGENCY>
                <SUBJECT>Senior Executive Service Performance Review Board Membership</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Council of the Inspectors General on Integrity and Efficiency.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Applicable October 1, 2025.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Andrew Cannarsa, CIGIE Executive Director, (202) 292-2603. Individual Office of Inspectors General at the telephone numbers listed below.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">
                    SUPPLEMENTARY INFORMATION:
                    <PRTPAGE P="55092"/>
                </HD>
                <HD SOURCE="HD1">I. Background</HD>
                <P>The Inspector General Act of 1978, as amended, created the Offices of Inspectors General as independent and objective units to conduct and supervise audits and investigations relating to Federal programs and operations. The Inspector General Reform Act of 2008 established the Council of the Inspectors General on Integrity and Efficiency (CIGIE) to address integrity, economy, and effectiveness issues that transcend individual Government agencies; and increase the professionalism and effectiveness of personnel by developing policies, standards, and approaches to aid in the establishment of a well-trained and highly skilled workforce in the Offices of Inspectors General. CIGIE is an interagency council whose executive chair is the Deputy Director for Management, Office of Management and Budget, and is comprised principally of the 70 Inspectors General (IGs).</P>
                <HD SOURCE="HD1">II. CIGIE Performance Review Board</HD>
                <P>Under 5 U.S.C. 4314(c)(1)-(5), and in accordance with regulations prescribed by the Office of Personnel Management, each agency is required to establish one or more Senior Executive Service (SES) performance review boards. The purpose of these boards is to review and evaluate the initial appraisal of a senior executive's performance by the supervisor, along with any recommendations to the appointing authority relative to the performance of the senior executive. The current members of the Council of the Inspectors General on Integrity and Efficiency Performance Review Board, as of October 1, 2025, are as follows:</P>
                <FP SOURCE="FP-2">
                    Agency for International Development, Phone Number: (202) 258-7460, CIGIE Liaison—Judy McLaughin, (202) 258-7460, 
                    <E T="03">jmclaughlin@oig.usaid.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Gabriele Tonsil—Acting Assistant Inspector General for Audits, Inspections, and Evaluations</FP>
                <FP SOURCE="FP1-2">• Khadija Walker—Deputy Assistant Inspector General for Audit</FP>
                <FP SOURCE="FP1-2">• Derek Santos—General Counsel</FP>
                <FP SOURCE="FP-2">
                    Department of Agriculture, Phone Number: (202) 720-8001, CIGIE Liaison—Angel N. Bethea (202) 720-8001, 
                    <E T="03">angel.bethea@oig.usda.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Janet Sorensen—Acting Inspector General</FP>
                <FP SOURCE="FP1-2">• Peter Sima-Eichler—Acting Deputy Inspector General</FP>
                <FP SOURCE="FP1-2">• Christy Slamowitz—Counsel to the Inspector General</FP>
                <FP SOURCE="FP1-2">• Mily Le—Assistant Inspector General for Management</FP>
                <FP SOURCE="FP1-2">• Yarisis Rivera Rojas—Acting Assistant Inspector General for Audit</FP>
                <FP SOURCE="FP1-2">• Nicole Gardner—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Justin Fielder—Deputy Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP-2">
                    Department of Commerce, Phone Number: (202) 480-5164, CIGIE Liaison—Teresa Hardy (301) 486-3142, 
                    <E T="03">thardy@oig.doc.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Roderick M. Anderson—Deputy Inspector General</FP>
                <FP SOURCE="FP1-2">• Eric Maddox—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Arthur Scott—Assistant Inspector General for Audit and Evaluation</FP>
                <FP SOURCE="FP1-2">• Richard Bachman—Deputy Assistant Inspector General for Audit and Evaluation</FP>
                <FP SOURCE="FP1-2">• Rob Johnston—Counsel to the Inspector General</FP>
                <FP SOURCE="FP-2">
                    Council of the Inspectors General on Integrity and Efficiency, Phone Number: (202) 292-2600, CIGIE Liaison—Zeina Aboumrad (202) 253-4728, 
                    <E T="03">zeina.aboumrad@cigie.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Andrew Cannarsa—Executive Director</FP>
                <FP SOURCE="FP-2">
                    Department of Defense, Phone Number: (703) 604-8324, CIGIE Liaison—Darcell E. Wilder (703) 699-7495, 
                    <E T="03">darcell.wilder@dodig.mil</E>
                </FP>
                <FP SOURCE="FP1-2">• Jaryd M. Bern—Assistant Inspector General for Legislative Affairs &amp; Communications</FP>
                <FP SOURCE="FP1-2">• Bryan T. Clark—Assistant Inspector General for Evaluations (Program, COCOM, and OCO Operations)</FP>
                <FP SOURCE="FP1-2">• David A. Core—Principal Deputy General Counsel</FP>
                <FP SOURCE="FP1-2">• Ogochukwu A. Ekwuabu—Assistant Inspector General for Strategic Planning and Performance</FP>
                <FP SOURCE="FP1-2">• Leo J. FitzHarris—Deputy Inspector General for Mission Support</FP>
                <FP SOURCE="FP1-2">• Grant A. Fleming—Assistant Inspector General for Investigations (Operations)</FP>
                <FP SOURCE="FP1-2">• James R. Ives—Principal Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Carmen J. Malone—Assistant Inspector General for Audit (Readiness and Cyber Operations)</FP>
                <FP SOURCE="FP1-2">• Brett A. Mansfield—Deputy Inspector General for Audit</FP>
                <FP SOURCE="FP1-2">• Kelly P. Mayo—Deputy Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Troy M. Meyer—Deputy Inspector General for Overseas Contingency Operations</FP>
                <FP SOURCE="FP1-2">• Harris S. Quddos—Chief Information Officer</FP>
                <FP SOURCE="FP1-2">• Michael J. Roark—Deputy Inspector General for Evaluations</FP>
                <FP SOURCE="FP1-2">• Gregory P. Shilling—Assistant Inspector General for Investigations (Internal Operations)</FP>
                <FP SOURCE="FP1-2">• Janet L. Stallings—Principal Assistant Inspector General for Audit</FP>
                <FP SOURCE="FP1-2">• Steven A. Stebbins—Principal Deputy Inspector General</FP>
                <FP SOURCE="FP1-2">• Randolph R. Stone—Assistant Inspector General for Evaluations (Space, Intelligence, Engineering and Oversight)</FP>
                <FP SOURCE="FP1-2">• Richard B. Vasquez—Assistant Inspector General for Audit (Readiness and Global Operations)</FP>
                <FP SOURCE="FP1-2">• Lorin T. Venable—Assistant Inspector General for Audit (Financial Management and Reporting)</FP>
                <FP SOURCE="FP1-2">• Willie L. Young—Principal Assistant Inspector General for Mission Support</FP>
                <FP SOURCE="FP-2">
                    Department of Education, Phone Number: (202) 245-6900, CIGIE Liaison—Theresa Perolini (202) 987-0174, 
                    <E T="03">Theresa.Perolini@ed.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Heidi Semann—Acting Inspector General</FP>
                <FP SOURCE="FP1-2">• René Rocque—Deputy Inspector General</FP>
                <FP SOURCE="FP1-2">• Jason Williams—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Terry Harris—Deputy Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Antigone Potamianos—Counsel to the Inspector General</FP>
                <FP SOURCE="FP1-2">• Takiyah Golden—Assistant Inspector General for Management Services</FP>
                <FP SOURCE="FP1-2">• Theresa Perolini—Assistant Inspector General for Enterprise and External Affairs</FP>
                <FP SOURCE="FP-2">
                    Department of Energy, Phone Number: (202) 586-4073, CIGIE Liaison—Ryan Cocolin (202) 586-8672, 
                    <E T="03">Ryan.Cocolin@hq.doe.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Lewe Sessions—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Matthew Dove—Assistant Inspector General for Audits</FP>
                <FP SOURCE="FP1-2">• Deborah Thomas—Deputy Assistant Inspector General Audits</FP>
                <FP SOURCE="FP-2">
                    Environmental Protection Agency, Phone Number: (202) 250-8800, CIGIE Liaison—Jee Kim (202) 566-1429, 
                    <E T="03">kim.jee@epa.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Nicole Murley—Deputy Inspector General</FP>
                <FP SOURCE="FP1-2">• Stephanie Wright—Assistant Inspector General for Information Technology</FP>
                <FP SOURCE="FP1-2">• Erica Kavanagh—Associate Deputy Inspector General</FP>
                <FP SOURCE="FP1-2">• Mary Katherine Trimble—Assistant Inspector General for Audit</FP>
                <FP SOURCE="FP1-2">• Paul Bergstrand—Assistant Inspector General for Special Review and Evaluation</FP>
                <FP SOURCE="FP-2">
                    Federal Communications Commission, Phone Number: (202) 418-0470, CIGIE Liaison—Fara Damelin (202) 418-1522, 
                    <E T="03">fara.damelin@fcc.gov</E>
                    <PRTPAGE P="55093"/>
                </FP>
                <FP SOURCE="FP1-2">• Travis J. Farris—Counsel to the Inspector General</FP>
                <FP SOURCE="FP-2">
                    Federal Labor Relations Authority, Phone Number: (771) 444-5712, CIGIE Liaison—Dana Rooney (771) 444-5713, 
                    <E T="03">drooney@flra.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Dana Rooney—Inspector General</FP>
                <FP SOURCE="FP-2">
                    Federal Maritime Commission, Phone Number: (202) 523-5863, CIGIE Liaison—Jon Hatfield (202) 523-5863, 
                    <E T="03">jhatfield@fmc.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Jon Hatfield—Inspector General</FP>
                <FP SOURCE="FP-2">
                    Federal Trade Commission, Phone Number: (202) 326-3527, CIGIE Liaison—Marissa Gould (202) 326-5207, 
                    <E T="03">mgould1@ftc.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Marissa Gould—Acting Inspector General; Deputy Inspector General</FP>
                <FP SOURCE="FP-2">
                    General Services Administration, Phone Number: (202) 501-0450, CIGIE Liaison—Sarah Breen (202) 273-7284, 
                    <E T="03">sarah.breen@gsaig.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Robert C. Erickson, Jr.—Deputy Inspector General</FP>
                <FP SOURCE="FP1-2">• Edward J. Martin—Associate Inspector General</FP>
                <FP SOURCE="FP1-2">• Jason M. Suffredini—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• R. Nicholas Goco—Assistant Inspector General for Auditing</FP>
                <FP SOURCE="FP1-2">• Barbara E. Bouldin—Deputy Assistant Inspector General for Acquisition Program Audits</FP>
                <FP SOURCE="FP1-2">• Brian J. Gibson—Deputy Assistant Inspector General for Real Property Audits</FP>
                <FP SOURCE="FP1-2">• Kristine M. Preece—Assistant Inspector General for Administration</FP>
                <FP SOURCE="FP1-2">• Christopher Pehrson—Counsel of the Inspector General</FP>
                <FP SOURCE="FP-2">
                    Department of Health and Human Services, Phone Number: (202) 619-3148, CIGIE Liaison—Steven Driscoll (202) 860-4777, 
                    <E T="03">Steven.Driscoll@oig.hhs.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Juliet Hodgkins—Acting Inspector General/Principal Deputy Inspector General</FP>
                <FP SOURCE="FP1-2">• Megan Tinker—Deputy Inspector General for Immediate Office/Chief of Staff</FP>
                <FP SOURCE="FP1-2">• Robert Owens, Jr.—Deputy Inspector General for Management and Policy</FP>
                <FP SOURCE="FP1-2">• Christian Schrank—Deputy Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Ann Maxwell—Deputy Inspector General for Evaluation and Inspections</FP>
                <FP SOURCE="FP1-2">• Susan Edwards—Assistant Inspector General for Legal Affairs</FP>
                <FP SOURCE="FP1-2">• Susan Gillin—Assistant Inspector General for Legal Affairs</FP>
                <FP SOURCE="FP1-2">• Carla Lewis—Assistant Inspector General for Audit Services</FP>
                <FP SOURCE="FP1-2">• John Hagg—Assistant Inspector General for Audit Services</FP>
                <FP SOURCE="FP1-2">• Lucia Fort—Assistant Inspector General for Audit Services</FP>
                <FP SOURCE="FP1-2">• Brenda Tierney—Assistant Inspector General for Audit Services</FP>
                <FP SOURCE="FP1-2">• Tamara Lilly—Assistant Inspector General for Audit Services (Cybersecurity and IT Audits)</FP>
                <FP SOURCE="FP1-2">• Maria Thompson—Assistant Inspector General for Information Technology</FP>
                <FP SOURCE="FP1-2">• Kaitlin Devine—Assistant Inspector General/Chief Data Officer</FP>
                <FP SOURCE="FP1-2">• Adam Globerman—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Derrick Franklin—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Miranda Bennett—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Scott Lampert—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Erin Bliss—Assistant Inspector General for Evaluation and Inspections</FP>
                <FP SOURCE="FP1-2">• Melicia Seay—Assistant Inspector General for Evaluation and Inspections</FP>
                <FP SOURCE="FP1-2">• Ruth Dorrill—Assistant Inspector General for Evaluation and Inspections</FP>
                <FP SOURCE="FP-2">
                    Department of Homeland Security, Phone Number: (202) 981-6000, CIGIE Liaison—Sandra Pleasants, (202) 391-8244, 
                    <E T="03">sandra.pleasants@oig.dhs.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Justin Abold-LaBreche—Deputy Inspector General of Office of Management</FP>
                <FP SOURCE="FP1-2">• Thomas Kait—Deputy Inspector General for Inspections and Evaluations</FP>
                <FP SOURCE="FP1-2">• Dustin Razsi—Deputy Inspector General and Chief of Staff</FP>
                <FP SOURCE="FP1-2">• Glenn Sklar—Principal Deputy Inspector General</FP>
                <FP SOURCE="FP1-2">• James Read—Counsel to the Inspector General</FP>
                <FP SOURCE="FP-2">
                    Department of Housing and Urban Development, Phone Number: (202) 875-9952, CIGIE Liaison—Kudakwashe Ushe (202) 875-9952, 
                    <E T="03">kushe@hudoig.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Kudakwashe Ushe—Assistant Inspector General for Operations</FP>
                <FP SOURCE="FP1-2">• Kilah White—Assistant Inspector General for Audit</FP>
                <FP SOURCE="FP1-2">• Audra Dortch—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Sarah Sequeira—Deputy Assistant for Audit</FP>
                <FP SOURCE="FP1-2">• Toccaro Greene—Chief Information Officer</FP>
                <FP SOURCE="FP1-2">• Nicholas Acker—Assistant Inspector General for Special Inquiry</FP>
                <FP SOURCE="FP-2">
                    International Development Finance Corporation, Phone Number: (202) 361-8609, CIGIE Liaison—Naga Jujjavarapu (202) 948-4128, 
                    <E T="03">njujjavarapu@dfc.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Naga Jujjavarapu—Deputy Inspector General &amp; General Counsel (SL)</FP>
                <FP SOURCE="FP-2">
                    Department of the Interior, Phone Number: (202) 208-5745, CIGIE Liaison—Karen Edwards (202) 208-5635, 
                    <E T="03">karen_edwards@doioig.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Matthew Elliott—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Deborah Raviv—Deputy Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Jorge Christian—Assistant Inspector General for Management</FP>
                <FP SOURCE="FP1-2">• Justin Martell—General Counsel</FP>
                <FP SOURCE="FP1-2">• Michael O'Rourke—Assistant Inspector General for Strategy</FP>
                <FP SOURCE="FP1-2">• Nicole Miller—Assistant Inspector General for Audits, Inspections &amp; Evaluations</FP>
                <FP SOURCE="FP1-2">• Melanie Sorenson—Deputy Assistant Inspector General for Audits</FP>
                <FP SOURCE="FP1-2">• Jill Baisinger—Chief of Staff</FP>
                <FP SOURCE="FP-2">
                    Department of Justice, Phone Number: (202) 514-3435, CIGIE Liaison—John Lavinsky (202) 514-3435, 
                    <E T="03">john.s.lavinsky@usdoj.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• William M. Blier—Deputy Inspector General</FP>
                <FP SOURCE="FP1-2">• Michael Sean O'Neill—Assistant Inspector General for Oversight and Review</FP>
                <FP SOURCE="FP1-2">• Jason R. Malmstron—Assistant Inspector General for Audit</FP>
                <FP SOURCE="FP1-2">• Carol S. Taraszka—Deputy Assistant Inspector General for Audit</FP>
                <FP SOURCE="FP1-2">• Kevin M. Strug—Deputy Assistant Inspector General for Audit, Office of Data Analytics</FP>
                <FP SOURCE="FP1-2">• Sarah E. Lake—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Sandra D. Barnes—Deputy Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Allison E. Russo—Assistant Inspector General for Evaluation and Inspections</FP>
                <FP SOURCE="FP1-2">• Michael E. Pannone—Deputy Assistant Inspector General for Evaluation and Inspections</FP>
                <FP SOURCE="FP1-2">• Mark L. Hayes—Assistant Inspector General for Management and Planning</FP>
                <FP SOURCE="FP1-2">• Nancy House—Deputy Assistant Inspector General for Management and Planning</FP>
                <FP SOURCE="FP-2">
                    Department of Labor, Phone Number: (202) 693-5100, CIGIE Liaison—Erin Zickafoose (202) 693-7062, 
                    <E T="03">Zickafoose.erin@oig.dol.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Laura Nicolosi—Deputy Assistant Inspector General for Audit</FP>
                <FP SOURCE="FP1-2">• Michael C. Mikulka—Assistant Inspector General for Investigations—Labor Racketeering and Fraud</FP>
                <FP SOURCE="FP1-2">
                    • Christopher T. Cooper—Deputy Assistant Inspector General for Investigations—Labor Racketeering 
                    <PRTPAGE P="55094"/>
                    and Fraud
                </FP>
                <FP SOURCE="FP1-2">• Jessica Southwell—Chief Performance and Risk Management Officer</FP>
                <FP SOURCE="FP-2">
                    National Aeronautics and Space Administration, Phone Number: (202) 358-1220, CIGIE Liaison—Kate Sheehey (202) 358-1220, 
                    <E T="03">hq-oig-management@mail.nasa.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Robert (Bob) Steinau—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Francis (Frank) LaRocca—Counsel to the Inspector General</FP>
                <FP SOURCE="FP1-2">• Kathryn (Kate) Sheehey—Assistant Inspector General for Management</FP>
                <FP SOURCE="FP-2">
                    National Science Foundation, Phone Number: (703) 292-7100, CIGIE Liaison—Lisa Vonder Haar (703) 292-2989, 
                    <E T="03">lvonderh@nsf.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Megan Wallace—Acting IG/Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Theresa Hull—Assistant Inspector General for Audits</FP>
                <FP SOURCE="FP1-2">• Javiar Inclan—Assistant Inspector General for Management</FP>
                <FP SOURCE="FP1-2">• Catherine DelPrete—Counsel to the Inspector General</FP>
                <FP SOURCE="FP-2">
                    Nuclear Regulatory Commission and Defense Nuclear Facilities Safety Board, Phone Number: (301) 415-5930, CIGIE Liaison—Christine Arroyo (301) 415-0526, 
                    <E T="03">christine.arroyo@nrc.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Ziad Buhaissi—Deputy Inspector General</FP>
                <FP SOURCE="FP1-2">• Hruta Vikar—Assistant Inspector General for Audits and Evaluations</FP>
                <FP SOURCE="FP1-2">• Malion Bartley—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP-2">
                    Office of Personnel Management, Phone Number: (202) 606-1200, CIGIE Liaison—Caprice Miller (202) 606-2063, 
                    <E T="03">caprice.miller@opm.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Norbert E. Vint—Deputy Inspector General Performing the Duties of the Inspector General</FP>
                <FP SOURCE="FP1-2">• Michael R. Esser—Assistant Inspector General for Audits</FP>
                <FP SOURCE="FP1-2">• Drew M. Grimm—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Faiza Mathon-Mathieu—Assistant Inspector General, Office of Legal &amp; Legislative Affairs</FP>
                <FP SOURCE="FP1-2">• Nicholas E. Hoyle—Assistant Inspector General, Office of Management</FP>
                <FP SOURCE="FP1-2">• Monyca W. Peyton—Deputy Assistant Inspector General, Office of Management</FP>
                <FP SOURCE="FP1-2">• Robin A. Thottungal—Deputy Assistant Inspector General Chief Information Officer, Office of Management</FP>
                <FP SOURCE="FP-2">
                    United States Postal Service, Phone Number: (703) 248-2100, CIGIE Liaison—Agapi Doulaveris (703) 248-2286, 
                    <E T="03">adoulaveris@uspsoig.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Julius Rothstein—Deputy Inspector General/Attorney</FP>
                <FP SOURCE="FP1-2">• Robert Kwalwasser—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP-2">
                    Railroad Retirement Board, Phone Number: (312) 751-4690, CIGIE Liaison—Endea Murry, (312) 751-4334, 
                    <E T="03">endea.murry@oig.rrb.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Shanon E. Holman—Assistant Inspector General for Audit/Principal Deputy Performing the Duties of the Inspector General</FP>
                <FP SOURCE="FP1-2">• Patricia Marshall—General Counsel</FP>
                <FP SOURCE="FP-2">
                    Small Business Administration, Phone Number: (202) 205-6586, CIGIE Liaison—LaShaun Curry (202) 205-7367, 
                    <E T="03">lashaun.curry@sba.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Sheldon Shoemaker—Deputy Inspector General</FP>
                <FP SOURCE="FP1-2">• Shafee Carnegie—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Andrea Deadwyler—Assistant Inspector General for Audits</FP>
                <FP SOURCE="FP1-2">• Lucine Willis—Deputy Assistant Inspector General for Audits</FP>
                <FP SOURCE="FP1-2">• Francine Hines—Assistant Inspector General, Management and Operations Division</FP>
                <FP SOURCE="FP-2">
                    Social Security Administration, Phone Number: (410) 966-8385, CIGIE Liaison—Craig Meklir, (443) 316-7922, 
                    <E T="03">craig.meklir@ssa.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Michelle L. Anderson—Assistant Inspector General for Audit</FP>
                <FP SOURCE="FP1-2">• Jeffrey Brown—Deputy Assistant Inspector General for Audit</FP>
                <FP SOURCE="FP1-2">• B. Chad Bungard—Chief of Government Relations</FP>
                <FP SOURCE="FP1-2">• Joscelyn Funnié—Assistant Inspector General for Information Technology</FP>
                <FP SOURCE="FP1-2">• Kevin Huse—Deputy Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Donald Jefferson—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Adriana Menchaca-Gendron—Assistant Inspector General for Resource Management</FP>
                <FP SOURCE="FP1-2">• Michelle M. Murray—Chief Counsel to the Inspector General</FP>
                <FP SOURCE="FP1-2">• Ted Planzos—Chief Investigative Counsel</FP>
                <FP SOURCE="FP1-2">• Adam Schneider—Deputy Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP-2">
                    Department of State, Phone Number: 571-348-0200, CIGIE Liaison—Tyler Lopez, (571) 348-5491, 
                    <E T="03">james.t.lopez@stateoig.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Arne Baker—Inspector General (Acting)</FP>
                <FP SOURCE="FP1-2">• Norman P. Brown—Deputy Inspector General (Acting)</FP>
                <FP SOURCE="FP1-2">• Beverly J. Charlton—Deputy Assistant Inspector General for Audits (Acting)</FP>
                <FP SOURCE="FP1-2">• Andrew S. Chiu—Assistant Inspector General for Management</FP>
                <FP SOURCE="FP1-2">• Molly Hines—Deputy Assistant Inspector General for Management</FP>
                <FP SOURCE="FP1-2">• Jason T. Loeffler—Deputy Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Nicole S. Matthis—Chief of Staff</FP>
                <FP SOURCE="FP1-2">• Jeffrey D. McDermott—Assistant Inspector General for Whistleblower Integrity and Special Projects</FP>
                <FP SOURCE="FP1-2">• Ryan McGonagle—Deputy Assistant Inspector General for Inspections</FP>
                <FP SOURCE="FP1-2">• Lisa R. Rodely—Assistant Inspector General for Inspections (Acting)</FP>
                <FP SOURCE="FP1-2">• Robert J. Smolich—Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Gayle L. Voshell—Assistant Inspector General for Audits</FP>
                <FP SOURCE="FP1-2">• Kevin J. Young—Deputy Assistant Inspector General for Technology</FP>
                <FP SOURCE="FP1-2">• Michael C. Zola—General Counsel</FP>
                <FP SOURCE="FP-2">
                    Department of Transportation, Phone Number: (202) 366-1959, CIGIE Liaison—Nathan P. Richmond, (202) 493-0422, 
                    <E T="03">Nathan.Richmond@oig.dot.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Mitchell (Mitch) Behm—Deputy Inspector General</FP>
                <FP SOURCE="FP1-2">• Andrea Nossaman—Assistant Inspector General for Strategic Communications and Programs</FP>
                <FP SOURCE="FP1-2">• Elise Chawaga—Principal Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Justin Bidwell—Deputy Assistant Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">• Charles A. (Chuck) Ward—Principal Assistant Inspector General for Auditing and Evaluation</FP>
                <FP SOURCE="FP1-2">• Nelda Smith—Assistant Inspector General for Aviation Audits</FP>
                <FP SOURCE="FP1-2">• Dormayne Dillard-Christian—Assistant Inspector General for Financial Audits</FP>
                <FP SOURCE="FP1-2">• Tiffany Mostert—Assistant Inspector General for Audit Operations and Special Reviews</FP>
                <FP SOURCE="FP-2">
                    Department of the Treasury, Phone Number: (202) 927-0650, CIGIE Liaison—Javan Wilson, (202) 927-6433, 
                    <E T="03">wilsonj@oig.treas.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Pauletta Battle—Acting Assistant Inspector General for Audit</FP>
                <FP SOURCE="FP1-2">• Jeffrey Lawrence—Assistant Inspector General for Management</FP>
                <FP SOURCE="FP1-2">• Loren Sciurba—Deputy Inspector General</FP>
                <FP SOURCE="FP-2">
                    Treasury Inspector General for Tax Administration/Department of the Treasury, Phone Number: (443) 853-5660, CIGIE Liaison—Erika Jaskolski, (502) 537-5154, 
                    <E T="03">erika.jaskolski@tigta.treas.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Heather Hill—Principal Deputy Inspector General</FP>
                <FP SOURCE="FP1-2">• Deann Baiza—Assistant Inspector General Audit, Management Planning and Workforce Development</FP>
                <FP SOURCE="FP1-2">• Lori Creswell—Deputy Chief Counsel</FP>
                <FP SOURCE="FP1-2">• Gladys Hernandez—Chief Counsel</FP>
                <FP SOURCE="FP1-2">• John Kirk—a Deputy Inspector General for Investigations</FP>
                <FP SOURCE="FP1-2">
                    • Nancy LaManna—Deputy Inspector 
                    <PRTPAGE P="55095"/>
                    General for Inspections and Evaluations
                </FP>
                <FP SOURCE="FP1-2">• Diana Tengesdal—Assistant Inspector General for Audit, Returns Processing and Accounting Services</FP>
                <FP SOURCE="FP1-2">• Richard Varn II—Chief Information Officer</FP>
                <FP SOURCE="FP1-2">• Matthew Weir—Assistant Inspector General for Audit, Compliance and Enforcement</FP>
                <FP SOURCE="FP1-2">• Tyler Yetter—Assistant Inspector General for Investigations—Investigative Operations</FP>
                <FP SOURCE="FP-2">
                    Department of Veterans Affairs, Phone Number: (202) 264-9376, CIGIE Liaison—Kiyana Bonner, (202) 309-3599, 
                    <E T="03">kiyana.bonner@va.gov</E>
                </FP>
                <FP SOURCE="FP1-2">• Leigh Ann Searight—Deputy Assistant Inspector General for Audits and Evaluations</FP>
                <SIG>
                    <NAME>Andrew Cannarsa,</NAME>
                    <TITLE>Executive Director.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21587 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6820-C9-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF ENERGY</AGENCY>
                <SUBAGY>Federal Energy Regulatory Commission</SUBAGY>
                <DEPDOC>[Project No. 15230-002]</DEPDOC>
                <SUBJECT>Pike Island Hydropower Corporation; Notice of Reasonable Period of Time for Water Quality Certification Application</SUBJECT>
                <P>
                    On November 24, 2025, Pike Island Hydropower Corporation (Pike Island Corporation) submitted to the Federal Energy Regulatory Commission (Commission) documentation from the Ohio Environmental Protection Agency (Ohio EPA) that it received a request for a Clean Water Act section 401(a)(1) water quality certification as defined in 40 CFR 121.5, from Pike Island Corporation, in conjunction with the above captioned project on November 24, 2025. Pursuant to the Commission's regulations,
                    <SU>1</SU>
                    <FTREF/>
                     we hereby notify Ohio EPA of the following dates.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         18 CFR 4.34(b)(5)(iii).
                    </P>
                </FTNT>
                <P>
                    <E T="03">Date of Receipt of the Certification Request:</E>
                     November 24, 2025.
                </P>
                <P>
                    <E T="03">Reasonable Period of Time to Act on the Certification Request:</E>
                     One year, November 24, 2026.
                </P>
                <P>If Ohio EPA fails or refuses to act on the water quality certification request on or before the above date, then the certifying authority is deemed waived pursuant to section 401(a)(1) of the Clean Water Act, 33 U.S.C. 1341(a)(1).</P>
                <EXTRACT>
                    <FP>(Authority: 18 CFR 2.1)</FP>
                </EXTRACT>
                <SIG>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Debbie-Anne A. Reese,</NAME>
                    <TITLE>Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21705 Filed 11-28-25; 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>
                     EG26-74-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Bob Creek Wind, LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Bob Creek Wind, LLC submits Notice of Self-Certification of Exempt Wholesale Generator Status.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5134.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/16/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     EG26-75-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Selenite Springs Solar, LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Selenite Springs Solar, LLC submits Notice of Self-Certification of Exempt Wholesale Generator Status.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5138.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/16/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     EG26-76-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Cattle Drive Solar, LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Cattle Drive Solar, LLC submits Notice of Self-Certification of Exempt Wholesale Generator Status.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5157.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/16/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     EG26-77-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     King Mountain Energy Storage, LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     King Mountain Energy Storage, LLC submits Notice of Self-Certification of Exempt Wholesale Generator Status.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5162.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/16/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     EG26-78-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Erath County Solar, LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Erath County Solar, LLC submits Notice of Self-Certification of Exempt Wholesale Generator Status.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5168.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/16/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     EG26-79-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Hackberry Creek Solar, LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Hackberry Creek Solar, LLC submits Notice of Self-Certification of Exempt Wholesale Generator Status.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5176.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/16/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     EG26-80-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     ZSS Power, LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     ZSS Power, LLC submits Notice of Self-Certification of Exempt Wholesale Generator Status.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5235.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/16/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     EG26-81-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Flatland Solar Energy, LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Flatland Solar Energy, LLC submits Notice of Self-Certification of Exempt Wholesale Generator Status.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5239.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/16/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     EG26-82-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     North Johnson Energy Center, LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     North Johnson Energy Center, LLC submits Notice of Self-Certification of Exempt Wholesale Generator Status.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5245.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/16/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     EG26-83-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Zeta Solar, LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Zeta Solar, LLC submits Notice of Self-Certification of Exempt Wholesale Generator Status.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5269.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/16/25.
                </P>
                <P>Take notice that the Commission received the following electric rate filings:</P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     ER24-2030-002.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Public Service Company of Colorado.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Compliance filing: 2025-11-24 Compliance Filing—Response to Nov 7 Letter Order to be effective 1/6/2026.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/24/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251124-5428.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/15/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     ER26-447-001.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Public Service Company of Colorado.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Tariff Amendment: 2025-11-25—PSC—BEPC—Tariff Mngmt and Tagging Srvcs Agrmt—891—0.1.0 to be effective 12/1/2025.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5224.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/16/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     ER26-597-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     NorthWestern Corporation.
                </P>
                <P>
                    <E T="03">Description:</E>
                     § 205(d) Rate Filing: Cancellation of SA 1013 Firm PTP with PSE to be effective 1/1/2026.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5156.
                    <PRTPAGE P="55096"/>
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/16/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     ER26-598-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Appalachian Power Company.
                </P>
                <P>
                    <E T="03">Description:</E>
                     § 205(d) Rate Filing: APCo-Musser Power Supply Agreement Extension to be effective 3/1/2026.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5160.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/16/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     ER26-599-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Southwest Power Pool, Inc.
                </P>
                <P>
                    <E T="03">Description:</E>
                     § 205(d) Rate Filing: Revisions to Enhance the Integrated Transmission Planning Assessment to be effective 1/26/2026.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5169.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/16/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     ER26-600-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     New York Independent System Operator, Inc.
                </P>
                <P>
                    <E T="03">Description:</E>
                     § 205(d) Rate Filing: NYISO 205: Revisions to Pro Forma NTO Operating Agreement to be effective 1/25/2026.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5191.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/16/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     ER26-601-000.
                </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: Amendment to Rate Schedule FERC No. 60 to be effective 1/25/2026.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5291.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/16/25.
                </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>
                    For public inquiries and assistance with making filings such as interventions, comments, or requests for rehearing, contact the Office of Public Participation at (202) 502-6595 or 
                    <E T="03">OPP@ferc.gov.</E>
                </P>
                <SIG>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Carlos D. Clay,</NAME>
                    <TITLE>Deputy Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21700 Filed 11-28-25; 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. 6985-009]</DEPDOC>
                <SUBJECT>Kinneytown Hydro Company, Inc., Connecticut Brownfield Land Bank, Inc.; Notice of Transfer of Exemption</SUBJECT>
                <P>
                    1. By letter filed November 3, 2025, Kinneytown Hydro Company, Inc. and Connecticut Brownfield Land Bank, Inc. informed the Commission that the exemption from licensing for the Kinneytown Hydro Project No. 6985, originally issued May 20, 1983,
                    <SU>1</SU>
                    <FTREF/>
                     has been transferred to Connecticut Brownfield Land Bank, Inc. The project is located on the Naugatuck River in Seymour, Connecticut. The transfer of an exemption does not require Commission approval.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         
                        <E T="03">Arco Metals Company,</E>
                         23 FERC ¶ 62,257 (1983). (Order Granting Exemption from Licensing of a Small Hydroelectric Project of 5 Megawatts or Less).
                    </P>
                </FTNT>
                <P>2. Connecticut Brownfield Land Bank, Inc., located at 49 Leavenworth Street, Waterbury, Connecticut 06702 is now the exemptee of Kinneytown Hydro Project No. 6985.</P>
                <EXTRACT>
                    <FP>(Authority: 18 CFR 2.1)</FP>
                </EXTRACT>
                <SIG>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Debbie-Anne A. Reese,</NAME>
                    <TITLE>Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21707 Filed 11-28-25; 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. 15045-002]</DEPDOC>
                <SUBJECT>Current Hydro Project 19, LLC; Notice of Reasonable Period of Time for Water Quality Certification Application</SUBJECT>
                <P>
                    On November 24, 2025, Current Hydro Project 19, LLC (Current Hydro) submitted to the Federal Energy Regulatory Commission (Commission) documentation from the West Virginia Department of Environmental Protection (West Virginia DEP) that it received a request for a Clean Water Act section 401(a)(1) water quality certification as defined in 40 CFR 121.5, from Current Hydro, in conjunction with the above captioned project on October 21, 2025. Pursuant to the Commission's regulations,
                    <SU>1</SU>
                    <FTREF/>
                     we hereby notify West Virginia DEP of the following dates.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         18 CFR 4.34(b)(5)(iii).
                    </P>
                </FTNT>
                <P>
                    <E T="03">Date of Receipt of the Certification Request:</E>
                     October 21, 2025.
                </P>
                <P>
                    <E T="03">Reasonable Period of Time to Act on the Certification Request:</E>
                     One year, October 21, 2026.
                </P>
                <P>If West Virginia DEP fails or refuses to act on the water quality certification request on or before the above date, then the certifying authority is deemed waived pursuant to section 401(a)(1) of the Clean Water Act, 33 U.S.C. 1341(a)(1).</P>
                <EXTRACT>
                    <FP>(Authority: 18 CFR 2.1)</FP>
                </EXTRACT>
                <SIG>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Debbie-Anne A. Reese,</NAME>
                    <TITLE>Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21706 Filed 11-28-25; 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. CP26-24-000]</DEPDOC>
                <SUBJECT>Texas Eastern Transmission, LP; Notice of Application and Establishing Intervention Deadline</SUBJECT>
                <P>
                    Take notice that on November 13, 2025, Texas Eastern Transmission, LP (Texas Eastern, 915 North Eldridge Parkway, Suite 1100, Houston, Texas 77079-2703, filed an application pursuant to sections 7(b) and 7(c) of the Natural Gas Act (NGA) and Part 157 of the Commission's regulations requesting authorization for its Kosciusko Compressor Station Replacement Project (Project) located in Attala County, Mississippi. Texas Eastern proposes to abandon by removal fourteen existing natural gas-fired reciprocating engine-driven compressor units, totaling 35,000 horsepower (hp) based on National Electrical Manufacturers Association (NEMA) rating, and related appurtenant facilities at its Kosciusko Compressor Station (CS) and install three natural gas-fired turbine-driven compressor units, totaling 42,720 hp based on International Organization for Standardization rating 
                    <SU>1</SU>
                    <FTREF/>
                     and auxiliary equipment. The Project is designed to ensure the continued safe and reliable operation of the Kosciusko CS while meeting all currently applicable air emissions requirements and does not involve any change in design capacity for Texas Eastern's system. Texas 
                    <PRTPAGE P="55097"/>
                    Eastern estimates the total cost of the Project to be $225.9 million and requests for a pre-determination of rolled-in rates, all as more fully set forth in the application which is on file with the Commission and open for public inspection.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         Texas Eastern states that equivalent NEMA-rated power output for the proposed compressor units is approximately 37,500 hp.
                    </P>
                </FTNT>
                <P>
                    In addition to publishing the full text of this document in the 
                    <E T="04">Federal Register</E>
                    , the Commission provides all interested persons an opportunity to view and/or print the contents of this document via the internet through the Commission's Home Page (
                    <E T="03">http://www.ferc.gov</E>
                    ). From the Commission's Home Page on the internet, this information is available on eLibrary. The full text of this document is available on eLibrary in PDF and Microsoft Word format for viewing, printing, and/or downloading. To access this document in eLibrary, type the docket number excluding the last three digits of this document in the docket number field.
                </P>
                <P>
                    User assistance is available for eLibrary and the Commission's website during normal business hours from FERC Online Support at (202) 502-6652 (toll free at 1-866-208-3676) or email at 
                    <E T="03">ferconlinesupport@ferc.gov,</E>
                     or the Public Reference Room at (202) 502-8371, TTY (202) 502-8659. Email the Public Reference Room at 
                    <E T="03">public.referenceroom@ferc.gov.</E>
                </P>
                <P>
                    Any questions regarding the proposed project should be directed to Anish George, Manager, Regulatory, Texas Eastern Transmission, LP, Post Office Box 1642, Houston, Texas 77251-1642, by phone at (713) 627-5120, or by email at 
                    <E T="03">anish.george@enbridge.com.</E>
                </P>
                <P>
                    Pursuant to section 157.9 of the Commission's Rules of Practice and Procedure,
                    <SU>2</SU>
                    <FTREF/>
                     within 90 days of this Notice the Commission staff will either: complete its environmental review and place it into the Commission's public record (eLibrary) for this proceeding; or issue a Notice of Schedule for Environmental Review. If a Notice of Schedule for Environmental Review is issued, it will indicate, among other milestones, the anticipated date for the Commission staff's issuance of the final environmental impact statement (FEIS) or environmental assessment (EA) for this proposal. The filing of an EA in the Commission's public record for this proceeding or the issuance of a Notice of Schedule for Environmental Review will serve to notify federal and state agencies of the timing for the completion of all necessary reviews, and the subsequent need to complete all federal authorizations within 90 days of the date of issuance of the Commission staff's FEIS or EA.
                </P>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         18 CFR 157.9.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Public Participation</HD>
                <P>There are three ways to become involved in the Commission's review of this project: you can file comments on the project, you can protest the filing, and you can file a motion to intervene in the proceeding. There is no fee or cost for filing comments or intervening. The deadline for filing a motion to intervene is 5:00 p.m. Eastern Time on December 16, 2025. How to file protests, motions to intervene, and comments is explained below.</P>
                <P>
                    For public inquiries and assistance with making filings such as interventions, comments, or requests for rehearing, contact the Office of Public Participation (OPP) at (202) 502-6595 or 
                    <E T="03">OPP@ferc.gov.</E>
                </P>
                <HD SOURCE="HD2">Comments</HD>
                <P>Any person wishing to comment on the project may do so. Comments may include statements of support or objections, to the project as a whole or specific aspects of the project. The more specific your comments, the more useful they will be.</P>
                <HD SOURCE="HD2">Protests</HD>
                <P>
                    Pursuant to sections 157.10(a)(4) 
                    <SU>3</SU>
                    <FTREF/>
                     and 385.211 
                    <SU>4</SU>
                    <FTREF/>
                     of the Commission's regulations under the NGA, any person 
                    <SU>5</SU>
                    <FTREF/>
                     may file a protest to the application. Protests must comply with the requirements specified in section 385.2001 
                    <SU>6</SU>
                    <FTREF/>
                     of the Commission's regulations. A protest may also serve as a motion to intervene so long as the protestor states it also seeks to be an intervenor.
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         18 CFR 157.10(a)(4).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         18 CFR 385.211.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         Persons include individuals, organizations, businesses, municipalities, and other entities. 18 CFR 385.102(d).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         18 CFR 385.2001.
                    </P>
                </FTNT>
                <P>To ensure that your comments or protests are timely and properly recorded, please submit your comments on or before 5:00 p.m. Eastern Time on December 16, 2025.</P>
                <P>There are three methods you can use to submit your comments or protests to the Commission. In all instances, please reference the Project docket number CP26-24-000 in your submission.</P>
                <P>
                    (1) You may file your comments electronically by using the eComment feature, which is located on the Commission's website at 
                    <E T="03">www.ferc.gov</E>
                     under the link to Documents and Filings. Using eComment is an easy method for interested persons to submit brief, text-only comments on a project;
                </P>
                <P>
                    (2) You may file your comments or protests electronically by using the eFiling feature, which is located on the Commission's website (
                    <E T="03">www.ferc.gov</E>
                    ) under the link to Documents and Filings. With eFiling, you can provide comments in a variety of formats by attaching them as a file with your submission. New eFiling users must first create an account by clicking on “eRegister.” You will be asked to select the type of filing you are making; first select “General” and then select “Comment on a Filing”; or
                </P>
                <P>(3) You can file a paper copy of your comments or protests by mailing them to the following address below. Your written comments must reference the Project docket number (CP26-24-000).</P>
                <P>
                    <E T="03">To file via USPS:</E>
                     Debbie-Anne A. Reese, Secretary, Federal Energy Regulatory Commission, 888 First Street NE,  Washington, DC 20426.
                </P>
                <P>
                    <E T="03">To file via any other courier:</E>
                     Debbie-Anne A. Reese, Secretary, Federal Energy Regulatory Commission, 12225 Wilkins Avenue,  Rockville, Maryland 20852.
                </P>
                <P>
                    The Commission encourages electronic filing of comments (options 1 and 2 above) and has eFiling staff available to assist you at (202) 502-8258 or 
                    <E T="03">FercOnlineSupport@ferc.gov.</E>
                </P>
                <P>Persons who comment on the environmental review of this project will be placed on the Commission's environmental mailing list, and will receive notification when the environmental documents (EA or EIS) are issued for this project and will be notified of meetings associated with the Commission's environmental review process.</P>
                <P>The Commission considers all comments received about the project in determining the appropriate action to be taken. However, the filing of a comment alone will not serve to make the filer a party to the proceeding. To become a party, you must intervene in the proceeding. For instructions on how to intervene, see below.</P>
                <HD SOURCE="HD2">Interventions</HD>
                <P>
                    Any person, which includes individuals, organizations, businesses, municipalities, and other entities,
                    <SU>7</SU>
                    <FTREF/>
                     has the option to file a motion to intervene in this proceeding. Only intervenors have the right to request rehearing of Commission orders issued in this proceeding and to subsequently challenge the Commission's orders in the U.S. Circuit Courts of Appeal.
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         18 CFR 385.102(d).
                    </P>
                </FTNT>
                <P>
                    To intervene, you must submit a motion to intervene to the Commission in accordance with Rule 214 of the 
                    <PRTPAGE P="55098"/>
                    Commission's Rules of Practice and Procedure 
                    <SU>8</SU>
                    <FTREF/>
                     and the regulations under the NGA 
                    <SU>9</SU>
                    <FTREF/>
                     by the intervention deadline for the project, which is 5:00 p.m. Eastern Time on December 16, 2025. As described further in Rule 214, your motion to intervene must state, to the extent known, your position regarding the proceeding, as well as your interest in the proceeding. For an individual, this could include your status as a landowner, ratepayer, resident of an impacted community, or recreationist. You do not need to have property directly impacted by the project in order to intervene. For more information about motions to intervene, refer to the FERC website at 
                    <E T="03">https://www.ferc.gov/resources/guides/how-to/intervene.asp.</E>
                </P>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         18 CFR 385.214.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         18 CFR 157.10.
                    </P>
                </FTNT>
                <P>There are two ways to submit your motion to intervene. In both instances, please reference the Project docket number CP26-24-000 in your submission.</P>
                <P>
                    (1) You may file your motion to intervene by using the Commission's eFiling feature, which is located on the Commission's website (
                    <E T="03">www.ferc.gov</E>
                    ) under the link to Documents and Filings. New eFiling users must first create an account by clicking on “eRegister.” You will be asked to select the type of filing you are making; first select “General” and then select “Intervention.” The eFiling feature includes a document-less intervention option; for more information, visit 
                    <E T="03">https://www.ferc.gov/docs-filing/efiling/document-less-intervention.pdf;</E>
                     or
                </P>
                <P>(2) You can file a paper copy of your motion to intervene, along with three copies, by mailing the documents to the address below. Your motion to intervene must reference the Project docket number CP26-24-000.</P>
                <P>
                    <E T="03">To file via USPS:</E>
                     Debbie-Anne A. Reese, Secretary, Federal Energy Regulatory Commission, 888 First Street NE, Washington, DC 20426.
                </P>
                <P>
                    <E T="03">To file via any other courier:</E>
                     Debbie-Anne A. Reese, Secretary, Federal Energy Regulatory Commission, 12225 Wilkins Avenue, Rockville, Maryland 20852.
                </P>
                <P>
                    The Commission encourages electronic filing of motions to intervene (option 1 above) and has eFiling staff available to assist you at (202) 502-8258 or 
                    <E T="03">FercOnlineSupport@ferc.gov.</E>
                </P>
                <P>
                    Protests and motions to intervene must be served on the applicant either by mail at: Anish Geroge, Manager, Regulatory, Texas Eastern Transmission, LP, Post Office Box 1642, Houston, Texas 77251-1642 or by email (with a link to the document) at 
                    <E T="03">anish.george@enbridge.com.</E>
                     Any subsequent submissions by an intervenor must be served on the applicant and all other parties to the proceeding. Contact information for parties can be downloaded from the service list at the eService link on FERC Online. Service can be via email with a link to the document.
                </P>
                <P>
                    All timely, unopposed 
                    <SU>10</SU>
                    <FTREF/>
                     motions to intervene are automatically granted by operation of Rule 214(c)(1).
                    <SU>11</SU>
                    <FTREF/>
                     Motions to intervene that are filed after the intervention deadline are untimely, and may be denied. Any late-filed motion to intervene must show good cause for being late and must explain why the time limitation should be waived and provide justification by reference to factors set forth in Rule 214(d) of the Commission's Rules and Regulations.
                    <SU>12</SU>
                    <FTREF/>
                     A person obtaining party status will be placed on the service list maintained by the Secretary of the Commission and will receive copies (paper or electronic) of all documents filed by the applicant and by all other parties.
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         The applicant has 15 days from the submittal of a motion to intervene to file a written objection to the intervention.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         18 CFR 385.214(c)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         18 CFR 385.214(b)(3) and (d).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Tracking the Proceeding</HD>
                <P>
                    Throughout the proceeding, additional information about the project will be available from OPP at (202) 502-6595 or on the FERC website at 
                    <E T="03">www.ferc.gov</E>
                     using the “eLibrary” link as described above. The eLibrary link also provides access to the texts of all formal documents issued by the Commission, such as orders, notices, and rulemakings.
                </P>
                <P>
                    In addition, the Commission offers a free service called eSubscription which allows you to keep track of all formal issuances and submittals in specific dockets. This can reduce the amount of time you spend researching proceedings by automatically providing you with notification of these filings, document summaries, and direct links to the documents. For more information and to register, go to 
                    <E T="03">www.ferc.gov/docs-filing/esubscription.asp.</E>
                </P>
                <P>
                    <E T="03">Intervention Deadline:</E>
                     5:00 p.m. Eastern Time on December 16, 2025.
                </P>
                <EXTRACT>
                    <FP>(Authority: 18 CFR 2.1)</FP>
                </EXTRACT>
                <SIG>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Debbie-Anne A. Reese,</NAME>
                    <TITLE>Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21709 Filed 11-28-25; 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. CP25-209-000]</DEPDOC>
                <SUBJECT>Great Basin Gas Transmission Company; Notice of Availability of the Environmental Assessment for the Proposed 2026 Great Basin Expansion Project</SUBJECT>
                <P>
                    The staff of the Federal Energy Regulatory Commission (FERC or Commission) has prepared an environmental assessment (EA) for the 2026 Great Basin Expansion Project (Project), proposed by Great Basin Gas Transmission Company (Great Basin) in the above-referenced docket.
                    <SU>1</SU>
                    <FTREF/>
                     Great Basin requests authorization to construct, operate, and abandon certain natural gas pipeline facilities. The expansion would provide 8,129 dekatherms per day of incremental firm transportation service for two existing firm transportation shippers and would require construction of approximately 4.7 miles of upsized or looped pipeline in two segments across Lyon and Washoe Counties, Nevada.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         For tracking purposes under the National Environmental Policy Act, the unique identification number for documents relating to this environmental review is EAXX-019-20-000-1752151875.
                    </P>
                </FTNT>
                <P>Any person wishing to comment on the EA may do so. To ensure consideration of your comments on the proposal prior to making a decision on the project, it is important that the Commission receive your comments on or before 5:00 p.m. Eastern Time on December 26, 2025. Instructions for filing comments are provided on page 3.</P>
                <P>
                    FERC is the lead federal agency for authorizing interstate natural gas transmission facilities under the Natural Gas Act of 1938 (NGA) and the lead federal agency for preparation of the EA. The EA assesses the potential environmental effects of the Project in accordance with the requirements of the National Environmental Policy Act (NEPA) 
                    <SU>2</SU>
                    <FTREF/>
                     and the Commission's implementing regulations.
                    <SU>3</SU>
                    <FTREF/>
                     The principal purposes of the EA are to: identify and assess the potential effects on the natural and human environment; describe and evaluate reasonable alternatives; identify and recommend mitigation measures; and facilitate public involvement in the 
                    <PRTPAGE P="55099"/>
                    environmental review process. The EA concludes that approval of the proposed project would not constitute a major federal action significantly affecting the quality of the human environment.
                </P>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         National Environmental Policy Act of 1969, as amended (Public Law [Pub. L.] 91-190. 42 U.S.C. 4321-4347, as amended by Pub. L. 94-52, July 3, 1975; Pub. L. 94-83, August 9, 1975; Pub. L. 97-258, 4(b), September 13, 1982; Pub. L. 118-5, June 3, 2023; Pub. L. 119-21, July 4, 2025).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         18 Code of Federal Regulations (CFR) 380.
                    </P>
                </FTNT>
                <P>The Bureau of Land Management (BLM) participated as a cooperating agency in the preparation of the EA. Cooperating agencies have jurisdiction by law or special expertise with respect to resources potentially affected by the proposal and participate in the NEPA analysis. Project workspace would cross approximately 0.3 mile of public land and 1,538 feet of an existing permanent access road managed by the BLM. The BLM will adopt and use the EA to consider the issuance of a right-of-way grant for the portion of the project on federal lands.</P>
                <P>The proposed Project includes the following facilities:</P>
                <P>
                    • installing approximately 2.3 miles of new 20-inch-diameter steel pipeline loop 
                    <SU>4</SU>
                    <FTREF/>
                     parallel to Great Basin's existing Carson Lateral (Wadsworth segment) in Washoe County, Nevada;
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         A pipeline loop is a segment of pipe constructed parallel to an existing pipeline to increase capacity.
                    </P>
                </FTNT>
                <P>• abandoning by removal and same-ditch replacement of approximately 2.4 miles of existing 10-inch-diameter steel pipeline with new 20-inch-diameter steel pipeline (Highway segment) in Lyon County, Nevada; and</P>
                <P>• installing and abandoning associated auxiliary or appurtenant facilities.</P>
                <P>
                    The Commission mailed a copy of the 
                    <E T="03">Notice of Availability of the Environmental Assessment for the Proposed 2026 Great Basin Expansion Project</E>
                     of the EA to federal, state, and local government representatives and agencies; elected officials; environmental and public interest groups; Native American tribes; potentially affected landowners and other interested individuals and groups; and newspapers and libraries in the Project area. The EA is only available in electronic format. It may be viewed and downloaded from the FERC's website (
                    <E T="03">www.ferc.gov</E>
                    ), on the natural gas environmental documents page (
                    <E T="03">https://www.ferc.gov/industries-data/natural-gas/environment/environmental-documents</E>
                    ). In addition, the EA may be accessed by using the eLibrary link on the FERC's website. Click on the eLibrary link (
                    <E T="03">https://elibrary.ferc.gov/eLibrary/search</E>
                    ), select “General Search” and enter the docket number in the “Docket Number” field, excluding the last three digits (
                    <E T="03">i.e.,</E>
                     CP25-209). Be sure you have selected an appropriate date range. 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>
                <P>The EA is not a decision document. It presents Commission staff's independent analysis of the environmental issues for the Commission to consider when addressing the merits of all issues in this proceeding. Under section 7(c) of the NGA, the Commission determines whether interstate natural gas transportation facilities are in the public convenience and necessity and, if so, grants a Certificate of Public Convenience and Necessity to construct and operate them. Section 7(b) of the NGA specifies that no natural gas company shall abandon any portion of its facilities subject to the Commission's jurisdiction without the Commission first finding that the abandonment will not negatively affect the present or future public convenience and necessity. The Commission bases its decisions on both economic issues, including need, and environmental effects.</P>
                <P>
                    Your comments should focus on the EA's disclosure and discussion of potential environmental effects, reasonable alternatives, and measures to avoid or lessen environmental effects. The more specific your comments, the more useful they will be. For your convenience, there are three methods you can use to file your comments to the Commission. The Commission encourages electronic filing of comments and has staff available to assist you at (866) 208-3676 or 
                    <E T="03">FercOnlineSupport@ferc.gov.</E>
                     Please carefully follow these instructions so that your comments are properly recorded.
                </P>
                <P>
                    (1) You can file your comments electronically using the eComment feature on the Commission's website (
                    <E T="03">www.ferc.gov</E>
                    ) under the link to FERC Online. This is an easy method for submitting brief, text-only comments on a project;
                </P>
                <P>
                    (2) You can also file your comments electronically using the eFiling feature on the Commission's website (
                    <E T="03">www.ferc.gov</E>
                    ) under the link to FERC Online. With eFiling, you can provide comments in a variety of formats by attaching them as a file with your submission. New eFiling users must first create an account by clicking on “eRegister.” You must select the type of filing you are making. If you are filing a comment on a particular project, please select “Comment on a Filing”; or
                </P>
                <P>(3) You can file a paper copy of your comments by mailing them to the Commission. Be sure to reference the project docket number (CP25-209-000) on your letter. 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.</P>
                <P>
                    Filing environmental comments will not give you intervenor status, but you do not need intervenor status to have your comments considered. Only intervenors have the right to seek rehearing or judicial review of the Commission's decision. At this point in this proceeding, the timeframe for filing timely intervention requests has expired. Any person seeking to become a party to the proceeding must file a motion to intervene out-of-time pursuant to Rule 214(b)(3) and (d) of the Commission's Rules of Practice and Procedures (18 CFR 385.214(b)(3) and (d)) and show good cause why the time limitation should be waived. Motions to intervene are more fully described at 
                    <E T="03">https://www.ferc.gov/how-intervene.</E>
                </P>
                <P>
                    For public inquiries and assistance with making filings such as interventions, comments, or requests for rehearing, contact the Office of Public Participation at (202) 502-6595 or 
                    <E T="03">OPP@ferc.gov.</E>
                     Additional information about the project is available from the FERC website (
                    <E T="03">www.ferc.gov</E>
                    ) using the eLibrary link. The eLibrary link also provides access to the texts of all formal documents issued by the Commission, such as orders, notices, and rulemakings.
                </P>
                <P>
                    In addition, the Commission offers a free service called eSubscription which allows you to keep track of all formal issuances and submittals in specific dockets. This can reduce the amount of time you spend researching proceedings by automatically providing you with notification of these filings, document summaries, and direct links to the documents. Go to 
                    <E T="03">https://www.ferc.gov/ferc-online/overview</E>
                     to register for eSubscription.
                </P>
                <EXTRACT>
                    <FP>(Authority: 18 CFR 2.1)</FP>
                </EXTRACT>
                <SIG>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Debbie-Anne A. Reese,</NAME>
                    <TITLE>Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21711 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6717-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="55100"/>
                <AGENCY TYPE="S">DEPARTMENT OF ENERGY</AGENCY>
                <SUBAGY>Federal Energy Regulatory Commission</SUBAGY>
                <DEPDOC>[Project No. 2212-059]</DEPDOC>
                <SUBJECT>Domtar Paper Company, LLC; Notice of Revised Schedule for Environmental Assessment</SUBJECT>
                <P>On August 27, 2024, and supplemented on February 28, 2025, March 14, 2025, September 30, 2025, and November 7, 2025, Domtar Paper Company, LLC (licensee) filed an application for a non-capacity amendment for the Rothschild Hydroelectric Project No. 2212. The project is located on the Wisconsin River in Marathon County, Wisconsin. The project does not occupy any federal lands.</P>
                <P>The licensee requests a non-capacity amendment of its license to replace the existing timber crib spillway section with two hydraulically actuated overhead hinged crest gates mounted on a reinforced concrete crest structure with reinforced concrete piers. Additionally, a reinforced concrete labyrinth crest structure and reinforced concrete stilling basins would be constructed for both spillways. The new spillway is expected to have similar hydraulic capacity to the timber crib spillway. The licensee does not intend to draw down the reservoir during construction, which is expected to take approximately three and a half years to complete.</P>
                <P>
                    On June 26, 2025, the Commission issued a Notice of Intent that informed the public that Commission staff plans to issue an Environmental Assessment (EA) 
                    <SU>1</SU>
                    <FTREF/>
                     by February 23, 2026. Commission staff is revising the schedule to issue an EA by December 12, 2025. The EA will be issued for a 30-day comment period. Revisions to the schedule may be made as appropriate. All comments filed on the EA will be reviewed by staff and considered in the Commission's final decision on the proceeding.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         The unique identification number for documents relating to this environmental review is EAXX-019-20-000-1750232650.
                    </P>
                </FTNT>
                <P>
                    For public inquiries and assistance with making filings such as interventions, comments, or requests for rehearing, contact the Office of Public Participation at (202) 502-6595 or 
                    <E T="03">OPP@ferc.gov.</E>
                </P>
                <P>
                    Any questions regarding this notice may be directed to Aneela Mousam at (202) 502-8357 or 
                    <E T="03">aneela.mousam@ferc.gov.</E>
                </P>
                <EXTRACT>
                    <FP>(Authority: 18 CFR 2.1)</FP>
                </EXTRACT>
                <SIG>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Debbie-Anne A. Reese,</NAME>
                    <TITLE>Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21708 Filed 11-28-25; 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>
                     RP26-231-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Midcontinent Express Pipeline LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     § 4(d) Rate Filing: MEP November 2025 NRA Filing to be effective 12/1/2025.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5115.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/8/25.
                </P>
                <P>
                    <E T="03">Docket Numbers:</E>
                     RP26-232-000.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Young Gas Storage Company, Ltd.
                </P>
                <P>
                    <E T="03">Description:</E>
                     § 4(d) Rate Filing: Annual Fuel Filing 2025 to be effective 1/1/2026.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5161.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/8/25.
                </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>
                     RP25-936-003.
                </P>
                <P>
                    <E T="03">Applicants:</E>
                     Vector Pipeline L.P., Adelphia Gateway, LLC.
                </P>
                <P>
                    <E T="03">Description:</E>
                     Compliance filing: Vector Pipeline L.P. submits tariff filing per 154.203: Vector Pipeline Motion to Place Suspended Tariff Records in Effect to be effective 12/1/2025.
                </P>
                <P>
                    <E T="03">Filed Date:</E>
                     11/25/25.
                </P>
                <P>
                    <E T="03">Accession Number:</E>
                     20251125-5108.
                </P>
                <P>
                    <E T="03">Comment Date:</E>
                     5 p.m. ET 12/8/25.
                </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">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>
                    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: November 25, 2025.</DATED>
                    <NAME>Carlos D. Clay,</NAME>
                    <TITLE>Deputy Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21701 Filed 11-28-25; 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. CP26-23-000]</DEPDOC>
                <SUBJECT>Columbia Gas Transmission, LLC; Notice of Application and Establishing Intervention Deadline</SUBJECT>
                <P>Take notice that on November 13, 2025, Columbia Gas Transmission, LLC (Columbia), 700 Louisiana Street, Suite 1300, Houston, Texas 77002-2700, filed an application under section 7(b) of the Natural Gas Act (NGA) and Part 157 of the Commission's regulations requesting authorization to abandon its Hunt Storage Field (Hunt Storage Abandonment Project), including all associated facilities and base gas, located in Kanawha County, West Virginia. Specifically, Columbia proposes to: (i) plug and abandon sixteen injection/withdrawal wells; (ii) plug and abandon three observation wells; (iii) plug and abandon three special wells; (iv) abandon approximately 7.18 miles of various size storage pipeline; and (v) abandon by removal the Hunt Compressor Station as well as all associated pipelines and aboveground appurtenances. Columbia estimates the total cost of the Project to be $30,000,000 as more fully set forth in the application which is on file with the Commission and open for public inspection.</P>
                <P>
                    In addition to publishing the full text of this document in the 
                    <E T="04">Federal Register</E>
                    , the Commission provides all interested persons an opportunity to view and/or print the contents of this document via the internet through the 
                    <PRTPAGE P="55101"/>
                    Commission's Home Page (
                    <E T="03">http://www.ferc.gov</E>
                    ). From the Commission's Home Page on the internet, this information is available on eLibrary. The full text of this document is available on eLibrary in PDF and Microsoft Word format for viewing, printing, and/or downloading. To access this document in eLibrary, type the docket number excluding the last three digits of this document in the docket number field.
                </P>
                <P>
                    User assistance is available for eLibrary and the Commission's website during normal business hours from FERC Online Support at (202) 502-6652 (toll free at 1-866-208-3676) or email at 
                    <E T="03">ferconlinesupport@ferc.gov,</E>
                     or the Public Reference Room at (202) 502-8371, TTY (202) 502-8659. Email the Public Reference Room at 
                    <E T="03">public.referenceroom@ferc.gov.</E>
                </P>
                <P>
                    Any questions regarding the proposed project should be directed to LaShawndra R. Proctor, Manager, Project Authorizations, Columbia Gas Transmission, LLC, 700 Louisiana Street, Suite 1300, Houston, Texas 77002-2700, by phone at (832) 320-5232, or by email at 
                    <E T="03">Lashawndra_proctor@tcenergy.com.</E>
                </P>
                <P>
                    Pursuant to section 157.9 of the Commission's Rules of Practice and Procedure,
                    <SU>1</SU>
                    <FTREF/>
                     within 90 days of this Notice the Commission staff will either: complete its environmental review and place it into the Commission's public record (eLibrary) for this proceeding; or issue a Notice of Schedule for Environmental Review. If a Notice of Schedule for Environmental Review is issued, it will indicate, among other milestones, the anticipated date for the Commission staff's issuance of the final environmental impact statement (FEIS) or environmental assessment (EA) for this proposal. The filing of an EA in the Commission's public record for this proceeding or the issuance of a Notice of Schedule for Environmental Review will serve to notify federal and state agencies of the timing for the completion of all necessary reviews, and the subsequent need to complete all federal authorizations within 90 days of the date of issuance of the Commission staff's FEIS or EA.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         18 CFR 157.9.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Public Participation</HD>
                <P>There are three ways to become involved in the Commission's review of this project: you can file comments on the project, you can protest the filing, and you can file a motion to intervene in the proceeding. There is no fee or cost for filing comments or intervening. The deadline for filing a motion to intervene is 5:00 p.m. Eastern Time on December 16, 2025. How to file protests, motions to intervene, and comments is explained below.</P>
                <P>
                    For public inquiries and assistance with making filings such as interventions, comments, or requests for rehearing, contact the Office of Public Participation at (202) 502-6595 or 
                    <E T="03">OPP@ferc.gov.</E>
                </P>
                <HD SOURCE="HD2">Comments</HD>
                <P>Any person wishing to comment on the project may do so. Comments may include statements of support or objections, to the project as a whole or specific aspects of the project. The more specific your comments, the more useful they will be.</P>
                <HD SOURCE="HD2">Protests</HD>
                <P>
                    Pursuant to sections 157.10(a)(4) 
                    <SU>2</SU>
                    <FTREF/>
                     and 385.211 
                    <SU>3</SU>
                    <FTREF/>
                     of the Commission's regulations under the NGA, any person 
                    <SU>4</SU>
                    <FTREF/>
                     may file a protest to the application. Protests must comply with the requirements specified in section 385.2001 
                    <SU>5</SU>
                    <FTREF/>
                     of the Commission's regulations. A protest may also serve as a motion to intervene so long as the protestor states it also seeks to be an intervenor.
                </P>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         18 CFR 157.10(a)(4).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         18 CFR 385.211.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         Persons include individuals, organizations, businesses, municipalities, and other entities. 18 CFR 385.102(d).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         18 CFR 385.2001.
                    </P>
                </FTNT>
                <P>To ensure that your comments or protests are timely and properly recorded, please submit your comments on or before 5:00 p.m. Eastern Time on December 16, 2025.</P>
                <P>There are three methods you can use to submit your comments or protests to the Commission. In all instances, please reference the Project docket number CP26-23-000 in your submission.</P>
                <P>
                    (1) You may file your comments electronically by using the eComment feature, which is located on the Commission's website at 
                    <E T="03">www.ferc.gov</E>
                     under the link to Documents and Filings. Using eComment is an easy method for interested persons to submit brief, text-only comments on a project;
                </P>
                <P>
                    (2) You may file your comments or protests electronically by using the eFiling feature, which is located on the Commission's website (
                    <E T="03">www.ferc.gov</E>
                    ) under the link to Documents and Filings. With eFiling, you can provide comments in a variety of formats by attaching them as a file with your submission. New eFiling users must first create an account by clicking on “eRegister.” You will be asked to select the type of filing you are making; first select “General” and then select “Comment on a Filing”; or
                </P>
                <P>(3) You can file a paper copy of your comments or protests by mailing them to the following address below. Your written comments must reference the Project docket number (CP26-23-000).</P>
                <P>
                    <E T="03">To file via USPS:</E>
                     Debbie-Anne A. Reese, Secretary, Federal Energy Regulatory Commission, 888 First Street NE, Washington, DC 20426.
                </P>
                <P>
                    <E T="03">To file via any other courier:</E>
                     Debbie-Anne A. Reese, Secretary, Federal Energy Regulatory Commission, 12225 Wilkins Avenue, Rockville, Maryland 20852.
                </P>
                <P>
                    The Commission encourages electronic filing of comments (options 1 and 2 above) and has eFiling staff available to assist you at (202) 502-8258 or 
                    <E T="03">FercOnlineSupport@ferc.gov.</E>
                </P>
                <P>Persons who comment on the environmental review of this project will be placed on the Commission's environmental mailing list, and will receive notification when the environmental documents (EA or EIS) are issued for this project and will be notified of meetings associated with the Commission's environmental review process.</P>
                <P>
                    The Commission considers all comments received about the project in determining the appropriate action to be taken. 
                    <E T="03">However, the filing of a comment alone will not serve to make the filer a party to the proceeding</E>
                    . To become a party, you must intervene in the proceeding. For instructions on how to intervene, see below.
                </P>
                <HD SOURCE="HD2">Interventions</HD>
                <P>
                    Any person, which includes individuals, organizations, businesses, municipalities, and other entities,
                    <SU>6</SU>
                    <FTREF/>
                     has the option to file a motion to intervene in this proceeding. Only intervenors have the right to request rehearing of Commission orders issued in this proceeding and to subsequently challenge the Commission's orders in the U.S. Circuit Courts of Appeal.
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         18 CFR 385.102(d).
                    </P>
                </FTNT>
                <P>
                    To intervene, you must submit a motion to intervene to the Commission in accordance with Rule 214 of the Commission's Rules of Practice and Procedure 
                    <SU>7</SU>
                    <FTREF/>
                     and the regulations under the NGA 
                    <SU>8</SU>
                    <FTREF/>
                     by the intervention deadline for the project, which is 5:00 p.m. Eastern Time on December 16, 2025. As described further in Rule 214, your motion to intervene must state, to the extent known, your position regarding the proceeding, as well as your interest in the proceeding. For an individual, 
                    <PRTPAGE P="55102"/>
                    this could include your status as a landowner, ratepayer, resident of an impacted community, or recreationist. You do not need to have property directly impacted by the project in order to intervene. For more information about motions to intervene, refer to the FERC website at 
                    <E T="03">https://www.ferc.gov/resources/guides/how-to/intervene.asp.</E>
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         18 CFR 385.214.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         18 CFR 157.10.
                    </P>
                </FTNT>
                <P>There are two ways to submit your motion to intervene. In both instances, please reference the Project docket number CP26-23-000 in your submission.</P>
                <P>
                    (1) You may file your motion to intervene by using the Commission's eFiling feature, which is located on the Commission's website (
                    <E T="03">www.ferc.gov</E>
                    ) under the link to Documents and Filings. New eFiling users must first create an account by clicking on “eRegister.” You will be asked to select the type of filing you are making; first select “General” and then select “Intervention.” The eFiling feature includes a document-less intervention option; for more information, visit 
                    <E T="03">https://www.ferc.gov/docs-filing/efiling/document-less-intervention.pdf;</E>
                     or
                </P>
                <P>(2) You can file a paper copy of your motion to intervene, along with three copies, by mailing the documents to the address below. Your motion to intervene must reference the Project docket number CP26-23-000.</P>
                <P>
                    <E T="03">To file via USPS:</E>
                     Debbie-Anne A. Reese, Secretary, Federal Energy Regulatory Commission, 888 First Street NE, Washington, DC 20426.
                </P>
                <P>
                    <E T="03">To file via any other courier:</E>
                     Debbie-Anne A. Reese, Secretary, Federal Energy Regulatory Commission, 12225 Wilkins Avenue, Rockville, Maryland 20852.
                </P>
                <P>
                    The Commission encourages electronic filing of motions to intervene (option 1 above) and has eFiling staff available to assist you at (202) 502-8258 or 
                    <E T="03">FercOnlineSupport@ferc.gov.</E>
                </P>
                <P>
                    Protests and motions to intervene must be served on the applicant either by mail at: LaShawndra R. Proctor, Manager, Project Authorizations, Columbia Gas Transmission, LLC, 700 Louisiana Street, Suite 1300, Houston, Texas 77002-2700, or by email (with a link to the document) at 
                    <E T="03">Lashawndra_proctor@tcenergy.com.</E>
                     Any subsequent submissions by an intervenor must be served on the applicant and all other parties to the proceeding. Contact information for parties can be downloaded from the service list at the eService link on FERC Online. Service can be via email with a link to the document.
                </P>
                <P>
                    All timely, unopposed 
                    <SU>9</SU>
                    <FTREF/>
                     motions to intervene are automatically granted by operation of Rule 214(c)(1).
                    <SU>10</SU>
                    <FTREF/>
                     Motions to intervene that are filed after the intervention deadline are untimely, and may be denied. Any late-filed motion to intervene must show good cause for being late and must explain why the time limitation should be waived and provide justification by reference to factors set forth in Rule 214(d) of the Commission's Rules and Regulations.
                    <SU>11</SU>
                    <FTREF/>
                     A person obtaining party status will be placed on the service list maintained by the Secretary of the Commission and will receive copies (paper or electronic) of all documents filed by the applicant and by all other parties.
                </P>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         The applicant has 15 days from the submittal of a motion to intervene to file a written objection to the intervention.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         18 CFR 385.214(c)(1).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         18 CFR 385.214(b)(3) and (d).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Tracking the Proceeding</HD>
                <P>
                    Throughout the proceeding, additional information about the project will be available from OPP at (202) 502-6595 or on the FERC website at 
                    <E T="03">www.ferc.gov</E>
                     using the “eLibrary” link as described above. The eLibrary link also provides access to the texts of all formal documents issued by the Commission, such as orders, notices, and rulemakings.
                </P>
                <P>
                    In addition, the Commission offers a free service called eSubscription which allows you to keep track of all formal issuances and submittals in specific dockets. This can reduce the amount of time you spend researching proceedings by automatically providing you with notification of these filings, document summaries, and direct links to the documents. For more information and to register, go to 
                    <E T="03">www.ferc.gov/docs-filing/esubscription.asp.</E>
                </P>
                <P>
                    <E T="03">Intervention Deadline:</E>
                     5:00 p.m. Eastern Time on December 16, 2025.
                </P>
                <EXTRACT>
                    <FP>(Authority: 18 CFR 2.1)</FP>
                </EXTRACT>
                <SIG>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Debbie-Anne A. Reese,</NAME>
                    <TITLE>Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21710 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6717-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">ENVIRONMENTAL PROTECTION AGENCY</AGENCY>
                <DEPDOC>[EPA-HQ-OPPT-2025-0067; FRL-12475-08-OCSPP]</DEPDOC>
                <SUBJECT>Certain New Chemicals; Receipt and Status Information for July-August 2025</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Environmental Protection Agency (EPA).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of receipt and request for comment.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>This document announces the Agency's receipt of new chemical submissions under the Toxic Substances Control Act (TSCA), including information about the receipt of a Premanufacture Notice (PMN), Significant New Use Notice (SNUN), Microbial Commercial Activity Notice (MCAN), and an amendment to a previously submitted notice; test information; a biotechnology exemption application; an application for a test marketing exemption (TME); and a notice of commencement of manufacture (defined by statute to include import) (NOC) for a new chemical substance. This document also provides a periodic status report on the new chemical substances that are currently under EPA review or have recently concluded review. EPA is hereby providing notice of receipt of this information, as required by TSCA, and an opportunity to comment. This document covers the period from 8/1/2025 to 8/31/2025.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments must be received on or before December 31, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Submit your comments, identified by docket identification (ID) number EPA-HQ-OPPT-2025-0067 and the specific case number provided in this document for the chemical substance related to your comment, online 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 and 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/>
                    <P>
                        <E T="03">For technical information:</E>
                         Jim Rahai, Project Management and Operations Division (7407M), Office of Pollution Prevention and Toxics, Environmental Protection Agency, 1200 Pennsylvania Ave. NW, Washington, DC 20460-0001; telephone number: (202) 564-8593; email address: 
                        <E T="03">rahai.jim@epa.gov.</E>
                    </P>
                    <P>
                        <E T="03">For general information:</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:
                    <PRTPAGE P="55103"/>
                </HD>
                <HD SOURCE="HD1">I. Executive Summary</HD>
                <HD SOURCE="HD2">A. Does this action apply to me?</HD>
                <P>This action provides information that is directed to the public in general.</P>
                <HD SOURCE="HD2">B. What is the Agency's authority for taking this action?</HD>
                <P>
                    EPA is publishing this document in the 
                    <E T="04">Federal Register</E>
                     as required by sections 5 of the Toxic Substances Control Act (TSCA), 15 U.S.C. 2601 
                    <E T="03">et seq.,</E>
                     and corresponding EPA regulations.
                </P>
                <P>
                    Under TSCA, a chemical substance may be either an “existing” chemical substance or a “new” chemical substance, see 
                    <E T="03">https://www.epa.gov/chemicals-under-tsca.</E>
                     Any chemical substance that is not on EPA's TSCA Inventory of Chemical Substances (TSCA Inventory) is classified as a “new chemical substance,” while a chemical substance that is listed on the TSCA Inventory is classified as an “existing chemical substance.” See TSCA section 3(2) and (11). For more information about the TSCA Inventory, see 
                    <E T="03">https://www.epa.gov/inventory.</E>
                </P>
                <P>Any person who intends to manufacture (including import) a new chemical substance for a non-exempt commercial purpose, or to manufacture or process a chemical substance in a non-exempt manner for a use that EPA has determined is a significant new use, is required by TSCA section 5 to provide EPA with a PMN, MCAN, or SNUN, as appropriate, before initiating the activity. EPA will review the notice, make a risk determination on the new chemical substance or significant new use, and take appropriate action as described in TSCA section 5(a)(3).</P>
                <P>TSCA section 5(h)(1) authorizes EPA to allow persons, upon application and under appropriate restrictions, to manufacture a new chemical substance, or manufacture or process a chemical substance subject to a significant new use rule (SNUR) issued under TSCA section 5(a)(2), for “test marketing” purposes, upon a showing that the manufacture, processing, distribution in commerce, use, and disposal of the chemical substances will not present an unreasonable risk of injury to health or the environment. This is referred to as a test marketing exemption, or TME.</P>
                <P>Premanufacture notification procedures for review of certain new microbial products of biotechnology are established in 40 CFR part 725. These pertain to MCANs and biotechnology exemptions, including TSCA experimental release applications (TERAs), TMEs for microorganisms, and Tier I and Tier II exemptions.</P>
                <HD SOURCE="HD2">C. What action is the Agency taking?</HD>
                <P>This document provides notice of receipt and status reports for the covered period and certain submissions under TSCA section 5 and provides an opportunity to comment on this information. The Agency is providing information about the receipt of PMNs, SNUNs, MCANs, and amendments to a previously submitted notice; test information; biotechnology exemption applications under 40 CFR part 725; TME applications; NOCs for new chemical substances; and a periodic status report on chemical substances that are currently under EPA review or have recently concluded review.</P>
                <HD SOURCE="HD2">D. What should I consider as I prepare my comments for EPA?</HD>
                <P>
                    1. 
                    <E T="03">Submitting CBI.</E>
                     Do not submit CBI to EPA through 
                    <E T="03">https://www.regulations.gov</E>
                     or email. If you wish to include CBI in your comment, please follow the instructions at 
                    <E T="03">https://www.epa.gov/dockets/commenting-epa-dockets#rules</E>
                     and clearly mark the information that you claim to be CBI. In addition to one complete version of the comment that includes CBI, a copy of the comment without CBI must be submitted for inclusion in the public docket. Information marked as CBI will not be disclosed except in accordance with procedures set forth in 40 CFR parts 2 and 703.
                </P>
                <P>
                    2. 
                    <E T="03">Tips for preparing your comments.</E>
                     When preparing and submitting your comments, see the commenting tips at 
                    <E T="03">https://www.epa.gov/dockets/commenting-epa-dockets.</E>
                </P>
                <HD SOURCE="HD1">II. Background</HD>
                <HD SOURCE="HD2">A. What information is being provided in this document?</HD>
                <P>The tables in this document provide the following information on the TSCA section 5 submissions received by EPA during this period and determined to be complete consistent with 40 CFR 720.70(a).</P>
                <P>
                    • 
                    <E T="03">Case number.</E>
                     The EPA number assigned to the TSCA section 5 submissions. Please note that a case number may be listed more than once in the table when the submission involves a subsequent amendment.
                </P>
                <P>
                    • 
                    <E T="03">Chemical substance.</E>
                     Name of the chemical substance, or generic name if the specific name is claimed as CBI.
                </P>
                <P>
                    • 
                    <E T="03">Manufacturer.</E>
                     Name of the submitting manufacturer, to the extent that such information is not subject to a CBI claim. The term “manufacturer” is defined by statute to include importer.
                </P>
                <P>
                    • 
                    <E T="03">Use(s).</E>
                     Potential uses identified by the manufacturer.
                </P>
                <P>
                    • 
                    <E T="03">Received.</E>
                     Date the submission was received by EPA.
                </P>
                <P>
                    • 
                    <E T="03">Commencement.</E>
                     Date of commencement provided by the submitter in the NOC.
                </P>
                <P>
                    • 
                    <E T="03">Test information.</E>
                     For test information received, the type of test information submitted to EPA based on the attachment type and subtype data selected by the submitter.
                </P>
                <HD SOURCE="HD2">B. What do the acronyms mean that are used in the tables?</HD>
                <P>As used in each of the tables, the following explanations apply:</P>
                <P>• (S) indicates that the information in the table is the specific information provided by the submitter.</P>
                <P>• (G) indicates that the information in the table is generic information because the specific information provided by the submitter was claimed as CBI.</P>
                <HD SOURCE="HD2">C. How can I access other information about TSCA section 5 submissions?</HD>
                <P>
                    EPA provides information on its website about cases reviewed under TSCA section 5, including the PMNs, SNUNs, MCANs, and exemption applications received; the date of receipt; the final EPA determination on the submission; and the effective date of EPA's determination. See 
                    <E T="03">https://www.epa.gov/new-chemicals-under-toxic-substances-control-act-tsca/pre-manufacture-notices.</E>
                     In addition, information EPA receives about chemical substances under TSCA, including non-CBI new chemical submissions, can be accessed in ChemView at 
                    <E T="03">https://chemview.epa.gov/.</E>
                </P>
                <HD SOURCE="HD1">III. Receipt Reports</HD>
                <P>Table 1 provides non-CBI information for the PMNs, SNUNs and MCANs received by EPA that have passed an initial screening and determined to be complete consistent with 40 CFR 720.70(a) during this period.</P>
                <GPOTABLE COLS="5" OPTS="L2,nj,p7,7/8,i1" CDEF="xs54,10,xs80,r50,r75">
                    <TTITLE>Table 1—PMN/SNUN/MCANs Received and Under Review</TTITLE>
                    <BOXHD>
                        <CHED H="1">Case No.</CHED>
                        <CHED H="1">
                            Received
                            <LI>date</LI>
                        </CHED>
                        <CHED H="1">Manufacturer</CHED>
                        <CHED H="1">Use</CHED>
                        <CHED H="1">Chemical substance</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">J-25-0014</ENT>
                        <ENT>08/12/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Manufacture of an alcohol</ENT>
                        <ENT>(G) Modified Yeast, with chromosomal modifications to improve fermentation characteristics.</ENT>
                    </ROW>
                    <ROW>
                        <PRTPAGE P="55104"/>
                        <ENT I="01">J-25-0014A</ENT>
                        <ENT>08/27/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Manufacture of an alcohol</ENT>
                        <ENT>(G) Modified Yeast, with chromosomal modifications to improve fermentation characteristics.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-23-0140</ENT>
                        <ENT>08/01/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Additive for consumer and commercial products</ENT>
                        <ENT>(G) Polysaccharide, (hydroxytrialkylammonio)alkyl ether, chloride.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-23-0162</ENT>
                        <ENT>08/07/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(S) Transportation fuels, Chemical Feedstock, Fuel additive</ENT>
                        <ENT>(G) Alkane (glyceridic), hydrotreated and isomerized.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0007</ENT>
                        <ENT>08/14/2025</ENT>
                        <ENT>Kenrich Petrochemicals, Inc</ENT>
                        <ENT>(S) Use as a dispersant for powders, as an adhesion promoter in adhesives and sealants, all forms KR PTOA, CAPOW KR PTOA</ENT>
                        <ENT>(S) Titanium branched and linear C16-18 and C18-unsatd. fatty acids iso-Pr alc. complexes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0093</ENT>
                        <ENT>07/31/2025</ENT>
                        <ENT>Evonik Corporation</ENT>
                        <ENT>(S) Surfactant in laundry, and manual/hand dish detergent, in hard surface cleaner</ENT>
                        <ENT>(G) Rhamnolipids, modified pseudomonas-fermented, from dextrose, salts.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0094</ENT>
                        <ENT>07/31/2025</ENT>
                        <ENT>Evonik Corporation</ENT>
                        <ENT>(S) Surfactant in laundry, and manual/hand dish detergent, in hard surface cleaner</ENT>
                        <ENT>(G) Rhamnolipids, modified pseudomonas-fermented, from dextrose, salts.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0095</ENT>
                        <ENT>07/31/2025</ENT>
                        <ENT>Evonik Corporation</ENT>
                        <ENT>(S) Surfactant in laundry, and manual/hand dish detergent, in hard surface cleaner</ENT>
                        <ENT>(G) Rhamnolipids, modified pseudomonas-fermented, from dextrose, salts.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0096</ENT>
                        <ENT>07/31/2025</ENT>
                        <ENT>Evonik Corporation</ENT>
                        <ENT>(S) Surfactant in laundry, and manual/hand dish detergent, in hard surface cleaner</ENT>
                        <ENT>(G) Rhamnolipids, modified pseudomonas-fermented, from dextrose, salts.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0116</ENT>
                        <ENT>08/15/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) For use in coatings for metal parts</ENT>
                        <ENT>(G) Phenol, 4,4-(1-alkylidene) bis-, polymer with 2-(chloromethyl) oxirane, 4-alkylphenyl ether, reaction products with alkylpolyamine and 2-(alkylamino)alkanol, hydrolyzed, alkanesulfonates (salts).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0117</ENT>
                        <ENT>08/15/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) For use in coatings for metal parts</ENT>
                        <ENT>(G) Alkanoic acid, compds. with hydrolyzed bisphenol-epichlorohydrin polymer 4-alkylphenyl ether- alkylpolyamine and 2-(alkylamino)alkanol reaction products.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0118</ENT>
                        <ENT>08/15/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) For use in coatings for metal parts</ENT>
                        <ENT>(G) Alkanoic acid, compds. with [(aminoalkyl)imino] bis[alkanol]-bisphenol-epichlorohydrin polymer 4-alkylphenyl ether-2-(alkylamino)alkanol reaction products.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0119</ENT>
                        <ENT>08/15/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) For use in coatings for metal parts</ENT>
                        <ENT>(G) Amidosulfonic acid, compds. with [(aminoalkyl)imino] bis[alkanol]-bisphenol-epichlorohydrin polymer 4-alkylphenyl ether-2-(alkylamino)alkanol reaction products.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0120</ENT>
                        <ENT>08/15/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) For use in coatings for metal parts</ENT>
                        <ENT>(G) Alkanoic acid, compds. with hydrolyzed bisphenol-monoalkylamine-epichlorohydrin polymer 4-alkylphenyl ether- alkylpolyamine and 2-(alkylamino)alkanol reaction products.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0121</ENT>
                        <ENT>08/15/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) For use in coatings for metal parts</ENT>
                        <ENT>(G) Phenol, 4,4-(1-alkylidene) bis-, polymer with 2-(chloromethyl) oxirane and monoalkanamine, 4-alkylphenyl ether, reaction products with alkylpolyamine and 2-(alkylamino)alkanol, hydrolyzed, alkanesulfonates (salts).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0155</ENT>
                        <ENT>08/06/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Raw material</ENT>
                        <ENT>(G) Alkanoic acid, [(alkylthio)substitutedalkyl] thio]-,.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0173</ENT>
                        <ENT>08/06/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) For making air pollutant control parts in automobiles</ENT>
                        <ENT>(G) Rare earth doped zirconium oxide.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0174</ENT>
                        <ENT>08/06/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Making air pollutants control parts in automobiles</ENT>
                        <ENT>(G) Rare earth doped zirconium oxide.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0175</ENT>
                        <ENT>08/06/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Air pollutants control parts in automobiles</ENT>
                        <ENT>(G) Rare earth doped zirconium oxide.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0176</ENT>
                        <ENT>08/06/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Making of air pollutants control parts in automobiles</ENT>
                        <ENT>(G) Rare earth doped zirconium oxide.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0177</ENT>
                        <ENT>08/06/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Air pollutants control parts in automobiles</ENT>
                        <ENT>(G) Rare earth doped zirconium oxide.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0179</ENT>
                        <ENT>08/06/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Component in batteries</ENT>
                        <ENT>(G) Aluminum- and metal-doped cobalt metal nickel oxide.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0180</ENT>
                        <ENT>08/06/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Component in batteries</ENT>
                        <ENT>(G) Aluminum- and metal- and metal-doped cobalt metal nickel oxide.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0181</ENT>
                        <ENT>08/06/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Component in batteries</ENT>
                        <ENT>(G) Metal- and metal-doped cobalt metal metal nickel oxide.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0182</ENT>
                        <ENT>08/26/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Chemical precursor</ENT>
                        <ENT>(G) Cobalt metal nickel compound.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0005</ENT>
                        <ENT>08/15/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) For use in coatings for metal parts</ENT>
                        <ENT>(G) Cashew, nutshell liq., polymer with [(aminoalkyl)imino] bis[alkanol], bisphenol and epichlorohydrin, reaction products with dialkanolamine, alkylcarboxylates (salts) alkanesulfonates (salts).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0006</ENT>
                        <ENT>08/15/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) For use in coatings for metal parts</ENT>
                        <ENT>(G) Phenol, 4,4-(1-alkylidene) bis-, polymer with [(aminoalkyl)imino] bis[alkanol] and 2-(chloromethyl) oxirane, 3-alkyloxy-2-hydroxypropyl ethers, reaction products with dialkanolamine, alkylcarboxylates (salts) alkanesulfonates (salts).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0007</ENT>
                        <ENT>08/15/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) For use in coatings for metal parts</ENT>
                        <ENT>(G) Phenol, 4,4-(1-alkylidene) bis-, polymer with [(aminoalkyl)imino] bis[alkanol] and 2-(chloromethyl) oxirane, 4-alkylphenyl ethers, reaction products with dialkanolamine, alkylcarboxylates (salts) alkanesulfonates (salts).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0008</ENT>
                        <ENT>08/15/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) For use in coatings for metal parts</ENT>
                        <ENT>(G) Benzenediol, polymer with [(aminoalkyl)imino] bis[alkanol], 2- (chloromethyl)oxirane and 4,4-(1-alkylidene) bis[phenol], 4-alkylphenyl ethers, reaction products with dialkanolamine, alkylcarboxylates (salts) alkanesulfonates (salts).</ENT>
                    </ROW>
                    <ROW>
                        <PRTPAGE P="55105"/>
                        <ENT I="01">P-25-0009</ENT>
                        <ENT>08/15/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) For use in coatings for metal parts</ENT>
                        <ENT>(G) Cashew, nutshell liq., polymer with [(aminoalkyl)imino] bis[alkanol], bisphenol, epichlorohydrin and benzenediol, reaction products with dialkanolamine, alkylcarboxylates (salts) alkanesulfonates (salts).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0010</ENT>
                        <ENT>08/15/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) For use in coatings for metal parts</ENT>
                        <ENT>(G) Benzenediol, polymer with [(aminoalkyl)imino] bis[alkanol], 2- (chloromethyl)oxirane and 4,4-(1-alkylidene) bis[phenol], 3-alkyloxy-2-hydroxypropyl ethers, reaction products with dialkanolamine, alkylcarboxylates (salts) alkanesulfonates (salts).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0090</ENT>
                        <ENT>08/19/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Monomer for use in UV/EB technology</ENT>
                        <ENT>(G) Carbamic acid, N,N′-(trialkylalkanidyl)bis-, bis(propenyloxy)alkyl ester.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0090</ENT>
                        <ENT>08/20/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Monomer for use in UV/EB technology</ENT>
                        <ENT>(G) Carbamic acid, N,N′-(trialkylalkanidyl)bis-, bis(propenyloxy)alkyl ester.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0091</ENT>
                        <ENT>08/19/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Monomer for use in UV/EB technology</ENT>
                        <ENT>(G) Carbamic acid, N,N′-(trialkylalkanidyl)bis-, bis(propenyloxy)alkyl ester.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0091</ENT>
                        <ENT>08/20/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Monomer for use in UV/EB technology</ENT>
                        <ENT>(G) Carbamic acid, N,N′-(trialkylalkanidyl)bis-, bis(propenyloxy)alkyl ester.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0115</ENT>
                        <ENT>08/18/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Deposition material for use in electronics industry and non-electronics industry</ENT>
                        <ENT>(G) Silylamine.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0123</ENT>
                        <ENT>08/08/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Ink component, Ingredient in ink</ENT>
                        <ENT>(G) Butanamide, 2,2′-[(dihalo[1,1′-biphenyl]-4,4′-diyl) bis(2,1-diazenediyl)] bis[3-oxo, N,N′-bis(substituted heteropolycyclic and alkyl carbomonocyclic) derivs.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0131</ENT>
                        <ENT>08/06/2025</ENT>
                        <ENT>Osmo Labs, PBC</ENT>
                        <ENT>(S) Non-Spray Personal Care Products, Categories include fine fragrances, shower gel, shampoo, hair styling products, body lotion, face cream, hand cream, liquid foundation, and nonspray deodorant, laundry (fabric softeners, powdered and liquid detergents, dryer sheets, scent boosters), surface and general household cleaning (all-purpose cleaners, cleaning wipes, toilet bowl cleaners, powdered cleaners, floor cleaners), air and odor control (liquid electrical fresheners, gel air fresheners, scented candles, trash can deodorizers, carpet deodorizers), other (scented draw liners, pet product deodorizers)</ENT>
                        <ENT>(G) Aryl ether aldehyde.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0132</ENT>
                        <ENT>07/31/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) An ingredient used in the manufacture of photoresist</ENT>
                        <ENT>(G) Alkenoic acid, alkyl-, alkyl-carbopolycyclic alkyl ester, polymer with oxo- (trihalo alkoxy) alkyl alkyl alkenoate and oxo-[trihalo-(trihaloalkyl)alkoxy] alkyl alkyl alkenoate.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0133</ENT>
                        <ENT>07/31/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Component in inks</ENT>
                        <ENT>(G) Fatty acids, dimers, polymers with alkenoic acid and polyol.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0134</ENT>
                        <ENT>08/06/2025</ENT>
                        <ENT>Osmo Labs, PBC</ENT>
                        <ENT>(S) Categories include fine fragrances, shower gel, shampoo, hair styling products, body lotion, face cream, hand cream, liquid foundation, and non-spray deodorant, laundry (fabric softeners, powdered and liquid detergents, dryer sheets, scent boosters), surface and general household cleaning (all-purpose cleaners, cleaning wipes, toilet bowl cleaners, powdered cleaners, floor cleaners), air and odor control (liquid electrical fresheners, gel air fresheners, scented candles, trash can deodorizers, carpet deodorizers), other (scented draw liners, pet product deodorizers)</ENT>
                        <ENT>(G) Aryl alkynoic ethyl ester.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0135</ENT>
                        <ENT>08/04/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Used as a component in battery manufacturing</ENT>
                        <ENT>(G) Metal- and metal- and metal-doped cobalt lithium manganese nickel oxide.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0136</ENT>
                        <ENT>08/04/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Used as a component in battery manufacturing</ENT>
                        <ENT>(G) Metal- and metal-doped cobalt lithium manganese nickel oxide.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0137</ENT>
                        <ENT>08/06/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Substance for the use in manufacturing of battery components</ENT>
                        <ENT>(G) Cobalt lithium manganese nickel oxide, metals.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0138</ENT>
                        <ENT>08/18/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Polymer plastic</ENT>
                        <ENT>(G) Carbohydrates, modified microorganism- fermented Polyhydroxyalkanoate.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0139</ENT>
                        <ENT>08/18/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Polymer plastic</ENT>
                        <ENT>(G) Carbohydrates, modified microorganism- fermented Polyhydroxyalkanoate.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0140</ENT>
                        <ENT>08/18/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Polymer plastic</ENT>
                        <ENT>(G) Carbohydrates, modified microorganism- fermented Polyhydroxyalkanoate.</ENT>
                    </ROW>
                    <ROW>
                        <PRTPAGE P="55106"/>
                        <ENT I="01">P-25-0141</ENT>
                        <ENT>08/06/2025</ENT>
                        <ENT>Osmo Labs, PBC</ENT>
                        <ENT>(S) Categories include fine fragrances, shower gel, shampoo, hair styling products, body lotion, face cream, hand cream, liquid foundation, and non-spray deodorant, laundry (fabric softeners, powdered and liquid detergents, dryer sheets, scent boosters), surface and general household cleaning (all-purpose cleaners, cleaning wipes, toilet bowl cleaners, powdered cleaners, floor cleaners), air and odor control (liquid electrical fresheners, gel air fresheners, scented candles, trash can deodorizers, carpet deodorizers), other (scented draw liners, pet product deodorizers)</ENT>
                        <ENT>(G) Heteroaromatic alkyl ester.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0142</ENT>
                        <ENT>08/21/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Industrial intermediate</ENT>
                        <ENT>(G) Propenoic acid, methyl-, [bis[[dimethyl[[-trimethyl-bis[(trimethylsilyl)oxy]- disiloxanyl] ethyl] silyl] oxy] -dimethyl-[[trimethyl-bis[(trimethylsilyl)oxy]-disiloxaneyl] ethyl]-disiloxaneyl] propyl ester.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0142</ENT>
                        <ENT>08/27/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Industrial intermediate</ENT>
                        <ENT>(G) Propenoic acid, methyl-, [bis[[dimethyl[[-trimethyl-bis[(trimethylsilyl)oxy]- disiloxanyl] ethyl] silyl] oxy] -dimethyl-[[trimethyl-bis[(trimethylsilyl)oxy]-disiloxaneyl] ethyl]-disiloxaneyl] propyl ester.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">SN-25-0005</ENT>
                        <ENT>08/18/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Electronic component manufacturing</ENT>
                        <ENT>(S) 2-Butene, 1,1,1,4,4,4-hexafluoro-, (2Z)-.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">SN-25-0009</ENT>
                        <ENT>08/11/2025</ENT>
                        <ENT>Clariant Corporation</ENT>
                        <ENT>(S) Selectivity improver for catalysts used in the production of polyolefins</ENT>
                        <ENT>(S) Heptane, 3,3-bis(methoxymethyl)-2,6-dimethyl-.</ENT>
                    </ROW>
                </GPOTABLE>
                <P>Table 2 provides non-CBI information on the NOCs received by EPA that have passed an initial screening during this period.</P>
                <GPOTABLE COLS="4" OPTS="L2,nj,i1" CDEF="xs66,10,12,r100">
                    <TTITLE>Table 2—NOCs Received and Under Review</TTITLE>
                    <BOXHD>
                        <CHED H="1">Case No.</CHED>
                        <CHED H="1">
                            Received
                            <LI>date</LI>
                        </CHED>
                        <CHED H="1">
                            Commencement
                            <LI>date</LI>
                        </CHED>
                        <CHED H="1">
                            Chemical
                            <LI>substance</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">P-14-0624</ENT>
                        <ENT>08/14/2025</ENT>
                        <ENT>07/25/2025</ENT>
                        <ENT>(G) Cyclic amine, polymer with haloalkyloxirane and. alpha. -hydro-. omega. -hydroxypoly(oxy-1,2-alkyldiyl), salt.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-18-0150</ENT>
                        <ENT>08/15/2025</ENT>
                        <ENT>08/06/2025</ENT>
                        <ENT>(S) Cyclohexanamine, N,N-dimethyl-, compds. with 3-(cyclohexylamino)-1-propanesulfonic acid-blocked 5-isocyanato-1-(isocyanatomethyl)-1,3,3-trimethylcyclohexane homopolymer.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-18-0182</ENT>
                        <ENT>08/14/2025</ENT>
                        <ENT>09/29/2024</ENT>
                        <ENT>(S) Multiwalled carbon nanotubes grown perpendicularly on an aluminum foil substrate using Fe catalyst.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-21-0092</ENT>
                        <ENT>08/08/2025</ENT>
                        <ENT>08/06/2025</ENT>
                        <ENT>(G) 2-Propenoic acid, (polyhydro-1,3-dioxo-2H-isoindol-2-yl) alkyl ester.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-22-0163</ENT>
                        <ENT>08/14/2025</ENT>
                        <ENT>08/12/2025</ENT>
                        <ENT>(S) Multiwalled carbon nanotubes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-23-0037</ENT>
                        <ENT>08/05/2025</ENT>
                        <ENT>07/17/2025</ENT>
                        <ENT>(G) Monoaromatic cyclic alkylene sulfonium fluoroalkyl sulfonic acid salt.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-23-0093</ENT>
                        <ENT>08/06/2025</ENT>
                        <ENT>07/20/2025</ENT>
                        <ENT>(G) Aromatic Dibenz thiophenium fluoroalkyl carbopolycycle sulfonic acid salt.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0110</ENT>
                        <ENT>08/15/2025</ENT>
                        <ENT>07/23/2025</ENT>
                        <ENT>(G) Alkyl fatty acids, polymers with substituted heteropolycyclic, substituted carbomonocycle, carbomonocyclic dicarboxylic acid and trisubstituted alkyl, substituted alkyl alkenoate-blocked, polymers with substituted alkene, substituted bis alkylalkanenitrile-initiated heteromonocyclic alkenoate-substituted alkanoic acid-alkyl alkenoate polymer alkenoate, heteromonocyclic alkenoate, substituted alkyl alkenoate, alkyl alkenoate, alkyl alkenoate, alkenoic acid and substituted carbomonocycle, alkyl substituted alkyl alkanoate initiated,- and substituted bis alkylalkanenitrile-initiated.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0016</ENT>
                        <ENT>08/06/2025</ENT>
                        <ENT>07/20/2025</ENT>
                        <ENT>(G) Trihaloaromatic iodonium dicyclo salt with polyhaloalkyl carbomonocycle hetero acid.</ENT>
                    </ROW>
                </GPOTABLE>
                <P>Table 3 provides non-CBI information on the test information that has been received by EPA that have passed an initial screening during this period.</P>
                <GPOTABLE COLS="4" OPTS="L2,nj,p7,7/8,i1" CDEF="xs66,10,r50,r50">
                    <TTITLE>Table 3—Test Information Received</TTITLE>
                    <BOXHD>
                        <CHED H="1">Case No.</CHED>
                        <CHED H="1">
                            Received
                            <LI>date</LI>
                        </CHED>
                        <CHED H="1">
                            Type of test
                            <LI>information</LI>
                        </CHED>
                        <CHED H="1">
                            Chemical
                            <LI>Substance</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">P-14-0712</ENT>
                        <ENT>08/15/2025</ENT>
                        <ENT>Polychlorinated Dibenzodioxins and Polychlorinated Dibenzofurans Testing</ENT>
                        <ENT>(S) Waste plastics, pyrolyzed, C5-55 fraction.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-18-0016</ENT>
                        <ENT>07/29/2025</ENT>
                        <ENT>Partition Coefficient (1-Octanol/Water): Slow-Stirring Method (OECD Test Guideline 123)</ENT>
                        <ENT>(G) Aromatic sulfonium tricyclo fluoroalkyl sulfonic acid salt.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-20-0042</ENT>
                        <ENT>07/29/2025</ENT>
                        <ENT>Partition Coefficient (1-Octanol/Water): Slow-Stirring Method (OECD Test Guideline 123)</ENT>
                        <ENT>(G) Sulfonium, trisaryl-, 7,7-dialkyl-2-heteropolycyclic -1-alkanesulfonate (1:1).</ENT>
                    </ROW>
                    <ROW>
                        <PRTPAGE P="55107"/>
                        <ENT I="01">P-21-0165</ENT>
                        <ENT>08/12/2025</ENT>
                        <ENT>96-hr Fish Imbalance Test using larvae of the Eastern Rainbowfish Melanotaenia splendida (ESA SOP 117)</ENT>
                        <ENT>(S) Glucopyranose, oligomeric, C1016alkyl glycosides, 3(3,4dicarboxy3 hydroxy1oxobutoxy) 2hydroxypropyl ethers, sodium salts.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-22-0055</ENT>
                        <ENT>07/29/2025</ENT>
                        <ENT>Partition Coefficient (1-Octanol/Water): Slow-Stirring Method (OECD Test Guideline 123)</ENT>
                        <ENT>(G) Aromatic sulfonium tricyclo fluoroalkyl sulfonic acid salt.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-23-0037</ENT>
                        <ENT>07/29/2025</ENT>
                        <ENT>Partition Coefficient (1-Octanol/Water): Slow-Stirring Method (OECD Test Guideline 123)</ENT>
                        <ENT>(G) Monoaromatic cyclic alkylene sulfonium fluoroalkyl sulfonic acid salt.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-23-0044</ENT>
                        <ENT>07/29/2025</ENT>
                        <ENT>Partition Coefficient (1-Octanol/Water): Slow-Stirring Method (OECD Test Guideline 123)</ENT>
                        <ENT>(G) Monoaromatic cyclic alkylene sulfonium fluoroalkyl sulfonic acid salt.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-23-0080</ENT>
                        <ENT>07/29/2025</ENT>
                        <ENT>Partition Coefficient (1-Octanol/Water): Slow-Stirring Method (OECD Test Guideline 123)</ENT>
                        <ENT>(G) Aromatic sulfonium tricyclo fluoroalkyl sulfonic acid salt.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-23-0093</ENT>
                        <ENT>07/29/2025</ENT>
                        <ENT>Partition Coefficient (1-Octanol/Water): Slow-Stirring Method (OECD Test Guideline 123)</ENT>
                        <ENT>(G) Aromatic Dibenz thiophenium fluoroalkyl carbopolycycle sulfonic acid salt.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0160</ENT>
                        <ENT>07/29/2025</ENT>
                        <ENT>Partition Coefficient (1-Octanol/Water): Slow-Stirring Method (OECD Test Guideline 123)</ENT>
                        <ENT>(G) Iodonium, bis (dialkyl carbomonocycle) salt with alkyl carbomonocycle hetero acid.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0190</ENT>
                        <ENT>07/29/2025</ENT>
                        <ENT>Partition Coefficient (1-Octanol/Water): Slow-Stirring Method (OECD Test Guideline 123)</ENT>
                        <ENT>(G) Aromatic sulfonium tricyclo salt with alkyl carbomonocycle hetero acid.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0016</ENT>
                        <ENT>07/29/2025</ENT>
                        <ENT>Partition Coefficient (1-Octanol/Water): Slow-Stirring Method (OECD Test Guideline 123)</ENT>
                        <ENT>(G) Tri haloaromatic iodonium dicyclo salt with polyhaloalkyl carbomonocycle hetero acid.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0097</ENT>
                        <ENT>07/29/2025</ENT>
                        <ENT>Partition Coefficient (1-Octanol/Water): Slow-Stirring Method (OECD Test Guideline 123)</ENT>
                        <ENT>(G) Aromatic sulfonium tricyclo salt with dicycloalkyl carbomonocycle hetero acid.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0100</ENT>
                        <ENT>07/29/2025</ENT>
                        <ENT>Partition Coefficient (1-Octanol/Water): Slow-Stirring Method (OECD Test Guideline 123)</ENT>
                        <ENT>(G) Aromatic sulfonium tricyclo salt with alkyl carbomonocycle hetero acid.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0102</ENT>
                        <ENT>07/29/2025</ENT>
                        <ENT>Partition Coefficient (1-Octanol/Water): Slow-Stirring Method (OECD Test Guideline 123)</ENT>
                        <ENT>(G) Carboheterocyclic aromatic sulfonium salt with dicycloalkyl carbomonocycle hetero acid.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0111</ENT>
                        <ENT>07/29/2025</ENT>
                        <ENT>Partition Coefficient (1-Octanol/Water): Slow-Stirring Method (OECD Test Guideline 123)</ENT>
                        <ENT>(G) Haloaromatic iodonium dicyclo salt with polyfluoroalkyl carbomonocycle hetero acid.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0112</ENT>
                        <ENT>07/29/2025</ENT>
                        <ENT>Partition Coefficient (1-Octanol/Water): Slow-Stirring Method (OECD Test Guideline 123)</ENT>
                        <ENT>(G) Haloaromatic iodonium dicyclo salt with halogenated hydroxyaryl carboxylic acid.</ENT>
                    </ROW>
                </GPOTABLE>
                <HD SOURCE="HD1">IV. Status Reports</HD>
                <P>
                    Information about the TSCA section 5 PMNs, SNUNs, MCANs, and exemption applications received, including the date of receipt, the status of EPA's review, the final EPA determination, and the effective date of EPA's determination, is available online at: 
                    <E T="03">https://www.epa.gov/reviewing-new-chemicals-under-toxic-substances-control-act-tsca/status-pre-manufacture-notices.</E>
                </P>
                <P>
                    <E T="03">Authority:</E>
                     15 U.S.C. 2601 
                    <E T="03">et seq.</E>
                </P>
                <SIG>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Mary Elissa Reaves,</NAME>
                    <TITLE>Director, Office of Pollution Prevention and Toxics.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21674 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6560-50-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">ENVIRONMENTAL PROTECTION AGENCY</AGENCY>
                <DEPDOC>[EPA-HQ-OPP-2025-0026; FRL-12472-09-OCSPP]</DEPDOC>
                <SUBJECT>Pesticide Product Registration; Receipt of Applications for New Uses (September 2025)</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Environmental Protection Agency (EPA).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of receipt and request for comment.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>This document announces the Agency's receipt of and solicits comment on applications to register new pesticide products containing currently registered active ingredients that would entail a change in use pattern. The Agency is providing this notice in accordance with the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA). EPA uses the month and year in the title to identify when the Agency complied the applications identified in this notice of receipt. Unit II. of this document identifies certain applications received in 2025 that are currently being evaluated by EPA, along with information about each application, including when it was received, who submitted the application, and the purpose of the application.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments must be received on or before December 31, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Submit your comments, identified by the docket identification (ID) number and the 
                        <E T="03">EPA File Symbol</E>
                         or the 
                        <E T="03">EPA Registration Number</E>
                         of interest as shown in Unit II. of this document, online 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 and visiting the docket, along with more information about dockets generally, is available at 
                        <E T="03">https://www.epa.gov/.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Each application summary in Unit II. specifies a contact division. The appropriate division contacts are identified as follows:</P>
                    <P>
                        • RD (Registration Division) (Mail Code 7505T); Charles Smith; main telephone number: (202) 566-1030; email address: 
                        <E T="03">RDFRNotices@epa.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">I. Executive Summary</HD>
                <HD SOURCE="HD2">A. Does this action apply to me?</HD>
                <P>This action provides information that is directed to the public in general.</P>
                <HD SOURCE="HD2">B. What is the Agency's authority for taking this action?</HD>
                <P>EPA is taking this action pursuant to section 3(c)(4) of the Federal Insecticide, Fungicide, and Rodenticide Act (FIFRA), 7 U.S.C. 136a(c)(4), and 40 CFR 152.102.</P>
                <HD SOURCE="HD2">C. What action is the Agency taking?</HD>
                <P>
                    EPA is hereby providing notice of receipt and opportunity to comment on applications to register new pesticide products containing currently registered active ingredients that would entail a change in use pattern. EPA provides a notice of receipt on a monthly basis, using the month and year in the title to help distinguish one document from the other. This document identifies the applications that were received since the last notice that was issued and are currently being evaluated by EPA in accordance with the Federal Insecticide, Fungicide, and Rodenticide Act 
                    <PRTPAGE P="55108"/>
                    (FIFRA). Notice of receipt of these applications does not imply a decision by the Agency on these applications. For actions being evaluated under EPA's public participation process for registration actions, there will be an additional opportunity for public comment on the proposed decisions. Please see EPA's public participation website for additional information on this process (
                    <E T="03">https://www.epa.gov/registration/participation-process-registration-actions</E>
                    ).
                </P>
                <HD SOURCE="HD2">D. What should I consider as I prepare my comments for EPA?</HD>
                <P>
                    1. 
                    <E T="03">Submitting CBI.</E>
                     Do not submit CBI to EPA through 
                    <E T="03">https://www.regulations.gov</E>
                     or email. If you wish to include CBI in your comment, please follow the applicable instructions at 
                    <E T="03">https://www.epa.gov/dockets/commenting-epa-dockets#rules</E>
                     and clearly mark the information that you claim to be CBI. In addition to one complete version of the comment that includes CBI, a copy of the comment without CBI must be submitted for inclusion in the public docket. Information marked as CBI will not be disclosed except in accordance with procedures set forth in 40 CFR part 2.
                </P>
                <P>
                    2. 
                    <E T="03">Tips for preparing your comments.</E>
                     When preparing and submitting your comments, see the commenting tips at 
                    <E T="03">https://www.epa.gov//epa-dockets.</E>
                </P>
                <HD SOURCE="HD1">II. Applications to Register New Uses</HD>
                <P>This unit provides the following information about each application received: The EPA File Symbol or Registration number(s); EPA docket ID number for the application; Name and address of the applicant; Name of the active ingredient, product type and proposed uses; and the division to contact for that application. Additional information about the application may also be available in the docket for the application as identified in this unit.</P>
                <P>
                    • 
                    <E T="03">EPA Registration Number:</E>
                     352-931. 
                    <E T="03">Docket ID number:</E>
                     EPA-HQ-OPP-2025-2103. 
                    <E T="03">Applicant:</E>
                     Corteva Agriscience, LLC. 9330 Zionsville Road, Indianapolis, IN 46268. 
                    <E T="03">Active ingredient:</E>
                     Fluazaindolizine. 
                    <E T="03">Product type:</E>
                     Nematicide. 
                    <E T="03">Proposed use:</E>
                     Almond hulls, strawberry, fruit, small vine climbing (except fuzzy kiwifruit), subgroup 13-07F, raisins, cherry subgroup 12-12A, orange subgroup 10-10A, lemon/lime subgroup 10-10B, grapefruit subgroup 10-10C, and nut, tree, group 14-12. 
                    <E T="03">Date of receipt:</E>
                     September 2, 2025. 
                    <E T="03">Contact:</E>
                     RD.
                </P>
                <P>
                    • 
                    <E T="03">EPA Registration Number:</E>
                     11603-63. 
                    <E T="03">Docket ID number:</E>
                     EPA-HQ-OPP-2025-1444. 
                    <E T="03">Applicant:</E>
                     ADAMA Agan Ltd. c/o Makhteshim Agan of North America, Inc. (d/b/a ADAMA) 8601 Six Forks Road, Suite 300 Raleigh, NC 27615. 
                    <E T="03">Active ingredient:</E>
                     Metamitron. 
                    <E T="03">Product type:</E>
                     Herbicide. 
                    <E T="03">Proposed use:</E>
                     Beet, sugar, roots. 
                    <E T="03">Date of receipt:</E>
                     June 10, 2025. 
                    <E T="03">Contact:</E>
                     RD.
                </P>
                <P>
                    • 
                    <E T="03">EPA File Symbol:</E>
                     66222-GRA. 
                    <E T="03">Docket ID number:</E>
                     EPA-HQ-OPP-2025-1444. 
                    <E T="03">Applicant:</E>
                     ADAMA Agan Ltd. c/o Makhteshim Agan of North America, Inc. (d/b/a ADAMA) 8601 Six Forks Road, Suite 300 Raleigh, NC 27615. 
                    <E T="03">Active ingredient:</E>
                     Metamitron. 
                    <E T="03">Product type:</E>
                     Herbicide. 
                    <E T="03">Proposed use:</E>
                     Beet, sugar, roots. 
                    <E T="03">Date of receipt:</E>
                     June 10, 2025. 
                    <E T="03">Contact:</E>
                     RD.
                </P>
                <P>
                    <E T="03">Authority:</E>
                      
                </P>
                <P>
                    7 U.S.C. 136 
                    <E T="03">et seq.</E>
                </P>
                <SIG>
                    <NAME>Edward Messina,</NAME>
                    <TITLE>Director, Office of Pesticide Programs.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21684 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6560-50-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">ENVIRONMENTAL PROTECTION AGENCY</AGENCY>
                <DEPDOC>[EPA-HQ-OPPT-2025-0067; FRL-12475-09-OCSPP]</DEPDOC>
                <SUBJECT>Certain New Chemicals; Receipt and Status Information for August-September 2025</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Environmental Protection Agency (EPA).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of receipt and request for comment.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>This document announces the Agency's receipt of new chemical submissions under the Toxic Substances Control Act (TSCA), including information about the receipt of a Premanufacture Notice (PMN), Significant New Use Notice (SNUN), Microbial Commercial Activity Notice (MCAN), and an amendment to a previously submitted notice; test information; a biotechnology exemption application; an application for a test marketing exemption (TME); and a notice of commencement of manufacture (defined by statute to include import) (NOC) for a new chemical substance. This document also provides a periodic status report on the new chemical substances that are currently under EPA review or have recently concluded review. EPA is hereby providing notice of receipt of this information, as required by TSCA, and an opportunity to comment. This document covers the period from 9/1/2025 to 9/30/2025.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments must be received on or before December 31, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Submit your comments, identified by docket identification (ID) number EPA-HQ-OPPT-2025-0067 and the specific case number provided in this document for the chemical substance related to your comment, online 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 and 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/>
                    <P>
                        <E T="03">For technical information:</E>
                         Jim Rahai, Project Management and Operations Division (7407M), Office of Pollution Prevention and Toxics, Environmental Protection Agency, 1200 Pennsylvania Ave. NW, Washington, DC 20460-0001; telephone number: (202) 564-8593; email address: 
                        <E T="03">rahai.jim@epa.gov.</E>
                    </P>
                    <P>
                        <E T="03">For general information:</E>
                         The TSCA Assistance Information Service Hotline, Goodwill of the Finger Lakes, 422 South Clinton Ave., Rochester, NY 14620; telephone number: (800) 471-7125 or (202) 554-1404; email address: 
                        <E T="03">TSCA-Hotline@epa.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">I. Executive Summary</HD>
                <HD SOURCE="HD2">A. Does this action apply to me?</HD>
                <P>This action provides information that is directed to the public in general.</P>
                <HD SOURCE="HD2">B. What is the Agency's authority for taking this action?</HD>
                <P>
                    EPA is publishing this document in the 
                    <E T="04">Federal Register</E>
                     as required by sections 5 of the Toxic Substances Control Act (TSCA), 15 U.S.C. 2601 
                    <E T="03">et seq.,</E>
                     and corresponding EPA regulations.
                </P>
                <P>
                    Under TSCA, a chemical substance may be either an “existing” chemical substance or a “new” chemical substance, see 
                    <E T="03">https://www.epa.gov/chemicals-under-tsca.</E>
                     Any chemical substance that is not on EPA's TSCA Inventory of Chemical Substances (TSCA Inventory) is classified as a “new chemical substance,” while a chemical substance that is listed on the TSCA Inventory is classified as an “existing chemical substance.” See TSCA section 3(2) and (11). For more information about the TSCA Inventory, see 
                    <E T="03">https://www.epa.gov/inventory.</E>
                </P>
                <P>
                    Any person who intends to manufacture (including import) a new chemical substance for a non-exempt commercial purpose, or to manufacture or process a chemical substance in a non-exempt manner for a use that EPA 
                    <PRTPAGE P="55109"/>
                    has determined is a significant new use, is required by TSCA section 5 to provide EPA with a PMN, MCAN, or SNUN, as appropriate, before initiating the activity. EPA will review the notice, make a risk determination on the new chemical substance or significant new use, and take appropriate action as described in TSCA section 5(a)(3).
                </P>
                <P>TSCA section 5(h)(1) authorizes EPA to allow persons, upon application and under appropriate restrictions, to manufacture a new chemical substance, or manufacture or process a chemical substance subject to a significant new use rule (SNUR) issued under TSCA section 5(a)(2), for “test marketing” purposes, upon a showing that the manufacture, processing, distribution in commerce, use, and disposal of the chemical substances will not present an unreasonable risk of injury to health or the environment. This is referred to as a test marketing exemption, or TME.</P>
                <P>Premanufacture notification procedures for review of certain new microbial products of biotechnology are established in 40 CFR part 725. These pertain to MCANs and biotechnology exemptions, including TSCA experimental release applications (TERAs), TMEs for microorganisms, and Tier I and Tier II exemptions.</P>
                <HD SOURCE="HD2">C. What action is the Agency taking?</HD>
                <P>This document provides notice of receipt and status reports for the covered period and certain submissions under TSCA section 5 and provides an opportunity to comment on this information. The Agency is providing information about the receipt of PMNs, SNUNs, MCANs, and amendments to a previously submitted notice; test information; biotechnology exemption applications under 40 CFR part 725; TME applications; NOCs for new chemical substances; and a periodic status report on chemical substances that are currently under EPA review or have recently concluded review.</P>
                <HD SOURCE="HD2">D. What should I consider as I prepare my comments for EPA?</HD>
                <P>
                    1. 
                    <E T="03">Submitting CBI.</E>
                     Do not submit CBI to EPA through 
                    <E T="03">https://www.regulations.gov</E>
                     or email. If you wish to include CBI in your comment, please follow the instructions at 
                    <E T="03">https://www.epa.gov/dockets/commenting-epa-dockets#rules</E>
                     and clearly mark the information that you claim to be CBI. In addition to one complete version of the comment that includes CBI, a copy of the comment without CBI must be submitted for inclusion in the public docket. Information marked as CBI will not be disclosed except in accordance with procedures set forth in 40 CFR parts 2 and 703.
                </P>
                <P>
                    2. 
                    <E T="03">Tips for preparing your comments.</E>
                     When preparing and submitting your comments, see the commenting tips at 
                    <E T="03">https://www.epa.gov/dockets/commenting-epa-dockets.</E>
                </P>
                <HD SOURCE="HD1">II. Background</HD>
                <HD SOURCE="HD2">A. What information is being provided in this document?</HD>
                <P>The tables in this document provide the following information on the TSCA section 5 submissions received by EPA during this period and determined to be complete consistent with 40 CFR 720.70(a).</P>
                <P>
                    • 
                    <E T="03">Case number.</E>
                     The EPA number assigned to the TSCA section 5 submissions. Please note that a case number may be listed more than once in the table when the submission involves a subsequent amendment.
                </P>
                <P>
                    • 
                    <E T="03">Chemical substance.</E>
                     Name of the chemical substance, or generic name if the specific name is claimed as CBI.
                </P>
                <P>
                    • 
                    <E T="03">Manufacturer.</E>
                     Name of the submitting manufacturer, to the extent that such information is not subject to a CBI claim. The term “manufacturer” is defined by statute to include importer.
                </P>
                <P>
                    • 
                    <E T="03">Use(s).</E>
                     Potential uses identified by the manufacturer.
                </P>
                <P>
                    • 
                    <E T="03">Received.</E>
                     Date the submission was received by EPA.
                </P>
                <P>
                    • 
                    <E T="03">Commencement.</E>
                     Date of commencement provided by the submitter in the NOC.
                </P>
                <P>
                    • 
                    <E T="03">Test information.</E>
                     For test information received, the type of test information submitted to EPA based on the attachment type and subtype data selected by the submitter.
                </P>
                <HD SOURCE="HD2">B. What do the acronyms mean that are used in the tables?</HD>
                <P>As used in each of the tables, the following explanations apply:</P>
                <P>• (S) indicates that the information in the table is the specific information provided by the submitter.</P>
                <P>• (G) indicates that the information in the table is generic information because the specific information provided by the submitter was claimed as CBI.</P>
                <HD SOURCE="HD2">C. How can I access other information about TSCA section 5 submissions?</HD>
                <P>
                    EPA provides information on its website about cases reviewed under TSCA section 5, including the PMNs, SNUNs, MCANs, and exemption applications received; the date of receipt; the final EPA determination on the submission; and the effective date of EPA's determination. See 
                    <E T="03">https://www.epa.gov/new-chemicals-under-toxic-substances-control-act-tsca/status-pre-manufacture-notices.</E>
                     In addition, information EPA receives about chemical substances under TSCA, including non-CBI new chemical submissions, can be accessed in ChemView at 
                    <E T="03">https://chemview.epa.gov/.</E>
                </P>
                <HD SOURCE="HD1">III. Receipt Reports</HD>
                <P>Table 1 provides non-CBI information for the PMNs, SNUNs and MCANs received by EPA that have passed an initial screening and determined to be complete consistent with 40 CFR 720.70(a) during this period.</P>
                <GPOTABLE COLS="5" OPTS="L2,nj,p7,7/8,i1" CDEF="xs54,10,xs80,r50,r100">
                    <TTITLE>Table 1—PMN/SNUN/MCANs Received and Under Review</TTITLE>
                    <BOXHD>
                        <CHED H="1">Case No.</CHED>
                        <CHED H="1">Received date</CHED>
                        <CHED H="1">Manufacturer</CHED>
                        <CHED H="1">Use</CHED>
                        <CHED H="1">Chemical substance</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">J-25-0011A</ENT>
                        <ENT>09/16/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Fermentation to produce base chemical</ENT>
                        <ENT>(G) Escherichia coli (gene edited) containing 8 integrated genes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">J-25-0015</ENT>
                        <ENT>09/21/2025</ENT>
                        <ENT>Danisco US, Inc</ENT>
                        <ENT>(G) Production of a chemical substance</ENT>
                        <ENT>(G) Genetically modified microorganism.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-19-0140</ENT>
                        <ENT>08/29/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Intermediate</ENT>
                        <ENT>(G) Perfluorodioxaalkyl vinyl ether.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-20-0034</ENT>
                        <ENT>08/29/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Intermediate</ENT>
                        <ENT>(G) Perfluorinated vinyl haloalkane sulfonyl halide.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-23-0138</ENT>
                        <ENT>09/02/2025</ENT>
                        <ENT>IGM Resins Charlotte, Inc</ENT>
                        <ENT>(S) Photo initiator: Amine Synergists or Amine Acrylates like OPV and industrial coatings (pigmented systems like offset, flexo and inkjets</ENT>
                        <ENT>(S) Benzoic acid, 2-([1,1′-biphenyl]-4-ylcarbonyl)-, 2-ethylhexyl ester.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-23-0162</ENT>
                        <ENT>09/24/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(S) Transportation fuels, Chemical Feedstock, Fuel additive</ENT>
                        <ENT>(G) Alkane (glyceridic), hydrotreated and isomerized.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0093</ENT>
                        <ENT>09/03/2025</ENT>
                        <ENT>Evonik Corporation</ENT>
                        <ENT>(S) Surfactant in laundry detergent, hard surface cleaner, manual/hand dish detergent</ENT>
                        <ENT>(G) Rhamnolipids, modified pseudomonas-fermented, from dextrose, salts.</ENT>
                    </ROW>
                    <ROW>
                        <PRTPAGE P="55110"/>
                        <ENT I="01">P-24-0094</ENT>
                        <ENT>09/03/2025</ENT>
                        <ENT>Evonik Corporation</ENT>
                        <ENT>(S) Surfactant in laundry detergent, hard surface cleaner, manual/hand dish detergent</ENT>
                        <ENT>(G) Rhamnolipids, modified pseudomonas-fermented, from dextrose, salts.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0095</ENT>
                        <ENT>09/03/2025</ENT>
                        <ENT>Evonik Corporation</ENT>
                        <ENT>(S) Surfactant in laundry detergent, hard surface cleaner, manual/hand dish detergent</ENT>
                        <ENT>(G) Rhamnolipids, modified pseudomonas-fermented, from dextrose, salts.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0096</ENT>
                        <ENT>09/03/2025</ENT>
                        <ENT>Evonik Corporation</ENT>
                        <ENT>(S) Surfactant in laundry detergent, hard surface cleaner, manual/hand dish detergent</ENT>
                        <ENT>(G) Rhamnolipids, modified pseudomonas-fermented, from dextrose, salts.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0144</ENT>
                        <ENT>09/11/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Industrial Raw Material</ENT>
                        <ENT>(G) Unsaturated carboxylic acid copolymer with 2-Methyl substituted poly (ethylene glycol) diol.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-24-0144</ENT>
                        <ENT>09/24/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Industrial Raw Material</ENT>
                        <ENT>(G) Unsaturated carboxylic acid copolymer with 2-Methyl substituted poly (ethylene glycol) diol.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0023</ENT>
                        <ENT>09/18/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Mixed metal oxide for batteries</ENT>
                        <ENT>(G) Cobalt lithium manganese nickel oxide, metals-modified.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0039</ENT>
                        <ENT>09/03/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Component in marine coatings</ENT>
                        <ENT>(G) Polysiloxane modified polyacrylic metal carboxylate complex.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0073</ENT>
                        <ENT>09/04/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Substance for the use in manufacturing of battery components.</ENT>
                        <ENT>(G) Cobalt lithium manganese nickel oxide, metals.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0093</ENT>
                        <ENT>09/22/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Battery Component</ENT>
                        <ENT>(G) Mixed Metal Oxide.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0094</ENT>
                        <ENT>09/22/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Battery Component</ENT>
                        <ENT>(G) Mixed Metal Oxide.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0095</ENT>
                        <ENT>09/22/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Battery Component</ENT>
                        <ENT>(G) Mixed Metal Oxide.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0096</ENT>
                        <ENT>09/22/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Battery Component</ENT>
                        <ENT>(G) Mixed Metal Oxide.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0118</ENT>
                        <ENT>09/09/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Liquid and solid formulation of biocatalyst used in a variety of products</ENT>
                        <ENT>(G) Neutral Protease.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0123</ENT>
                        <ENT>09/03/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Ink component, Ingredient in ink</ENT>
                        <ENT>(G) Butanamide, 2,2′-[(dihalo[1,1′-biphenyl]-4,4′-diyl) bis(2,1-diazenediyl)] bis [3-oxo, N,N′-bis(substituted heteropolycyclic and alkyl carbomonocyclic) derivs.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0129</ENT>
                        <ENT>09/19/2025</ENT>
                        <ENT>Hawkins, Inc</ENT>
                        <ENT>(S) Correction of iron deficiency in alkaline soils when EDTA-Fe is not stable. Product is intended as a fertilizer micronutrient</ENT>
                        <ENT>(S) Ferrate (3-), [[a, a′-[1,2-ethanediyldi(imino-kN)] bis[2-(hydroxy-kO)-5-sulfobenzeneacetato-kO]] (6-)]-, sodium (1:3).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0143</ENT>
                        <ENT>09/05/2025</ENT>
                        <ENT>DAY-GLO Color Corp</ENT>
                        <ENT>(S) Polymer</ENT>
                        <ENT>(G) Zinc, cycloaliphatic diamine-isophthalic acid-2-methyl-1,3-propanediol polymer-phthalic anhydride reaction products complexes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0143</ENT>
                        <ENT>09/16/2025</ENT>
                        <ENT>DAY-GLO Color Corp</ENT>
                        <ENT>(S) Polymer functions as a carrier for dyes and pigments. It is subsequently compounded with other polymers to impart color in finished products. End-use applications can include toys, apparel, footwear, and packaging materials</ENT>
                        <ENT>(G) Zinc, cycloaliphatic diamine-isophthalic acid-2-methyl-1,3-propanediol polymer-phthalic anhydride reaction products complexes.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0144</ENT>
                        <ENT>08/28/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Substance for the use in manufacturing of battery components</ENT>
                        <ENT>(G) Cobalt lithium manganese nickel oxide, metals.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0145</ENT>
                        <ENT>08/28/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Substance for the use in manufacturing of battery components</ENT>
                        <ENT>(G) Cobalt lithium manganese nickel oxide, metals.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0146</ENT>
                        <ENT>08/28/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Substance for the use in manufacturing of battery components</ENT>
                        <ENT>(G) Cobalt lithium manganese nickel oxide, metals.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0147</ENT>
                        <ENT>08/29/2025</ENT>
                        <ENT>UBE C1 Chemicals America, Inc</ENT>
                        <ENT>(G) Catalyst support</ENT>
                        <ENT>(S) Aluminum lithium oxide.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0148</ENT>
                        <ENT>09/25/2025</ENT>
                        <ENT>J6 Polymers</ENT>
                        <ENT>(S) Primary polyol for the B-side component of spray foam polyurethane systems</ENT>
                        <ENT>(S) Soybean oil, polymer with diethylene glycol, glycerol, phthalic anhydride, terephthalic acid and triethylene glycol.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0149</ENT>
                        <ENT>09/05/2025</ENT>
                        <ENT>MGC Pure Chemicals America, Inc</ENT>
                        <ENT>(S) Chelating agent for use in semiconductor manufacture</ENT>
                        <ENT>(G) Phosphonic acid, [(alkyl-alkanediyl) bis[nitrilobis(alkylene)]].</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0150</ENT>
                        <ENT>09/06/2025</ENT>
                        <ENT>SIKA Corporation</ENT>
                        <ENT>(S) Reactive polymer for use in adhesive applications</ENT>
                        <ENT>(G) 1,3-Benzenedicarboxylic acid, polymer with 1,4-benzenedicarboxylic acid, substituted-alkanediol, alkanediol, and alkanediol, alkanoic acid and arylcarboxylic acid anhydride, bis[N-[4-[(4-isocyanatophenyl) methyl] phenyl] carbamate].</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0150</ENT>
                        <ENT>09/15/2025</ENT>
                        <ENT>SIKA Corporation</ENT>
                        <ENT>(S) Reactive polymer for use in adhesive applications</ENT>
                        <ENT>(G) 1,3-Benzenedicarboxylic acid, polymer with 1,4-benzenedicarboxylic acid, substituted-alkanediol, alkanediol, and alkanediol, alkanoic acid and arylcarboxylic acid anhydride, bis[N-[4-[(4-isocyanatophenyl) methyl] phenyl] carbamate].</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0151</ENT>
                        <ENT>09/13/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Substance for the use in manufacturing of battery components</ENT>
                        <ENT>(G) Cobalt lithium manganese nickel oxide, metals.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0152</ENT>
                        <ENT>09/13/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Substance for the use in manufacturing of battery components</ENT>
                        <ENT>(G) Cobalt lithium manganese nickel oxide, metals.</ENT>
                    </ROW>
                    <ROW>
                        <PRTPAGE P="55111"/>
                        <ENT I="01">P-25-0153</ENT>
                        <ENT>09/19/2025</ENT>
                        <ENT>Schimmer &amp; Schwarz</ENT>
                        <ENT>(S) ATIEL-ATC Group B [i] General industrial use of lubricants and greases in vehicles or machinery. Includes filling and draining of containers and enclosed machinery (including engines); ATIEL-ATC Group F [i] Industrial Use of lubricants in high energy open processes. Including high speed machinery such as metal rolling/forming or metalworking fluids for machining and grinding; ATIEL-ATC Group E [i] Industrial Handling and dilution of metalworking fluid concentrates</ENT>
                        <ENT>(G) Mixture of Fatty acids esters with isomerized alkane derivs.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0154</ENT>
                        <ENT>09/19/2025</ENT>
                        <ENT>Schimmer &amp; Schwarz</ENT>
                        <ENT>(S) ATIEL-ATC Group B [i] General industrial use of lubricants and greases in vehicles or machinery. Includes filling and draining of containers and enclosed machinery (including engines); ATIEL-ATC Group F [i] Industrial Use of lubricants in high energy open processes. Including high speed machinery such as metal rolling/forming or metalworking fluids for machining and grinding; ATIEL-ATC Group E [i] Industrial Handling and dilution of metalworking fluid concentrates</ENT>
                        <ENT>(G) Mixture of fatty acids esters with isomerized alkane derivs.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0155</ENT>
                        <ENT>09/19/2025</ENT>
                        <ENT>Schimmer &amp; Schwarz</ENT>
                        <ENT>(S) ATIEL-ATC Group B [i] General industrial use of lubricants and greases in vehicles or machinery. Includes filling and draining of containers and enclosed machinery (including engines); ATIEL-ATC Group F [i] Industrial Use of lubricants in high energy open processes. Including high speed machinery such as metal rolling/forming or metalworking fluids for machining and grinding; ATIEL-ATC Group E [i] Industrial Handling and dilution of metalworking fluid concentrates</ENT>
                        <ENT>(G) Mixture of Fatty acids esters with isomerized alkane derivs.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0156</ENT>
                        <ENT>09/16/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Adhesive hardener, Microcapsule</ENT>
                        <ENT>(G) Alkyl alkanol, reaction products with 1,5-diisocyanatopentane.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0158</ENT>
                        <ENT>09/25/2025</ENT>
                        <ENT>BEDOUKIAN RESEARCH, INC</ENT>
                        <ENT>(S) Site-limited intermediate</ENT>
                        <ENT>(G) Triarylalkylphosphonium halide salt.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0160</ENT>
                        <ENT>09/29/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Photolithography</ENT>
                        <ENT>(G) Sulfonium, tricarbocyclic-, heteroatom-substituted-carbomonocyclecarbonate (1:1).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0161</ENT>
                        <ENT>09/29/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Photolithography</ENT>
                        <ENT>(G) Sulfonium, tricarbocyclic-, 2-(4-heteroatom-substituted-halocarbomonocyclic)-alpha, alpha, beta, beta-polyfluoropolyhydro-4,7-methano-1,3-heteropolycyclic-5-alkanesulfonate (1:1).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0162</ENT>
                        <ENT>09/29/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Photolithography</ENT>
                        <ENT>(G) Sulfonium, tricarbocyclic-, perfluoroalkyl-substituted and heteroatom-substituted-carbomonocyclecarbonate (1:1).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0163</ENT>
                        <ENT>09/29/2025</ENT>
                        <ENT>CBI</ENT>
                        <ENT>(G) Photolithography</ENT>
                        <ENT>(G) Sulfonium, tricarbocyclic-, 5-[polyhydro-2-alkyl-5-(1,1,2,2-polyfluoro-2-sulfoalkyl)-4,7-methano-1,3-heteropolycyclic-2-yl]-2-heteroatom-substituted-carbomonocyclic acid (1:1).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">SN-25-0010</ENT>
                        <ENT>09/08/2025</ENT>
                        <ENT>Solstice Advanced Materials US, Inc</ENT>
                        <ENT>(S) MVAC: Passenger Air Conditioning in light duty vehicles that were previously using R-134a as their refrigerant: 1. light-duty vehicles (e.g., passenger cars), 2. light-duty trucks (e.g., minivans, full size pick-up trucks, and full-size SUVs) 3. medium-duty passenger vehicles, heavy-duty pickup trucks, complete heavy-duty vans</ENT>
                        <ENT>(S) 1-Propene, 2,3,3,3-tetrafluoro-.</ENT>
                    </ROW>
                </GPOTABLE>
                <PRTPAGE P="55112"/>
                <P>Table 2 provides non-CBI information on the NOCs received by EPA that have passed an initial screening during this period.</P>
                <GPOTABLE COLS="4" OPTS="L2,nj,i1" CDEF="xs66,10,12,r100">
                    <TTITLE>Table 2—NOCs Received and Under Review</TTITLE>
                    <BOXHD>
                        <CHED H="1">Case No.</CHED>
                        <CHED H="1">Received date</CHED>
                        <CHED H="1">Commencement date</CHED>
                        <CHED H="1">Chemical substance</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">P-22-0035</ENT>
                        <ENT>09/16/2025</ENT>
                        <ENT>09/11/2025</ENT>
                        <ENT>(G) Alkenoic acid, alkanediyl ester, polymer with bis (substituted alkyl)-alkanediol polymer with alkylene oxides alkenoate, and alkanamine.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-22-0114</ENT>
                        <ENT>08/29/2025</ENT>
                        <ENT>08/27/2025</ENT>
                        <ENT>(S) Edge-oxidized graphene.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-23-0087</ENT>
                        <ENT>09/03/2025</ENT>
                        <ENT>08/21/2025</ENT>
                        <ENT>(S) Oxirane, 2-methyl-, polymer with 2-[[3-(triethoxysilyl) propoxy] methyl] oxirane, monoether with -butyl-hydroxypoly[oxy(methyl-1,2-ethanediyl)].</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-23-0169</ENT>
                        <ENT>09/05/2025</ENT>
                        <ENT>09/03/2025</ENT>
                        <ENT>(G) Alkane, bis(chlorosilane),.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0097</ENT>
                        <ENT>09/18/2025</ENT>
                        <ENT>09/15/2025</ENT>
                        <ENT>(G) Aromatic sulfonium tricyclo salt with dicycloalkyl carbomonocycle hetero acid.</ENT>
                    </ROW>
                </GPOTABLE>
                <P>Table 3 provides non-CBI information on the test information that has been received by EPA that have passed an initial screening during this period.</P>
                <GPOTABLE COLS="4" OPTS="L2,nj,i1" CDEF="xs66,10,r50,r50">
                    <TTITLE>Table 3—Test Information Received</TTITLE>
                    <BOXHD>
                        <CHED H="1">Case No.</CHED>
                        <CHED H="1">Received date</CHED>
                        <CHED H="1">Type of test information</CHED>
                        <CHED H="1">Chemical substance</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">P-19-0166</ENT>
                        <ENT>09/23/2025</ENT>
                        <ENT>Photo transformation of Chemicals in Water—Direct Photolysis (OECD Test Guideline 316); Partition Coefficient (1-Octanol/Water): Slow-Stirring Method (OECD Test Guideline 123)</ENT>
                        <ENT>(G) Triaryl sulfonium, multicycloalkylalkoxycarbonyloxymonofluoroalkylsulfonate.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-22-0042</ENT>
                        <ENT>09/18/2025</ENT>
                        <ENT>Combined Repeated Does Toxicity Study with the Reproduction/Developmental Toxicity Screening Test (OECD Test Guideline 422)</ENT>
                        <ENT>(G) Alkanediones, [[[(substituted)aryl] thio] aryl]-, 2-(O-acetyloxime).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-23-0093, P-24-0190, P-24-0160</ENT>
                        <ENT>09/29/2025</ENT>
                        <ENT>Notice of Study Scheduling</ENT>
                        <ENT>(G) Aromatic Dibenz thiophenium fluoroalkyl carbopolycycle sulfonic acid salt; (G) Aromatic sulfonium tricyclo salt with alkyl carbomonocycle hetero-acid; (G) Iodonium, bis (dialkyl carbomonocycle) salt with alkyl carbomonocycle hetero-acid,.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-23-0037, P-23-0080, P-23-0044</ENT>
                        <ENT>09/29/2025</ENT>
                        <ENT>Notice of Study Scheduling</ENT>
                        <ENT>(G) Monoaromatic cyclic alkylene sulfonium fluoroalkyl sulfonic acid salt; (G) Aromatic sulfonium tricyclo fluoroalkyl sulfonic acid salt; (G) Monoaromatic cyclic alkylene sulfonium fluoroalkyl sulfonic acid salt.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-25-0016, P-22-0055, P-20-0042</ENT>
                        <ENT>09/11/2025</ENT>
                        <ENT>Notice of Study Scheduling</ENT>
                        <ENT>(G) Tri haloaromatic iodonium dicyclo salt with polyhaloalkyl carbomonocycle hetero-acid; (G) Aromatic sulfonium tricyclo fluoroalkyl sulfonic acid salt; (G) Sulfonium, trisaryl-, 7,7-dialkyl-2-heteropolycyclic -1-alkanesulfonate (1:1).</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-23-0093, P-24-0190, P-23-0160</ENT>
                        <ENT>09/11/2025</ENT>
                        <ENT>Notice of Study Scheduling</ENT>
                        <ENT>(G) Aromatic Dibenz thiophenium fluoroalkyl carbopolycycle sulfonic acid salt; (G) Aromatic sulfonium tricyclo salt with alkyl carbomonocycle hetero-acid; (G) Iodonium, bis (dialkyl carbomonocycle) salt with alkyl carbomonocycle hetero-acid,.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-23-0037, P-23-0080, P-23-0044</ENT>
                        <ENT>09/11/2025</ENT>
                        <ENT>Notice of Study Scheduling</ENT>
                        <ENT>(G) Monoaromatic cyclic alkylene sulfonium fluoroalkyl sulfonic acid salt; (G) Aromatic sulfonium tricyclo fluoroalkyl sulfonic acid salt; (G) Monoaromatic cyclic alkylene sulfonium fluoroalkyl sulfonic acid salt.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-18-0016</ENT>
                        <ENT>09/11/2025</ENT>
                        <ENT>Notice of Study Scheduling</ENT>
                        <ENT>(G) Aromatic sulfonium tricyclo fluoroalkyl sulfonic acid salt.</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">P-22-0014</ENT>
                        <ENT>09/04/2025</ENT>
                        <ENT>Clarification Request Regarding MOE and POD Used in PMN Risk Assessment Referencing Read-Across Substance TCEP (CASRN 115-96-8)</ENT>
                        <ENT>(G) Sodium bis(chloropropanediol) phosphate.</ENT>
                    </ROW>
                </GPOTABLE>
                <HD SOURCE="HD1">IV. Status Reports</HD>
                <P>
                    Information about the TSCA section 5 PMNs, SNUNs, MCANs, and exemption applications received, including the date of receipt, the status of EPA's review, the final EPA determination, and the effective date of EPA's determination, is available online at: 
                    <E T="03">https://www.epa.gov/reviewing-new-chemicals-under-toxic-substances-control-act-tsca/status-pre-manufacture-notices.</E>
                </P>
                <P>
                    <E T="03">Authority:</E>
                     15 U.S.C. 2601 
                    <E T="03">et seq.</E>
                </P>
                <SIG>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Mary Elissa Reaves,</NAME>
                    <TITLE>Director, Office of Pollution Prevention and Toxics.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21673 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6560-50-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="55113"/>
                <AGENCY TYPE="N">FEDERAL COMMUNICATIONS COMMISSION</AGENCY>
                <DEPDOC>[OMB 3060-0017, OMB 3060-0311, OMB 3060-0932; FR ID 319826]</DEPDOC>
                <SUBJECT>Information Collections Being Reviewed by the Federal Communications Commission Under Delegated Authority</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Federal Communications Commission.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice and request for comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P/>
                    <P>As part of its continuing effort to reduce paperwork burdens, and as required by the Paperwork Reduction Act (PRA) of 1995, the Federal Communications Commission (FCC or Commission) invites the general public and other Federal agencies to take this opportunity to comment on the following information collections. Comments are requested concerning: whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; the accuracy of the Commission's burden estimate; ways to enhance the quality, utility, and clarity of the information collected; ways to minimize the burden of the collection of information on the respondents, including the use of automated collection burden on small business concerns with fewer than 25 employees.</P>
                    <P>The FCC may not conduct or sponsor a collection of information unless it displays a currently valid OMB control number. No person shall be subject to any penalty for failing to comply with a collection of information subject to the PRA that does not display a valid OMB control number.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Written PRA comments should be submitted on or before January 30, 2026. If you anticipate that you will be submitting comments but find it difficult to do so within the period of time allowed by this notice, you should advise the contact listed below as soon as possible.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Direct all PRA comments to Cathy Williams, FCC, via email 
                        <E T="03">PRA@fcc.gov</E>
                         and to 
                        <E T="03">Cathy.Williams@fcc.gov</E>
                        .
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>For additional information about the information collection, contact Cathy Williams at (202) 418-2918.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">OMB Control Number:</E>
                     3060-0017.
                </P>
                <P>
                    <E T="03">Title:</E>
                     Application for Media Bureau Audio and Video Service Authorization, FCC 2100, Schedule D.
                </P>
                <P>
                    <E T="03">Form Number:</E>
                     FCC Form 2100, Schedule D.
                </P>
                <P>
                    <E T="03">Type of Review:</E>
                     Extension of a currently approved collection.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     Business or other for profit entities; Not for profit institutions; State, local or Tribal government.
                </P>
                <P>
                    <E T="03">Number of Respondents/Responses:</E>
                     805 respondents; 805 responses.
                </P>
                <P>
                    <E T="03">Estimated Hours per Response:</E>
                     1.5 hours per response.
                </P>
                <P>
                    <E T="03">Frequency of Response:</E>
                     On occasion reporting requirement.
                </P>
                <P>
                    <E T="03">Total Annual Burden:</E>
                     1,208 hours.
                </P>
                <P>
                    <E T="03">Total Annual Cost:</E>
                     $96,600.
                </P>
                <P>
                    <E T="03">Obligation to Respond:</E>
                     Required to obtain benefits. The statutory authority for this information collection is contained in sections 154(i), 301, 303, 307, 308 and 309 of the Communications Act of 1934, as amended.
                </P>
                <P>
                    <E T="03">Needs and Uses:</E>
                     On January 19, 2021, the Commission adopted Amendment of Section 73.3580 of the Commission's Rules Regarding Public Notice of the Filing of Applications; Modernization of Media Regulation Initiative; Revision of the Public Notice Requirements of Section 73.3580, Second Report and Order, MB Docket Nos. 17-254, 17-105, &amp; 05-6, FCC 20-65 (rel. May 13, 2020). The Commission adopted rules to allow low power television and television translator stations (collectively “low power stations”) to seek authority to construct Distributed Transmission System (DTS) operations. Pursuant to new section 74.720 of the rules, low power stations may now propose DTS operations and when those facilities are constructed, file an application for license—FCC Form 2100, Schedule D. This submission is being made to OMB for approval of the modified FCC Form 2100, Schedule D.
                </P>
                <P>
                    <E T="03">OMB Control Number:</E>
                     3060-0311.
                </P>
                <P>
                    <E T="03">Title:</E>
                     47 CFR 76.54, Significantly Viewed Signals; Method to be followed for Special Showings.
                </P>
                <P>
                    <E T="03">Form Number:</E>
                     Not applicable.
                </P>
                <P>
                    <E T="03">Type of Review:</E>
                     Extension of a currently approved collection.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     Business or other for-profit entities.
                </P>
                <P>
                    <E T="03">Number of Respondents and Responses:</E>
                     4 respondents, 12 responses.
                </P>
                <P>
                    <E T="03">Frequency of Response:</E>
                     On occasion reporting and third-party disclosure requirements.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     1-15 hours (average).
                </P>
                <P>
                    <E T="03">Total Annual Burden:</E>
                     184 hours.
                </P>
                <P>
                    <E T="03">Total Annual Cost:</E>
                     $2,400.
                </P>
                <P>
                    <E T="03">Obligation to Respond:</E>
                     Required to obtain or retain benefits. The statutory authority for this information collection is contained in Section 4(i) and 340 of the Communications Act of 1934, as amended.
                </P>
                <P>
                    <E T="03">Needs and Uses:</E>
                     The information collection requirements contained in 47 CFR 76.54(b) state significant viewing in a cable television or satellite community for signals not shown as significantly viewed under 47 CFR 76.54(a) or (d) may be demonstrated by an independent professional audience survey of over-the-air television homes that covers at least two weekly periods separated by at least thirty days but no more than one of which shall be a week between the months of April and September. If two surveys are taken, they shall include samples sufficient to assure that the combined surveys result in an average figure at least one standard error above the required viewing level.
                </P>
                <P>The information collection requirements contained in 47 CFR 76.54(c) are used to notify interested parties, including licensees or permittees of television broadcast stations, about audience surveys that are being conducted by an organization to demonstrate that a particular broadcast station is eligible for significantly viewed status under the Commission's rules. The notifications provide interested parties with an opportunity to review survey methodologies and file objections.</P>
                <P>Lastly, 47 CFR 76.54(e) and (f), are used to notify television broadcast stations about the retransmission of significantly viewed signals by a satellite carrier into these stations' local market.</P>
                <P>
                    <E T="03">OMB Control No.:</E>
                     3060-0932.
                </P>
                <P>
                    <E T="03">Title:</E>
                     FCC Form 2100, Application for Media Bureau Audio and Video Service Authorization, Schedule E (Former FCC Form 301-CA); 47 CFR 73.3700(b)(1)(i)-(v) and (vii), (b)(2)(i) and (ii); 47 CFR 73.6028; 47 CFR 74.793(d).
                </P>
                <P>
                    <E T="03">Form No.:</E>
                     FCC Form 2100, Schedule E (Application for Media Bureau Audio and Video Service Authorization) (Former FCC Form 301-CA).
                </P>
                <P>
                    <E T="03">Type of Review:</E>
                     Extension of a currently approved information collection.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     Business or other for-profit entities; Not for profit institutions; State, local or Tribal government.
                </P>
                <P>
                    <E T="03">Number of Respondents and Responses:</E>
                     60 respondents and 60 responses.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     8.25 hours-6 hours.
                </P>
                <P>
                    <E T="03">Frequency of Response:</E>
                     On occasion reporting requirement; Third party disclosure requirement.
                </P>
                <P>
                    <E T="03">Obligation to Respond:</E>
                     Required to obtain or retain benefits. The statutory authority for this collection is contained in 47 U.S.C. 151, 154(i), 157 and 309(j) as amended; Middle Class Tax Relief 
                    <PRTPAGE P="55114"/>
                    and Job Creation Act of 2012, Public Law 112-96, 6402 (codified at 47 U.S.C. 309(j)(8)(G)), 6403 (codified at 47 U.S.C. 1452), 126 Stat. 156 (2012) (Spectrum Act) and the Community Broadcasters Protection Act of 1999.
                </P>
                <P>
                    <E T="03">Total Annual Burden:</E>
                     495 hours.
                </P>
                <P>
                    <E T="03">Annual Cost Burden:</E>
                     $258,000.
                </P>
                <P>
                    <E T="03">Needs and Uses:</E>
                     On January 19, 2021, the Commission adopted Amendment of section 73.3580 of the Commission's Rules Regarding Public Notice of the Filing of Applications; Modernization of Media Regulation Initiative; Revision of the Public Notice Requirements of Section 73.3580, Second Report and Order, MB Docket Nos. 17-254, 17-105, &amp; 05-6, FCC 20-65 (rel. May 13, 2020). The Commission adopted rules to allow Class A television stations to seek authority to construct Distributed Transmission System (DTS) operations. Pursuant to new section 73.6023 of the rules, Class A stations may now propose DTS operations by filing an application for construction permit for minor modification—FCC Form 2100, Schedule E. This submission is also being made to OMB for approval of the modified FCC Form 2100, Schedule E.
                </P>
                <SIG>
                    <FP>Federal Communications Commission.</FP>
                    <NAME>Marlene Dortch,</NAME>
                    <TITLE>Secretary.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21617 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6712-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">FEDERAL COMMUNICATIONS COMMISSION</AGENCY>
                <DEPDOC>[OMB 3060-1231; FR ID 319501]</DEPDOC>
                <SUBJECT>Information Collection Being Reviewed by the Federal Communications Commission Under Delegated Authority</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Federal Communications Commission.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice and request for comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>As part of its continuing effort to reduce paperwork burdens, and as required by the Paperwork Reduction Act (PRA) of 1995, the Federal Communications Commission (FCC or the Commission) invites the general public and other Federal agencies to take this opportunity to comment on the following information collection. Comments are requested concerning: whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; the accuracy of the Commission's burden estimate; ways to enhance the quality, utility, and clarity of the information collected; ways to minimize the burden of the collection of information on the respondents, including the use of automated collection techniques or other forms of information technology; and ways to further reduce the information collection burden on small business concerns with fewer than 25 employees.</P>
                    <P>The FCC may not conduct or sponsor a collection of information unless it displays a currently valid control number. No person shall be subject to any penalty for failing to comply with a collection of information subject to the PRA that does not display a valid Office of Management and Budget (OMB) control number.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Written PRA comments should be submitted on or before January 30, 2026. If you anticipate that you will be submitting comments, but find it difficult to do so within the period of time allowed by this notice, you should advise the contact listed below as soon as possible.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Direct all PRA comments to Nicole Ongele, FCC, via email 
                        <E T="03">PRA@fcc.gov</E>
                         and to 
                        <E T="03">nicole.ongele@fcc.gov.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>For additional information about the information collection, contact Nicole Ongele, (202) 418-2991.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">OMB Control Number:</E>
                     3060-1231.
                </P>
                <P>
                    <E T="03">Title:</E>
                     Section 90.20 (xiv), Public Safety Pool.
                </P>
                <P>
                    <E T="03">Form Number:</E>
                     N/A.
                </P>
                <P>
                    <E T="03">Type of Review:</E>
                     Extension of a currently approved collection.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     Business or other for-profit entities, and state, local, or tribal government.
                </P>
                <P>
                    <E T="03">Number of Respondents and Responses:</E>
                     2 respondents; 2 responses.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     1 hour.
                </P>
                <P>
                    <E T="03">Frequency of Response:</E>
                     One-time; on occasion reporting requirement and third party disclosure requirement.
                </P>
                <P>
                    <E T="03">Obligation to Respond:</E>
                     Required to obtain or retain benefits. Statutory authority for these collections are contained in Sections 1, 2, 4(i), 4(j), 301, 303, 316, and 337 of the Communications Act of 1934, as amended, 47 U.S.C. 151, 152, 154(i), 154(j), 301, 303, 316, and 337.
                </P>
                <P>
                    <E T="03">Total Annual Burden:</E>
                     2 hours.
                </P>
                <P>
                    <E T="03">Total Annual Cost:</E>
                     No Cost.
                </P>
                <P>
                    <E T="03">Needs and Uses:</E>
                     On August, 23, 2016, the Federal Communications Commission released a Report and Order, FCC 16-113, PS Docket No. 15-199 that modified Part 90 of the Rules Private Land Mobile Radio Services. The amended rule revises the Part 90 eligibility rules to permit railroad police officers to access the interoperability. Specifically, the Commission modified Section 90.20(xiv) to provide that:
                </P>
                <P>(xiv)(A) Railroad police officers are a class of users eligible to operate on the nationwide interoperability and mutual aid channels listed in 90.20(i) provided their employer holds a Private Land Mobile Radio (PLMR) license of any radio category, including Industrial/Business (I/B). Eligible users include full and part time railroad police officers, Amtrak employees who qualify as railroad police officers under this subsection, Alaska Railroad employees who qualify as railroad police officers under this subsection, freight railroad employees who qualify as railroad police officers under this subsection, and passenger transit lines police officers who qualify as railroad police officers under this subsection. Railroads and railroad police departments may obtain licenses for the nationwide interoperability and mutual aid channels on behalf of railroad police officers in their employ. Employers of railroad police officers must obtain concurrence from the relevant state interoperability coordinator or regional planning committee before applying for a license to the Federal Communications Commission or operating on the interoperability and mutual aid channels.</P>
                <P>
                    (
                    <E T="03">1</E>
                    ) Railroad police officer means a peace officer who is commissioned in his or her state of legal residence or state of primary employment and employed, full or part time, by a railroad to enforce state laws for the protection of railroad property, personnel, passengers, and/or cargo.
                </P>
                <P>
                    (
                    <E T="03">2</E>
                    ) Commissioned means that a state official has certified or otherwise designated a railroad employee as qualified under the licensing requirements of that state to act as a railroad police officer in that state.
                </P>
                <P>
                    (
                    <E T="03">3</E>
                    ) Property means rights-of-way, easements, appurtenant property, equipment, cargo, facilities, and buildings and other structures owned, leased, operated, maintained, or transported by a railroad.
                </P>
                <P>
                    (
                    <E T="03">4</E>
                    ) Railroad means each class of freight railroad (
                    <E T="03">i.e.,</E>
                     Class I, II, III); Amtrak, Alaska Railroad, commuter railroads and passenger transit lines.
                </P>
                <P>
                    (
                    <E T="03">5</E>
                    ) The word state, as used herein, encompasses states, territories and the District of Columbia.
                </P>
                <P>(B) Eligibility for licensing on the 700 MHz narrowband interoperability channels is restricted to entities that have as their sole or principal purpose the provision of public safety services.</P>
                <P>
                    To effectively implement the provisions of the Rule, no other 
                    <PRTPAGE P="55115"/>
                    modifications to existing FCC rules are required. The changes are intended to simplify the licensing process for railroad police officers and ensure interoperable communications. The modified rules provide a benefit to public safety licensees by ensuring that only railroad police officers with appropriate governmental authorization can operate on the interoperability and mutual aid channels during emergencies. This will provide the additional benefit of promoting interoperability with railroad police officers by eliminating eligibility as a gating factor when licensing spectrum. The 
                    <E T="03">Report and Order</E>
                     reduces the burden on railroad police by allowing them to meet eligibility standard by requiring employers of railroad police officers to obtain concurrence from the relevant state interoperability coordinator or regional planning committee before applying for a license to the Federal Communications Commission or operating on the interoperability and mutual aid channels. Compliance with this requirement is already a requisite for public safety eligibility to use the interoperability and mutual aid channels, consequently any new burden imposed by this requirement would be minimal.
                </P>
                <SIG>
                    <FP>Federal Communications Commission.</FP>
                    <NAME>Marlene Dortch,</NAME>
                    <TITLE>Secretary, Office of the Secretary. </TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21615 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6712-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">FEDERAL COMMUNICATIONS COMMISSION</AGENCY>
                <DEPDOC>[OMB 3060-1303; FR ID 319749]</DEPDOC>
                <SUBJECT>Information Collection Being Submitted for Review and Approval to Office of Management and Budget</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Federal Communications Commission.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice and request for comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>As part of its continuing effort to reduce paperwork burdens, as required by the Paperwork Reduction Act (PRA) of 1995, the Federal Communications Commission (FCC or the Commission) invites the general public and other Federal Agencies to take this opportunity to comment on the following information collection. Pursuant to the Small Business Paperwork Relief Act of 2002, the FCC seeks specific comment on how it might “further reduce the information collection burden for small business concerns with fewer than 25 employees.”</P>
                    <P>The Commission may not conduct or sponsor a collection of information unless it displays a currently valid Office of Management and Budget (OMB) control number. No person shall be subject to any penalty for failing to comply with a collection of information subject to the PRA that does not display a valid OMB control number.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Written comments and recommendations for the proposed information collection should be submitted on or before December 31, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Comments should be sent 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. Your comment must be submitted into 
                        <E T="03">www.reginfo.gov</E>
                         per the above instructions for it to be considered. In addition to submitting in 
                        <E T="03">www.reginfo.gov</E>
                         also send a copy of your comment on the information collection to 
                        <E T="03">Cathy.Williams@fcc.gov.</E>
                         Include in the comments the OMB control number as shown in the 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                         below.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        For additional information or copies of the information collection, contact Cathy Williams at (202) 418-2918. To view a copy of this information collection request (ICR) submitted to OMB: (1) go to the web page 
                        <E T="03">http://www.reginfo.gov/public/do/PRAMain,</E>
                         (2) look for the section of the web page called “Currently Under Review,” (3) click on the downward-pointing arrow in the “Select Agency” box below the “Currently Under Review” heading, (4) select “Federal Communications Commission” from the list of agencies presented in the “Select Agency” box, (5) click the “Submit” button to the right of the “Select Agency” box, (6) when the list of FCC ICRs currently under review appears, look for the Title of this ICR and then click on the ICR Reference Number. A copy of the FCC submission to OMB will be displayed.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>As part of its continuing effort to reduce paperwork burdens, as required by the Paperwork Reduction Act (PRA) of 1995 (44 U.S.C. 3501-3520), the FCC invited the general public and other Federal Agencies to take this opportunity to comment on the following information collection. Comments are requested concerning: (a) Whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; (b) the accuracy of the Commission's burden estimates; (c) ways to enhance the quality, utility, and clarity of the information collected; and (d) ways to minimize the burden of the collection of information on the respondents, including the use of automated collection techniques or other forms of information technology. Pursuant to the Small Business Paperwork Relief Act of 2002, Public Law 107-198, see 44 U.S.C. 3506(c)(4), the FCC seeks specific comment on how it might further reduce the information collection burden for small business concerns with fewer than 25 employees.</P>
                <P>
                    <E T="03">OMB Control Number:</E>
                     3060-1303.
                </P>
                <P>
                    <E T="03">Title:</E>
                     Advanced Methods to Target and Eliminate Unlawful Robocalls, Sixth Report and Order, CG Docket No. 17-59, Authentication Trust Anchor, Fifth Report and Order, WC Docket No. 17-97, FCC 22-37.
                </P>
                <P>
                    <E T="03">Form Number:</E>
                     N/A.
                </P>
                <P>
                    <E T="03">Type of Review:</E>
                     Extension of a currently approved collection.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     Business or other for-profit entities.
                </P>
                <P>
                    <E T="03">Number of Respondents:</E>
                     6,493 respondents; 311,664 responses.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     .25 hours.
                </P>
                <P>
                    <E T="03">Frequency of Response:</E>
                     On-occasion reporting requirement.
                </P>
                <P>
                    <E T="03">Obligation to Respond:</E>
                     Required to obtain or retain benefits. Statutory *45769 authority for these collections are contained in sections 4(i), 4(j), 201, 202, 217, 227, 227b, 251(e), 303(r), and 403 of the Communications Act of 1934, as amended, 47 U.S.C. 154(i), 201, 202, 217, 227, 227b, 251(e), 303(r), 403.
                </P>
                <P>
                    <E T="03">Total Annual Burden:</E>
                     77,916 hours.
                </P>
                <P>
                    <E T="03">Total Annual Cost:</E>
                     No cost.
                </P>
                <P>
                    <E T="03">Needs and Uses:</E>
                     This notice and request for comments seeks to extend the information collection requirements as it pertains to the Advanced Methods to Target and Eliminate Unlawful Robocalls Sixth Report and Order and Call Authentication Trust Anchor Fifth Report and Order (“Gateway Provider Report and Order”). Unwanted and illegal robocalls have long been the Federal Communication Commission's (“Commission”) top source of consumer complaints and one of the Commission's top consumer protection priorities. Foreign-originated robocalls represent a significant portion of illegal robocalls, and gateway providers serve as a critical choke-point for reducing the number of illegal robocalls received by American consumers. In the Gateway Provider Report and Order, the Commission took steps to prevent these foreign-originated illegal robocalls from reaching consumers and to help track these calls 
                    <PRTPAGE P="55116"/>
                    back to the source. Along with further extension of the Commission's caller ID authentication requirements and Robocall Mitigation Database filing requirements, the Commission adopted several robocall mitigation requirements, including a requirement for gateway providers to respond to traceback within 24 hours, mandatory blocking requirements, a “know your upstream provider” requirement, and a general mitigation requirement.
                </P>
                <HD SOURCE="HD1">Gateway Provider Report and Order, FCC 22-37, Paras. 65-71, 47 CFR 64.1200(n)(1)</HD>
                <P>
                    <E T="03">A voice service provider must:</E>
                     . . . Upon receipt of a traceback request from the Commission, civil law enforcement, criminal law enforcement, or the industry traceback consortium:
                </P>
                <P>(i) If the provider is an originating, terminating, or non-gateway intermediate provider for all calls specified in the traceback request, the provider must respond fully and in a timely manner;</P>
                <P>(ii) If the provider receiving a traceback request is the gateway provider for any calls specified in the traceback request, the provider must fully respond to the traceback request within 24 hours of receipt of the request. The 24-hour clock does not start outside of business hours, and requests received during that time are deemed received at 8:00 a.m. on the next business day. If the 24-hour response period would end on a non-business day, either a weekend or a federal legal holiday, the 24-hour clock does not run for the weekend or holiday in question, and restarts at 12:01 a.m. on the next business day following when the request would otherwise be due. For example, a request received at 3:00 p.m. on a Friday will be due at 3:00 p.m. on the following Monday, assuming that Monday is not a federal legal holiday. For purposes of this rule, “business day” is defined as Monday through Friday, excluding federal legal holidays, and “business hours” is defined as 8:00 a.m. to 5:30 p.m. on a business day. For purposes of this rule, all times are local time for the office that is required to respond to the request.</P>
                <P>The first portion of the information collection for which OMB approval is sought comes from the requirement adopted in the Gateway Provider Report and Order that all voice service providers respond to traceback “fully and in in a timely manner” and gateway providers must respond within 24 hours. All voice service providers, including gateway providers are required to respond to traceback requests from the Commission, civil and criminal law enforcement, and the Industry Traceback Consortium. Traceback is a key enforcement tool in the fight against illegal calls, allowing the Commission or law enforcement to identify the caller and bring enforcement actions or otherwise stop future calls before they reach consumers. Any unnecessary delay in the process can increase the risk that this essential information may become impossible to obtain. While traceback is not a new process, some providers have historically been reluctant to respond, or have simply ignored requests. This requirement ensures that all providers are on notice that a response is required, and allows real consequences for refusal.</P>
                <SIG>
                    <FP>Federal Communications Commission.</FP>
                    <NAME>Marlene Dortch,</NAME>
                    <TITLE>Secretary, Office of the Secretary.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21616 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6712-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">FEDERAL COMMUNICATIONS COMMISSION</AGENCY>
                <DEPDOC>[OMB 3060-0844; FR ID 319845]</DEPDOC>
                <SUBJECT>Information Collection Being Reviewed by the Federal Communications Commission Delegated Authority</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Federal Communications Commission.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice and request for comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>As part of its continuing effort to reduce paperwork burdens, and as required by the Paperwork Reduction Act (PRA) of 1995, the Federal Communications Commission (FCC or Commission) invites the general public and other Federal agencies to take this opportunity to comment on the following information collections. Comments are requested concerning: whether the proposed collection of information is necessary for the proper performance of the functions of the Commission, including whether the information shall have practical utility; the accuracy of the Commission's burden estimate; ways to enhance the quality, utility, and clarity of the information collected; ways to minimize the burden of the collection of information on the respondents, including the use of automated collectio burden on small business concerns with fewer than 25 employees.</P>
                    <P>The FCC may not conduct or sponsor a collection of information unless it displays a currently valid OMB control number. No person shall be subject to any penalty for failing to comply with a collection of information subject to the PRA that does not display a valid OMB control number.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Written PRA comments should be submitted on or before January 30, 2026. If you anticipate that you will be submitting comments but find it difficult to do so within the period of time allowed by this notice, you should advise the contact listed below as soon as possible.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Direct all PRA comments to Cathy Williams, FCC, via email 
                        <E T="03">PRA@fcc.gov</E>
                         and to 
                        <E T="03">Cathy.Williams@fcc.gov.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>For additional information about the information collection, contact Cathy Williams at (202) 418-2918.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <P>
                    <E T="03">OMB Control Number:</E>
                     3060-0844.
                </P>
                <P>
                    <E T="03">Title:</E>
                     Carriage of the Transmissions of Television Broadcast Stations: Section 76.56(a), Carriage of qualified noncommercial educational stations; Section 76.57, Channel positioning; Section 76.61(a)(1)-(2), Disputes concerning carriage; Section 76.64, Retransmission consent.
                </P>
                <P>
                    <E T="03">Form Number:</E>
                     N/A.
                </P>
                <P>
                    <E T="03">Type of Review:</E>
                     Extension of a currently approved collection.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     Business or other for-profit entities.
                </P>
                <P>
                    <E T="03">Number of Respondents and Responses:</E>
                     370 respondents and 2,550 responses.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     0.5 to 5 hours.
                </P>
                <P>
                    <E T="03">Frequency of Response:</E>
                     On occasion reporting requirement; Third party disclosure requirement.
                </P>
                <P>
                    <E T="03">Obligation to Respond:</E>
                     Required to obtain or retain benefits. The statutory authority for this action is contained in Sections 1, 4(i) and (j), 325, 338, 614, 615, 631, 632, and 653 of the Communications Act of 1934, as amended, 47 U.S.C. 151, 154(i) and (j), 325, 338, 534, 535, 551, 552, and 573.
                </P>
                <P>
                    <E T="03">Total Annual Burden:</E>
                     2,220 hours.
                </P>
                <P>
                    <E T="03">Total Annual Cost:</E>
                     No cost.
                </P>
                <P>
                    <E T="03">Needs and Uses:</E>
                     Under Section 614 of the Communications Act and the implementing rules adopted by the Commission, commercial TV broadcast stations are entitled to assert mandatory carriage rights on cable systems located within the station's television market. Under Section 325(b) of the Communications Act, commercial TV broadcast stations are entitled to negotiate with local cable systems for carriage of their signal pursuant to retransmission consent agreements in lieu of asserting must carry rights. This system is therefore referred to as “Must-Carry and Retransmission Consent.” Under Section 615 of the 
                    <PRTPAGE P="55117"/>
                    Communications Act, noncommercial educational (NCE) stations are also entitled to assert mandatory carriage rights on cable systems located within the station's market; however, noncommercial TV broadcast stations are not entitled to retransmission consent.
                </P>
                <P>In 2019, the Commission adopted new rules governing the delivery and form of carriage election notices. Electronic Delivery of MVPD Communications, Modernization of Media Regulation Initiative, MB Docket Nos. 17-105, 17-317, Report and Order and Further Notice of Proposed Rulemaking, FCC 19-69, 34 FCC Rcd 5922(2019) (2019 Report and Order). That decision modernized the carriage election notice rules by moving the process online for most broadcasters and multichannel video programming distributors (MVPDs), but the Commission sought comment on how to apply these updated rules to certain small broadcast stations and MVPDs.</P>
                <P>In 2020, the Commission adopted a Report and Order that resolved the remaining issues regarding carriage election notice rules for small broadcast stations and MVPDs. Electronic Delivery of MVPD Communications, Modernization of Media Regulation Initiative, MB Docket Nos. 17-105, 17-317, Report and Order, FCC 20-14, 2020 WL 948697 (rel. Feb. 25, 2020) (2020 Report and Order). Pursuant to that decision, the obligations of certain small broadcasters and MVPDs were slightly modified.</P>
                <P>The Commission is seeking an extension without change of this currently approved collection for the full three-year period.</P>
                <SIG>
                    <FP>Federal Communications Commission.</FP>
                    <NAME>Marlene Dortch,</NAME>
                    <TITLE>Secretary.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21618 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 6712-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">FEDERAL RESERVE SYSTEM</AGENCY>
                <SUBJECT>Change in Bank Control Notices; Acquisitions of Shares of a Savings and Loan Holding Company</SUBJECT>
                <P>The notificants listed below have applied under the Change in Bank Control Act (“Act”) (12 U.S.C. 1817(j)) and of the Board's Regulation LL (12 CFR 238.31) to acquire shares of a savings and loan holding company. The factors that are considered in acting on the notices are set forth in paragraph 7 of the Act (12 U.S.C. 1817(j)(7)).</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 paragraph 7 of the Act.
                </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, Benjamin W. McDonough, Deputy Secretary of the Board, 20th Street and Constitution Avenue NW, Washington, DC 20551-0001, not later than December 16, 2025.</P>
                <P>
                    <E T="03">A. Federal Reserve Bank of Chicago</E>
                     (Colette A. Fried, Assistant Vice President) 230 South LaSalle Street, Chicago, Illinois 60690-1414. Comments can also be sent electronically to 
                    <E T="03">Comments.applications@chi.frb.org:</E>
                </P>
                <P>
                    1. 
                    <E T="03">James J. White, Westside, Iowa;</E>
                     to acquire voting shares of Halbur Bancshares, Inc., and thereby indirectly acquire voting shares of Westside State Bank, both of Westside, Iowa.
                </P>
                <SIG>
                    <P>Board of Governors of the Federal Reserve System.</P>
                    <NAME>Michele Taylor Fennell,</NAME>
                    <TITLE>Associate Secretary of the Board.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21669 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Centers for Medicare &amp; Medicaid Services</SUBAGY>
                <DEPDOC>[CMS-9156-N]</DEPDOC>
                <SUBJECT>Medicare and Medicaid Programs; Quarterly Listing of Program Issuances—July through September 2025</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Centers for Medicare &amp; Medicaid Services (CMS), HHS.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        This quarterly notice lists Centers for Medicare &amp; Medicaid Services (CMS) manual instructions, substantive and interpretive regulations, and other 
                        <E T="04">Federal Register</E>
                         notices that were published in the 3-month period, relating to the Medicare and Medicaid programs and other programs administered by CMS.
                    </P>
                </SUM>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>It is possible that an interested party may need specific information and not be able to determine from the listed information whether the issuance or regulation would fulfill that need. Consequently, we are providing contact persons to answer general questions concerning each of the addenda published in this notice.</P>
                    <GPH SPAN="3" DEEP="166">
                        <PRTPAGE P="55118"/>
                        <GID>EN01DE25.000</GID>
                    </GPH>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">I. Background</HD>
                <P>The Centers for Medicare &amp; Medicaid Services (CMS) is responsible for administering the Medicare and Medicaid programs and coordination and oversight of private health insurance. Administration and oversight of these programs involves the following: (1) furnishing information to Medicare and Medicaid beneficiaries, health care providers, and the public; and (2) maintaining effective communications with CMS regional offices, state governments, state Medicaid agencies, state survey agencies, various providers of health care, all Medicare contractors that process claims and pay bills, National Association of Insurance Commissioners (NAIC), health insurers, and other stakeholders. To implement the various statutes on which the programs are based, we issue regulations under the authority granted to the Secretary of the Department of Health and Human Services under sections 1102, 1871, 1902, and related provisions of the Social Security Act (the Act) and Public Health Service Act. We also issue various manuals, memoranda, and statements necessary to administer and oversee the programs efficiently.</P>
                <P>
                    Section 1871(c) of the Act requires that we publish a list of all Medicare manual instructions, interpretive rules, statements of policy, and guidelines of general applicability not issued as regulations at least every 3 months in the 
                    <E T="04">Federal Register</E>
                    .
                </P>
                <HD SOURCE="HD1">II. Format for the Quarterly Issuance Notices</HD>
                <P>This quarterly notice provides only the specific updates that have occurred in the 3-month period along with a hyperlink to the full listing that is available on the CMS website or the appropriate data registries that are used as our resources. This is the most current up-to-date information and will be available earlier than we publish our quarterly notice. We believe the website list provides more timely access for beneficiaries, providers, and suppliers. We also believe the website offers a more convenient tool for the public to find the full list of qualified providers for these specific services and offers more flexibility and “real time” accessibility. In addition, many of the websites have listservs; that is, the public can subscribe and receive immediate notification of any updates to the website. These listservs avoid the need to check the website, as notification of updates is automatic and sent to the subscriber as they occur. If assessing a website proves to be difficult, the contact person listed can provide information.</P>
                <HD SOURCE="HD1">III. How To Use the Notice</HD>
                <P>
                    This notice is organized into 15 addenda so that a reader may access the subjects published during the quarter covered by the notice to determine whether any are of particular interest. We expect this notice to be used in concert with previously published notices. Those unfamiliar with a description of our Medicare manuals should view the manuals at 
                    <E T="03">http://www.cms.gov/manuals.</E>
                </P>
                <P>
                    The Director of the Office of Strategic Operations and Regulatory Affairs of CMS, Kathleen Cantwell, having reviewed and approved this document, authorizes Trenesha Fultz-Mimms, who is the 
                    <E T="04">Federal Register</E>
                     Liaison, to electronically sign this document for purposes of publication in the 
                    <E T="04">Federal Register</E>
                    .
                </P>
                <SIG>
                    <NAME>Trenesha Fultz-Mimms,</NAME>
                    <TITLE>
                        <E T="04">Federal Register</E>
                         Liaison, Department of Health and Human Services.
                    </TITLE>
                </SIG>
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            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21622 Filed 11-28-25; 8:45 am]</FRDOC>
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        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Centers for Medicare &amp; Medicaid Services</SUBAGY>
                <DEPDOC>[Document Identifier: CMS-10690]</DEPDOC>
                <SUBJECT>Agency Information Collection Activities: Submission for OMB Review; Comment Request</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Centers for Medicare &amp; Medicaid Services, Health and Human Services (HHS).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        The Centers for Medicare &amp; Medicaid Services (CMS) is announcing an opportunity for the public to comment on CMS' intention to collect information from the public. Under the Paperwork Reduction Act of 1995 (PRA), federal agencies are required to publish notice in the 
                        <E T="04">Federal Register</E>
                         concerning each proposed collection of information, including each proposed extension or reinstatement of an existing collection of information, and to allow a second opportunity for public comment on the notice. Interested persons are invited to send comments regarding the burden estimate or any other aspect of this collection of information, including the necessity and utility of the proposed information collection for the proper performance of the agency's functions, the accuracy of the estimated burden, ways to enhance the quality, utility, and clarity of the information to be collected, and the use of automated collection techniques or other forms of information technology to minimize the information collection burden.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments on the collection(s) of information must be received by the OMB desk officer by December 31, 2025.</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>
                    <P>
                        To obtain copies of a supporting statement and any related forms for the proposed collection(s) summarized in this notice, please access the CMS PRA website by copying and pasting the following web address into your web browser: 
                        <E T="03">https://www.cms.gov/Regulations-and-Guidance/Legislation/PaperworkReductionActof1995/PRA-Listing</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>William Parham at (410) 786-4669.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    Under the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3501-3520), federal agencies must obtain approval from the Office of Management and Budget (OMB) for each collection of information they conduct or sponsor. The term “collection of information” is defined in 44 U.S.C. 3502(3) and 5 CFR 1320.3(c) and includes agency requests or requirements that members of the public submit reports, keep records, or provide information to a third party. Section 3506(c)(2)(A) of the PRA (44 U.S.C. 3506(c)(2)(A)) requires federal agencies to publish a 30-day notice in the 
                    <E T="04">Federal Register</E>
                     concerning each proposed collection of information, including each proposed extension or reinstatement of an existing collection of information, before submitting the collection to OMB for approval. To comply with this requirement, CMS is publishing this notice that summarizes the following proposed collection(s) of information for public comment.
                </P>
                <P>
                    1. 
                    <E T="03">Type of Information Collection Request:</E>
                     Extension of a currently approved collection; 
                    <E T="03">Title of Information Collection:</E>
                     CLIA Proficiency Testing (PT); 
                    <E T="03">Use:</E>
                     This is an extension package. The purpose of this package is to request Office of Management and Budget (OMB) approval for the information collection request (ICR) for proficiency testing (PT) and reapproval of PT programs. The ICR includes laboratories filling in PT submission forms for microbiology PT and document collection for a PT program if it needs to reapply for approval using the initial approval process.
                </P>
                <P>On October 31, 1988, Congress enacted the Clinical Laboratory Improvement Amendments of 1988 (Pub. L. 100-578) (CLIA'88), codified at 42 U.S.C. 263a, to ensure the accuracy and reliability of testing in all laboratories, including, but not limited to, those that participate in Medicare and Medicaid, that test human specimens for purpose of providing information for the diagnosis, prevention, or treatment of any disease or impairment, or the assessment of health, of human beings. The Secretary established the initial regulations implementing CLIA on February 28, 1992 at 42 CFR part 493 (57 FR 7002). Among other things, those regulations required laboratories conducting moderate or high complexity testing to enroll in an approved PT program for each specialty, subspecialty, and analyte or test for which the laboratory is certified under CLIA. PT evaluates a laboratory's performance by testing of unknown samples just as it would test patient samples.</P>
                <P>A Health and Human Services (HHS)-approved PT program sends unknown samples to a laboratory for analysis. After testing, the laboratory reports its results to the PT program. The program grades the results using the CLIA grading criteria and provides the laboratory with its scores. PT is crucial to maintaining the quality of laboratory testing because it independently verifies the accuracy and reliability of laboratory testing, including the competency of testing personnel. PT referral was further addressed by enactment of the Taking Essential Steps for Testing Act of 2012 (Pub. L. 112-202, December 4, 2012) (TEST Act) and our implementing regulations (79 FR 25435 and 79 FR 27105). As of July 2025, there were 307,193 CLIA-certified laboratories, of which 33,990 Certificate of Compliance (CoC) and Certificate of Accreditation (CoA) laboratories were required to enroll in an HHS-approved PT program and comply with the PT regulations.</P>
                <P>Testing has evolved significantly since 1992, and technology is now more accurate and precise than the methods in use at the time the PT regulations became effective for all laboratories in 1994. In addition, many tests for analytes for which PT was not initially required are now in routine clinical use. For example, tests for cardiac markers, such as troponins, and hemoglobin A1c test commonly used to monitor glycemic control in persons with diabetes, were not routinely performed prior to 1992. Recognizing these changes, we finalized revisions to our existing PT regulations in the Clinical Laboratory Improvement Amendments of 1988 (CLIA) Proficiency Testing Regulations Related to Analytes and Acceptable Performance (CMS 3355-F) which published July 11, 2022 (87 FR 41194). Each PT program supplies laboratories with its forms required for enrolling in microbiology PT; and reapplication for approval has no standardized forms required.</P>
                <P>
                    The original CLIA regulation PRA Supporting Statement for CLIA (OMB control number: 0938-0612) did not include the collection requirements for microbiology PT provisions or PT programs included in this final rule. We determined during the proposed rule phase that this ICR would be needed to cover the additional information collections. We plan to include these two information collections when the 
                    <PRTPAGE P="55130"/>
                    PRA package under OMB control number: 0938-0612 is due for renewal.
                </P>
                <P>
                    Laboratories are currently required to report PT results for microbiology organism identification to the highest level that they report results on patient specimens. We are clarifying that this is required when reporting microbiology PT results to PT programs. The information that the laboratory submits to the PT program will be used by the PT program to determine successful participation in PT. 
                    <E T="03">Form Number:</E>
                     CMS-10690 (OMB control number: 0938-1357); 
                    <E T="03">Frequency:</E>
                     Yearly; 
                    <E T="03">Affected Public:</E>
                     Private sector—Not-for-profit organizations; 
                    <E T="03">Number of Respondents:</E>
                     1,335; 
                    <E T="03">Total Annual Responses:</E>
                     1,335 
                    <E T="03">Total Annual Hours:</E>
                     1,407. (For policy questions regarding this collection contact Penny Keller at 410-786-2035.)
                </P>
                <SIG>
                    <NAME>William N. Parham, III,</NAME>
                    <TITLE>Director, Division of Information Collections and Regulatory Impacts, Office of Strategic Operations and Regulatory Affairs.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21690 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4120-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Food and Drug Administration</SUBAGY>
                <DEPDOC>[Docket No. FDA-2025-D-4678]</DEPDOC>
                <SUBJECT>Q3E Guideline for Extractables and Leachables; International Council for Harmonisation; Draft Guidance for Industry; Availability</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Food and Drug Administration, HHS.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of availability.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Food and Drug Administration (FDA or Agency) is announcing the availability of a draft guidance for industry entitled “Q3E Guideline for Extractables and Leachables” and a draft supporting document entitled “Supporting Documentation: Class 3 Leachable Monographs.” The draft guidance and supporting document were prepared under the auspices of the International Council for Harmonisation of Technical Requirements for Pharmaceuticals for Human Use (ICH). The draft guidance presents a holistic framework and process for the assessment and control of extractables and leachables (E&amp;L) for pharmaceutical products. The draft guidance builds upon ICH impurity guidances on new drug substances (ICH Q3A) and new drug products (ICH Q3B), residual solvents (ICH Q3C), and elemental impurities (ICH Q3D), as well as DNA reactive (mutagenic) impurities (ICH M7). In addition to outlining E&amp;L safety assessment principles, the draft guidance includes draft supporting documentation of Class 3 leachable monographs. The draft guidance is intended to provide approaches to risk-based assessment and control of E&amp;L to ensure patient safety and pharmaceutical product quality.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Submit either electronic or written comments on the draft guidance by January 30, 2026 to ensure that the Agency considers your comment on this draft guidance before it begins work on the final version of the guidance.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>You may submit comments on any guidance at any time as follows:</P>
                </ADD>
                <HD SOURCE="HD2">Electronic Submissions</HD>
                <P>Submit electronic comments in the following way:</P>
                <P>
                    • 
                    <E T="03">Federal eRulemaking Portal: https://www.regulations.gov.</E>
                     Follow the instructions for submitting comments. Comments submitted electronically, including attachments, to 
                    <E T="03">https://www.regulations.gov</E>
                     will be posted to the docket unchanged. Because your comment will be made public, you are solely responsible for ensuring that your comment does not include any confidential information that you or a third party may not wish to be posted, such as medical information, your or anyone else's Social Security number, or confidential business information, such as a manufacturing process. Please note that if you include your name, contact information, or other information that identifies you in the body of your comments, that information will be posted on 
                    <E T="03">https://www.regulations.gov.</E>
                </P>
                <P>• If you want to submit a comment with confidential information that you do not wish to be made available to the public, submit the comment as a written/paper submission and in the manner detailed (see “Written/Paper Submissions” and “Instructions”).</P>
                <HD SOURCE="HD2">Written/Paper Submissions</HD>
                <P>Submit written/paper submissions as follows:</P>
                <P>
                    • 
                    <E T="03">Mail/Hand Delivery/Courier (for written/paper submissions):</E>
                     Dockets Management Staff (HFA-305), Food and Drug Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.
                </P>
                <P>• For written/paper comments submitted to the Dockets Management Staff, FDA will post your comment, as well as any attachments, except for information submitted, marked, and identified, as confidential, if submitted as detailed in “Instructions.”</P>
                <P>
                    <E T="03">Instructions:</E>
                     All submissions received must include the Docket No. FDA-2025-D-4678 for “Q3E Guideline for Extractables and Leachables.” Received comments will be placed in the docket and, except for those submitted as “Confidential Submissions,” publicly viewable at 
                    <E T="03">https://www.regulations.gov</E>
                     or at the Dockets Management Staff between 9 a.m. and 4 p.m., Monday through Friday, 240-402-7500.
                </P>
                <P>
                    • Confidential Submissions—To submit a comment with confidential information that you do not wish to be made publicly available, submit your comments only as a written/paper submission. You should submit two copies total. One copy will include the information you claim to be confidential with a heading or cover note that states “THIS DOCUMENT CONTAINS CONFIDENTIAL INFORMATION.” The Agency will review this copy, including the claimed confidential information, in its consideration of comments. The second copy, which will have the claimed confidential information redacted/blacked out, will be available for public viewing and posted on 
                    <E T="03">https://www.regulations.gov.</E>
                     Submit both copies to the Dockets Management Staff. If you do not wish your name and contact information to be made publicly available, you can provide this information on the cover sheet and not in the body of your comments and you must identify this information as “confidential.” Any information marked as “confidential” will not be disclosed except in accordance with 21 CFR 10.20 and other applicable disclosure law. For more information about FDA's posting of comments to public dockets, see 80 FR 56469, September 18, 2015, or access the information at: 
                    <E T="03">https://www.govinfo.gov/content/pkg/FR-2015-09-18/pdf/2015-23389.pdf.</E>
                </P>
                <P>
                    <E T="03">Docket:</E>
                     For access to the docket to read background documents or the electronic and written/paper comments received, go to 
                    <E T="03">https://www.regulations.gov</E>
                     and insert the docket number, found in brackets in the heading of this document, into the “Search” box and follow the prompts and/or go to the Dockets Management Staff, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852, 240-402-7500.
                </P>
                <P>You may submit comments on any guidance at any time (see 21 CFR 10.115(g)(5)).</P>
                <P>
                    Submit written requests for single copies of this guidance to the Division of Drug Information, Center for Drug Evaluation and Research, Food and Drug Administration, 10001 New Hampshire Ave., Hillandale Building, 4th Floor, Silver Spring, MD 20993-0002. Send one self-addressed adhesive label to assist that office in processing your requests. See the 
                    <E T="02">SUPPLEMENTARY INFORMATION</E>
                     section for electronic access to the guidance document.
                </P>
                <FURINF>
                    <PRTPAGE P="55131"/>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P/>
                    <P>
                        <E T="03">Regarding the guidance:</E>
                         Edwin Jao, Center for Drug Evaluation and Research, Food and Drug Administration, 10903 New Hampshire Ave., Silver Spring, MD 20993-0002, 301-796-1684, 
                        <E T="03">edwin.jao@fda.hhs.gov;</E>
                         or Phillip Kurs, Center for Biologics Evaluation and Research, Food and Drug Administration, 240-402-7911.
                    </P>
                    <P>
                        <E T="03">Regarding the ICH:</E>
                         Brooke Dal Santo, Center for Drug Evaluation and Research, Food and Drug Administration, 10903 New Hampshire Ave., Bldg. 51, Rm. 6304, Silver Spring, MD 20993-0002, 301-348-1967, 
                        <E T="03">Brooke.DalSanto@fda.hhs.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">I. Background</HD>
                <P>FDA is announcing the availability of a draft guidance for industry entitled “Q3E Guideline for Extractables and Leachables” and a draft supporting document entitled “Supporting Documentation: Class 3 Leachable Monographs.” The draft guidance was prepared under the auspices of ICH. ICH seeks to achieve greater regulatory harmonization worldwide to ensure that safe, effective, high-quality medicines are developed, registered, and maintained in the most resource-efficient manner.</P>
                <P>By harmonizing the regulatory requirements in regions around the world, ICH guidelines enhance global drug development, improve manufacturing standards, and increase the availability of medications. For example, ICH guidelines have substantially reduced duplicative clinical studies, prevented unnecessary animal studies, standardized the reporting of important safety information, and standardized marketing application submissions.</P>
                <P>
                    The six Founding Members of the ICH are the FDA; the Pharmaceutical Research and Manufacturers of America; the European Commission; the European Federation of Pharmaceutical Industries Associations; the Japanese Ministry of Health, Labour, and Welfare; and the Japanese Pharmaceutical Manufacturers Association. The Standing Members of the ICH Association include Health Canada and Swissmedic. ICH membership continues to expand to include other regulatory authorities and industry associations from around the world (refer to 
                    <E T="03">https://www.ich.org/</E>
                    ).
                </P>
                <P>ICH works by engaging global regulatory and industry experts in a detailed, science-based, and consensus-driven process that results in the development of ICH guidelines. The regulators around the world are committed to consistently adopting these consensus-based guidelines, realizing the benefits for patients and for industry.</P>
                <P>As a Founding Regulatory Member of ICH, FDA plays a major role in the development of each of the ICH guidelines, which FDA then adopts and issues as guidance for industry. FDA's guidance documents do not establish legally enforceable responsibilities. Instead, they describe the Agency's current thinking on a topic and should be viewed only as recommendations, unless specific regulatory or statutory requirements are cited.</P>
                <P>In August 2025, the ICH Assembly endorsed the draft guideline entitled “Q3E Guideline for Extractables and Leachables” and agreed that the guideline should be made available for public comment. The draft guideline is the product of the Quality Expert Working Group of the ICH. Comments about this draft will be considered by FDA and the Quality Expert Working Group.</P>
                <P>The draft guidance provides a holistic and risk-based framework for the assessment and control of E&amp;L in pharmaceutical products, expanding upon existing ICH impurity guidelines. The draft guidance discusses thresholds for identifying, quantifying, and reporting E&amp;L. The draft guidance includes draft Class 3 leachable monographs in its supporting documentation.</P>
                <P>This draft guidance has been left in the original ICH format. The final guidance will be reformatted and edited to conform with FDA's good guidance practices regulation (21 CFR 10.115) and style before publication. The draft guidance, when finalized, will represent the current thinking of FDA on “Q3E Guideline for Extractables and Leachables.” It does not establish any rights for any person and is not binding on FDA or the public. You can use an alternative approach if it satisfies the requirements of the applicable statutes and regulations.</P>
                <P>As we develop final guidance on this topic, FDA will consider comments on costs or cost savings the guidance may generate, relevant for Executive Order 14192.</P>
                <HD SOURCE="HD1">II. Paperwork Reduction Act of 1995</HD>
                <P>While this guidance contains no collection of information, it does refer to previously approved FDA collections of information. The previously approved collections of information are subject to review by the Office of Management and Budget (OMB) under the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3501-3521). The collections of information in 21 CFR part 58 relating to good laboratory practice have been approved under OMB control number 0910-0119. The collections of information in 21 CFR parts 210 and 211 relating to current good manufacturing practice in the manufacture, processing, packing and storage of finished pharmaceuticals have been approved under OMB control number 0910-0139. The collections of information in 21 CFR part 314 relating to the submission of new drug applications have been approved under OMB control 0910-0001. The collections of information in 21 CFR part 601 relating to the submission of biological license applications have been approved under OMB control number 0910-0338.</P>
                <HD SOURCE="HD1">III. Electronic Access</HD>
                <P>
                    Persons with access to the internet may obtain the draft guidance and supporting documentation at 
                    <E T="03">https://www.regulations.gov, https://www.fda.gov/drugs/guidance-compliance-regulatory-information/guidances-drugs, https://www.fda.gov/vaccines-blood-biologics/guidance-compliance-regulatory-information-biologics/biologics-guidances,</E>
                     or 
                    <E T="03">https://www.fda.gov/regulatory-information/search-fda-guidance-documents.</E>
                </P>
                <SIG>
                    <NAME>Lowell M. Zeta,</NAME>
                    <TITLE>Acting, Deputy Commissioner for Policy, Legislation, and International Affairs.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21702 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4164-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Food and Drug Administration</SUBAGY>
                <DEPDOC>[Docket No. FDA-2003-D-0431]</DEPDOC>
                <SUBJECT>Medical Gases—Current Good Manufacturing Practice; Draft Guidance for Industry; Availability</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Food and Drug Administration, HHS.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of availability.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        The Food and Drug Administration (FDA, Agency, or we) is announcing the availability of a draft guidance for industry entitled “Medical Gases—Current Good Manufacturing Practice.” This guidance is intended to assist manufacturers of medical gases in complying with regulations for current good manufacturing practice (CGMP) that become effective on December 18, 2025 (note, the conforming amendments to the CGMP requirements for combination products became effective February 2, 2026). These regulations are 
                        <PRTPAGE P="55132"/>
                        specific to medical gases for human and animal use and, like all CGMP requirements, contain the minimum requirements to ensure that manufacturing processes operate under a state of control to meet prespecified quality standards for identity, strength, quality, and purity, but are tailored more narrowly to how medical gases are manufactured, packaged, labeled, stored, and distributed. This draft guidance is being issued to reflect new and revised regulations in several areas to reduce the regulatory burden, as appropriate, for the medical gas industry. This draft guidance revises and replaces the draft guidance entitled “Current Good Manufacturing Practice for Medical Gases” issued in June 2017.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Submit either electronic or written comments on the draft guidance by January 30, 2026 to ensure that the Agency considers your comment on this draft guidance before it begins work on the final version of the guidance.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>You may submit comments on any guidance at any time as follows:</P>
                </ADD>
                <HD SOURCE="HD2">Electronic Submissions</HD>
                <P>Submit electronic comments in the following way:</P>
                <P>
                    • 
                    <E T="03">Federal eRulemaking Portal: https://www.regulations.gov.</E>
                     Follow the instructions for submitting comments. Comments submitted electronically, including attachments, to 
                    <E T="03">https://www.regulations.gov</E>
                     will be posted to the docket unchanged. Because your comment will be made public, you are solely responsible for ensuring that your comment does not include any confidential information that you or a third party may not wish to be posted, such as medical information, your or anyone else's Social Security number, or confidential business information, such as a manufacturing process. Please note that if you include your name, contact information, or other information that identifies you in the body of your comments, that information will be posted on 
                    <E T="03">https://www.regulations.gov.</E>
                </P>
                <P>• If you want to submit a comment with confidential information that you do not wish to be made available to the public, submit the comment as a written/paper submission and in the manner detailed (see “Written/Paper Submissions” and “Instructions”).</P>
                <HD SOURCE="HD2">Written/Paper Submissions</HD>
                <P>Submit written/paper submissions as follows:</P>
                <P>
                    • 
                    <E T="03">Mail/Hand delivery/Courier (for written/paper submissions):</E>
                     Dockets Management Staff (HFA-305), Food and Drug Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.
                </P>
                <P>• For written/paper comments submitted to the Dockets Management Staff, FDA will post your comment, as well as any attachments, except for information submitted, marked and identified, as confidential, if submitted as detailed in “Instructions.”</P>
                <P>
                    <E T="03">Instructions:</E>
                     All submissions received must include the Docket No. FDA-2003-D-0431 for “Medical Gases—Current Good Manufacturing Practice.” Received comments will be placed in the docket and, except for those submitted as “Confidential Submissions,” publicly viewable at 
                    <E T="03">https://www.regulations.gov</E>
                     or at the Dockets Management Staff between 9 a.m. and 4 p.m., Monday through Friday, 240-402-7500.
                </P>
                <P>
                    • Confidential Submissions—To submit a comment with confidential information that you do not wish to be made publicly available, submit your comments only as a written/paper submission. You should submit two copies total. One copy will include the information you claim to be confidential with a heading or cover note that states “THIS DOCUMENT CONTAINS CONFIDENTIAL INFORMATION.” The Agency will review this copy, including the claimed confidential information, in its consideration of comments. The second copy, which will have the claimed confidential information redacted/blacked out, will be available for public viewing and posted on 
                    <E T="03">https://www.regulations.gov.</E>
                     Submit both copies to the Dockets Management Staff. If you do not wish your name and contact information to be made publicly available, you can provide this information on the cover sheet and not in the body of your comments and you must identify this information as “confidential.” Any information marked as “confidential” will not be disclosed except in accordance with 21 CFR 10.20 and other applicable disclosure law. For more information about FDA's posting of comments to public dockets, see 80 FR 56469, September 18, 2015, or access the information at: 
                    <E T="03">https://www.govinfo.gov/content/pkg/FR-2015-09-18/pdf/2015-23389.pdf.</E>
                </P>
                <P>
                    <E T="03">Docket:</E>
                     For access to the docket to read background documents or the electronic and written/paper comments received, go to 
                    <E T="03">https://www.regulations.gov</E>
                     and insert the docket number, found in brackets in the heading of this document, into the “Search” box and follow the prompts and/or go to the Dockets Management Staff, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852, 240-402-7500.
                </P>
                <P>You may submit comments on any guidance at any time (see 21 CFR 10.115(g)(5)).</P>
                <P>
                    Submit written requests for single copies of the draft guidance to the Division of Drug Information, Center for Drug Evaluation and Research, Food and Drug Administration, 10001 New Hampshire Ave., Hillandale Building, 4th Floor, Silver Spring, MD 20993-0002 or Policy and Regulations Staff, Center for Veterinary Medicine, Food and Drug Administration, 5001 Campus Drive, College Park, MD 20740. Send one self-addressed adhesive label to assist that office in processing your requests. See the 
                    <E T="02">SUPPLEMENTARY INFORMATION</E>
                     section for electronic access to the draft guidance document.
                </P>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Ashley Boam, Center for Drug Evaluation and Research, Food and Drug Administration, 10903 New Hampshire Ave., Bldg. 51, Rm. 4192, Silver Spring, MD 20993-0002, 301-796-6341 or Scott Fontana, Center for Veterinary Medicine, Food and Drug Administration, 5001 Campus Drive, College Park, MD 20740, 240-402-0656.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P/>
                <HD SOURCE="HD1">I. Background</HD>
                <P>FDA is announcing the availability of a draft guidance for industry entitled “Medical Gases—Current Good Manufacturing Practice.” This guidance revises and replaces the draft guidance issued on June 29, 2017, entitled “Current Good Manufacturing Practice for Medical Gases” (82 FR 29565), which described how medical gas manufacturers could comply with applicable requirements in the general drug CGMP regulations under parts 210 and 211 (21 CFR parts 210 and 211).</P>
                <P>“Medical gas” is defined in section 575(2) of the Federal Food, Drug, and Cosmetic Act (FD&amp;C Act) (21 U.S.C. 360ddd(2)) as a drug that is manufactured or stored in a liquefied, nonliquefied, or cryogenic state and administered as a gas. Medical gases include “designated medical gases” (DMGs) as defined in section 575(1) of the FD&amp;C Act; medically appropriate combinations of DMGs; medical gases marketed under applications submitted under sections 505 (21 U.S.C. 355) or 512 (21 U.S.C. 360b) of the FD&amp;C Act; and any marketed unapproved drugs that are medical gases.</P>
                <P>
                    On June 18, 2024, FDA issued a final rule (89 FR 51738) that established requirements more specifically tailored to medical gases to better address the unique characteristics of these drugs. The final rule was intended to reduce the regulatory burden, as appropriate, for the medical gas industry. This deregulatory effort addressed several areas in which either new regulations 
                    <PRTPAGE P="55133"/>
                    were needed, or existing regulations required revision because they were not well-suited for medical gases. One area where new regulations were established was CGMP.
                </P>
                <P>Prior to implementation of the final rule, medical gas manufacturers were subject to the general drug CGMP regulations for finished pharmaceutical under parts 210 and 211, but these regulations did not account for differences in how medical gases are manufactured compared to other drugs. Notably, medical gases are generally manufactured in a closed, sealed pressurized system; are not expected to expire or degrade under ordinary storage conditions; and are contained in cylinders that are reused many times. In addition, medical gas manufacturing involves entities downstream of the original gas manufacturer who further manufacture, process, pack, or hold medical gases. Mix-ups or the accidental use of rejected or quarantined product generally pose more of a risk to patient safety than does contamination.</P>
                <P>
                    Because of these differences, certain requirements in the general CGMP regulations under parts 210 and 211 were unnecessary to assure the safety, identity, strength, quality, and purity of medical gases (
                    <E T="03">e.g.,</E>
                     distributing oldest stock first, use of filters, and certain requirements for controlling microbial contamination). FDA addressed these differences in the June 2017 draft guidance for industry.
                </P>
                <P>However, those recommendations will no longer be applicable with the implementation of the final rule. As of December 18, 2025, medical gas manufacturers are subject to medical gas-specific CGMP regulations under part 213 (21 CFR part 213) rather than the general CGMP regulations under parts 210 and 211 (note, conforming amendments to CGMP regulations for combination products are effective February 2, 2026). The guidance announced in this notice explains how medical gas manufacturers can comply with part 213, and includes among its recommendations clarification on the following:</P>
                <FP SOURCE="FP-1">• Ensuring the reliability of a supplier's capabilities</FP>
                <FP SOURCE="FP-1">• Protecting against container closure leaks</FP>
                <FP SOURCE="FP-1">• Appropriate cleaning and maintenance of buildings, facilities, and equipment used in medical gas manufacture</FP>
                <FP SOURCE="FP-1">• Prevention of labeling and product mix-ups</FP>
                <FP SOURCE="FP-1">• Circumstances requiring stability testing, expiration testing, or both</FP>
                <FP SOURCE="FP-1">• Handling of returned and salvaged medical gases</FP>
                <P>This draft guidance is being issued consistent with FDA's good guidance practices regulation (21 CFR 10.115). The draft guidance, when finalized, will represent the current thinking of FDA on “Medical Gases—Current Good Manufacturing Practice.” It does not establish any rights for any person and is not binding on FDA or the public. You can use an alternative approach if it satisfies the requirements of the applicable statutes and regulations.</P>
                <P>As we develop final guidance on this topic, FDA will consider comments on costs or cost savings the guidance may generate, relevant for Executive Order 14192.</P>
                <HD SOURCE="HD1">II. Paperwork Reduction Act of 1995</HD>
                <P>While this guidance contains no collection of information, it does refer to previously approved FDA collections of information. The previously approved collections of information are subject to review by the Office of Management and Budget (OMB) under the Paperwork Reduction Act of 1995 (PRA) (44 U.S.C. 3501-3521). The collections of information in 21 CFR part 11 relating to electronic records and electronic signatures have been approved under OMB control number 0910-0303. The collections of information in 21 CFR part 213 relating to current good manufacturing practice requirements for medical gases, including 21 CFR 213.22(d), which states that quality unit activities (such as quality agreements with suppliers) and procedures should be in writing, have been approved under OMB control number 0910-0906.</P>
                <HD SOURCE="HD1">III. Electronic Access</HD>
                <P>
                    Persons with access to the internet may obtain the draft guidance at 
                    <E T="03">https://www.fda.gov/drugs/guidance-compliance-regulatory-information/guidances-drugs, https://www.fda.gov/regulatory-information/search-fda-guidance-documents</E>
                    , or 
                    <E T="03">https://www.regulations.gov</E>
                    .
                </P>
                <SIG>
                    <NAME>Lowell M. Zeta,</NAME>
                    <TITLE>Acting Deputy Commissioner for Policy, Legislation, and International Affairs.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21689 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4164-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HEALTH AND HUMAN SERVICES</AGENCY>
                <SUBAGY>Food and Drug Administration</SUBAGY>
                <DEPDOC>[Docket No. FDA 2024-N-3945]</DEPDOC>
                <SUBJECT>FDA's Strategy Document on Innovative Manufacturing Technologies</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Food and Drug Administration, HHS.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of availability.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Food and Drug Administration (FDA or Agency) is announcing the publication of FDA's Strategy Document on Innovative Manufacturing Technologies (Strategy Document), which outlines specific actions FDA has taken and the Agency's plans for fiscal years 2023-2027 to facilitate the use of innovative manufacturing technologies. As part of the Prescription Drug User Fee Act (PDUFA) Reauthorization Performance Goals and Procedures Fiscal Years 2023-2027 (PDUFA VII), FDA committed to advance the use and implementation of innovative manufacturing. The actions described in the Strategy Document are based on lessons learned from FDA's experiences with submissions involving advanced manufacturing technologies as well as public input.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        The announcement of the strategy document is published in the 
                        <E T="04">Federal Register</E>
                         on January 30, 2026.
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>You may submit either electronic or written comments as follows.</P>
                </ADD>
                <HD SOURCE="HD2">Electronic Submissions</HD>
                <P>Submit electronic comments in the following way:</P>
                <P>
                    • 
                    <E T="03">Federal eRulemaking Portal:</E>
                      
                    <E T="03">https://www.regulations.gov.</E>
                     Follow the instructions for submitting comments. Comments submitted electronically, including attachments, to 
                    <E T="03">https://www.regulations.gov</E>
                     will be posted to the docket unchanged. Because your comment will be made public, you are solely responsible for ensuring that your comment does not include any confidential information that you or a third party may not wish to be posted, such as medical information, your or anyone else's Social Security number, or confidential business information, such as a manufacturing process. Please note that if you include your name, contact information, or other information that identifies you in the body of your comments, that information will be posted on 
                    <E T="03">https://www.regulations.gov.</E>
                </P>
                <P>
                    • If you want to submit a comment with confidential information that you 
                    <PRTPAGE P="55134"/>
                    do not wish to be made available to the public, submit the comment as a written/paper submission and in the manner detailed (see “Written/Paper Submissions” and “Instructions”).
                </P>
                <HD SOURCE="HD2">Written/Paper Submissions</HD>
                <P>Submit written/paper submissions as follows:</P>
                <P>
                    • 
                    <E T="03">Mail/Hand delivery/Courier (for written/paper submissions):</E>
                     Dockets Management Staff (HFA-305), Food and Drug Administration, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852.
                </P>
                <P>• For written/paper comments submitted to the Dockets Management Staff, FDA will post your comment, as well as any attachments, except for information submitted, marked, and identified as confidential, if submitted as detailed in “Instructions.”</P>
                <P>
                    <E T="03">Instructions:</E>
                     All submissions received must include the Docket No. FDA 2024-N-3945 for “FDA's Strategy Document on Innovative Manufacturing Technologies.” Received comments will be placed in the docket and, except for those submitted as “Confidential Submissions,” publicly viewable at 
                    <E T="03">https://www.regulations.gov</E>
                     or at the Dockets Management Staff between 9 a.m. and 4 p.m., Monday through Friday.
                </P>
                <P>
                    • 
                    <E T="03">Confidential Submissions:</E>
                     To submit a comment with confidential information that you do not wish to be made publicly available, submit your comments only as a written/paper submission. You should submit two copies total. One copy will include the information you claim to be confidential with a heading or cover note that states “THIS DOCUMENT CONTAINS CONFIDENTIAL INFORMATION.” The Agency will review this copy, including the claimed confidential information, in its consideration of comments. The second copy, which will have the claimed confidential information redacted/blacked out, will be available for public viewing and posted on 
                    <E T="03">https://www.regulations.gov.</E>
                     Submit both copies to the Dockets Management Staff. If you do not wish your name and contact information to be made publicly available, you can provide this information on the cover sheet and not in the body of your comments and you must identify this information as “confidential.” Any information marked as “confidential” will not be disclosed except in accordance with 21 CFR 10.20 and other applicable disclosure law. For more information about FDA's posting of comments to public dockets, see docket number, Date, or access the information at: 
                    <E T="03">https://www.gpo.gov/fdsys/pkg/FR-2015-09-18/pdf/2015-23389.pdf.</E>
                </P>
                <P>
                    <E T="03">Docket:</E>
                     For access to the docket to read background documents or the electronic and written/paper comments received, go to 
                    <E T="03">https://www.regulations.gov</E>
                     and insert the docket number, found in brackets in the heading of this document, into the “Search” box and follow the prompts and/or go to the Dockets Management Staff, 5630 Fishers Lane, Rm. 1061, Rockville, MD 20852, 240-402-7500.
                </P>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Elisa A. Nickum, Center for Drug Evaluation and Research, Food and Drug Administration, 10903 New Hampshire Ave., Bldg. 75, Rm. 4226, Silver Spring, MD 20993, 301-796-4226, 
                        <E T="03">Elisa.Nickum@fda.hhs.gov,</E>
                         or Phillip Kurs, Center for Biologics Evaluation and Research, Food and Drug Administration, 240-402-7911.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">I. Background</HD>
                <P>Innovative manufacturing technologies—including but not limited to continuous manufacturing, distributed manufacturing, modern aseptic manufacturing equipment and processes, and novel analytical methods—can increase product development speed, bolster supply chains, improve drug quality, and prevent drug shortages. On June 8, 2023, FDA supported and participated in a public workshop hosted by the Duke-Margolis Center for Health Policy on “Advancing the Utilization and Supporting the Implementation of Innovative Manufacturing Approaches.” At this workshop, interested parties from industry shared feedback on their interactions with the FDA's Center for Drug Evaluation and Research (CDER) Emerging Technology Program (ETP) and Center for Biologics Evaluation and Research (CBER) Advanced Technologies Team (CATT) to guide submissions from persons or organizations using innovative manufacturing technologies. Regulators, academic researchers, and industry representatives discussed the current barriers to using these technologies and shared ideas on how initiatives such as the newly created Advanced Manufacturing Technologies Designation Program (AMTDP) could alleviate these barriers. The intent of this workshop was to fulfill a PDUFA VII commitment related to advancing utilization and implementation of innovative manufacturing, as well as section 506L(e)(1) of the Federal Food, Drug, and Cosmetic Act, as amended by section 3213 of the Food and Drug Omnibus Reform Act of 2022 regarding the AMTDP.</P>
                <P>
                    Based on lessons learned from the Agency's experience with submissions involving advanced manufacturing, the topics discussed during the June 8, 2023, workshop, and other public input, including public comments received in response to the draft strategy document announced in the 
                    <E T="04">Federal Register</E>
                     on September 12, 2024 (89 FR 74279), FDA developed the Strategy Document. The Strategy Document outlines the specific activities FDA has undertaken or intends to undertake to facilitate the use of innovative manufacturing technologies, including: continuing to enhance the ETP and CATT as a mechanism to support innovation; implementing the AMTDP in a manner that incorporates feedback on eligibility criteria; continuing to identify opportunities for international harmonization of regulatory expectations in support of further adoption of advanced manufacturing; supporting and utilizing ongoing initiatives for advanced manufacturing to address potential barriers; and supporting training in advanced manufacturing for FDA regulatory staff.
                </P>
                <P>The Strategy Document will be made available on the following FDA web pages:</P>
                <P>
                    • CDER's Framework for Regulatory Advanced Manufacturing Evaluation (FRAME) Initiative, available at: 
                    <E T="03">https://www.fda.gov/about-fda/center-drug-evaluation-and-research-cder/cders-framework-regulatory-advanced-manufacturing-evaluation-frame-initiative.</E>
                </P>
                <P>
                    • CDER Emerging Technology Program (ETP), available at 
                    <E T="03">https://www.fda.gov/about-fda/center-drug-evaluation-and-research-cder/emerging-technology-program-etp</E>
                    .
                </P>
                <P>
                    • CBER Advanced Technologies Program, available at 
                    <E T="03">https://www.fda.gov/vaccines-blood-biologics/industry-biologics/cber-advanced-technologies-program</E>
                    .
                </P>
                <P>
                    <E T="03">Authority:</E>
                     21 U.S.C. 379g-h2. This document is being published to fufill a commitment in the Prescription Drug User Fee Act (PDUFA) Reauthorization Performance Goals and Procedures Fiscal Years 2023-2027 (PDUFA VII).
                </P>
                <SIG>
                    <NAME>Lowell M. Zeta,</NAME>
                    <TITLE>Acting Deputy Commissioner for Policy, Legislation, and International Affairs. </TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21692 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4164-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="55135"/>
                <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; PAR Panel: Immune Oncology and Cancer Biomarker Research (R03).
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 15, 2026.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         1:00 p.m. to 4:00 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, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Robert F. Gahl, Ph.D., Scientific Review Officer, Cancer Diagnosis, Prevention and Therapeutics, Division of Translational and Clinical Sciences, Center for Scientific Review, National Cancer Institute, Rockville, MD 20850, (240) 276-7869, 
                        <E T="03">robert.gahl@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: November 25, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson, </NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21660 Filed 11-28-25; 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 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>
                         Integrative, Functional and Cognitive Neuroscience Integrated Review Group; Neuroscience of Basic Visual Processes Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 14-15, 2026.
                    </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, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Kirk Thompson, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Room 5184, MSC 7844, Bethesda, MD 20892, 301-435-1242, 
                        <E T="03">kgt@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: November 25, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson, </NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21652 Filed 11-28-25; 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 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; PAR Panel: Cancer Biomarker Research (R21).
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 30, 2026.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         9:00 a.m. to 5:00 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, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Robert F. Gahl, Ph.D., Scientific Review Officer, Cancer Diagnosis, Prevention and Therapeutics, Division of Translational and Clinical Sciences, Center for Scientific Review, National Cancer Institute, Rockville, MD 20850, (240) 276-7869, 
                        <E T="03">robert.gahl@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: November 25, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson, </NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21661 Filed 11-28-25; 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 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; Member Conflict: Cell and Developmental Biology.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 7, 2026.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         1:30 p.m. to 5:30 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>
                         Ezgi Kunttas-Tatli, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Bethesda, MD 20892, (301) 594-7047, 
                        <E T="03">ezgi.kunttas-tatli@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, 
                        <PRTPAGE P="55136"/>
                        93.846-93.878, 93.892, 93.893, National Institutes of Health, HHS)
                    </FP>
                </EXTRACT>
                <SIG>
                    <DATED>Dated: November 24, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson, </NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21603 Filed 11-28-25; 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>Office of the Secretary; Notice of Meeting</SUBJECT>
                <P>Pursuant to section 1009 of the Federal Advisory Committee Act, as amended, notice is hereby given of a meeting of the Muscular Dystrophy Coordinating Committee.</P>
                <P>
                    The meeting will be open to the public, with attendance limited to space available. Individuals who plan to attend and need special assistance, such as sign language interpretation or other reasonable accommodations, should notify the Contact Person listed below in advance of the meeting. The meeting can be viewed on the NIH Videocasting website, 
                    <E T="03">https://videocast.nih.gov/.</E>
                     Registration is not required.
                </P>
                <EXTRACT>
                    <P>
                        <E T="03">Name of Committee:</E>
                         Muscular Dystrophy Coordinating Committee.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         December 22, 2025.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         10:00 a.m. to 3:00 p.m.
                    </P>
                    <P>
                        <E T="03">Agenda:</E>
                         The purpose of this meeting is to bring together committee members, representing government agencies, patient advocacy groups and people with lived experience to discuss topics of interest to the muscular dystrophy communities. The agenda for this meeting features panel discussions inviting industry leaders to comment on priorities for the Action Plan, the MDCC's ten-year strategic plan for research and other strategies to improve the lives of people living with muscular dystrophies. The agenda for this meeting is available on the MDCC website: 
                        <E T="03">https://www.mdcc.nih.gov/.</E>
                    </P>
                    <P>
                        <E T="03">Address:</E>
                         National Institutes of Health, Neuroscience Center, 6001 Executive Boulevard, Rockville, MD 20852.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Glen Nuckolls, Ph.D., Program Director, National Institute of Neurological Disorders and Stroke (NINDS), NIH NSC Building, 6001 Executive Blvd. Bethesda, MD 20892, 301-496-5876, 
                        <E T="03">nuckollg@ninds.nih.gov.</E>
                    </P>
                </EXTRACT>
                <P>Any interested person may file written comments with the committee by forwarding the statement to the Contact Person listed on this notice. The statement should include the name, address, telephone number and when applicable, the business or professional affiliation of the interested person.</P>
                <SIG>
                    <DATED>Dated: November 25, 2025,</DATED>
                    <NAME>Rosalind M. Niamke, </NAME>
                    <TITLE>Program Analyst,Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21600 Filed 11-28-25; 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 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>
                         Aging and Neurodegeneration Integrated Review Group; Cellular and Molecular Biology of Neurodegeneration Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 13-14, 2026.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         9:30 a.m. to 5:00 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, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Laurent Taupenot, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Room 4188, MSC 7850, Bethesda, MD 20892, 301-435-1203, 
                        <E T="03">laurent.taupenot@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: November 25, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson,</NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21656 Filed 11-28-25; 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 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>
                         Cardiovascular and Respiratory Sciences, Integrated Review Group; Pulmonary Vascular Disease and Physiology Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 22, 2026.
                    </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, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Bradley Nuss, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Room 4142, Bethesda, MD 20892, 301-451-8754, 
                        <E T="03">nussb@csr.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: November 25, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson, </NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21657 Filed 11-28-25; 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 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 
                    <PRTPAGE P="55137"/>
                    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>
                         Biological Chemistry and Macromolecular Biophysics Integrated Review Group; Macromolecular Structure and Function C Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         December 12, 2025.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         09:00 a.m. to 06:30 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, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Guillermo Andres Bermejo, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Bethesda, MD 20892, (301) 827-5742, 
                        <E T="03">bermejog@mail.nih.gov.</E>
                    </P>
                    <P>This notice is being published less than 15 days from the meeting date due to exceptional circumstances. As a result of the 43-day government shutdown, due to lapsed appropriations, the above meeting was canceled. This meeting was to assess the scientific and technical merit of NIH grant applications, required by statute to disburse NIH funds. The meeting must take place urgently so that evaluations of biomedical research applications addressing multiple major public health priorities can be submitted to the national advisory councils for timely funding recommendations.</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: November 26, 2025.</DATED>
                    <NAME>Rosalind M. Niamke, </NAME>
                    <TITLE>Program Analyst, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21716 Filed 11-28-25; 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 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; Program Projects: Alzheimer's Disease and Aging.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 22-23, 2026.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         8:30 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, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Ana Olariu, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Bethesda, MD 20892, 301-496-9223, 
                        <E T="03">Ana.Olariu@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: November 25, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson,</NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21650 Filed 11-28-25; 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 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; PAR Panel: Metabolic, Cerebrovascular, Environmental, and Sleep Factors in Alzheimer's Disease and Related Dementias (ADRD).
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 7-8, 2026.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         9:00 a.m. to 1:00 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, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Jennifer Kielczewski, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Bethesda, MD 20892, 301-435-1042, 
                        <E T="03">jennifer.kielczewski@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: November 25, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson, </NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21651 Filed 11-28-25; 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 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>
                         Vascular and Hematology Integrated Review Group; Atherosclerosis and Vascular Inflammation Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 7, 2026.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         9:00 a.m. to 9:00 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 6701 Rockledge Drive Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Natalia Komissarova, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Room 5207, MSC 7846, Bethesda, MD 20892, 301-435-1206, 
                        <E T="03">komissar@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>
                    <PRTPAGE P="55138"/>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson, </NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21653 Filed 11-28-25; 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 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; PAR-23-110: Biomedical Technology Optimization and Dissemination Center (BTOD) (RM1).
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 15-16, 2026.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         9:30 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>
                         Susan Wohler Sunnarborg, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Bethesda, MD 20892, 301-827-7987, 
                        <E T="03">Susan.sunnarborg@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: November 20, 2025.</DATED>
                    <NAME>Denise M. Santeufemio, </NAME>
                    <TITLE>Supervisory Program Analyst, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21596 Filed 11-28-25; 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>
                         Center for Scientific Review Special Emphasis Panel; Institutional Research Training (T32).
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         December 19, 2025.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         11:00 a.m. to 2:00 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, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Meysam Yazdankhah, Ph.D., Scientific Review Officer, National Institutes of Health, National Institute on Drug Abuse, Scientific Review Branch, 11601 Landsdown Street 3WF, Room Hoteling, Rockville, MD 20852, (301) 402-6965, 
                        <E T="03">meysam.yazdankhah@nih.gov.</E>
                    </P>
                    <P>This notice is being published less than 15 days from the meeting date due to exceptional circumstances. As a result of the 43-day government shutdown, due to lapsed appropriations, the above meeting was canceled. This meeting was to assess the scientific and technical merit of NIH grant applications, required by statute to disburse NIH funds. The meeting must take place urgently so that evaluations of biomedical research applications addressing multiple major public health priorities can be submitted to the national advisory councils for timely funding recommendations.</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: November 26, 2025.</DATED>
                    <NAME>Rosalind M. Niamke, </NAME>
                    <TITLE>Program Analyst, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21718 Filed 11-28-25; 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 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>
                         Musculoskeletal, Oral and Skin Sciences Integrated Review Group; Skeletal Biology Development and Disease Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 13, 2026.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         8:00 a.m. to 9:00 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>
                         Vanessa Dawn Sherk, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Room 801C, Bethesda, MD 20892, 301-594-3218, 
                        <E T="03">sherkv2@csr.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: November 24, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson,</NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21589 Filed 11-28-25; 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 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 
                    <PRTPAGE P="55139"/>
                    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; Therapeutic Development and Preclinical Studies Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 15, 2026.
                    </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, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Richard D. Schneiderman, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Room 4138, Bethesda, MD 20817, 301-402-3995, 
                        <E T="03">richard.schneiderman@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: November 25, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson, </NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21662 Filed 11-28-25; 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 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; Learning, Memory, Decision-Making, Circadian Rhythms and Sleep, and Neuroimmunology.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 7, 2026.
                    </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, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Jingshan Chen, Ph.D., Scientific Review Officer, Scientific Review Branch, Division of Extramural Activities, NIDCR, Bethesda, MD 20892, (301) 451-2405, 
                        <E T="03">jingshan.chen@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: November 24, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson, </NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21594 Filed 11-28-25; 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 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>
                         Aging and Neurodegeneration Integrated Review Group; Chronic Dysfunction and Integrative Neurodegeneration Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 13, 2026.
                    </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, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Bernard Rajeev Srambical Wilfred, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Bethesda, MD 20892, (301) 435-1042, 
                        <E T="03">bernard.srambicalwilfred@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: November 24, 2025</DATED>
                    <NAME>Sterlyn H. Gibson,</NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21604 Filed 11-28-25; 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 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>
                <P>
                    <E T="03">Name of Committee:</E>
                     Center for Scientific Review Special Emphasis Panel; Member Conflict: Hematopoietic, Cardiac, Vascular Biology and Diseases.
                </P>
                <P>
                    <E T="03">Date:</E>
                     January 20, 2026.
                </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, 6701 Rockledge Drive, Bethesda, MD 20892.
                </P>
                <P>
                    <E T="03">Meeting Format:</E>
                     Virtual Meeting.
                </P>
                <P>
                    <E T="03">Contact Person:</E>
                     Zhihong Shan, Ph.D., MD, Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6705 Rockledge Drive, Room 205-H, Bethesda, MD 20892, 301-827-7085, 
                    <E T="03">zhihong.shan@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>
                <SIG>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson, </NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21658 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4140-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="55140"/>
                <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>
                         Integrative, Functional and Cognitive Neuroscience Integrated Review Group; Neurobiology of Motivated Behavior Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 6-7, 2026.
                    </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, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Jennifer C. Schiltz, Ph.D., Scientific Review Officer, Scientific Review Branch, Division of Extramural Activities, National Eye Institute, Bethesda, MD 20817, 301-496-4103, 
                        <E T="03">jennifer.schiltz@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: November 24, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson,</NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21593 Filed 11-28-25; 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>
                         Center for Scientific Review Special Emphasis Panel, Member Conflict: Topics in Endocrinology and Metabolism.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         December 9, 2025.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         2:00 p.m. to 5:00 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>
                         Andrew M. Wolfe, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Dr., Room 6214, Bethesda, MD 20892 
                        <E T="03">andrew.wolfe@nih.gov.</E>
                    </P>
                    <P>This notice is being published less than 15 days from the meeting date due to exceptional circumstances. As a result of the 43-day government shutdown, due to lapsed appropriations, the above meeting was canceled. This meeting was to assess the scientific and technical merit of NIH grant applications, required by statute to disburse NIH funds. The meeting must take place urgently so that evaluations of biomedical research applications addressing multiple major public health priorities can be submitted to the national advisory councils for timely funding recommendations.</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: November 26, 2025. </DATED>
                    <NAME>Rosalind M. Niamke, </NAME>
                    <TITLE>Program Analyst, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21717 Filed 11-28-25; 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 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>
                         Integrative, Functional and Cognitive Neuroscience Integrated Review Group; Neuroscience of Interoception and Chemosensation Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 30, 2026.
                    </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, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Myongsoo Matthew Oh, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Room 1011F, Bethesda, MD 20892, 301-435-1042, 
                        <E T="03">ohmm@csr.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: November 24, 2025.</DATED>
                    <NAME>Sterlyn H Gibson, </NAME>
                    <TITLE>Program Specialist,Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21601 Filed 11-28-25; 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 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>
                         Infectious Diseases and Immunology A Integrated Review Group; Molecular and Cellular Biology of Virus Infection Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         December 12, 2025.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         9:30 a.m. to 7:00 p.m.
                        <PRTPAGE P="55141"/>
                    </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>
                         Syed Mohammad Moin, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Bethesda, MD 20892, (301) 594-7593, 
                        <E T="03">syed.moin@nih.gov</E>
                        .
                    </P>
                    <P>This notice is being published less than 15 days from the meeting date due to exceptional circumstances. As a result of the 43-day government shutdown, due to lapsed appropriations, the above meeting was canceled. This meeting was to assess the scientific and technical merit of NIH grant applications, required by statute to disburse NIH funds. The meeting must take place urgently so that evaluations of biomedical research applications addressing multiple major public health priorities can be submitted to the national advisory councils for timely funding recommendations.</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: November 24, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson,</NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21584 Filed 11-28-25; 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 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>
                         Vascular and Hematology Integrated Review Group; Integrative Vascular Physiology and Pathology Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 12, 2026.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         8:30 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 6701 Rockledge Drive Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Bukhtiar H. Shah, DVM, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Bethesda, MD 20892, (301) 806-7314, 
                        <E T="03">shahb@csr.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: November 25, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson, </NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21659 Filed 11-28-25; 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 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; Member Conflict: Vascular Biology and Diseases.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 22, 2026.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         8:00 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, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Cynthia D Anderson, Ph.D., Scientific Review Officer, Office of Scientific Review/DERA, National Heart, Lung, and Blood Institute, National Institutes Health, 6705 Rockledge Drive, Room 207-E, Bethesda, MD 20892, 301.594.7682, 
                        <E T="03">cynthia.anderson@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: November 25, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson, </NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21655 Filed 11-28-25; 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 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>Name of Committee: Musculoskeletal, Oral and Skin Sciences Integrated Review Group; Skin and Connective Tissue Sciences Study Section.</P>
                    <P>
                        <E T="03">Date:</E>
                         January 21, 2026.
                    </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>
                         Robert Gersch, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Room 800K, Bethesda, MD 20817, (301) 867-5309, 
                        <E T="03">robert.gersch@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: November 24, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson, </NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21590 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4140-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="55142"/>
                <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; Small Business: Biomedical Sensing, Measurement and Instrumentation.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 22-23, 2026.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         9:00 a.m. to 5:30 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>
                         Steven Anthony Ripp, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Bethesda, MD 20892, (301) 594-3010, 
                        <E T="03">steven.ripp@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: November 24, 2025</DATED>
                    <NAME>Sterlyn H. Gibson, </NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21592 Filed 11-28-25; 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 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; Program Projects: Translational Cancer Research SPORE P50.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         December 18, 2025.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         09:00 a.m. to 06:30 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, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Amr M. Ghaleb, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Bethesda, MD 20892, 240-276-6002, 
                        <E T="03">amr.ghaleb@nih.gov</E>
                        .
                    </P>
                    <P>This notice is being published less than 15 days from the meeting date due to exceptional circumstances. As a result of the 43-day government shutdown, due to lapsed appropriations, the above meeting was canceled. This meeting was to assess the scientific and technical merit of NIH grant applications, required by statute to disburse NIH funds. The meeting must take place urgently so that evaluations of biomedical research applications addressing multiple major public health priorities can be submitted to the national advisory councils for timely funding recommendations.</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: November 24, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson,</NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21591 Filed 11-28-25; 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 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; Pathway to Research Independence.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 12, 2026.
                    </P>
                    <P>
                        <E T="03">Time:</E>
                         9:30 a.m. to 5:30 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, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Bita Nakhai, Ph.D., Scientific Review Officer, Scientific Review Branch, National Institute on Aging, National Institutes of Health, 5601 Fishers Lane, Suite 8B, Rockville, MD 20892, (301) 402-7701, 
                        <E T="03">nakhaib@nia.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: November 25, 2025.</DATED>
                    <NAME>Sterlyn H. Gibson, </NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21654 Filed 11-28-25; 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 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>
                         Brain Disorders and Clinical Neuroscience Integrated Review Group; Brain Injury and Neurovascular Disorders Study Section.
                    </P>
                    <P>
                        <E T="03">Date:</E>
                         January 12-13, 2026.
                    </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.
                        <PRTPAGE P="55143"/>
                    </P>
                    <P>
                        <E T="03">Address:</E>
                         National Institutes of Health, 6701 Rockledge Drive, Bethesda, MD 20892.
                    </P>
                    <P>
                        <E T="03">Meeting Format:</E>
                         Virtual Meeting.
                    </P>
                    <P>
                        <E T="03">Contact Person:</E>
                         Gek Ming Sia, Ph.D., Scientific Review Officer, Center for Scientific Review, National Institutes of Health, 6701 Rockledge Drive, Bethesda, MD 20892, (301) 480-3341, 
                        <E T="03">gekming.sia@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: November 24, 2025</DATED>
                    <NAME>Sterlyn H Gibson, </NAME>
                    <TITLE>Program Specialist, Office of Federal Advisory Committee Policy.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21602 Filed 11-28-25; 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>Substance Abuse and Mental Health Services Administration</SUBAGY>
                <SUBJECT>Current List of HHS-Certified Laboratories and Instrumented Initial Testing Facilities Which Meet Minimum Standards To Engage in Urine and Oral Fluid Drug Testing for Federal Agencies</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Substance Abuse and Mental Health Services Administration, HHS.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The Department of Health and Human Services (HHS) provides notice of the laboratories and Instrumented Initial Testing Facilities (IITFs) currently certified to meet the standards of the Mandatory Guidelines for Federal Workplace Drug Testing Programs (Mandatory Guidelines) using Urine and the laboratories currently certified to meet the standards of the Mandatory Guidelines using Oral Fluid.</P>
                </SUM>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Anastasia Flanagan, Division of Workplace Programs, SAMHSA/CSAP, 5600 Fishers Lane, Room 16N06B, Rockville, Maryland 20857; 240-276-2600 (voice); 
                        <E T="03">Anastasia.Flanagan@samhsa.hhs.gov</E>
                         (email).
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    The Department of Health and Human Services (HHS) publishes a notice listing all HHS-certified laboratories and Instrumented Initial Testing Facilities (IITFs) in the 
                    <E T="04">Federal Register</E>
                     monthly, in accordance with Section 9.19 of the Mandatory Guidelines for Federal Workplace Drug Testing Programs (Mandatory Guidelines) using Urine and Section 9.17 of the Mandatory Guidelines using Oral Fluid. If any laboratory or IITF certification is suspended or revoked, the laboratory or IITF will be omitted from subsequent lists until such time as it is restored to full certification under the Mandatory Guidelines.
                </P>
                <P>If any laboratory or IITF has withdrawn from the HHS National Laboratory Certification Program (NLCP) during the past month, it will be listed at the end and will be omitted from the monthly listing thereafter.</P>
                <P>
                    This notice is also available on the internet at 
                    <E T="03">https://www.samhsa.gov/workplace/drug-testing-resources/certified-lab-list.</E>
                </P>
                <P>
                    The Mandatory Guidelines using Urine were first published in the 
                    <E T="04">Federal Register</E>
                     on April 11, 1988 (53 FR 11970), and subsequently revised in the 
                    <E T="04">Federal Register</E>
                     on June 9, 1994 (59 FR 29908); September 30, 1997 (62 FR 51118); April 13, 2004 (69 FR 19644); November 25, 2008 (73 FR 71858); December 10, 2008 (73 FR 75122); April 30, 2010 (75 FR 22809); January 23, 2017 (82 FR 7920); and on October 12, 2023 (88 FR 70768).
                </P>
                <P>
                    The Mandatory Guidelines using Oral Fluid were first published in the 
                    <E T="04">Federal Register</E>
                     on October 25, 2019 (84 FR 57554) with an effective date of January 1, 2020, and subsequently revised in the 
                    <E T="04">Federal Register</E>
                     on October 12, 2023 (88 FR 70814).
                </P>
                <P>The Mandatory Guidelines were initially developed in accordance with Executive Order 12564 and section 503 of Public Law 100-71 and allowed urine drug testing only. The Mandatory Guidelines using Urine have since been revised, and new Mandatory Guidelines allowing for oral fluid drug testing have been published. The Mandatory Guidelines require strict standards that laboratories and IITFs must meet in order to conduct drug and specimen validity tests on specimens for Federal agencies. HHS does not allow IITFs to conduct oral fluid testing.</P>
                <P>To become certified, an applicant laboratory or IITF must undergo three rounds of performance testing plus an on-site inspection. To maintain that certification, a laboratory or IITF must participate in a quarterly performance testing program plus undergo periodic, on-site inspections.</P>
                <P>Laboratories and IITFs in the applicant stage of certification are not to be considered as meeting the minimum requirements described in the HHS Mandatory Guidelines using Urine and/or Oral Fluid. An HHS-certified laboratory or IITF must have its letter of certification from HHS/SAMHSA (formerly: HHS/NIDA), which attests that the test facility has met minimum standards.</P>
                <HD SOURCE="HD1">HHS-Certified Laboratories Approved To Conduct Oral Fluid Drug Testing</HD>
                <P>In accordance with the Mandatory Guidelines using Oral Fluid effective October 10, 2023 (88 FR 70814), the following HHS-certified laboratories meet the minimum standards to conduct drug and specimen validity tests on oral fluid specimens:</P>
                <P>At this time, there are no laboratories certified to conduct drug and specimen validity tests on oral fluid specimens.</P>
                <HD SOURCE="HD1">HHS-Certified Instrumented Initial Testing Facilities Approved To Conduct Urine Drug Testing</HD>
                <P>In accordance with the Mandatory Guidelines using Urine effective February 1, 2024 (88 FR 70768), the following HHS-certified IITFs meet the minimum standards to conduct drug and specimen validity tests on urine specimens:</P>
                <FP SOURCE="FP-1">
                    Dynacare, 6628 50th Street NW, Edmonton, AB Canada T6B 2N7, 780-784-1190, (Formerly: Gamma-Dynacare Medical Laboratories), 
                    <E T="03">Note: DOT does not allow IITFs to test DOT-regulated specimens.</E>
                </FP>
                <HD SOURCE="HD1">HHS-Certified Laboratories Approved To Conduct Urine Drug Testing</HD>
                <P>In accordance with the Mandatory Guidelines using Urine effective February 1, 2024 (88 FR 70768), the following HHS-certified laboratories meet the minimum standards to conduct drug and specimen validity tests on urine specimens:</P>
                <FP SOURCE="FP-1">Alere Toxicology Services, 1111 Newton St., Gretna, LA 70053, 504-361-8989/800-433-3823, (Formerly: Kroll Laboratory Specialists, Inc., Laboratory Specialists, Inc.)</FP>
                <FP SOURCE="FP-1">Alere Toxicology Services, 450 Southlake Blvd., Richmond, VA 23236, 804-378-9130, (Formerly: Kroll Laboratory Specialists, Inc., Scientific Testing Laboratories, Inc.; Kroll Scientific Testing Laboratories, Inc.)</FP>
                <FP SOURCE="FP-1">Clinical Reference Laboratory, Inc., 8433 Quivira Road, Lenexa, KS 66215-2802, 800-445-6917</FP>
                <FP SOURCE="FP-1">Desert Tox, LLC, 5425 E Bell Rd, Suite 125, Scottsdale, AZ, 85254, 602-457-5411/623-748-5045.</FP>
                <FP SOURCE="FP-1">DrugScan, Inc., 200 Precision Road, Suite 200, Horsham, PA 19044, 800-235-4890</FP>
                <FP SOURCE="FP-1">Dynacare, 245 Pall Mall Street, London, ONT, Canada N6A 1P4, 519-679-1630, (Formerly: Gamma-Dynacare Medical Laboratories)</FP>
                <FP SOURCE="FP-1">ElSohly Laboratories, Inc., 5 Industrial Park Drive, Oxford, MS 38655, 662-236-2609</FP>
                <FP SOURCE="FP-1">
                    LabOne, Inc. d/b/a Quest Diagnostics, 10101 Renner Blvd., Lenexa, KS 
                    <PRTPAGE P="55144"/>
                    66219, 913-888-3927/800-873-8845, (Formerly: Quest Diagnostics Incorporated; LabOne, Inc.; Center for Laboratory Services, a Division of LabOne, Inc.)
                </FP>
                <FP SOURCE="FP-1">Laboratory Corporation of America Holdings, 7207 N Gessner Road, Houston, TX 77040, 713-856-8288/800-800-2387</FP>
                <FP SOURCE="FP-1">Laboratory Corporation of America Holdings, 69 First Ave., Raritan, NJ 08869, 908-526-2400/800-437-4986, (Formerly: Roche Biomedical Laboratories, Inc.)</FP>
                <FP SOURCE="FP-1">Laboratory Corporation of America Holdings, 1904 TW Alexander Drive, Research Triangle Park, NC 27709, 919-572-6900/800-833-3984, (Formerly: LabCorp Occupational Testing Services, Inc., CompuChem Laboratories, Inc.; CompuChem Laboratories, Inc., A Subsidiary of Roche Biomedical Laboratory; Roche CompuChem Laboratories, Inc., A Member of the Roche Group)</FP>
                <FP SOURCE="FP-1">Laboratory Corporation of America Holdings, 1120 Main Street, Southaven, MS 38671, 866-827-8042/800-233-6339, (Formerly: LabCorp Occupational Testing Services, Inc.; MedExpress/National Laboratory Center)</FP>
                <FP SOURCE="FP-1">MedTox Laboratories, Inc., 402 W County Road D, St. Paul, MN 55112, 651-636-7466/800-832-3244</FP>
                <FP SOURCE="FP-1">Minneapolis Veterans Affairs Medical Center, Forensic Toxicology Laboratory, 1 Veterans Drive, Minneapolis, MN 55417, 612-725-2088, Testing for Veterans Affairs (VA) Employees Only</FP>
                <FP SOURCE="FP-1">Omega Laboratories, Inc., 2150 Dunwin Drive, Unit 1 &amp; 2, Mississauga, ON, Canada L5L 5M8, 289-919-3188</FP>
                <FP SOURCE="FP-1">Pacific Toxicology Laboratories, 9348 DeSoto Ave., Chatsworth, CA 91311, 800-328-6942, (Formerly: Centinela Hospital Airport Toxicology Laboratory)</FP>
                <FP SOURCE="FP-1">Phamatech, Inc., 15175 Innovation Drive, San Diego, CA 92128, 888-635-5840</FP>
                <FP SOURCE="FP-1">US Army Forensic Toxicology Drug Testing Laboratory, 2490 Wilson St., Fort George G. Meade, MD 20755-5235, 301-677-7085, Testing for Department of Defense (DoD) Employees Only</FP>
                <SIG>
                    <NAME>Anastasia D. Flanagan,</NAME>
                    <TITLE>Public Health Advisor, Division of Workplace Programs.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21666 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4162-20-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF HOMELAND SECURITY</AGENCY>
                <SUBAGY>Coast Guard</SUBAGY>
                <DEPDOC>[Docket No. USCG-2025-0246]</DEPDOC>
                <SUBJECT>Collection of Information Under Review by Office of Management and Budget; OMB Control Number: 1625-0126</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Coast Guard, DHS.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Thirty-day notice requesting comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>In compliance with the Paperwork Reduction Act of 1995 the U.S. Coast Guard is forwarding an Information Collection Request (ICR), abstracted below, to the Office of Management and Budget (OMB), Office of Information and Regulatory Affairs (OIRA), requesting an extension of its approval for the following collection of information: 1625-0126, Requirements for Vessels that Perform Certain Aquaculture Support Operations; without change. Our ICR describes the information we seek to collect from the public. Review and comments by OIRA ensure we only impose paperwork burdens commensurate with our performance of duties.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>You may submit comments to the Coast Guard and OIRA on or before December 31, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Comments to the Coast Guard should be submitted using the Federal eRulemaking Portal at 
                        <E T="03">https://www.regulations.gov.</E>
                         Search for docket number [USCG-2025-0246]. Written comments and recommendations to OIRA for the proposed information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">https://www.reginfo.gov/public/do/PRAMain.</E>
                    </P>
                    <P>Find this particular information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function.</P>
                    <P>
                        A copy of the ICR is available through the docket on the internet at 
                        <E T="03">https://www.regulations.gov.</E>
                         Additionally, copies are available from: COMMANDANT (CG-C5I-P), ATTN: PAPERWORK REDUCTION ACT MANAGER, U.S. COAST GUARD, 2703 MARTIN LUTHER KING JR. AVE SE, STOP 7710, WASHINGTON, DC 20593-7710.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        A.L. Craig, Office of Privacy Management, telephone (571) 607-4058, or email 
                        <E T="03">hqs-dg-m-cg-61-pii@uscg.mil</E>
                         for questions on these documents.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Public Participation and Request for Comments</HD>
                <P>This notice relies on the authority of the Paperwork Reduction Act of 1995; 44 U.S.C., chapter 35, as amended. An ICR is an application to OIRA seeking the approval, extension, or renewal of a Coast Guard collection of information (Collection). The ICR contains information describing the Collection's purpose, the Collection's likely burden on the affected public, an explanation of the necessity of the Collection, and other important information describing the Collection. There is one ICR for each Collection. The Coast Guard invites comments on whether this ICR should be granted based on the Collection being necessary for the proper performance of Departmental functions. In particular, the Coast Guard would appreciate comments addressing: (1) the practical utility of the Collection; (2) the accuracy of the estimated burden of the Collection; (3) ways to enhance the quality, utility, and clarity of information subject to the Collection; and (4) ways to minimize the burden of the Collection on respondents, including the use of automated collection techniques or other forms of information technology. These comments will help OIRA determine whether to approve the ICR referred to in this Notice.</P>
                <P>We encourage you to respond to this request by submitting comments and related materials. Comments to Coast Guard or OIRA must contain the OMB Control Number of the ICR. They must also contain the docket number of this request, USCG-2025-0246, and must be received by December 31, 2025.</P>
                <HD SOURCE="HD1">Submitting Comments</HD>
                <P>
                    We encourage you to submit comments through the Federal eRulemaking Portal at 
                    <E T="03">https://www.regulations.gov.</E>
                     If your material cannot be submitted using 
                    <E T="03">https://www.regulations.gov,</E>
                     contact the person in the 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                     section of this document for alternate instructions. Documents mentioned in this notice, and all public comments, are in our online docket at 
                    <E T="03">https://www.regulations.gov</E>
                     and can be viewed by following that website's instructions. If you go to the online docket and sign up for email alerts, you will be notified when comments are posted.
                </P>
                <P>
                    We accept anonymous comments. Comments we post to 
                    <E T="03">https://www.regulations.gov</E>
                     will include any personal information you have provided. For more about privacy and submissions to the Coast Guard in 
                    <PRTPAGE P="55145"/>
                    response to this document, see DHS's eRulemaking System of Records notice (85 FR 14226, March 11, 2020). For more about privacy and submissions to OIRA in response to this document, see the 
                    <E T="03">https://www.reginfo.gov,</E>
                     comment-submission web page. OIRA posts its decisions on ICRs online at 
                    <E T="03">https://www.reginfo.gov/public/do/PRAMain</E>
                     after the comment period for each ICR. An OMB Notice of Action on each ICR will become available via a hyperlink in the OMB Control Number: 1625-0126.
                </P>
                <HD SOURCE="HD1">Previous Request for Comments</HD>
                <P>This request provides a 30-day comment period required by OIRA. The Coast Guard published the 60-day notice (90 FR 41588, August 26, 2025) required by 44 U.S.C. 3506(c)(2). That notice elicited no comments. Accordingly, no changes have been made to the Collection.</P>
                <HD SOURCE="HD1">Information Collection Request</HD>
                <P>
                    <E T="03">Title:</E>
                     Requirements for Vessels that Perform Certain Aquaculture Support Operations
                </P>
                <P>
                    <E T="03">OMB Control Number:</E>
                     1625-0126.
                </P>
                <P>
                    <E T="03">Summary:</E>
                     This information is required to ensure that a vessel engaged in certain aquaculture operations has applied for and received a waiver in accordance with 46 U.S.C. 12102(d)(1). A vessel owner or operator must notify the Coast Guard and provide a copy of the waiver.
                </P>
                <P>
                    <E T="03">Need:</E>
                     The Coast Guard regulations are prescribed 46 CFR 106. The Coast Guard uses the information in this collection to ensure compliance with the requirements
                </P>
                <P>
                    <E T="03">Forms:</E>
                     None.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     Owners and operators of aquaculture operations.
                </P>
                <P>
                    <E T="03">Frequency:</E>
                     On occasion.
                </P>
                <P>
                    <E T="03">Hour Burden Estimate:</E>
                     The estimated burden remains 3 hours a year.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     The Paperwork Reduction Act of 1995; 44 U.S.C. chapter 35, as amended.
                </P>
                <SIG>
                    <DATED>Dated: October 31, 2025.</DATED>
                    <NAME>Bradley E. White,</NAME>
                    <TITLE>(Acting) Chief, Office of Privacy Management, U.S. Coast Guard.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21647 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 9110-04-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HOMELAND SECURITY</AGENCY>
                <SUBAGY>Coast Guard</SUBAGY>
                <DEPDOC>[Docket No. USCG-2025-0351]</DEPDOC>
                <SUBJECT>Information Collection Request to Office of Management and Budget; OMB Control Number: 1625-0003</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Coast Guard, DHS.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Sixty-day notice requesting comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>In compliance with the Paperwork Reduction Act of 1995, the U.S. Coast Guard intends to submit an Information Collection Request (ICR) to the Office of Management and Budget (OMB), Office of Information and Regulatory Affairs (OIRA), requesting an extension of its approval for the following collection of information: 1625-0003, Coast Guard Boating Accident Report Form; without change. Our ICR describes the information we seek to collect from the public. Before submitting this ICR to OIRA, the Coast Guard is inviting comments as described below.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments must reach the Coast Guard on or before January 30, 2026.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        You may submit comments identified by Coast Guard docket number [USCG-2025-0351] to the Coast Guard using the Federal eRulemaking Portal at 
                        <E T="03">https://www.regulations.gov.</E>
                         See the “Public participation and request for comments” portion of the 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                         section for further instructions on submitting comments.
                    </P>
                    <P>
                        A copy of the ICR is available through the docket on the internet at 
                        <E T="03">https://www.regulations.gov.</E>
                         Additionally, copies are available from: COMMANDANT (CG-C5I-P), ATTN: PAPERWORK REDUCTION ACT MANAGER, U.S. COAST GUARD, 2703 MARTIN LUTHER KING JR. AVE SE, STOP 7710, WASHINGTON, DC 20593-7710.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        A.L. Craig, Office of Privacy Management, telephone (571) 607-4058, or email 
                        <E T="03">hqs-dg-m-cg-61-pii@uscg.mil</E>
                         for questions on these documents.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Public Participation and Request for Comments</HD>
                <P>This notice relies on the authority of the Paperwork Reduction Act of 1995; 44 U.S.C., chapter 35, as amended. An ICR is an application to OIRA seeking the approval, extension, or renewal of a Coast Guard collection of information (Collection). The ICR contains information describing the Collection's purpose, the Collection's likely burden on the affected public, an explanation of the necessity of the Collection, and other important information describing the Collection. There is one ICR for each Collection.</P>
                <P>The Coast Guard invites comments on whether this ICR should be granted based on the Collection being necessary for the proper performance of Departmental functions. In particular, the Coast Guard would appreciate comments addressing: (1) the practical utility of the Collection; (2) the accuracy of the estimated burden of the Collection; (3) ways to enhance the quality, utility, and clarity of information subject to the Collection; and (4) ways to minimize the burden of the Collection on respondents, including the use of automated collection techniques or other forms of information technology.</P>
                <P>In response to your comments, we may revise this ICR or decide not to seek an extension of approval for the Collection without change. We will consider all comments and material received during the comment period.</P>
                <P>We encourage you to respond to this request by submitting comments and related materials. Comments must contain the OMB Control Number of the ICR and the docket number of this request, USCG-2025-0351 and must be received by January 30, 2026.</P>
                <HD SOURCE="HD1">Submitting Comments</HD>
                <P>
                    We encourage you to submit comments through the Federal eRulemaking Portal at 
                    <E T="03">https://www.regulations.gov.</E>
                     If your material cannot be submitted using 
                    <E T="03">https://www.regulations.gov,</E>
                     contact the person in the 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                     section of this document for alternate instructions. Documents mentioned in this notice as being available in the docket, and all public comments, are in our online docket at 
                    <E T="03">https://www.regulations.gov</E>
                     and can be viewed by following that website's instructions. If you go to the online docket and sign up for email alerts, you will be notified when comments are posted.
                </P>
                <P>
                    We accept anonymous comments. Comments we post to 
                    <E T="03">https://www.regulations.gov</E>
                     will include any personal information you have provided. For more about privacy and submissions in response to this document, see DHS's eRulemaking System of Records notice (85 FR 14226, March 11, 2020).
                    <PRTPAGE P="55146"/>
                </P>
                <HD SOURCE="HD1">Information Collection Request</HD>
                <P>
                    <E T="03">Title:</E>
                     Coast Guard Boating Accident Report Form (CG-3865).
                </P>
                <P>
                    <E T="03">OMB Control Number:</E>
                     1625-0003.
                </P>
                <P>
                    <E T="03">Summary:</E>
                     The Coast Guard Boating Accident Report form (CG-3865) is the data collection instrument that ensures compliance with the implementing regulations and 46 U.S.C. 6102(b) that requires the Secretary to collect, analyze and publish reports, information, and statistics on marine casualties.
                </P>
                <P>
                    <E T="03">Need:</E>
                     46 U.S.C. 6102(a) requires a uniform marine casualty reporting system, with regulations prescribing casualties to be reported and the manner of reporting. The statute requires a State to compile and submit to the Secretary (delegated to the Coast Guard) reports, information, and statistics on casualties reported to the State. Implementing regulations are contained in 33 CFR, SUBCHAPTER S—BOATING SAFETY, PART 173—VESSEL NUMBERING AND CASUALTY AND ACCIDENT REPORTING, Subpart C—Casualty and Accident Reporting and PART 174—STATE NUMBERING AND CASUALTY REPORTING SYSTEMS, Subpart C—Casualty Reporting System Requirements, and Subpart D—State reports.
                </P>
                <P>States are required to forward copies of the reports or electronically transmit accident report data to the Coast Guard within 30 days of their receipt of the report as prescribed by 33 CFR 174.121 (Forwarding of casualty or accident reports). The accident report data and statistical information obtained from the reports submitted by the State reporting authorities are used by the Coast Guard in the compilation of national recreational boating accident statistics. Supplemental guidance for reporting of incidents is published in Coast Guard Office of Auxiliary and Boating Safety Policy Letter 23-01, Change 1 dated 26 September 2023.</P>
                <P>
                    <E T="03">Forms:</E>
                     CG-3865, Coast Guard Boating Accident Report.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     33 CFR 173.55 requires the operator of any uninspected vessel that is numbered or used for recreational purposes to submit an accident report to the State authority when:
                </P>
                <P>(1) A person dies; or</P>
                <P>(2) A person is injured and requires medical treatment beyond first aid; or</P>
                <P>(3) Damage to the vessel and other property totals $2,000 or more, or there is a complete loss of the vessel; or</P>
                <P>(4) A person disappears from the vessel under circumstances that indicate death or injury.</P>
                <P>
                    <E T="03">Frequency:</E>
                     On occasion.
                </P>
                <P>
                    <E T="03">Hour Burden Estimate:</E>
                     The estimated burden remains 10,430 a year.
                </P>
                <EXTRACT>
                    <FP>(Authority: The Paperwork Reduction Act of 1995; 44 U.S.C. chapter 35, as amended.)</FP>
                </EXTRACT>
                <SIG>
                    <DATED>Dated: November 7, 2025. </DATED>
                    <NAME>Bradley E. White,</NAME>
                    <TITLE>(Acting) Chief, Office of Privacy Management,U.S. Coast Guard.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21672 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 9110-04-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HOMELAND SECURITY</AGENCY>
                <SUBAGY>Coast Guard</SUBAGY>
                <DEPDOC>[Docket No. USCG-2025-0342]</DEPDOC>
                <SUBJECT>Information Collection Request to Office of Management and Budget; OMB Control Number: 1625-0129</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Coast Guard, DHS.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Sixty-day notice requesting comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>In compliance with the Paperwork Reduction Act of 1995, the U.S. Coast Guard intends to submit an Information Collection Request (ICR) to the Office of Management and Budget (OMB), Office of Information and Regulatory Affairs (OIRA), requesting an extension of its approval for the following collection of information: 1625-0129, Intermodal Container Inspection Program; without change. Our ICR describes the information we seek to collect from the public. Before submitting this ICR to OIRA, the Coast Guard is inviting comments as described below.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments must reach the Coast Guard on or before January 30, 2026.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        You may submit comments identified by Coast Guard docket number [USCG-2025-0342] to the Coast Guard using the Federal eRulemaking Portal at 
                        <E T="03">https://www.regulations.gov.</E>
                         See the “Public participation and request for comments” portion of the 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                         section for further instructions on submitting comments.
                    </P>
                    <P>
                        A copy of the ICR is available through the docket on the internet at 
                        <E T="03">https://www.regulations.gov.</E>
                         Additionally, copies are available from: COMMANDANT (CG-C5I-P), ATTN: PAPERWORK REDUCTION ACT MANAGER, U.S. COAST GUARD, 2703 MARTIN LUTHER KING JR. AVE SE, STOP 7710, WASHINGTON, DC 20593-7710.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        A.L. Craig, Office of Privacy Management, telephone (571) 607-4058, or email 
                        <E T="03">hqs-dg-m-cg-61-pii@uscg.mil</E>
                         for questions on these documents.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Public Participation and Request for Comments</HD>
                <P>This notice relies on the authority of the Paperwork Reduction Act of 1995; 44 U.S.C., chapter 35, as amended. An ICR is an application to OIRA seeking the approval, extension, or renewal of a Coast Guard collection of information (Collection). The ICR contains information describing the Collection's purpose, the Collection's likely burden on the affected public, an explanation of the necessity of the Collection, and other important information describing the Collection. There is one ICR for each Collection.</P>
                <P>The Coast Guard invites comments on whether this ICR should be granted based on the Collection being necessary for the proper performance of Departmental functions. In particular, the Coast Guard would appreciate comments addressing: (1) the practical utility of the Collection; (2) the accuracy of the estimated burden of the Collection; (3) ways to enhance the quality, utility, and clarity of information subject to the Collection; and (4) ways to minimize the burden of the Collection on respondents, including the use of automated collection techniques or other forms of information technology.</P>
                <P>In response to your comments, we may revise this ICR or decide not to seek an extension of approval for the Collection. We will consider all comments and material received during the comment period.</P>
                <P>We encourage you to respond to this request by submitting comments and related materials. Comments must contain the OMB Control Number of the ICR and the docket number of this request, USCG-2025-0342, and must be received by January 30, 2026.</P>
                <HD SOURCE="HD1">Submitting Comments</HD>
                <P>
                    We encourage you to submit comments through the Federal eRulemaking Portal at 
                    <E T="03">https://www.regulations.gov.</E>
                     If your material cannot be submitted using 
                    <E T="03">https://www.regulations.gov,</E>
                     contact the person in the 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                     section of this document for alternate instructions. Documents mentioned in this notice, and all public comments, are in our online docket at 
                    <E T="03">https://www.regulations.gov</E>
                     and can be viewed by following that website's instructions. If you go to the online docket and sign up for email alerts, you will be notified when comments are posted.
                </P>
                <P>
                    We accept anonymous comments. Comments we post to 
                    <E T="03">https://www.regulations.gov</E>
                     will include any 
                    <PRTPAGE P="55147"/>
                    personal information you have provided. For more about privacy and submissions in response to this document, see DHS's eRulemaking System of Records notice (85 FR 14226, March 11, 2020).
                </P>
                <HD SOURCE="HD1">Information Collection Request</HD>
                <P>
                    <E T="03">Title:</E>
                     Intermodal Container Inspection Program.
                </P>
                <P>
                    <E T="03">OMB Control Number:</E>
                     1625-0129.
                </P>
                <P>
                    <E T="03">Summary:</E>
                     The Coast Guard inspects containers and cargo within containers to ensure compliance with domestic and international standards. Coast Guard-issued forms provide stakeholders with the results of container inspections.
                </P>
                <P>
                    <E T="03">Need:</E>
                     Under the National Container Inspection Program, Coast Guard personnel inspect intermodal containers and cargo within containers to ensure compliance with applicable regulations and to promote maritime safety, security, and stewardship for U.S. ports and waterways. Specifically, the Coast Guard inspects containers for compliance with the—
                </P>
                <P>• Federal Hazardous Materials Transportation Law,</P>
                <P>• International Safe Container Act, and</P>
                <P>• International Maritime Dangerous Goods Code.</P>
                <P>Forms:</P>
                <P>• CG-5577, Intermodal Container Inspection Report.</P>
                <P>• CG-5577A, Intermodal Container Non-Deficiency Inspection Report.</P>
                <P>• CG-5577B, Intermodal Container Targeted Inspection Report.</P>
                <P>
                    <E T="03">Respondents:</E>
                     Owners of container facilities.
                </P>
                <P>
                    <E T="03">Frequency:</E>
                     On occasion.
                </P>
                <P>
                    <E T="03">Hour Burden Estimate:</E>
                     The estimated burden has increased from 625 hours to 770 hours a year, due to an increase in the estimated annual number of responses.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     The Paperwork Reduction Act of 1995; 44 U.S.C. chapter 35, as amended.
                </P>
                <SIG>
                    <DATED>Dated: November 26, 2025.</DATED>
                    <NAME>Bradley E. White,</NAME>
                    <TITLE>(Acting) Chief, Office of Privacy Management, U.S. Coast Guard.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21677 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 9110-04-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HOMELAND SECURITY</AGENCY>
                <SUBAGY>Coast Guard</SUBAGY>
                <DEPDOC>[Docket No. USCG-2025-0344]</DEPDOC>
                <SUBJECT>Information Collection Request to Office of Management and Budget; OMB Control Number: 1625-0040</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Coast Guard, DHS.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Sixty-day notice requesting comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>In compliance with the Paperwork Reduction Act of 1995, the U.S. Coast Guard intends to submit an Information Collection Request (ICR) to the Office of Management and Budget (OMB), Office of Information and Regulatory Affairs (OIRA), requesting an extension of its approval for the following collection of information: 1625-0040, Applications for Merchant Mariner Credentials and Medical Certificates; with change. Our ICR describes the information we seek to collect from the public. Before submitting this ICR to OIRA, the Coast Guard is inviting comments as described below.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments must reach the Coast Guard on or before January 30, 2026.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        You may submit comments identified by Coast Guard docket number [USCG-2025-0344] to the Coast Guard using the Federal eRulemaking Portal at 
                        <E T="03">https://www.regulations.gov.</E>
                         See the “Public participation and request for comments” portion of the 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                         section for further instructions on submitting comments.
                    </P>
                    <P>
                        A copy of the ICR is available through the docket on the internet at 
                        <E T="03">https://www.regulations.gov.</E>
                         Additionally, copies are available from: COMMANDANT (CG-C5I-P), ATTN: PAPERWORK REDUCTION ACT MANAGER, U.S. COAST GUARD, 2703 MARTIN LUTHER KING JR. AVE SE, STOP 7710, WASHINGTON, DC 20593-7710.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        A.L. Craig, Office of Privacy Management, telephone (571) 607-4058, or email 
                        <E T="03">hqs-dg-m-cg-61-pii@uscg.mil</E>
                         for questions on these documents.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Public Participation and Request for Comments</HD>
                <P>This notice relies on the authority of the Paperwork Reduction Act of 1995; 44 U.S.C.., chapter 35, as amended. An ICR is an application to OIRA seeking the approval, extension, or renewal of a Coast Guard collection of information (Collection). The ICR contains information describing the Collection's purpose, the Collection's likely burden on the affected public, an explanation of the necessity of the Collection, and other important information describing the Collection. There is one ICR for each Collection.</P>
                <P>The Coast Guard invites comments on whether this ICR should be granted based on the Collection being necessary for the proper performance of Departmental functions. In particular, the Coast Guard would appreciate comments addressing: (1) the practical utility of the Collection; (2) the accuracy of the estimated burden of the Collection; (3) ways to enhance the quality, utility, and clarity of information subject to the Collection; and (4) ways to minimize the burden of the Collection on respondents, including the use of automated collection techniques or other forms of information technology.</P>
                <P>In response to your comments, we may revise this ICR or decide not to seek an extension of approval for the Collection with change. We will consider all comments and material received during the comment period.</P>
                <P>We encourage you to respond to this request by submitting comments and related materials. Comments must contain the OMB Control Number of the ICR and the docket number of this request, USCG-2025-0344, and must be received by January 30, 2026.</P>
                <HD SOURCE="HD1">Submitting Comments</HD>
                <P>
                    We encourage you to submit comments through the Federal eRulemaking Portal at 
                    <E T="03">https://www.regulations.gov.</E>
                     If your material cannot be submitted using 
                    <E T="03">https://www.regulations.gov,</E>
                     contact the person in the 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                     section of this document for alternate instructions. Documents mentioned in this notice as being available in the docket, and all public comments, are in our online docket at 
                    <E T="03">https://www.regulations.gov</E>
                     and can be viewed by following that website's instructions. If you go to the online docket and sign up for email alerts, you will be notified when comments are posted.
                </P>
                <P>
                    We accept anonymous comments. Comments we post to 
                    <E T="03">https://www.regulations.gov</E>
                     will include any personal information you have provided. For more about privacy and submissions in response to this document, see DHS's eRulemaking System of Records notice (85 FR 14226, March 11, 2020).
                </P>
                <HD SOURCE="HD1">Information Collection Request</HD>
                <P>
                    <E T="03">Title:</E>
                     Applications for Merchant Mariner Credentials and Medical Certificates.
                </P>
                <P>
                    <E T="03">OMB Control Number:</E>
                     1625-0040.
                </P>
                <P>
                    <E T="03">Summary:</E>
                     This information is necessary to determine competency, character and physical qualifications for the issuance of a Merchant Mariner Credential (MMC) or Medical Certificate.
                    <PRTPAGE P="55148"/>
                </P>
                <P>
                    <E T="03">Need:</E>
                     46 CFR parts 10-13 and 16 detail the requirements for the issuance of an MMC or Medical Certificate.
                </P>
                <P>
                    <E T="03">Forms:</E>
                      
                </P>
                <FP SOURCE="FP-1">• CG-718A, Certificate of Discharge to Merchant Mariner.</FP>
                <FP SOURCE="FP-1">• CG-719B, Application for Merchant Mariner Credential.</FP>
                <FP SOURCE="FP-1">• CG-719C, Disclosure Statement for Narcotics, DWI/DUI, and/or Other Convictions.</FP>
                <FP SOURCE="FP-1">• CG-719D, Application for Duplicate Merchant Mariner Credential and Medical Certificate.</FP>
                <FP SOURCE="FP-1">• CG-719K, Application for Medical Certificate.</FP>
                <FP SOURCE="FP-1">• CG-719K/E, Application for Medical Certificate, Short Form.</FP>
                <FP SOURCE="FP-1">• CG-719P, DOT/USCG Periodic Drug Testing Form.</FP>
                <FP SOURCE="FP-1">• CG-719S, Small Vessel Sea Service Form.</FP>
                <P>
                    <E T="03">Basis for the change to the Forms:</E>
                     The majority of changes to the forms in this collection are not associated with new statutory or regulatory authority, but rather improvements to the flow and quality of content, user functionality, and to aid the Coast Guard in processing applications. The forms have undergone significant reorganization in response to recommendations from the National Merchant Mariner Medical Advisory Committee (NMEDMAC), the National Merchant Marine Personnel Advisory Committee (NMERPAC), and comments from the public provided at the NMEDMAC and NMERPAC public meetings. As an example, the wording, location and specificity of form instructions were revised to provide better clarity and to improve ease of use. Key instructions are now located within the corresponding section of the form to reduce the need for mariner applicants to flip back and forth between pages to search for instructions. This improvement is also expected to reduce processing delays caused by submission of incomplete forms. Another improvement is that these forms will now provide an option for applicants to sign the forms using an electronic signature. Finally, additional language was added to Criminal Record Review section of the CG-719B to clarify that mariners must disclose all convictions, including convictions for boating safety crimes. Additionally, for applicants without convictions who have used or been addicted to dangerous drugs, the CG-719B form now provides a place for them to list the drugs used without having to fill out a CG-719C.
                </P>
                <P>
                    <E T="03">Basis for the change for the addition of Forms to this collection:</E>
                     First, the Coast Guard is proposing to add a new optional form, the CG-719D, to provide a convenient option for individuals who want to request a duplicate merchant mariner credential or duplicate medical certificate. Second, the Coast Guard seeks comments on adding form CG-718A “Certificate of Discharge to Merchant Mariner” into this collection. Coast Guard personnel use form CG-718A to evaluate an applicant for an MMC. Form CG-718A was previously accounted for under OMB Control Number 1625-0012.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     Applicants for MMC, whether original, renewal, duplicate, raise of grade, or a new endorsement on a previously issued MMC. Applicants for Medical Certificates to include National and STCW credentialed mariners, and first-class pilots.
                </P>
                <P>
                    <E T="03">Frequency:</E>
                     On occasion.
                </P>
                <P>
                    <E T="03">Hour Burden Estimate:</E>
                     The estimated burden has decreased from 62,006 hours to 57,333 hours a year; due to a decrease in the estimated annual number of responses.
                </P>
                <AUTH>
                    <HD SOURCE="HED">
                        <E T="03">Authority:</E>
                    </HD>
                    <P> The Paperwork Reduction Act of 1995; 44 U.S.C. chapter 35, as amended.</P>
                </AUTH>
                <SIG>
                    <DATED>Dated: November 26, 2025.</DATED>
                    <NAME>Bradley E. White,</NAME>
                    <TITLE>(Acting) Chief, Office of Privacy Management, U.S. Coast Guard.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21676 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 9110-04-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HOMELAND SECURITY</AGENCY>
                <SUBAGY>Coast Guard</SUBAGY>
                <DEPDOC>[Docket No. USCG-2025-0151]</DEPDOC>
                <SUBJECT>Collection of Information Under Review by Office of Management and Budget; OMB Control Number: 1625-0056</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Coast Guard, DHS.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Thirty-day notice requesting comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>In compliance with the Paperwork Reduction Act of 1995 the U.S. Coast Guard is forwarding an Information Collection Request (ICR), abstracted below, to the Office of Management and Budget (OMB), Office of Information and Regulatory Affairs (OIRA), requesting an extension of its approval for the following collection of information: 1625-0056, Labeling required in 33 CFR parts 181 and 183 and 46 CFR 25.10-3; without change. Our ICR describes the information we seek to collect from the public. Review and comments by OIRA ensure we only impose paperwork burdens commensurate with our performance of duties.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>You may submit comments to the Coast Guard and OIRA on or before December 31, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Comments to the Coast Guard should be submitted using the Federal eRulemaking Portal at 
                        <E T="03">https://www.regulations.gov.</E>
                         Search for docket number [USCG-2025-0151]. Written comments and recommendations to OIRA for the proposed information collection should be sent within 30 days of publication of this notice to 
                        <E T="03">https://www.reginfo.gov/public/do/PRAMain.</E>
                    </P>
                    <P>Find this particular information collection by selecting “Currently under 30-day Review—Open for Public Comments” or by using the search function.</P>
                    <P>
                        A copy of the ICR is available through the docket on the internet at 
                        <E T="03">https://www.regulations.gov.</E>
                         Additionally, copies are available from: COMMANDANT (CG-C5I-P), ATTN: PAPERWORK REDUCTION ACT MANAGER, U.S. COAST GUARD, 2703 MARTIN LUTHER KING JR. AVE. SE, STOP 7710, WASHINGTON, DC 20593-7710.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        A.L. Craig, Office of Privacy Management, telephone (571) 607-4058, or email 
                        <E T="03">hqs-dg-m-cg-61-pii@uscg.mil</E>
                         for questions on these documents.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Public Participation and Request for Comments</HD>
                <P>This notice relies on the authority of the Paperwork Reduction Act of 1995; 44 U.S.C., chapter 35, as amended. An ICR is an application to OIRA seeking the approval, extension, or renewal of a Coast Guard collection of information (Collection). The ICR contains information describing the Collection's purpose, the Collection's likely burden on the affected public, an explanation of the necessity of the Collection, and other important information describing the Collection. There is one ICR for each Collection.</P>
                <P>
                    The Coast Guard invites comments on whether this ICR should be granted based on the Collection being necessary for the proper performance of Departmental functions. In particular, the Coast Guard would appreciate comments addressing: (1) the practical utility of the Collection; (2) the accuracy of the estimated burden of the Collection; (3) ways to enhance the quality, utility, and clarity of information subject to the Collection; and (4) ways to minimize the burden of the Collection on respondents, including the use of automated collection techniques or other forms of information technology. These 
                    <PRTPAGE P="55149"/>
                    comments will help OIRA determine whether to approve the ICR referred to in this Notice.
                </P>
                <P>We encourage you to respond to this request by submitting comments and related materials. Comments to Coast Guard or OIRA must contain the OMB Control Number of the ICR. They must also contain the docket number of this request, USCG-2025-0151, and must be received by December 31, 2025.</P>
                <HD SOURCE="HD1">Submitting Comments</HD>
                <P>
                    We encourage you to submit comments through the Federal eRulemaking Portal at 
                    <E T="03">https://www.regulations.gov.</E>
                     If your material cannot be submitted using 
                    <E T="03">https://www.regulations.gov,</E>
                     contact the person in the 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                     section of this document for alternate instructions. Documents mentioned in this notice, and all public comments, are in our online docket at 
                    <E T="03">https://www.regulations.gov</E>
                     and can be viewed by following that website's instructions. If you go to the online docket and sign up for email alerts, you will be notified when comments are posted.
                </P>
                <P>
                    We accept anonymous comments. Comments we post to 
                    <E T="03">https://www.regulations.gov</E>
                     will include any personal information you have provided. For more about privacy and submissions to the Coast Guard in response to this document, see DHS's eRulemaking System of Records notice (85 FR 14226, March 11, 2020). For more about privacy and submissions to OIRA in response to this document, see the 
                    <E T="03">https://www.reginfo.gov,</E>
                     comment-submission web page. OIRA posts its decisions on ICRs online at 
                    <E T="03">https://www.reginfo.gov/public/do/PRAMain</E>
                     after the comment period for each ICR. An OMB Notice of Action on each ICR will become available via a hyperlink in the OMB Control Number: 1625-0056.
                </P>
                <HD SOURCE="HD1">Previous Request for Comments</HD>
                <P>This request provides a 30-day comment period required by OIRA. The Coast Guard published the 60-day notice (90 FR 34664, July 23, 2025) required by 44 U.S.C. 3506(c)(2). That notice elicited no comments. Accordingly, no changes have been made to the Collection.</P>
                <HD SOURCE="HD1">Information Collection Request</HD>
                <P>
                    <E T="03">Title:</E>
                     Labeling required in 33 CFR Parts and 183 and 46 CFR 25.10-3.
                </P>
                <P>
                    <E T="03">OMB Control Number:</E>
                     1625-0056.
                </P>
                <P>
                    <E T="03">Summary:</E>
                     Parts 181 and 183 of 33 CFR and 46 CFR 25.10-3 contain the regulations and safety standards authorized by the statutes which apply to manufacturers of recreational boats, un-inspected commercial vessels, and associated equipment. The regulations and safety standards contain information collections, which require boat and associated equipment manufacturers, importers and the boating public to apply for serial numbers and to display various labels evidencing compliance: Hull Identification Numbers; U.S. Coast Guard Maximum Capacities Label; Gasoline Fuel Tank Label; USCG Type Fuel Hose Label; and Certified Navigation Light Label.
                </P>
                <P>
                    <E T="03">Need:</E>
                     46 U.S.C. 4302(a)(3) gives the Coast Guard the authority to require the display of seals, labels, plates, insignia, or other devices for certifying or evidencing compliance with safety regulations and standards of the United States Government for recreational vessels and associated equipment.
                </P>
                <P>
                    <E T="03">Forms:</E>
                     CG-9070, Application for Manufacturer Identification Code (MIC).
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     Manufacturers of boats, fuel tanks, fuel hoses and navigation lights.
                </P>
                <P>
                    <E T="03">Frequency:</E>
                     Various.
                </P>
                <P>
                    <E T="03">Hour Burden Estimate:</E>
                     The estimated burden has increased from 197,785 to 198,247 hours annually due to the number of respondents.
                </P>
                <EXTRACT>
                    <FP>(Authority: The Paperwork Reduction Act of 1995; 44 U.S.C. chapter 35, as amended.)</FP>
                </EXTRACT>
                <SIG>
                    <DATED> Dated: November 26, 2025.</DATED>
                    <NAME>Bradley E. White,</NAME>
                    <TITLE>(Acting) Chief, Office of Privacy Management, U.S. Coast Guard.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21675 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 9110-04-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HOMELAND SECURITY</AGENCY>
                <SUBAGY>Coast Guard</SUBAGY>
                <DEPDOC>[Docket No. USCG-2025-0295]</DEPDOC>
                <SUBJECT>Information Collection Request to Office of Management and Budget; OMB Control Number: 1625-0023</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Coast Guard, DHS.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Sixty-day notice requesting comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>In compliance with the Paperwork Reduction Act of 1995, the U.S. Coast Guard intends to submit an Information Collection Request (ICR) to the Office of Management and Budget (OMB), Office of Information and Regulatory Affairs (OIRA), requesting an extension of its approval for the following collection of information: 1625-0023, Barge Fleeting Facility Records; without change. Our ICR describes the information we seek to collect from the public. Before submitting this ICR to OIRA, the Coast Guard is inviting comments as described below.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments must reach the Coast Guard on or before January 30, 2026.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        You may submit comments identified by Coast Guard docket number [USCG-2025-0295] to the Coast Guard using the Federal eRulemaking Portal at 
                        <E T="03">https://www.regulations.gov.</E>
                         See the “Public participation and request for comments” portion of the 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                         section for further instructions on submitting comments.
                    </P>
                    <P>
                        A copy of the ICR is available through the docket on the internet at 
                        <E T="03">https://www.regulations.gov.</E>
                         Additionally, copies are available from: COMMANDANT (CG-C5I-P), ATTN: PAPERWORK REDUCTION ACT MANAGER, U.S. COAST GUARD, 2703 MARTIN LUTHER KING JR. AVE SE, STOP 7710, WASHINGTON, DC 20593-7710.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        A.L. Craig, Office of Privacy Management, telephone (571) 607-4058, or email 
                        <E T="03">hqs-dg-m-cg-61-pii@uscg.mil</E>
                         for questions on these documents.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">Public Participation and Request for Comments</HD>
                <P>This notice relies on the authority of the Paperwork Reduction Act of 1995; 44 U.S.C., chapter 35, as amended. An ICR is an application to OIRA seeking the approval, extension, or renewal of a Coast Guard collection of information (Collection). The ICR contains information describing the Collection's purpose, the Collection's likely burden on the affected public, an explanation of the necessity of the Collection, and other important information describing the Collection. There is one ICR for each Collection.</P>
                <P>The Coast Guard invites comments on whether this ICR should be granted based on the Collection being necessary for the proper performance of Departmental functions. In particular, the Coast Guard would appreciate comments addressing: (1) the practical utility of the Collection; (2) the accuracy of the estimated burden of the Collection; (3) ways to enhance the quality, utility, and clarity of information subject to the Collection; and (4) ways to minimize the burden of the Collection on respondents, including the use of automated collection techniques or other forms of information technology.</P>
                <P>
                    In response to your comments, we may revise this ICR or decide not to seek 
                    <PRTPAGE P="55150"/>
                    an extension of approval for the Collection. We will consider all comments and material received during the comment period.
                </P>
                <P>We encourage you to respond to this request by submitting comments and related materials. Comments must contain the OMB Control Number of the ICR and the docket number of this request, USCG-2025-0295 and must be received by January 30, 2026.</P>
                <HD SOURCE="HD1">Submitting Comments</HD>
                <P>
                    We encourage you to submit comments through the Federal eRulemaking Portal at 
                    <E T="03">https://www.regulations.gov.</E>
                     If your material cannot be submitted using 
                    <E T="03">https://www.regulations.gov,</E>
                     contact the person in the 
                    <E T="02">FOR FURTHER INFORMATION CONTACT</E>
                     section of this document for alternate instructions. Documents mentioned in this notice as being available in the docket, and all public comments, are in our online docket at 
                    <E T="03">https://www.regulations.gov</E>
                     and can be viewed by following that website's instructions. If you go to the online docket and sign up for email alerts, you will be notified when comments are posted.
                </P>
                <P>
                    We accept anonymous comments. Comments we post to 
                    <E T="03">https://www.regulations.gov</E>
                     will include any personal information you have provided. For more about privacy and submissions in response to this document, see DHS's eRulemaking System of Records notice (85 FR 14226, March 11, 2020).
                </P>
                <HD SOURCE="HD1">Information Collection Request</HD>
                <P>
                    <E T="03">Title:</E>
                     Barge Fleeting Facility Records.
                </P>
                <P>
                    <E T="03">OMB Control Number:</E>
                     1625-0023.
                </P>
                <P>
                    <E T="03">Summary:</E>
                     The regulations require the person in charge of certain barge fleeting facilities to keep records of twice daily inspections of barge moorings and movements of barges and hazardous cargo in and out of a facility.
                </P>
                <P>
                    <E T="03">Need:</E>
                     Title 33 CFR 165.803 requirements are intended to prevent barges from breaking away from a fleeting facility and drifting downstream out of control in the congested Lower Mississippi River waterway system.
                </P>
                <P>
                    <E T="03">Forms:</E>
                     None.
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     Operators of barge fleeting facilities.
                </P>
                <P>
                    <E T="03">Frequency:</E>
                     Daily.
                </P>
                <P>
                    <E T="03">Hour Burden Estimate:</E>
                     The estimated burden remains 7,777 hours a year.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     The Paperwork Reduction Act of 1995; 44 U.S.C. chapter 35, as amended.
                </P>
                <SIG>
                    <DATED>Dated: November 21, 2025.</DATED>
                    <NAME>Bradley E. White,</NAME>
                    <TITLE>(Acting) Chief, Office of Privacy Management, U.S. Coast Guard.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21699 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 9110-04-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HOMELAND SECURITY</AGENCY>
                <SUBAGY>U.S. Customs and Border Protection</SUBAGY>
                <DEPDOC>[OMB Control Number 1651-0147]</DEPDOC>
                <SUBJECT>Agency Information Collection Activities; Extension; International Mail Duty Worksheet</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>U.S. Customs and Border Protection (CBP), Department of Homeland Security.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>60-Day notice and request for comments</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        The Department of Homeland Security, U.S. Customs and Border Protection (CBP) 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 (PRA). The information collection is published in the 
                        <E T="04">Federal Register</E>
                         to obtain comments from the public and affected agencies.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments are encouraged and must be submitted (no later than January 30, 2026) to be assured of consideration.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>Written comments and/or suggestions regarding the item(s) contained in this notice must include the OMB Control Number 1651-0147 in the subject line and the agency name. Please submit written comments and/or suggestions in English. Please use the following method to submit comments:</P>
                    <P>
                        <E T="03">Email:</E>
                         Submit comments to: 
                        <E T="03">CBP_PRA@cbp.dhs.gov.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Requests for additional PRA information should be directed to Seth Renkema, Chief, Economic Impact Analysis Branch, U.S. Customs and Border Protection, Office of Trade, Regulations and Rulings, 90 K Street NE, 10th Floor, Washington, DC 20229-1177, Telephone number 202-325-0056 or via email 
                        <E T="03">CBP_PRA@cbp.dhs.gov.</E>
                         Please note that the contact information provided here is solely for questions regarding this notice. Individuals seeking information about other CBP programs should contact the CBP National Customer Service Center at 877-227-5511, (TTY) 1-800-877-8339, or CBP website at 
                        <E T="03">https://www.cbp.gov/.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    CBP invites the general public and other Federal agencies to comment on the proposed and/or continuing information collections pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 
                    <E T="03">et seq.</E>
                    ). This process is conducted in accordance with 5 CFR 1320.8. Written comments and suggestions from the public and affected agencies should address one or more of the following four points: (1) whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (2) 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; (3) suggestions to enhance the quality, utility, and clarity of the information to be collected; and (4) suggestions to 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. The comments that are submitted will be summarized and included in the request for approval. All comments will become a matter of public record.
                </P>
                <HD SOURCE="HD1">Overview of This Information Collection</HD>
                <P>
                    <E T="03">Title:</E>
                     International Mail Duty Worksheet.
                </P>
                <P>
                    <E T="03">OMB Number:</E>
                     1651-0147.
                </P>
                <P>
                    <E T="03">Form Number:</E>
                     N/A.
                </P>
                <P>
                    <E T="03">Current Actions:</E>
                     Extension.
                </P>
                <P>
                    <E T="03">Type of Review:</E>
                     Extension (without change).
                </P>
                <P>
                    <E T="03">Affected Public:</E>
                     Individuals.
                </P>
                <P>
                    <E T="03">Abstract:</E>
                     In order to effectuate the President's Executive Order 14324 of July 30, 2025 (Suspending Duty-Free 
                    <E T="03">De Minimis</E>
                     Treatment For All Countries), which suspends the duty-free 
                    <E T="03">de minimis</E>
                     exemption provided under section 321(a)(2)(C) of the Tariff Act of 1930, as amended, for all products, regardless of country of origin, valued at $800 or less, and requires such articles, except those articles sent to the United States through the international postal network, to be subject to the formal or informal entry process, and establishes a new duty rate for international postal packages sent to the United States through the international postal network, the Secretary of Homeland Security has determined that appropriate action is needed to ensure collection of applicable duties as well as to modify the Harmonized Tariff 
                    <PRTPAGE P="55151"/>
                    Schedule of the United States (HTSUS) as set out in the Annex to this notice.
                </P>
                <P>
                    On January 20, 2025, the President declared a national emergency with respect to the grave threat to the United States posed by the influx of illegal aliens and drugs into the United States, in Proclamation 10886 (Declaring a National Emergency at the Southern Border of the United States). 
                    <E T="03">See</E>
                     National Emergencies Act (50 U.S.C. 1601 
                    <E T="03">et seq.</E>
                    ) (NEA).
                </P>
                <P>
                    In Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), the President declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Canada to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs. In that order, the President determined that it was necessary and appropriate to, among other things, suspend duty-free 
                    <E T="03">de minimis</E>
                     treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) and section 2(b) of that order. In Executive Order 14226 of March 2, 2025 (Amendment to Duties To Address the Flow of Illicit Drugs Across Our Northern Border), the President paused the suspension of duty-free 
                    <E T="03">de minimis</E>
                     treatment on such articles until the President received a notification from the Secretary of Commerce that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free 
                    <E T="03">de minimis</E>
                     treatment.
                </P>
                <P>
                    In Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), the President declared a national emergency regarding the unusual and extraordinary threat to the safety and security of Americans, including the public health crisis caused by fentanyl and other illicit drugs and the failure of Mexico to do more to arrest, seize, detain, or otherwise intercept drug trafficking organizations, other drug and human traffickers, criminals at large, and illicit drugs. In that order, the President determined that it was necessary and appropriate to, among other things, suspend duty-free 
                    <E T="03">de minimis</E>
                     treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order. In Executive Order 14227 of March 2, 2025 (Amendment to Duties To Address the Situation at Our Southern Border), the President paused the suspension of duty-free 
                    <E T="03">de minimis</E>
                     treatment on such articles until the President received a notification from the Secretary of Commerce that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free 
                    <E T="03">de minimis</E>
                     treatment.
                </P>
                <P>
                    In Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People's Republic of China), the President declared a national emergency regarding the unusual and extraordinary threat from the failure of the Government of the People's Republic of China (PRC) to arrest, seize, detain, or otherwise intercept chemical precursor suppliers, money launderers, other transnational criminal organizations, criminals at large, and illicit drugs. In that order, the President determined that it was necessary and appropriate to, among other things, suspend duty-free 
                    <E T="03">de minimis</E>
                     treatment under 19 U.S.C. 1321(a)(2)(C) for articles described in section 2(a) of that order. In Executive Order 14200 of February 5, 2025 (Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People's Republic of China), the President paused the suspension of duty-free 
                    <E T="03">de minimis</E>
                     treatment for articles described in section 2(a) of Executive Order 14195 until the President received a notification from the Secretary of Commerce that adequate systems are in place to fully and expeditiously process and collect duties for such articles that would otherwise be eligible for duty-free 
                    <E T="03">de minimis</E>
                     treatment.
                </P>
                <P>
                    The President subsequently received notification from the Secretary of Commerce that adequate systems have been established to process and collect duties for articles of the PRC and Hong Kong that would otherwise be eligible for duty-free 
                    <E T="03">de minimis</E>
                     treatment, and in Executive Order 14256 of April 2, 2025 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People's Republic of China as Applied to Low-Value Imports), the President suspended duty-free 
                    <E T="03">de minimis</E>
                     treatment under 19 U.S.C. 1321(a)(2)(C) for products of the PRC and Hong Kong described in section 2(a) of Executive Order 14195, as amended by Executive Order 14228 (Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People's Republic of China). In addition, the President instructed the Secretary of Commerce to submit a report regarding the impact of Executive Order 14256 on American industries, consumers, and supply chains and to make recommendations for further action as he deems necessary.
                </P>
                <P>
                    In Executive Order 14257 of April 2, 2025 (Regulating Imports With a Reciprocal Tariff To Rectify Trade Practices That Contribute to Large and Persistent Annual United States Goods Trade Deficits), the President declared a national emergency with respect to underlying conditions indicated by the large and persistent annual U.S. goods trade deficits. The President also provided that duty-free 
                    <E T="03">de minimis</E>
                     treatment under 19 U.S.C. 1321(a)(2)(C) would remain available for products described in section 3(a) of that order until the President received a notification by the Secretary of Commerce that adequate systems are in place to fully and expeditiously process and collect duties applicable for articles otherwise eligible for duty-free 
                    <E T="03">de minimis</E>
                     treatment.
                </P>
                <P>
                    The Secretary of Commerce has notified the President that adequate systems are now in place to fully and expeditiously process and collect duties for articles otherwise eligible for duty-free 
                    <E T="03">de minimis</E>
                     treatment on a global basis, including for products described in section 2(a) and section 2(b) of Executive Order 14193, section 2(a) of Executive Order 14194, and section 3(a) of Executive Order 14257.
                </P>
                <P>
                    As stated in the President's Executive Order 14324 of July 30, 2025 (Suspending Duty-Free 
                    <E T="03">De Minimis</E>
                     Treatment For All Countries), the President determined that it is still necessary and appropriate to suspend duty-free 
                    <E T="03">de minimis</E>
                     treatment under 19 U.S.C. 1321(a)(2)(C) in the manner and for the articles described below to deal with the unusual and extraordinary threats, which have their source in whole or substantial part outside the United States, to the national security, foreign policy, and economy of the United States.
                </P>
                <P>
                    In Executive Order 14193 the President determined that it is necessary and appropriate to suspend duty-free 
                    <E T="03">de minimis</E>
                     treatment under 19 U.S.C. 1321(a)(2)(C) for certain Canadian goods to deal with the emergency declared in Executive Order 14193, as amended. In the President's judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14193, as amended, are effective in addressing the emergency declared in Executive Order 14193 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14193 is not undermined. For example, many shippers go to great lengths to evade law enforcement and hide illicit substances in imports that go through international 
                    <PRTPAGE P="55152"/>
                    commerce. These shippers conceal the true contents of shipments sent to the United States through deceptive shipping practices. Some of the techniques employed by these shippers to conceal the true contents of the shipments, the identity of the distributors, and the country of origin of the imports include the use of re-shippers in the United States, false invoices, fraudulent postage, and deceptive packaging. The risks of evasion, deception, and illicit-drug importation are particularly high for low-value articles that have been eligible for duty-free 
                    <E T="03">de minimis</E>
                     treatment.
                </P>
                <P>
                    Independently, the President also determined that it is necessary and appropriate to suspend duty-free 
                    <E T="03">de minimis</E>
                     treatment under 19 U.S.C. 1321(a)(2)(C) for certain Mexican goods to deal with the emergency declared in Executive Order 14194, as amended. In the President's judgment, and for substantially similar reasons as above, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14194, as amended, are effective in addressing the emergency declared in Executive Order 14194 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14194 is not undermined.
                </P>
                <P>
                    Independently, and after considering information newly provided by the Secretary of Commerce, among other things, the President determined that it is still necessary and appropriate to continue to suspend duty-free 
                    <E T="03">de minimis</E>
                     treatment under 19 U.S.C. 1321(a)(2)(C) for certain goods of the PRC and Hong Kong to deal with the emergency declared in Executive Order 14195, as amended. In the President's judgment, and for substantially similar reasons as above, this suspension is still necessary and appropriate to ensure that the tariffs imposed by Executive Order 14195, as amended, are effective in addressing the emergency declared in Executive Order 14195 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14195 is not undermined.
                </P>
                <P>
                    Also independently, the President determined that it is necessary and appropriate to suspend duty-free 
                    <E T="03">de minimis</E>
                     treatment under 19 U.S.C. 1321(a)(2)(C) on a global basis to deal with the emergency declared in Executive Order 14257, as amended. In the President's judgment, this suspension is necessary and appropriate to ensure that the tariffs imposed by Executive Order 14257, as amended, are not evaded and are effective in addressing the emergency declared in Executive Order 14257 and that the purpose of this action and other actions to address the emergency declared in Executive Order 14257 is not undermined.
                </P>
                <P>The following modified information collection listed below is being submitted to OMB for consideration of approval on an emergency clearance, with the justification of an unanticipated event and reasons to believe following the normal PRA process is likely to prevent or disrupt the collection of information and cause public harm.</P>
                <HD SOURCE="HD1">Modification of the CBP International Mail Duty Worksheet</HD>
                <P>
                    In order for carriers to submit the information required by E.O. 14324, as amended, carriers will fill out the modified CBP International Mail Duty Worksheet (IMDW) and submit it via email to 
                    <E T="03">CBPDM@cbp.gov</E>
                     and 
                    <E T="03">IntlMailDutyHelp@cbp.dhs.gov.</E>
                </P>
                <P>CBP invites the public to comment on the previously approved emergency changes described above.</P>
                <P>
                    <E T="03">Type of Information Collection:</E>
                     International Mail Duty Worksheet.
                </P>
                <P>
                    <E T="03">Estimated Number of Respondents:</E>
                     100.
                </P>
                <P>
                    <E T="03">Estimated Number of Annual Responses per Respondent:</E>
                     12.
                </P>
                <P>
                    <E T="03">Estimated Number of Total Annual Responses:</E>
                     1,200.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     2 hours.
                </P>
                <P>
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     2,400.
                </P>
                <SIG>
                    <NAME>Seth D. Renkema,</NAME>
                    <TITLE>Branch Chief, Economic Impact Analysis Branch, U.S. Customs and Border Protection.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21606 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 9111-14-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HOMELAND SECURITY</AGENCY>
                <SUBAGY>U.S. Customs and Border Protection</SUBAGY>
                <DEPDOC>[OMB Control Number 1651-0022]</DEPDOC>
                <SUBJECT>Agency Information Collection Activities; Revision; Entry Summary</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>U.S. Customs and Border Protection (CBP), Department of Homeland Security.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>30-Day notice and request for comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        The Department of Homeland Security, U.S. Customs and Border Protection (CBP) 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 (PRA). The information collection is published in the 
                        <E T="04">Federal Register</E>
                         to obtain comments from the public and affected agencies.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments are encouraged and must be submitted (no later than December 31, 2025) to be assured of consideration.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and/or suggestions regarding the item(s) contained in this notice should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         Please submit written comments and/or suggestions in English. 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>
                        Requests for additional PRA information should be directed to Seth Renkema, Chief, Economic Impact Analysis Branch, U.S. Customs and Border Protection, Office of Trade, Regulations and Rulings, 90 K Street NE, 10th Floor, Washington, DC 20229-1177, Telephone number 202-325-0056 or via email 
                        <E T="03">CBP_PRA@cbp.dhs.gov.</E>
                         Please note that the contact information provided here is solely for questions regarding this notice. Individuals seeking information about other CBP programs should contact the CBP National Customer Service Center at 877-227-5511, (TTY) 1-800-877-8339, or CBP website at 
                        <E T="03">https://www.cbp.gov/.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    CBP invites the general public and other Federal agencies to comment on the proposed and/or continuing information collections pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 
                    <E T="03">et seq.</E>
                    ). This proposed information collection was previously published in the 
                    <E T="04">Federal Register</E>
                     (90 FR 46624) on September 29, 2025, allowing for a 60-day comment period. This notice allows for an additional 30 days for public comments. This process is conducted in accordance with 5 CFR 1320.8. Written comments and suggestions from the public and affected agencies should address one or more of the following four points: (1) whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (2) 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; (3) 
                    <PRTPAGE P="55153"/>
                    suggestions to enhance the quality, utility, and clarity of the information to be collected; and (4) suggestions to 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. The comments that are submitted will be summarized and included in the request for approval. All comments will become a matter of public record.
                </P>
                <HD SOURCE="HD1">Overview of This Information Collection</HD>
                <P>
                    <E T="03">Title:</E>
                     Entry Summary.
                </P>
                <P>
                    <E T="03">OMB Number:</E>
                     1651-0022.
                </P>
                <P>
                    <E T="03">Form Number:</E>
                     7501.
                </P>
                <P>
                    <E T="03">Current Actions:</E>
                     Revision.
                </P>
                <P>
                    <E T="03">Type of Review:</E>
                     Revision.
                </P>
                <P>
                    <E T="03">Affected Public:</E>
                     Importer, importer's agent for each import transaction.
                </P>
                <P>
                    <E T="03">Abstract:</E>
                     CBP Form 7501, 
                    <E T="03">Entry Summary,</E>
                     is used to identify merchandise entering the commerce of the United States, and to document the amount of duty and/or tax paid. CBP Form 7501 is submitted by the importer, or the importer's agent, for each import transaction. The data on this form is used by CBP as a record of the import transaction; to collect the proper duty, taxes, certifications, and enforcement information; and to provide data to the U.S. Census Bureau for statistical purposes. CBP Form 7501 must be filed within 10 working days from the time of entry of merchandise into the United States. Collection of the data on this form is authorized by 19 U.S.C. 1484 and provided for by 19 CFR 141.61 and 19 CFR 142.11. CBP Form 7501 and accompanying instructions can be found at: 
                    <E T="03">https://www.cbp.gov/newsroom/publications/forms?title_1=7501.</E>
                </P>
                <P>
                    <E T="03">Previously approved revision to Form 7501:</E>
                </P>
                <P>For certain Harmonized Tariff Schedule (HTS) classifications of steel imports, the country where the steel used in the manufacture of the product was melted and poured; the country where the steel used in the manufacture of the product was melted and poured applies to the original location where the raw steel is first produced in a steel-making furnace in a liquid state; and then poured into its first solid shape.</P>
                <P>
                    For certain HTS classifications of aluminum imports, the countries where the largest and second largest volume of primary aluminum used in the manufacture of the imported aluminum product was smelted; and the country where the aluminum used in the imported aluminum product was most recently cast. The fields requiring identification of the countries where the largest volume of primary aluminum used in the manufacture of the product was smelted applies to the country where the largest volume of new aluminum metal is produced from alumina (or aluminum oxide) by the electrolytic Hall-Héroult process. Importers may be required to report if primary aluminum from specific countries is used in the imported aluminum product, if required by law and/or Presidential Proclamation.
                    <SU>1</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         The February 24, 2023 Presidential Proclamation on Adjusting Imports of Aluminum Into the United States requires importers to provide to CBP information necessary to identify the countries where the primary aluminum used in the manufacture of certain imports of aluminum articles are smelted and information necessary to identify the countries where such aluminum articles imports are cast. This notice proposes to add the aluminum smelt and cast data fields to Form 7501 independently from the February 24, 2023 Proclamation.
                    </P>
                </FTNT>
                <P>Importers will be required to report on Form 7501 the steel country of melt and pour and aluminum countries of smelt and cast for imports under those steel and aluminum HTS classifications subject to the Commerce Department's steel and aluminum import license applications, and where applicable, the Section 232 steel and aluminum measures.</P>
                <P>The data elements align the Form 7501 reporting requirements with the Commerce Department's existing reporting requirements for steel melt and pour and aluminum smelt and cast countries for steel and aluminum import license applications under 19 CFR 360.103(c)(1) and 19 CFR 361.103(c)(1). The aluminum and steel license application information is used by the Commerce Department for monitoring of anticipated imports of certain aluminum and steel products into the United States. The Form 7501 data is used by CBP to determine, when imports are entered for consumption, the proper number of duties, applicable fees, taxes, and imports subject to quota.</P>
                <P>These data fields are also required to enforce the tariff rate quotas for imported steel and aluminum established by the following Presidential Proclamations under section 232 of the Trade Expansion Act of 1962, as amended: for products of the European Union, Proclamation 10327 of December 27, 2021 (87 FR 1, January 3, 2022) and Proclamation 10328 of December 27, 2021 (87 FR 11, January 3, 2022); for products of Japan (steel-only), Proclamation 10356 of March 31, 2022 (87 FR 19351, April 1, 2022); and for products of the United Kingdom, Proclamation 10405 of May 31, 2022 (87 FR 33583, June 3, 2022) and Proclamation 10406 of May 31, 2022 (87 FR 33591, June 3, 2022); and any amendments to these Proclamations.</P>
                <P>
                    <E T="03">New Changes:</E>
                     Updates to Form 7501 instructions; changes listed specifically in the supporting statement document.
                </P>
                <P>
                    <E T="03">Type of Information Collection:</E>
                     7501 Formal Entry (Electronic submission).
                </P>
                <P>
                    <E T="03">Estimated Number of Respondents:</E>
                     2,336.
                </P>
                <P>
                    <E T="03">Estimated Number of Annual Responses per Respondent:</E>
                     9,903.
                </P>
                <P>
                    <E T="03">Estimated Number of Total Annual Responses:</E>
                     23,133,408.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     5 minutes.
                </P>
                <P>
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     1,920,073.
                </P>
                <P>
                    <E T="03">Type of Information Collection:</E>
                     7501 Formal Entry (Paper Submission).
                </P>
                <P>
                    <E T="03">Estimated Number of Respondents:</E>
                     28.
                </P>
                <P>
                    <E T="03">Estimated Number of Annual Responses per Respondent:</E>
                     9,903.
                </P>
                <P>
                    <E T="03">Estimated Number of Total Annual Responses:</E>
                     277,284.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     20 minutes.
                </P>
                <P>
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     92,336.
                </P>
                <P>
                    <E T="03">Type of Information Collection:</E>
                     7501 Formal Entry w/Softwood Lumber Act of 2008 (Paper Only).
                </P>
                <P>
                    <E T="03">Estimated Number of Respondents:</E>
                     210.
                </P>
                <P>
                    <E T="03">Estimated Number of Annual Responses per Respondent:</E>
                     1,905.
                </P>
                <P>
                    <E T="03">Estimated Number of Total Annual Responses:</E>
                     400,050.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     40 minutes.
                </P>
                <P>
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     266,433.
                </P>
                <P>
                    <E T="03">Type of Information Collection:</E>
                     7501 Informal Entry (Electronic Submission).
                </P>
                <P>
                    <E T="03">Estimated Number of Respondents:</E>
                     1,883.
                </P>
                <P>
                    <E T="03">Estimated Number of Annual Responses per Respondent:</E>
                     2,582.
                </P>
                <P>
                    <E T="03">Estimated Number of Total Annual Responses:</E>
                     4,861,906.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     5 minutes.
                </P>
                <P>
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     403,538.
                </P>
                <P>
                    <E T="03">Type of Information Collection:</E>
                     7501 Informal Entry (Paper Submission).
                </P>
                <P>
                    <E T="03">Estimated Number of Respondents:</E>
                     19.
                </P>
                <P>
                    <E T="03">Estimated Number of Annual Responses per Respondent:</E>
                     2,582.
                </P>
                <P>
                    <E T="03">Estimated Number of Total Annual Responses:</E>
                     49,058.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     15 minutes.
                </P>
                <P>
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     12,265.
                </P>
                <P>
                    <E T="03">Type of Information Collection:</E>
                     7501A Document/Payment Transmittal (Paper Only).
                    <PRTPAGE P="55154"/>
                </P>
                <P>
                    <E T="03">Estimated Number of Respondents:</E>
                     20.
                </P>
                <P>
                    <E T="03">Estimated Number of Annual Responses per Respondent:</E>
                     60.
                </P>
                <P>
                    <E T="03">Estimated Number of Total Annual Responses:</E>
                     1,200.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     15 minutes.
                </P>
                <P>
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     300.
                </P>
                <P>
                    <E T="03">Type of Information Collection:</E>
                     Exclusion Approval Information Letter.
                </P>
                <P>
                    <E T="03">Estimated Number of Respondents:</E>
                     5,000.
                </P>
                <P>
                    <E T="03">Estimated Number of Annual Responses per Respondent:</E>
                     1.
                </P>
                <P>
                    <E T="03">Estimated Number of Total Annual Responses:</E>
                     5,000.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     3 minutes.
                </P>
                <P>
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     250.
                </P>
                <SIG>
                    <NAME>Seth D. Renkema,</NAME>
                    <TITLE>Branch Chief, Economic Impact Analysis Branch, U.S. Customs and Border Protection.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21607 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 9111-14-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF HOMELAND SECURITY</AGENCY>
                <SUBAGY>U.S. Customs and Border Protection</SUBAGY>
                <DEPDOC>[OMB Control Number 1651-0083]</DEPDOC>
                <SUBJECT>Agency Information Collection Activities; Reinstatement; United States-Caribbean Basin Trade Partnership Act (CBTPA) (CBP Form 450)</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>U.S. Customs and Border Protection (CBP), Department of Homeland Security.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>30-Day Notice and request for comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        The Department of Homeland Security, U.S. Customs and Border Protection (CBP) 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 (PRA). The information collection is published in the 
                        <E T="04">Federal Register</E>
                         to obtain comments from the public and affected agencies.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments are encouraged and must be submitted (no later than December 31, 2025) to be assured of consideration.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and/or suggestions regarding the item(s) contained in this notice should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain</E>
                        . Please submit written comments and/or suggestions in English. 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>
                        Requests for additional PRA information should be directed to Seth Renkema, Chief, Economic Impact Analysis Branch, U.S. Customs and Border Protection, Office of Trade, Regulations and Rulings, 90 K Street NE, 10th Floor, Washington, DC 20229-1177, Telephone number 202-325-0056 or via email 
                        <E T="03">CBP_PRA@cbp.dhs.gov.</E>
                         Please note that the contact information provided here is solely for questions regarding this notice. Individuals seeking information about other CBP programs should contact the CBP National Customer Service Center at 877-227-5511, (TTY) 1-800-877-8339, or CBP website at 
                        <E T="03">https://www.cbp.gov/.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    CBP invites the general public and other Federal agencies to comment on the proposed and/or continuing information collections pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 
                    <E T="03">et seq.</E>
                    ). This proposed information collection was previously published in the 
                    <E T="04">Federal Register</E>
                     (90 FR 25062) on June 13, 2025, allowing for a 60-day comment period. This notice allows for an additional 30 days for public comments. This process is conducted in accordance with 5 CFR 1320.8. Written comments and suggestions from the public and affected agencies should address one or more of the following four points: (1) whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (2) 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; (3) suggestions to enhance the quality, utility, and clarity of the information to be collected; and (4) suggestions to 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. The comments that are submitted will be summarized and included in the request for approval. All comments will become a matter of public record.
                </P>
                <HD SOURCE="HD1">Overview of This Information Collection</HD>
                <P>
                    <E T="03">Title:</E>
                     United States-Caribbean Basin Trade Partnership Act (CBTPA).
                </P>
                <P>
                    <E T="03">OMB Number:</E>
                     1651-0083.
                </P>
                <P>
                    <E T="03">Form Number:</E>
                     CBP Form 450.
                </P>
                <P>
                    <E T="03">Current Actions:</E>
                     Reinstatement.
                </P>
                <P>
                    <E T="03">Type of Review:</E>
                     Reinstatement (without change).
                </P>
                <P>
                    <E T="03">Affected Public:</E>
                     Businesses.
                </P>
                <P>
                    <E T="03">Abstract:</E>
                     The provisions of the United States-Caribbean Basin Trade Partnership Act (CBTPA) were adopted by the U.S. with the enactment of the Trade and Development Act of 2000 (Pub. L.106-200). The objective of the CBTPA is to expand trade benefits to countries in the Caribbean Basin. For preferential duty treatment under CBTPA, importers are required to have a CBTPA Certificate of Origin (CBP Form 450) in their possession at the time of the preference claim, and to provide it to CBP upon request. CBP Form 450 collects data such as contact information for the exporter, importer, and producer, as well as information about the goods being claimed and provides instructions for its completion.
                </P>
                <P>
                    This collection of information is provided for by 19 CFR 10.234, 10.236, part 134, 10.195, and 102.21. CBP Form 450 is accessible at: 
                    <E T="03">https://www.cbp.gov/newsroom/publications/forms?title_1=450</E>
                    .
                </P>
                <P>This collection of information applies to the import and trade community, who are familiar with import procedures and with CBP regulations.</P>
                <P>
                    <E T="03">Type of Information Collection:</E>
                     CBTPA Certificate of Origin (Form 450).
                </P>
                <P>
                    <E T="03">Estimated Number of Respondents:</E>
                     15.
                </P>
                <P>
                    <E T="03">Estimated Number of Annual Responses per Respondent:</E>
                     286.
                </P>
                <P>
                    <E T="03">Estimated Number of Total Annual Responses:</E>
                     4,290.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     2 hours.
                </P>
                <P>
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     8,580.
                </P>
                <SIG>
                    <NAME>Seth D. Renkema,</NAME>
                    <TITLE>Branch Chief, Economic Impact Analysis Branch, U.S. Customs and Border Protection.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21609 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 9111-14-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="55155"/>
                <AGENCY TYPE="S">DEPARTMENT OF HOMELAND SECURITY</AGENCY>
                <SUBAGY>U.S. Customs and Border Protection</SUBAGY>
                <DEPDOC>[OMB Control Number 1651-0024]</DEPDOC>
                <SUBJECT>Agency Information Collection Activities; Revision; Entry/Immediate Delivery, and ACE Cargo Release (CBP Form 3461)</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>U.S. Customs and Border Protection (CBP), Department of Homeland Security.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>30-Day Notice and request for comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        The Department of Homeland Security, U.S. Customs and Border Protection (CBP) 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 (PRA). The information collection is published in the 
                        <E T="04">Federal Register</E>
                         to obtain comments from the public and affected agencies.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments are encouraged and must be submitted (no later than December 31, 2025 to be assured of consideration.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and/or suggestions regarding the item(s) contained in this notice should be sent within 30 days of publication of this notice to 
                        <E T="03">www.reginfo.gov/public/do/PRAMain</E>
                        . Please submit written comments and/or suggestions in English. 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>
                        Requests for additional PRA information should be directed to Seth Renkema, Chief, Economic Impact Analysis Branch, U.S. Customs and Border Protection, Office of Trade, Regulations and Rulings, 90 K Street NE, 10th Floor, Washington, DC 20229-1177, Telephone number 202-325-0056 or via email 
                        <E T="03">CBP_PRA@cbp.dhs.gov.</E>
                         Please note that the contact information provided here is solely for questions regarding this notice. Individuals seeking information about other CBP programs should contact the CBP National Customer Service Center at 877-227-5511, (TTY) 1-800-877-8339, or CBP website at 
                        <E T="03">https://www.cbp.gov/.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    CBP invites the general public and other Federal agencies to comment on the proposed and/or continuing information collections pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 
                    <E T="03">et seq.</E>
                    ). This proposed information collection was previously published in the 
                    <E T="04">Federal Register</E>
                     (90 FR 3231) on January 14, 2025, allowing for a 60-day comment period. This notice allows for an additional 30 days for public comments. This process is conducted in accordance with 5 CFR 1320.8. Written comments and suggestions from the public and affected agencies should address one or more of the following four points: (1) whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility; (2) 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; (3) suggestions to enhance the quality, utility, and clarity of the information to be collected; and (4) suggestions to 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. The comments that are submitted will be summarized and included in the request for approval. All comments will become a matter of public record.
                </P>
                <HD SOURCE="HD1">Overview of This Information Collection</HD>
                <P>
                    <E T="03">Title:</E>
                     Entry/Immediate Delivery Application and ACE Cargo Release.
                </P>
                <P>
                    <E T="03">OMB Number:</E>
                     1651-0024.
                </P>
                <P>
                    <E T="03">Form Number:</E>
                     3461 + 3461 ALT.
                </P>
                <P>
                    <E T="03">Current Actions:</E>
                     Revision.
                </P>
                <P>
                    <E T="03">Type of Review:</E>
                     Revision.
                </P>
                <P>
                    <E T="03">Affected Public:</E>
                     Businesses.
                </P>
                <P>
                    <E T="03">Abstract:</E>
                     All items imported into the United States are subject to examination before entering the commerce of the United States. There are two procedures available to affect the release of imported merchandise, including “entry” pursuant to 19 U.S.C. 1484, and “immediate delivery” pursuant to 19 U.S.C. 1448(b). Under both procedures, CBP Forms 3461, Entry/Immediate Delivery, and 3461 ALT are the source documents in the packages presented to Customs and Border Protection (CBP). The information collected on CBP Forms 3461 and 3461 ALT allow CBP officers to verify that the information regarding the consignee and shipment is correct and that a bond is on file with CBP. CBP also uses these forms to close out the manifest and to establish the obligation to pay estimated duties in the time period prescribed by law or regulation. CBP Form 3461 is also a delivery authorization document and is given to the importing carrier to authorize the release of the merchandise.
                </P>
                <P>
                    CBP Forms 3461 and 3461 ALT are provided for by 19 CFR 142.3, 142.16, 141.22, and 141.24. The forms and instructions for Form 3461 are accessible at: 
                    <E T="03">https://www.cbp.gov/newsroom/publications/forms?title=3461&amp;=Apply</E>
                    .
                </P>
                <P>
                    Ace Cargo Release (formerly referred to as “Simplified Entry”) is a program for ACE entry summary filers in which importers or brokers may file ACE Cargo Release data in lieu of filing the CBP Form 3461. This data consists of 12 required elements: importer of record; buyer name and address; buyer employer identification number (consignee number), seller name and address; manufacturer/supplier name and address; Harmonized Tariff Schedule 10-digit number; country of origin; bill of lading; house air waybill number; bill of lading issuer code; entry number; entry type; and estimated shipment value. There are also four optional data elements: the container stuffing location, consolidator name and address, ship to party name and address. There are three Global Business Identifier (GBI) identifiers available to filers: 20-digit Legal Entity Identifier (LEI), 9-digit Data Universal Numbering System (DUNS), and 13-digit Global Location Number (GLN). The GBI Identifiers can be inputted for any of the following parties: manufacturer/producer, seller shipper, exporter, distributor or packager. The GBI identifiers are new optional data elements that are being collected to better identify the legal entity that is interacting with CBP as well as explore opportunities to enhance supply chain traceability and visibility in response to the growing complexity of global trade. The data collected under the ACE Cargo Release program is intended to reduce transaction costs, expedite cargo release, and enhance cargo security. ACE Cargo Release filing minimizes the redundancy of data submitted by the filer to CBP through receiving carrier data from the carrier. This design allows the participants to file earlier in the transportation flow. Guidance on using ACE Cargo Release may be found at 
                    <E T="03">http://www.cbp.gov/trade/ace/features.</E>
                </P>
                <P>It should be noted that ACE Cargo Release was previously called Simplified Entry.</P>
                <P>New Changes:</P>
                <P>
                    1. 
                    <E T="03">Global Business Identifier (GBI):</E>
                     Collectively, the updates proposed below aim to enhance upstream supply chain traceability and visibility while 
                    <PRTPAGE P="55156"/>
                    addressing the increasing complexity of global trade supply chains. All participation and data submitted is voluntary. Find more details about GBI in the 1651-0141 GBI information collection.
                </P>
                <P>▪ The GBI Test is expanding the available supply chain entity party types from the original six optional parties (Manufacturer, Shipper, Seller, Exporter, Distributor, Packager), to include two new parties: “Intermediary” and “Source,” along with optional free text fields that will allow filers to input additional descriptions and information about the specific party type. These party types would be made available in the GBI Enrollment database as well as the Automated Commercial Environment Cargo Release.</P>
                <P>▪ A modification within the Global Business Identifiers (GBI) Enrollment database will allow the trade to submit one or more of the unique GBI's (the Legal Entity Identifier (LEI), Global Location Number (GLN), and Data Universal Numbering System (DUNS)) for a supply chain entity, as opposed to all three as previously approved and announced. Furthermore, a related programming update will enable trade participants the ability to modify or change a previous enrollment, including updating or adding additional GBI numbers.</P>
                <P>▪ CBP intends to expand the choices of identifiers available to filers over the duration of the Test, including those that at no cost to the government provide access to the underlying entity and product specific supply chain data associated with the identifier. This would enhance traceability for CBP which may translate to facilitation benefits and reduced industry costs. CBP has initiated programming requests in ACE to accommodate the intake of additional GBI identifier qualifiers. These changes are under development and there is no defined timeline for their completion. Specifically, CBP will begin by adding to the GBI Test the new Altana ID (ALTA) maintained by Altana Technologies, USG Inc. (Altana). The addition of the ALTA identifier alongside current and future GBI identifiers will widen participants' choices and allow CBP to continue to evaluate the breadth and veracity of entity and supply chain information embedded within different types of identifier solutions already being leveraged by trade industry traceability stewards. It will also contribute to CBP's ongoing exploration of how traced supply chain information may be ingested and operationalized for risk management and facilitation purposes. CBP will add any new identifiers into the collection and submit to OMB for approval as they are determined through a change request (Form 83-C).</P>
                <P>
                    2. 
                    <E T="03">Russian Sanctions Executive Order 14114:</E>
                </P>
                <P>▪ New Data Elements are being added to comply with the Russian sanctions outlined in Executive Order 14114 published on December 22, 2023. The data elements and burden are recorded in the supporting statement of the 1651-0NEW Russian Sanctions information collection package.</P>
                <P>
                    3. 
                    <E T="03">Update to Form 3461/3461ALT Instructions:</E>
                     The instructions on the Form 3461/3461 ALT have been updated to include the new Russian sanctions data elements and text field boxes, as well as being updated to improve user experience and clarity of the form. Find a copy of the new form, with the changes outlined included with this package submission as supplementary documents.
                </P>
                <P>
                    <E T="03">Type of Information Collection:</E>
                     ACE Cargo Release/ABI.
                </P>
                <P>
                    <E T="03">Estimated Number of Respondents:</E>
                     9,810.
                </P>
                <P>
                    <E T="03">Estimated Number of Annual Responses per Respondent:</E>
                     3,041.
                </P>
                <P>
                    <E T="03">Estimated Number of Total Annual Responses:</E>
                     29,832,210.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     10 minutes.
                </P>
                <P>
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     4,972,035.
                </P>
                <P>
                    <E T="03">Type of Information Collection:</E>
                     Form 3461 Paper/Electronic.
                </P>
                <P>
                    <E T="03">Estimated Number of Respondents:</E>
                     12,995.
                </P>
                <P>
                    <E T="03">Estimated Number of Annual Responses per Respondent:</E>
                     1.
                </P>
                <P>
                    <E T="03">Estimated Number of Total Annual Responses:</E>
                     12,995.
                </P>
                <P>
                    <E T="03">Estimated Time per Response:</E>
                     15 minutes.
                </P>
                <P>
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     3,249.
                </P>
                <SIG>
                    <NAME>Robert F. Altneu,</NAME>
                    <TITLE>Director, Regulations and Disclosure Law Division, U.S. Customs and Border Protection.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21726 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 9111-14-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF THE INTERIOR</AGENCY>
                <SUBAGY>Fish and Wildlife Service</SUBAGY>
                <DEPDOC>[FWS-R2-ES-2025-0053; FXES11140200000-256-FF02ENEH00]</DEPDOC>
                <SUBJECT>Notice of Availability; Crossroads-Hobbs-Roadrunner Transmission Project Habitat Conservation Plan and Draft Environmental Assessment; Roosevelt and Lea Counties, New Mexico</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Fish and Wildlife Service, Interior.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of availability; request for comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        We, the U.S. Fish and Wildlife Service, received an application from Nextera Energy Transmission Southwest, LLC for an incidental take permit (permit) supported by the 
                        <E T="03">Crossroads-Hobbs-Roadrunner Transmission Project: Dunes Sagebrush Lizard Habitat Conservation Plan</E>
                         (CTHCP) in Roosevelt and Lea counties, New Mexico. The CTHCP includes a proposed plan to build 137 miles of 345-kV transmission line in Roosevelt and Lea Counties. With this notice, we announce the availability for public comment of the proposed CTHCP and the draft environmental assessment (draft EA). If approved, the requested permit would authorize incidental take of the dunes sagebrush lizard. We invite comments from the public and Federal, Tribal, State, and local governments.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>We must receive your written comments on or before December 31, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P/>
                    <P>
                        <E T="03">Obtaining Documents:</E>
                         The documents this notice announces, as well as any comments and materials that we receive, will be available for public inspection online in Docket No. FWS-R2-ES-2025-0053 at 
                        <E T="03">https://www.regulations.gov.</E>
                    </P>
                    <P>
                        <E T="03">Submitting Comments:</E>
                         If you wish to submit comments on any of the documents, you may do so in writing by one of the following methods:
                    </P>
                    <P>
                        • 
                        <E T="03">Online: https://www.regulations.gov.</E>
                         Follow the instructions for submitting comments on Docket No. FWS-R2-ES-2025-0053.
                    </P>
                    <P>
                        • 
                        <E T="03">U.S. Mail:</E>
                         Public Comments Processing; Attn: Docket No. FWS-R2-ES-2025-0053; 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>
                        Shawn Sartorius, Project Leader, U.S. Fish and Wildlife Service Ecological Services, New Mexico Ecological 
                        <PRTPAGE P="55157"/>
                        Services Field Office; telephone 505-248-6419; email 
                        <E T="03">Shawn_Sartorius@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>
                <P>
                    We, the U.S. Fish and Wildlife Service (Service), make available for public comment the application submitted by Nextera Energy Transmission Southwest, LLC (NEET SW; applicant) for an incidental take permit (permit) under section 10(a)(1)(B) of the Endangered Species Act (ESA; 16 U.S.C. 1531 
                    <E T="03">et seq.</E>
                    ). The application is supported by the proposed 
                    <E T="03">Crossroads-Hobbs-Roadrunner Transmission Project: Dunes Sagebrush Lizard Habitat Conservation Plan</E>
                     (CTHCP) and the associated draft EA. The CTHCP addresses the effects of installing a 137-mile (mi) 345-kilovolt (kV) transmission line and associated access roads in Roosevelt and Lea Counties, New Mexico, on the dunes sagebrush lizard (
                    <E T="03">Sceloporus arenicolus;</E>
                     DSL).
                </P>
                <P>If approved, the proposed CTHCP would offset impacts to 277 acres (ac) of DSL habitat through the establishment of conservation easements on up to 6,000 ac of private land. In addition, the CTHCP would also establish Land Use Restriction or Condition (LURCs) on up to 20,000 ac of New Mexico State Land Office lands to improve habitat connectivity for the DSL for 35 years. The conservation easements will be finalized within 18 months of the start of construction in DSL habitat.</P>
                <P>Authorized incidental take of the DSL would result from construction, operation, and maintenance of the transmission line and associated access roads along with loss of the shinnery oak sand dune habitat on which the DSL depends.</P>
                <P>
                    The associated draft EA has been prepared in accordance with the requirements of the National Environmental Policy Act (NEPA; 42 U.S.C. 4321 
                    <E T="03">et seq.</E>
                    ). The draft EA evaluates the impacts of, and alternatives to, issuing the permit for the Crossroads-Hobbs-Roadrunner transmission line project.
                </P>
                <HD SOURCE="HD1">Background</HD>
                <P>Section 9 of the ESA and our implementing regulations at 50 CFR part 17 prohibit the “take” of fish or wildlife species listed as endangered or threatened. Take is defined under the ESA as to “harass, harm, pursue, hunt, shoot, wound, kill, trap, capture, or collect listed animal species, or to attempt to engage in such conduct” (16 U.S.C. 1538). However, under section 10(a) of the ESA, we may issue permits to authorize incidental take of listed species. “Incidental take” is defined by the ESA as take that is incidental to, and not the purpose of, carrying out an otherwise lawful activity. Regulations governing such take of endangered and threatened species are found at 50 CFR 17.21-22 and 50 CFR 17.31-32, respectively.</P>
                <HD SOURCE="HD1">Proposed Action</HD>
                <P>
                    The proposed action is the issuance of an incidental take permit (permit) under section 10(a)(1)(B) of the ESA supported by proposed 
                    <E T="03">Crossroads-Hobbs-Roadrunner Transmission Project: Dunes Sagebrush Lizard Habitat Conservation Plan</E>
                     (CTHCP). The permit duration would be 60 years, expiring in 2085, at which time NEET SW plans to either renew the permit or decommission the transmission line.
                </P>
                <P>The proposed project includes the construction, operation, and maintenance of a new 137-mi 345-kV transmission line and associated facilities. The proposed line would connect the Crossroads, Hobbs, and Roadrunner substations in Lea and Roosevelt counties, New Mexico. The proposed project includes a 150-foot right-of-way consisting of approximately 2,506 ac, 141 ac of temporary laydown yards, 359 ac of access roads, and 926 transmission poles.</P>
                <P>The CTHCP's covered activities are limited to actions within the permit area that are reasonably certain to take DSL. The covered activities will result in impacts to 277 ac of DSL habitat and include: construction and installation of 94 transmission poles and associated maintenance areas, line splicing areas, tensioning and pulling sites, hazard tree removal, emergency response, approximately 16 mi of access roads, general operations and maintenance activities, vegetation maintenance, decommissioning, and repower/recommissioning.</P>
                <P>Impacts and take resulting from the covered activities will be minimized and mitigated to the maximum extent practicable through the implementation of minimization measures, as described in section 6 of the CTHCP, and the placing of up to approximately 6,000 ac of private land in conservation easements (of which approximately 3,678 ac fall within suitable DSL habitat). The location of the conservation easements will be determined based on further negotiations. In addition, although not considered mitigation for impacts to DSL, NEET SW has a goal of conserving 20,000 ac of New Mexico State Land Office lands under Land Use Restriction or Condition (LURCs). The total acreage and location of LURCs is subject to negotiation.</P>
                <P>The conservation goal for both the conservation easement lands and lands covered by LURCs would be to connect existing conservation lands east of Highway 206 to existing conservation lands west of Highway 206 to create a large contiguous landscape protected from further large-scale development and prevent future DSL habitat loss and fragmentation.</P>
                <HD SOURCE="HD1">Alternatives</HD>
                <P>We are considering one alternative to the proposed action as part of this process, the no action alternative. Under the no action alternative, the Service would not approve the proposed CTHCP and would not issue the permit. Under this alternative, as stated in section 8.2 of the CTHCP, the transmission line would not be built.</P>
                <HD SOURCE="HD1">Next Steps</HD>
                <P>We will evaluate the permit application, draft EA, and comments we receive to determine whether the application meets the requirements of the ESA, NEPA, and their implementing regulations. If we determine that all requirements are met, we will approve the CTHCP and issue the permit under section 10(a)(1)(B) of the ESA to the applicant. Our approval will be in accordance with the terms of the CTHCP and specific terms and conditions of the authorizing permit. We will not make our final decision until after the 30-day comment period ends and we have fully considered all comments received during the public comment period.</P>
                <HD SOURCE="HD1">Public Availability of Comments</HD>
                <P>
                    All comments we receive become part of the public record associated with this action. If you submit a comment at 
                    <E T="03">https://www.regulations.gov,</E>
                     your entire comment, including any personal identifying information, will be posted on the website. If you submit a hardcopy comment that includes personal identifying information, such as your address, phone number, or email address, 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 hardcopy document to withhold your personal identifying information from public review, we cannot guarantee that we will be able to do so. Moreover, all 
                    <PRTPAGE P="55158"/>
                    submissions from organizations or businesses, and from individuals identifying themselves as representatives or officials of organizations or businesses, will be made available for public disclosure in their entirety.
                </P>
                <HD SOURCE="HD1">Authority</HD>
                <P>
                    We provide this notice under the authority of section 10(c) of the Endangered Species Act and its implementing regulations (50 CFR 17.22 and 17.32) and NEPA (42 U.S.C. 4321 
                    <E T="03">et seq.</E>
                    ).
                </P>
                <SIG>
                    <NAME>Leston Jacks,</NAME>
                    <TITLE>Acting Regional Director, Southwest Region, U.S. Fish and Wildlife Service.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21599 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4333-15-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF THE INTERIOR</AGENCY>
                <SUBAGY>Fish and Wildlife Service</SUBAGY>
                <DEPDOC>[FWS-R1-ES-2025-N030; FXES11130100000-256-FF01E00000]</DEPDOC>
                <SUBJECT>Endangered Species; Receipt of Recovery Permit Application</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Fish and Wildlife Service, Interior.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of receipt of permit application; request for comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>We, the U.S. Fish and Wildlife Service, have received an application for a permit to conduct activities intended to enhance the propagation and survival of endangered species under the Endangered Species Act (ESA). We invite the public and local, State, Tribal, and Federal agencies to comment on this application. Before issuing the requested permit, we will take into consideration any information that we receive during the public comment period.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>We must receive your written comments on or before December 31, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P/>
                    <P>
                        <E T="03">Document availability and comment submission:</E>
                         Submit a request for copies of the application and related documents and submit any comments by one of the following methods. All requests and comments should specify the applicant name and application number (
                        <E T="03">e.g.,</E>
                         Dana Ross, ES001705):
                    </P>
                    <P>
                        (1) 
                        <E T="03">Email: permitsR1ES@fws.gov.</E>
                    </P>
                    <P>
                        (2) 
                        <E T="03">U.S. Mail:</E>
                         Tanya Sommer, Threatened and Endangered Species Program Manager, Ecological Services, U.S. Fish and Wildlife Service, Pacific Regional Office, 911 NE 11th Avenue, Portland, OR 97232-4181.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Karen Colson, Regional Recovery Permit Coordinator, Ecological Services, (503) 231-6283 (telephone); 
                        <E T="03">permitsR1ES@fws.gov</E>
                         (email). 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>
                    We, the U.S. Fish and Wildlife Service, invite the public to comment on an application for a permit under section 10(a)(1)(A) of the Endangered Species Act of 1973, as amended (ESA; 16 U.S.C. 1531 
                    <E T="03">et seq.</E>
                    ). The requested permit would allow the applicant to conduct activities intended to promote recovery of a species listed as endangered under the ESA.
                </P>
                <HD SOURCE="HD1">Background</HD>
                <P>With some exceptions, the ESA prohibits activities that constitute take of listed species unless a Federal permit is issued that allows such activity. The ESA's definition of “take” includes such activities as pursuing, harassing, trapping, capturing, or collecting, in addition to hunting, shooting, harming, wounding, or killing.</P>
                <P>A recovery permit issued by us under section 10(a)(1)(A) of the ESA authorizes the permittee to conduct activities with endangered or threatened species for scientific purposes that promote recovery or for enhancement of propagation or survival of the species. These activities often include such prohibited actions as capture and collection. Our regulations implementing section 10(a)(1)(A) for these permits are found in the Code of Federal Regulations (CFR) at 50 CFR 17.22 for endangered wildlife species, 50 CFR 17.32 for threatened wildlife species, 50 CFR 17.62 for endangered plant species, and 50 CFR 17.72 for threatened plant species.</P>
                <HD SOURCE="HD1">Permit Applications Available for Review and Comment</HD>
                <P>Proposed activities in the following permit request are for the recovery and enhancement of propagation or survival of the species in the wild. The ESA requires that we invite public comment before issuing the requested permit. Accordingly, we invite local, State, Tribal, and Federal agencies and the public to submit written data, views, or arguments with respect to this application. The comments and recommendations that will be most useful and likely to influence agency decisions are those supported by quantitative information or studies.</P>
                <GPOTABLE COLS="6" OPTS="L2,nj,tp0,p7,7/8,i1" CDEF="xs60,r30,r60,xs50,r60,xs50">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Application No.</CHED>
                        <CHED H="1">Applicant, city, state</CHED>
                        <CHED H="1">Species</CHED>
                        <CHED H="1">Location</CHED>
                        <CHED H="1">Take activity</CHED>
                        <CHED H="1">Permit action</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">ES19045C-4</ENT>
                        <ENT>Hawaii Division of Forestry and Wildlife; Honolulu, HI</ENT>
                        <ENT>
                            Orangeblack Hawaiian damselfly (
                            <E T="03">Megalagrion xanthomelas</E>
                            ) and three Hawaiian picture-wing flies (
                            <E T="03">Drosophila hemipeza, D. montgomeryi,</E>
                             and 
                            <E T="03">D. heteroneura</E>
                            )
                        </ENT>
                        <ENT>Hawai'i</ENT>
                        <ENT>Collect/capture eggs and adults; handle, transport, hold, establish and maintain a breeding colony in captivity; release/translocate, mark, monitor, lethal take for genetic sampling, euthanasia, and salvage</ENT>
                        <ENT>Amend.</ENT>
                    </ROW>
                </GPOTABLE>
                <HD SOURCE="HD1">Public Availability of Comments</HD>
                <P>Written comments we receive become part of the administrative record associated with this action. 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 request in your comment that we withhold your personal identifying information from public review, we cannot guarantee that we will be able to do so. All submissions from organizations or businesses, and from individuals identifying themselves as representatives or officials of organizations or businesses, will be made available for public disclosure in their entirety.</P>
                <HD SOURCE="HD1">Next Steps</HD>
                <P>
                    If we decide to issue a permit to the applicant listed in this notice, we will publish a notice in the 
                    <E T="04">Federal Register</E>
                    .
                </P>
                <HD SOURCE="HD1">Authority</HD>
                <P>
                    We publish this notice under section 10(c) of the Endangered Species Act of 
                    <PRTPAGE P="55159"/>
                    1973, as amended (16 U.S.C. 1531 
                    <E T="03">et seq.</E>
                    ).
                </P>
                <SIG>
                    <NAME>Tanya Sommer,</NAME>
                    <TITLE>Threatened and Endangered Species Program Manager, Pacific Region, U.S. Fish and Wildlife Service.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21613 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4333-15-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">INTERNATIONAL TRADE COMMISSION</AGENCY>
                <DEPDOC>[Investigation Nos. 701-TA-506 and 508 and 731-TA-1238-1243 (Second Review)]</DEPDOC>
                <SUBJECT>Non-Oriented Electrical Steel From China, Germany, Japan, South Korea, Sweden, and Taiwan; Institution of Five-Year Reviews</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 that it has instituted reviews pursuant to the Tariff Act of 1930, as amended, to determine whether revocation of the countervailing duty orders on non-oriented electrical steel (“NOES”) from China and Taiwan and revocation of the antidumping duty orders on NOES from China, Germany, Japan, South Korea, Sweden, and Taiwan would would be likely to lead to continuation or recurrence of material injury. Pursuant to the Act, interested parties are requested to respond to this notice by submitting the information specified below to the Commission.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        Instituted November 3, 2025.
                        <SU>1</SU>
                        <FTREF/>
                         To be assured of consideration, the deadline for responses is December 31, 2025. Comments on the adequacy of responses may be filed with the Commission by February 6, 2026.
                    </P>
                    <FTNT>
                        <P>
                            <SU>1</SU>
                             Due to the lapse in appropriations and ensuing cessation of Commission operations, the deadlines in this proceeding have been tolled.
                        </P>
                    </FTNT>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Camille Bryan (202-205-2811), 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. 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 proceeding 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 December 3, 2014, the Department of Commerce (“Commerce”) issued countervailing duty orders on imports of NOES from China and Taiwan (79 FR 71749) and antidumping duty orders on imports of NOES from China, Germany, Japan, South Korea, Sweden, and Taiwan (79 FR 71741). Following the five-year reviews by Commerce and the Commission, effective December 23, 2020, Commerce issued a continuation of the countervailing duty orders on imports of NOES from China and Taiwan and the antidumping duty orders on imports of NOES from China, Germany, Japan, South Korea, Sweden, and Taiwan (85 FR 83890). The Commission is now conducting second reviews pursuant to section 751(c) of the Act, as amended (19 U.S.C. 1675(c)), to determine whether revocation of the orders would be likely to lead to continuation or recurrence of material injury to the domestic industry within a reasonably foreseeable time. Provisions concerning the conduct of this proceeding may be found in the Commission's Rules of Practice and Procedure at 19 CFR part 201, subparts A and B, and 19 CFR part 207, subparts A and F. The Commission will assess the adequacy of interested party responses to this notice of institution to determine whether to conduct full or expedited reviews. The Commission's determinations in any expedited reviews will be based on the facts available, which may include information provided in response to this notice.
                </P>
                <P>
                    <E T="03">Definitions.</E>
                    —The following definitions apply to these reviews:
                </P>
                <P>
                    (1) 
                    <E T="03">Subject Merchandise</E>
                     is the class or kind of merchandise that is within the scope of the five-year reviews, as defined by Commerce.
                </P>
                <P>
                    (2) The 
                    <E T="03">Subject Countries</E>
                     in these reviews are China, Germany, Japan, South Korea, Sweden, and Taiwan.
                </P>
                <P>
                    (3) The 
                    <E T="03">Domestic Like Product</E>
                     is the domestically produced product or products which are like, or in the absence of like, most similar in characteristics and uses with, the 
                    <E T="03">Subject Merchandise.</E>
                     In its original determinations and its full first five-year review determinations, the Commission defined a single 
                    <E T="03">Domestic Like Product</E>
                     consisting of NOES, coextensive with Commerce's scope.
                </P>
                <P>
                    (4) The 
                    <E T="03">Domestic Industry</E>
                     is the U.S. producers as a whole of the 
                    <E T="03">Domestic Like Product,</E>
                     or those producers whose collective output of the 
                    <E T="03">Domestic Like Product</E>
                     constitutes a major proportion of the total domestic production of the product. In its original determinations and its full first five-year review determinations, the Commission defined the 
                    <E T="03">Domestic Industry</E>
                     as AK Steel, the only known U.S. producer of NOES.
                </P>
                <P>
                    (5) An 
                    <E T="03">Importer</E>
                     is any person or firm engaged, either directly or through a parent company or subsidiary, in importing the 
                    <E T="03">Subject Merchandise</E>
                     into the United States from a foreign manufacturer or through its selling agent.
                </P>
                <P>
                    <E T="03">Participation in the proceeding and public service list.</E>
                    —Persons, including industrial users of the 
                    <E T="03">Subject Merchandise</E>
                     and, if the merchandise is sold at the retail level, representative consumer organizations, wishing to participate in the proceeding as parties must file an entry of appearance with the Secretary to the Commission, as provided in § 201.11(b)(4) of the Commission's rules, no later than 21 days after publication of this notice in the 
                    <E T="04">Federal Register</E>
                    . The Secretary will maintain a public service list containing the names and addresses of all persons, or their representatives, who are parties to the proceeding.
                </P>
                <P>Former Commission employees who are seeking to appear in Commission five-year reviews are advised that they may appear in a review even if they participated personally and substantially in the corresponding underlying original investigation or an earlier review of the same underlying investigation. The Commission's designated agency ethics official has advised that a five-year review is not the same particular matter as the underlying original investigation, and a five-year review is not the same particular matter as an earlier review of the same underlying investigation for purposes of 18 U.S.C. 207, the post-employment statute for Federal employees, and Commission rule 201.15(b) (19 CFR 201.15(b)), 79 FR 3246 (Jan. 17, 2014), 73 FR 24609 (May 5, 2008). Consequently, former employees are not required to seek Commission approval to appear in a review under Commission rule 19 CFR 201.15, even if the corresponding underlying original investigation or an earlier review of the same underlying investigation was pending when they were Commission employees. For further ethics advice on this matter, contact Charles Smith, Office of the General Counsel, at 202-205-3408.</P>
                <P>
                    <E T="03">Limited disclosure of business proprietary information (BPI) under an administrative protective order (APO) and APO service list.</E>
                    —Pursuant to 
                    <PRTPAGE P="55160"/>
                    § 207.7(a) of the Commission's rules, the Secretary will make BPI submitted in this proceeding available to authorized applicants under the APO issued in the proceeding, provided that the application is made no later than 21 days after publication of this notice in the 
                    <E T="04">Federal Register</E>
                    . Authorized applicants must represent interested parties, as defined in 19 U.S.C. 1677(9), who are parties to the proceeding. 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">Certification.</E>
                    —Pursuant to § 207.3 of the Commission's rules, any person submitting information to the Commission in connection with this proceeding must certify that the information is accurate and complete to the best of the submitter's knowledge. In making the certification, the submitter will acknowledge that information submitted in response to this request for information and throughout this proceeding or other proceeding may be disclosed to and used: (i) by the Commission, its employees and Offices, and contract personnel (a) for developing or maintaining the records of this or a related proceeding, or (b) in internal investigations, audits, reviews, and evaluations relating to the programs, personnel, and operations of the Commission including under 5 U.S.C. Appendix 3; or (ii) by U.S. government employees and contract personnel, solely for cybersecurity purposes. All contract personnel will sign appropriate nondisclosure agreements.
                </P>
                <P>
                    <E T="03">Written submissions.</E>
                    —Pursuant to § 207.61 of the Commission's rules, each interested party response to this notice must provide the information specified below. The deadline for filing such responses is 5:15 p.m. on December 31, 2025. Pursuant to § 207.62(b) of the Commission's rules, eligible parties (as specified in Commission rule 207.62(b)(1)) may also file comments concerning the adequacy of responses to the notice of institution and whether the Commission should conduct expedited or full reviews. The deadline for filing such comments is 5:15 p.m. on February 6, 2026. All written submissions must conform with the provisions of § 201.8 of the Commission's rules; any submissions that contain BPI must also conform with the requirements of §§ 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. Also, in accordance with §§ 201.16(c) and 207.3 of the Commission's rules, each document filed by a party to the proceeding must be served on all other parties to the proceeding (as identified by either the public or APO service list as appropriate), and a certificate of service must accompany the document (if you are not a party to the proceeding you do not need to serve your response).
                </P>
                <P>
                    Please note the Secretary's Office will accept only electronic filings at 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>No response to this request for information is required if a currently valid Office of Management and Budget (“OMB”) number is not displayed; the OMB number is 3117 0016/USITC No. 25-5-662, expiration date June 30, 2026. Public reporting burden for the request is estimated to average 15 hours per response. Please send comments regarding the accuracy of this burden estimate to the Office of Investigations, U.S. International Trade Commission, 500 E Street SW, Washington, DC 20436.</P>
                <P>
                    <E T="03">Inability To provide requested information.</E>
                    —Pursuant to § 207.61(c) of the Commission's rules, any interested party that cannot furnish the information requested by this notice in the requested form and manner shall notify the Commission at the earliest possible time, provide a full explanation of why it cannot provide the requested information, and indicate alternative forms in which it can provide equivalent information. If an interested party does not provide this notification (or the Commission finds the explanation provided in the notification inadequate) and fails to provide a complete response to this notice, the Commission may take an adverse inference against the party pursuant to § 776(b) of the Act (19 U.S.C. 1677e(b)) in making its determinations in the reviews.
                </P>
                <P>
                    <E T="03">Information To Be Provided in Response to This Notice of Institution:</E>
                     If you are a domestic producer, union/worker group, or trade/business association; import/export 
                    <E T="03">Subject Merchandise</E>
                     from more than one 
                    <E T="03">Subject Country;</E>
                     or produce 
                    <E T="03">Subject Merchandise</E>
                     in more than one 
                    <E T="03">Subject Country,</E>
                     you may file a single response. If you do so, please ensure that your response to each question includes the information requested for each pertinent 
                    <E T="03">Subject Country.</E>
                     As used below, the term “firm” includes any related firms.
                </P>
                <P>
                    Those responding to this notice of institution are encouraged, but not required, to visit the USITC's website at 
                    <E T="03">https://usitc.gov/reports/response_noi_worksheet,</E>
                     where one can download and complete the “NOI worksheet” Excel form for the subject proceeding, to be included as attachment/exhibit 1 of your overall response.
                </P>
                <P>(1) The name and address of your firm or entity (including World Wide Web address) and name, telephone number, fax number, and Email address of the certifying official.</P>
                <P>
                    (2) A statement indicating whether your firm/entity is an interested party under 19 U.S.C. 1677(9) and if so, how, including whether your firm/entity is a U.S. producer of the 
                    <E T="03">Domestic Like Product,</E>
                     a U.S. union or worker group, a U.S. importer of the 
                    <E T="03">Subject Merchandise,</E>
                     a foreign producer or exporter of the 
                    <E T="03">Subject Merchandise,</E>
                     a U.S. or foreign trade or business association (a majority of whose members are interested parties under the statute), or another interested party (including an explanation). If you are a union/worker group or trade/business association, identify the firms in which your workers are employed or which are members of your association.
                </P>
                <P>(3) A statement indicating whether your firm/entity is willing to participate in this proceeding by providing information requested by the Commission.</P>
                <P>
                    (4) A statement of the likely effects of the revocation of the antidumping and countervailing duty orders on the 
                    <E T="03">Domestic Industry</E>
                     in general and/or your firm/entity specifically. In your response, please discuss the various factors specified in section 752(a) of the Act (19 U.S.C. 1675a(a)) including the likely volume of subject imports, likely price effects of subject imports, and likely impact of imports of 
                    <E T="03">Subject Merchandise</E>
                     on the 
                    <E T="03">Domestic Industry.</E>
                </P>
                <P>
                    (5) A list of all known and currently operating U.S. producers of the 
                    <E T="03">Domestic Like Product.</E>
                     Identify any known related parties and the nature of the relationship as defined in section 771(4)(B) of the Act (19 U.S.C. 1677(4)(B)).
                </P>
                <P>
                    (6) A list of all known and currently operating U.S. importers of the 
                    <E T="03">Subject Merchandise</E>
                     and producers of the 
                    <E T="03">Subject Merchandise</E>
                     in each 
                    <E T="03">Subject Country</E>
                     that currently export or have exported 
                    <E T="03">Subject Merchandise</E>
                     to the United States or other countries after 2019.
                </P>
                <P>
                    (7) A list of 3-5 leading purchasers in the U.S. market for the 
                    <E T="03">Domestic Like Product</E>
                     and the 
                    <E T="03">Subject Merchandise</E>
                      
                    <PRTPAGE P="55161"/>
                    (including street address, World Wide Web address, and the name, telephone number, fax number, and Email address of a responsible official at each firm).
                </P>
                <P>
                    (8) A list of known sources of information on national or regional prices for the 
                    <E T="03">Domestic Like Product</E>
                     or the 
                    <E T="03">Subject Merchandise</E>
                     in the U.S. or other markets.
                </P>
                <P>
                    (9) If you are a U.S. producer of the 
                    <E T="03">Domestic Like Product,</E>
                     provide the following information on your firm's operations on that product during calendar year 2024, except as noted (report quantity data in short tons and value data in U.S. dollars, f.o.b. plant). If you are a union/worker group or trade/business association, provide the information, on an aggregate basis, for the firms in which your workers are employed/which are members of your association.
                </P>
                <P>
                    (a) Production (quantity) and, if known, an estimate of the percentage of total U.S. production of the 
                    <E T="03">Domestic Like Product</E>
                     accounted for by your firm's(s') production;
                </P>
                <P>
                    (b) Capacity (quantity) of your firm to produce the 
                    <E T="03">Domestic Like Product</E>
                     (that is, the level of production that your establishment(s) could reasonably have expected to attain during the year, assuming normal operating conditions (using equipment and machinery in place and ready to operate), normal operating levels (hours per week/weeks per year), time for downtime, maintenance, repair, and cleanup, and a typical or representative product mix);
                </P>
                <P>
                    (c) the quantity and value of U.S. commercial shipments of the 
                    <E T="03">Domestic Like Product</E>
                     produced in your U.S. plant(s);
                </P>
                <P>
                    (d) the quantity and value of U.S. internal consumption/company transfers of the 
                    <E T="03">Dometic Like Product</E>
                     produced in your U.S. plant(s); and
                </P>
                <P>
                    (e) the value of (i) net sales, (ii) cost of goods sold (COGS), (iii) gross profit, (iv) selling, general and administrative (SG&amp;A) expenses, and (v) operating income of the 
                    <E T="03">Domestic Like Product</E>
                     produced in your U.S. plant(s) (include both U.S. and export commercial sales, internal consumption, and company transfers) for your most recently completed fiscal year (identify the date on which your fiscal year ends).
                </P>
                <P>
                    (10) If you are a U.S. importer or a trade/business association of U.S. importers of the 
                    <E T="03">Subject Merchandise</E>
                     from any 
                    <E T="03">Subject Country,</E>
                     provide the following information on your firm's(s') operations on that product during calendar year 2024 (report quantity data in short tons and value data in U.S. dollars). If you are a trade/business association, provide the information, on an aggregate basis, for the firms which are members of your association.
                </P>
                <P>
                    (a) The quantity and value (landed, duty-paid but not including antidumping or countervailing duties) of U.S. imports and, if known, an estimate of the percentage of total U.S. imports of 
                    <E T="03">Subject Merchandise</E>
                     from each 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') imports;
                </P>
                <P>
                    (b) the quantity and value (f.o.b. U.S. port, including antidumping and/or countervailing duties) of U.S. commercial shipments of 
                    <E T="03">Subject Merchandise</E>
                     imported from each 
                    <E T="03">Subject Country;</E>
                     and
                </P>
                <P>
                    (c) the quantity and value (f.o.b. U.S. port, including antidumping and/or countervailing duties) of U.S. internal consumption/company transfers of 
                    <E T="03">Subject Merchandise</E>
                     imported from each 
                    <E T="03">Subject Country.</E>
                </P>
                <P>
                    (11) If you are a producer, an exporter, or a trade/business association of producers or exporters of the 
                    <E T="03">Subject Merchandise</E>
                     in any 
                    <E T="03">Subject Country,</E>
                     provide the following information on your firm's(s') operations on that product during calendar year 2024 (report quantity data in short tons and value data in U.S. dollars, landed and duty-paid at the U.S. port but not including antidumping or countervailing duties). If you are a trade/business association, provide the information, on an aggregate basis, for the firms which are members of your association.
                </P>
                <P>
                    (a) Production (quantity) and, if known, an estimate of the percentage of total production of 
                    <E T="03">Subject Merchandise</E>
                     in each 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') production;
                </P>
                <P>
                    (b) Capacity (quantity) of your firm(s) to produce the 
                    <E T="03">Subject Merchandise</E>
                     in each 
                    <E T="03">Subject Country</E>
                     (that is, the level of production that your establishment(s) could reasonably have expected to attain during the year, assuming normal operating conditions (using equipment and machinery in place and ready to operate), normal operating levels (hours per week/weeks per year), time for downtime, maintenance, repair, and cleanup, and a typical or representative product mix); and
                </P>
                <P>
                    (c) the quantity and value of your firm's(s') exports to the United States of 
                    <E T="03">Subject Merchandise</E>
                     and, if known, an estimate of the percentage of total exports to the United States of 
                    <E T="03">Subject Merchandise</E>
                     from each 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') exports.
                </P>
                <P>
                    (12) Identify significant changes, if any, in the supply and demand conditions or business cycle for the 
                    <E T="03">Domestic Like Product</E>
                     that have occurred in the United States or in the market for the 
                    <E T="03">Subject Merchandise</E>
                     in each 
                    <E T="03">Subject Country</E>
                     after 2019, and significant changes, if any, that are likely to occur within a reasonably foreseeable time. Supply conditions to consider include technology; production methods; development efforts; ability to increase production (including the shift of production facilities used for other products and the use, cost, or availability of major inputs into production); and factors related to the ability to shift supply among different national markets (including barriers to importation in foreign markets or changes in market demand abroad). Demand conditions to consider include end uses and applications; the existence and availability of substitute products; and the level of competition among the 
                    <E T="03">Domestic Like Product</E>
                     produced in the United States, 
                    <E T="03">Subject Merchandise</E>
                     produced in each 
                    <E T="03">Subject Country,</E>
                     and such merchandise from other countries.
                </P>
                <P>
                    (13) (OPTIONAL) A statement of whether you agree with the above definitions of the 
                    <E T="03">Domestic Like Product</E>
                     and 
                    <E T="03">Domestic Industry;</E>
                     if you disagree with either or both of these definitions, please explain why and provide alternative definitions.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     This proceeding is being conducted under authority of title VII of the Tariff Act of 1930; this notice is published pursuant to § 207.61 of the Commission's rules.
                </P>
                <SIG>
                    <P>By order of the Commission.</P>
                    <DATED>Issued: November 25, 2025.</DATED>
                    <NAME>Susan Orndoff,</NAME>
                    <TITLE>Supervisory Attorney.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21687 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 7020-02-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">INTERNATIONAL TRADE COMMISSION</AGENCY>
                <DEPDOC>[Investigation Nos. 701-TA-753 and 731-TA-1731 (Final)]</DEPDOC>
                <SUBJECT>Slag Pots From China; Determinations</SUBJECT>
                <P>
                    On the basis of the record 
                    <SU>1</SU>
                    <FTREF/>
                     developed in the subject investigations, the United States International Trade Commission (“Commission”) determines, pursuant to the Tariff Act of 1930 (“the Act”), that an industry in the United States is materially injured by reason of imports of slag pots from China, provided for in subheadings 7309.00.00 and 8454.20.00 of the Harmonized Tariff Schedule of the United States, that have been found by the U.S. Department of Commerce (“Commerce”) to be sold in the United States at less than fair value (“LTFV”), 
                    <PRTPAGE P="55162"/>
                    and subsidized by the government of China.
                    <E T="51">2 3</E>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         The record is defined in § 207.2(f) of the Commission's Rules of Practice and Procedure (19 CFR 207.2(f)).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         90 FR 41986 and 90 FR 41990 (August 28, 2025).
                    </P>
                    <P>
                        <SU>3</SU>
                         Commissioner David S. Johanson determined that an industry in the United States is threatened with material injury by reason of imports of slag pots from China.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">Background</HD>
                <P>
                    The Commission instituted these investigations effective December 31, 2024, following receipt of petitions filed with the Commission and Commerce by WHEMCO-Steel Castings, Inc., Pittsburgh, Pennsylvania. The final phase of the investigations was scheduled by the Commission following notification of preliminary determinations by Commerce that imports of slag pots from China were subsidized within the meaning of section 703(b) of the Act (19 U.S.C. 1671b(b)) and sold at LTFV within the meaning of 733(b) of the Act (19 U.S.C. 1673b(b)). Notice of the scheduling of the final phase of the Commission's investigations and of a public hearing to be held in connection therewith was given by posting copies of the notice in the Office of the Secretary, U.S. International Trade Commission, Washington, DC, and by publishing the notice in the 
                    <E T="04">Federal Register</E>
                     on June 24, 2025 (90 FR 26826).
                    <SU>4</SU>
                    <FTREF/>
                     The Commission conducted its hearing on August 27, 2025. All persons who requested the opportunity were permitted to participate.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         Due to the lapse in appropriations and ensuing cessation of Commission operations, all import injury investigations conducted under authority of Title VII of the Tariff Act of 1930 have been tolled pursuant to 19 U.S.C. 1671d(b)(2) and 1673d(b)(2).
                    </P>
                </FTNT>
                <P>
                    The Commission made these determinations pursuant to §§ 705(b) and 735(b) of the Act (19 U.S.C. 1671d(b) and 19 U.S.C. 1673d(b)). It completed and filed its determinations in these investigations on November 25, 2025. The views of the Commission are contained in USITC Publication 5679 (November 2025), entitled 
                    <E T="03">Slag Pots from China: Investigation Nos. 701-TA-753 and 731-TA-1731 (Final).</E>
                </P>
                <SIG>
                    <P>By order of the Commission.</P>
                    <DATED>Issued: November 26, 2025.</DATED>
                    <NAME>Susan Orndoff,</NAME>
                    <TITLE>Supervisory Attorney.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21691 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 7020-02-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">INTERNATIONAL TRADE COMMISSION</AGENCY>
                <DEPDOC>[Investigation Nos. 701-TA-632-635 and 731-TA-1466 and 731-TA-1468 (Review)]</DEPDOC>
                <SUBJECT>Fluid End Blocks From China, Germany, India, and Italy; Institution of Five-Year Reviews</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 that it has instituted reviews pursuant to the Tariff Act of 1930, as amended, to determine whether revocation of the countervailing duty orders on fluid end blocks from China and India, and the countervailing and antidumping duty orders on fluid end blocks from Germany and Italy, would be likely to lead to continuation or recurrence of material injury. Pursuant to the Act, interested parties are requested to respond to this notice by submitting the information specified below to the Commission.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Instituted December 1, 2025. To be assured of consideration, the deadline for responses is December 31, 2025. Comments on the adequacy of responses may be filed with the Commission by February 12, 2026.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT: </HD>
                    <P>
                        Kenneth Gatten (202-708-1447), 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. 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 proceeding 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>
                    <E T="03">Background.</E>
                    —On January 29, 2021, the Department of Commerce (“Commerce”) issued countervailing duty orders on imports of fluid end blocks from China, Germany, India, and Italy, and antidumping duty orders on fluid end blocks from Germany and Italy (86 FR 7535 and 86 FR 7528). The Commission is conducting reviews pursuant to section 751(c) of the Act, as amended (19 U.S.C. 1675(c)), to determine whether revocation of the orders would be likely to lead to continuation or recurrence of material injury to the domestic industry within a reasonably foreseeable time. Provisions concerning the conduct of this proceeding may be found in the Commission's Rules of Practice and Procedure at 19 CFR part 201, subparts A and B, and 19 CFR part 207, subparts A and F. The Commission will assess the adequacy of interested party responses to this notice of institution to determine whether to conduct full or expedited reviews. The Commission's determinations in any expedited reviews will be based on the facts available, which may include information provided in response to this notice.
                </P>
                <P>
                    <E T="03">Definitions.</E>
                    —The following definitions apply to these reviews:
                </P>
                <P>
                    (1) 
                    <E T="03">Subject Merchandise</E>
                     is the class or kind of merchandise that is within the scope of the five-year reviews, as defined by Commerce.
                </P>
                <P>
                    (2) The 
                    <E T="03">Subject Countries</E>
                     in these reviews are China, Germany, India, and Italy.
                </P>
                <P>
                    (3) The 
                    <E T="03">Domestic Like Product</E>
                     is the domestically produced product or products which are like, or in the absence of like, most similar in characteristics and uses with, the 
                    <E T="03">Subject Merchandise.</E>
                     In its original determinations, the Commission defined the 
                    <E T="03">Domestic Like Product</E>
                     as all fluid end blocks, coextensive with the scope.
                </P>
                <P>
                    (4) The 
                    <E T="03">Domestic Industry</E>
                     is the U.S. producers as a whole of the 
                    <E T="03">Domestic Like Product,</E>
                     or those producers whose collective output of the 
                    <E T="03">Domestic Like Product</E>
                     constitutes a major proportion of the total domestic production of the product. In its original determinations, the Commission defined the 
                    <E T="03">Domestic Industry</E>
                     as all U.S. producers of fluid end blocks, including U.S. forger/finishers and U.S. toll finishers, within the scope definition.
                </P>
                <P>
                    (5) The 
                    <E T="03">Order Date</E>
                     is the date that the countervailing and antidumping duty orders under review became effective. In these reviews, the 
                    <E T="03">Order Date</E>
                     is January 29, 2021.
                </P>
                <P>
                    (6) An 
                    <E T="03">Importer</E>
                     is any person or firm engaged, either directly or through a parent company or subsidiary, in importing the 
                    <E T="03">Subject Merchandise</E>
                     into the United States from a foreign manufacturer or through its selling agent.
                </P>
                <P>
                    <E T="03">Participation in the proceeding and public service list.</E>
                    —Persons, including industrial users of the 
                    <E T="03">Subject Merchandise</E>
                     and, if the merchandise is sold at the retail level, representative consumer organizations, wishing to participate in the proceeding as parties must file an entry of appearance with the Secretary to the Commission, as 
                    <PRTPAGE P="55163"/>
                    provided in § 201.11(b)(4) of the Commission's rules, no later than 21 days after publication of this notice in the 
                    <E T="04">Federal Register</E>
                    . The Secretary will maintain a public service list containing the names and addresses of all persons, or their representatives, who are parties to the proceeding.
                </P>
                <P>Former Commission employees who are seeking to appear in Commission five-year reviews are advised that they may appear in a review even if they participated personally and substantially in the corresponding underlying original investigation or an earlier review of the same underlying investigation. The Commission's designated agency ethics official has advised that a five-year review is not the same particular matter as the underlying original investigation, and a five-year review is not the same particular matter as an earlier review of the same underlying investigation for purposes of 18 U.S.C. 207, the post-employment statute for Federal employees, and Commission rule 201.15(b) (19 CFR 201.15(b)), 79 FR 3246 (Jan. 17, 2014), 73 FR 24609 (May 5, 2008). Consequently, former employees are not required to seek Commission approval to appear in a review under Commission rule 19 CFR 201.15, even if the corresponding underlying original investigation or an earlier review of the same underlying investigation was pending when they were Commission employees. For further ethics advice on this matter, contact Charles Smith, Office of the General Counsel, at 202-205-3408.</P>
                <P>
                    <E T="03">Limited disclosure of business proprietary information (BPI) under an administrative protective order (APO) and APO service list.</E>
                    —Pursuant to § 207.7(a) of the Commission's rules, the Secretary will make BPI submitted in this proceeding available to authorized applicants under the APO issued in the proceeding, provided that the application is made no later than 21 days after publication of this notice in the 
                    <E T="04">Federal Register</E>
                    . Authorized applicants must represent interested parties, as defined in 19 U.S.C. 1677(9), who are parties to the proceeding. 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">Certification.</E>
                    —Pursuant to § 207.3 of the Commission's rules, any person submitting information to the Commission in connection with this proceeding must certify that the information is accurate and complete to the best of the submitter's knowledge. In making the certification, the submitter will acknowledge that information submitted in response to this request for information and throughout this proceeding or other proceeding may be disclosed to and used: (i) by the Commission, its employees and Offices, and contract personnel (a) for developing or maintaining the records of this or a related proceeding, or (b) in internal investigations, audits, reviews, and evaluations relating to the programs, personnel, and operations of the Commission including under 5 U.S.C. Appendix 3; or (ii) by U.S. government employees and contract personnel, solely for cybersecurity purposes. All contract personnel will sign appropriate nondisclosure agreements.
                </P>
                <P>
                    <E T="03">Written submissions.</E>
                    —Pursuant to § 207.61 of the Commission's rules, each interested party response to this notice must provide the information specified below. The deadline for filing such responses is on or before 5:15 p.m. on December 31, 2025. Pursuant to § 207.62(b) of the Commission's rules, eligible parties (as specified in Commission rule 207.62(b)(1)) may also file comments concerning the adequacy of responses to the notice of institution and whether the Commission should conduct expedited or full reviews. The deadline for filing such comments is on or before 5:15 p.m. on February 12, 2026. All written submissions must conform with the provisions of § 201.8 of the Commission's rules; any submissions that contain BPI must also conform with the requirements of §§ 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. Also, in accordance with §§ 201.16(c) and 207.3 of the Commission's rules, each document filed by a party to the proceeding must be served on all other parties to the proceeding (as identified by either the public or APO service list as appropriate), and a certificate of service must accompany the document (if you are not a party to the proceeding you do not need to serve your response).
                </P>
                <P>
                    Please note the Secretary's Office will accept only electronic filings at 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>No response to this request for information is required if a currently valid Office of Management and Budget (“OMB”) number is not displayed; the OMB number is 3117 0016/USITC No. 25-5-658, expiration date June 30, 2026. Public reporting burden for the request is estimated to average 15 hours per response. Please send comments regarding the accuracy of this burden estimate to the Office of Investigations, U.S. International Trade Commission, 500 E Street SW, Washington, DC 20436.</P>
                <P>
                    <E T="03">Inability to provide requested information.</E>
                    —Pursuant to § 207.61(c) of the Commission's rules, any interested party that cannot furnish the information requested by this notice in the requested form and manner shall notify the Commission at the earliest possible time, provide a full explanation of why it cannot provide the requested information, and indicate alternative forms in which it can provide equivalent information. If an interested party does not provide this notification (or the Commission finds the explanation provided in the notification inadequate) and fails to provide a complete response to this notice, the Commission may take an adverse inference against the party pursuant to § 776(b) of the Act (19 U.S.C. 1677e(b)) in making its determinations in the reviews.
                </P>
                <P>
                    <E T="03">Information To Be Provided in Response to This Notice of Institution:</E>
                     If you are a domestic producer, union/worker group, or trade/business association; import/export 
                    <E T="03">Subject Merchandise</E>
                     from more than one 
                    <E T="03">Subject Country;</E>
                     or produce 
                    <E T="03">Subject Merchandise</E>
                     in more than one 
                    <E T="03">Subject Country,</E>
                     you may file a single response. If you do so, please ensure that your response to each question includes the information requested for each pertinent 
                    <E T="03">Subject Country.</E>
                     As used below, the term “firm” includes any related firms.
                </P>
                <P>
                    Those responding to this notice of institution are encouraged, but not required, to visit the USITC's website at 
                    <E T="03">https://usitc.gov/reports/response_noi_worksheet,</E>
                     where one can download and complete the “NOI worksheet” Excel form for the subject proceeding, to be included as attachment/exhibit 1 of your overall response.
                </P>
                <P>(1) The name and address of your firm or entity (including World Wide Web address) and name, telephone number, fax number, and Email address of the certifying official.</P>
                <P>
                    (2) A statement indicating whether your firm/entity is an interested party under 19 U.S.C. 1677(9) and if so, how, including whether your firm/entity is a U.S. producer of the 
                    <E T="03">Domestic Like Product,</E>
                     a U.S. union or worker group, a U.S. importer of the 
                    <E T="03">Subject Merchandi</E>
                    se, a foreign producer or 
                    <PRTPAGE P="55164"/>
                    exporter of the 
                    <E T="03">Subject Merchandise,</E>
                     a U.S. or foreign trade or business association (a majority of whose members are interested parties under the statute), or another interested party (including an explanation). If you are a union/worker group or trade/business association, identify the firms in which your workers are employed or which are members of your association.
                </P>
                <P>(3) A statement indicating whether your firm/entity is willing to participate in this proceeding by providing information requested by the Commission.</P>
                <P>
                    (4) A statement of the likely effects of the revocation of the countervailing and antidumping duty orders on the 
                    <E T="03">Domestic Industry</E>
                     in general and/or your firm/entity specifically. In your response, please discuss the various factors specified in § 752(a) of the Act (19 U.S.C. 1675a(a)) including the likely volume of subject imports, likely price effects of subject imports, and likely impact of imports of 
                    <E T="03">Subject Merchandise</E>
                     on the 
                    <E T="03">Domestic Industry.</E>
                </P>
                <P>
                    (5) A list of all known and currently operating U.S. producers of the 
                    <E T="03">Domestic Like Product.</E>
                     Identify any known related parties and the nature of the relationship as defined in § 771(4)(B) of the Act (19 U.S.C. 1677(4)(B)).
                </P>
                <P>
                    (6) A list of all known and currently operating U.S. importers of the 
                    <E T="03">Subject Merchandise</E>
                     and producers of the 
                    <E T="03">Subject Merchandise</E>
                     in each 
                    <E T="03">Subject Country</E>
                     that currently export or have exported 
                    <E T="03">Subject Merchandise</E>
                     to the United States or other countries since the 
                    <E T="03">Order Date.</E>
                </P>
                <P>
                    (7) A list of 3-5 leading purchasers in the U.S. market for the 
                    <E T="03">Domestic Like Product</E>
                     and the 
                    <E T="03">Subject Merchandise</E>
                     (including street address, World Wide Web address, and the name, telephone number, fax number, and Email address of a responsible official at each firm).
                </P>
                <P>
                    (8) A list of known sources of information on national or regional prices for the 
                    <E T="03">Domestic Like Product</E>
                     or the 
                    <E T="03">Subject Merchandise</E>
                     in the U.S. or other markets.
                </P>
                <P>
                    (9) If you are a U.S. producer of the 
                    <E T="03">Domestic Like Product,</E>
                     provide the following information on your firm's operations on that product during calendar year 2024, except as noted (report quantity data in units and value data in U.S. dollars, f.o.b. plant). If you are a union/worker group or trade/business association, provide the information, on an aggregate basis, for the firms in which your workers are employed/which are members of your association.
                </P>
                <P>
                    (a) Production (quantity) and, if known, an estimate of the percentage of total U.S. production of the 
                    <E T="03">Domestic Like Product</E>
                     accounted for by your firm's(s') production;
                </P>
                <P>
                    (b) Capacity (quantity) of your firm to produce the 
                    <E T="03">Domestic Like Product</E>
                     (that is, the level of production that your establishment(s) could reasonably have expected to attain during the year, assuming normal operating conditions (using equipment and machinery in place and ready to operate), normal operating levels (hours per week/weeks per year), time for downtime, maintenance, repair, and cleanup, and a typical or representative product mix);
                </P>
                <P>
                    (c) the quantity and value of U.S. commercial shipments of the 
                    <E T="03">Domestic Like Product</E>
                     produced in your U.S. plant(s);
                </P>
                <P>
                    (d) the quantity and value of U.S. internal consumption/company transfers of the 
                    <E T="03">Domestic Like Product</E>
                     produced in your U.S. plant(s); and
                </P>
                <P>
                    (e) the value of (i) net sales, (ii) cost of goods sold (COGS), (iii) gross profit, (iv) selling, general and administrative (SG&amp;A) expenses, and (v) operating income of the 
                    <E T="03">Domestic Like Product</E>
                     produced in your U.S. plant(s) (include both U.S. and export commercial sales, internal consumption, and company transfers) for your most recently completed fiscal year (identify the date on which your fiscal year ends).
                </P>
                <P>
                    (10) If you are a U.S. importer or a trade/business association of U.S. importers of the 
                    <E T="03">Subject Merchandise</E>
                     from any 
                    <E T="03">Subject Country,</E>
                     provide the following information on your firm's(s') operations on that product during calendar year 2024 (report quantity data in units and value data in U.S. dollars). If you are a trade/business association, provide the information, on an aggregate basis, for the firms which are members of your association.
                </P>
                <P>
                    (a) The quantity and value (landed, duty-paid but not including antidumping or countervailing duties) of U.S. imports and, if known, an estimate of the percentage of total U.S. imports of 
                    <E T="03">Subject Merchandise</E>
                     from each 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') imports;
                </P>
                <P>
                    (b) the quantity and value (f.o.b. U.S. port, including antidumping and/or countervailing duties) of U.S. commercial shipments of 
                    <E T="03">Subject Merchandise</E>
                     imported from each 
                    <E T="03">Subject Country;</E>
                     and
                </P>
                <P>
                    (c) the quantity and value (f.o.b. U.S. port, including antidumping and/or countervailing duties) of U.S. internal consumption/company transfers of 
                    <E T="03">Subject Merchandise</E>
                     imported from each 
                    <E T="03">Subject Country.</E>
                </P>
                <P>
                    (11) If you are a producer, an exporter, or a trade/business association of producers or exporters of the 
                    <E T="03">Subject Merchandise</E>
                     in any 
                    <E T="03">Subject Country,</E>
                     provide the following information on your firm's(s') operations on that product during calendar year 2024 (report quantity data in units and value data in U.S. dollars, landed and duty-paid at the U.S. port but not including antidumping or countervailing duties). If you are a trade/business association, provide the information, on an aggregate basis, for the firms which are members of your association.
                </P>
                <P>
                    (a) Production (quantity) and, if known, an estimate of the percentage of total production of 
                    <E T="03">Subject Merchandise</E>
                     in each 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') production;
                </P>
                <P>
                    (b) Capacity (quantity) of your firm(s) to produce the 
                    <E T="03">Subject Merchandise</E>
                     in each 
                    <E T="03">Subject Country</E>
                     (that is, the level of production that your establishment(s) could reasonably have expected to attain during the year, assuming normal operating conditions (using equipment and machinery in place and ready to operate), normal operating levels (hours per week/weeks per year), time for downtime, maintenance, repair, and cleanup, and a typical or representative product mix); and
                </P>
                <P>
                    (c) the quantity and value of your firm's(s') exports to the United States of 
                    <E T="03">Subject Merchandise</E>
                     and, if known, an estimate of the percentage of total exports to the United States of 
                    <E T="03">Subject Merchandise</E>
                     from each 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') exports.
                </P>
                <P>
                    (12) Identify significant changes, if any, in the supply and demand conditions or business cycle for the 
                    <E T="03">Domestic Like Product</E>
                     that have occurred in the United States or in the market for the 
                    <E T="03">Subject Merchandise</E>
                     in each 
                    <E T="03">Subject Country</E>
                     since the 
                    <E T="03">Order Date,</E>
                     and significant changes, if any, that are likely to occur within a reasonably foreseeable time. Supply conditions to consider include technology; production methods; development efforts; ability to increase production (including the shift of production facilities used for other products and the use, cost, or availability of major inputs into production); and factors related to the ability to shift supply among different national markets (including barriers to importation in foreign markets or changes in market demand abroad). Demand conditions to consider include end uses and applications; the existence and availability of substitute products; and the level of competition among the 
                    <E T="03">Domestic Like Product</E>
                     produced in the United States, 
                    <E T="03">Subject Merchandise</E>
                     produced in each 
                    <E T="03">Subject Country,</E>
                     and such merchandise from other countries.
                </P>
                <P>
                    (13) (OPTIONAL) A statement of whether you agree with the above 
                    <PRTPAGE P="55165"/>
                    definitions of the 
                    <E T="03">Domestic Like Product</E>
                     and 
                    <E T="03">Domestic Industry;</E>
                     if you disagree with either or both of these definitions, please explain why and provide alternative definitions.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     This proceeding is being conducted under authority of Title VII of the Tariff Act of 1930; this notice is published pursuant to § 207.61 of the Commission's rules.
                </P>
                <SIG>
                    <P>By order of the Commission.</P>
                    <DATED>Issued: November 25, 2025.</DATED>
                    <NAME>Susan Orndoff,</NAME>
                    <TITLE>Supervisory Attorney.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21685 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 7020-02-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">INTERNATIONAL TRADE COMMISSION</AGENCY>
                <DEPDOC>[Investigation No. TA-201-79]</DEPDOC>
                <SUBJECT>Quartz Surface Products; Institution of Investigation, Scheduling of Public Hearings, and Determination That the Investigation Is Extraordinarily Complicated</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>United States International Trade Commission.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of Institution of Investigation and Scheduling of Public Hearings.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>Following receipt of a petition for import relief on September 15, 2025, as supplemented on September 23, 2025, and November 17, 2025, the Commission has instituted investigation No. TA-201-79 pursuant to section 202 of the Trade Act of 1974 (“the Act”) to determine whether quartz surface products (“QSP”) are being imported into the United States in such increased quantities as to be a substantial cause of serious injury, or the threat thereof, to the domestic industry producing an article like or directly competitive with the imported article. The Commission has deemed the petition, as supplemented, to have been properly filed on November 17, 2025. The Commission has determined that this investigation is “extraordinarily complicated,” and will make its serious injury determination by April 1, 2026. The Commission will submit to the President the report required under section 202(f) of the Act within 180 days after the date on which the petition was filed, or by May 18, 2026.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>November 17, 2025.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Alejandro Orozco (202-205-3177), 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. 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 investigation 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>
                    —This investigation is being instituted, pursuant to section 202 of the Act (19 U.S.C. 2252), in response to a petition initially submitted on September 15, 2025, and supplemented on September 23, 2025, and November 17, 2025, by the Quartz Manufacturing Alliance of America (“QMAA”), which we have deemed to be properly filed on November 17, 2025.
                    <SU>1</SU>
                    <FTREF/>
                     QMAA alleges that QSP is being imported into the United States in such increased quantities as to be a substantial cause of serious injury, or the threat thereof, to the domestic industry producing an article like or directly competitive with the imported article. The Commission must submit its report on this investigation to the President no later than 180 days after the date on which the petition was filed, or by May 18, 2026. (19 U.S.C. 2252(f)).
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         At the time the petition was filed, the QMAA was composed of Cambria Company, LLC, Le Sueur, Minnesota; Dal-Tile LLC, Dallas, Texas; Guidoni USA, McRae-Helena, Georgia; and Architectural Surfaces, Inc., Austin, Texas; but Architectural Surfaces subsequently withdrew its participation in the QMAA, while Hyundai L&amp;C USA, Norcross, Georgia became a member of the QMAA.
                    </P>
                </FTNT>
                <P>
                    The imported article covered by this investigation is QSP, which consists of slabs and other surfaces created from a mixture of materials that includes predominately silica (
                    <E T="03">e.g.,</E>
                     quartz, quartz powder, cristobalite, glass powder) as well as a resin binder (
                    <E T="03">e.g.,</E>
                     an unsaturated polyester). The incorporation of other materials, including, but not limited to, pigments, cement, or other additives does not remove the merchandise from the scope. However, the scope only includes products where the silica content is greater than any other single material, by actual weight. QSP is typically sold as rectangular slabs with a total surface area of approximately 45 to 60 square feet and a nominal thickness of one, two, or three centimeters. However, the scope includes surface products of all other sizes, thicknesses, and shapes. In addition to slabs, the scope includes, but is not limited to, other surfaces such as countertops, backsplashes, vanity tops, bar tops, work tops, tabletops, flooring, wall facing, shower surrounds, fireplace surrounds, mantels, and tiles. QSP may be polished or unpolished, cut or uncut, fabricated or not fabricated, cured or uncured, edged or not edged, finished or unfinished, thermoformed or not thermoformed, packaged or unpackaged, and may have any type of surface finish. In addition, QSP is covered by the scope whether or not it is imported attached to, or in conjunction with, nonsubject merchandise such as sinks, sink bowls, vanities, cabinets, and furniture. If QSP is imported attached to, or in conjunction with, such nonsubject merchandise, only the QSP is covered by the scope.
                </P>
                <P>Subject merchandise includes material matching the above description that has been finished, packaged, or otherwise fabricated in a third country, including by cutting, polishing, curing, edging, thermoforming, attaching to, or packaging with another product, or any other finishing, packaging, or fabrication that would not otherwise remove the merchandise from the scope if performed in the country of manufacture of the QSP. The scope does not cover quarried stone surface products, such as granite, marble, soapstone, or quartzite.</P>
                <P>For Customs purposes, QSP covered by the investigation is provided for under Harmonized Tariff Schedule of the United States (“HTSUS”) statistical reporting numbers 6810.99.0020, 6810.99.0040, and 7020.00.6000. These HTSUS numbers are provided for convenience and the written description of the scope is dispositive.</P>
                <P>
                    <E T="03">Determination to institute this investigation.</E>
                    —QMAA initially submitted a petition on September 15, 2025. Shortly thereafter, the Commission received a series of submissions containing statements from a current producer of QSP slab and more than 700 entities stating that they were independent fabricators of QSP that oppose the petition. On September 23, 2025, and November 17, 2025, QMAA supplemented the petition with signed statements on behalf of E-Stone USA Corporation, LX Hausys America, Inc., and Hendrix Industries, Inc. supporting the petition. The Commission determined that the petition, as supplemented, was supported by entities representative of a domestic industry producing QSP, including an industry producing QSP slabs, and an industry producing both QSP slabs and fabricated QSP. Therefore, the Commission determined 
                    <PRTPAGE P="55166"/>
                    that the petition, as supplemented, was properly filed as of November 17, 2025.
                </P>
                <P>
                    <E T="03">Determination that investigation is extraordinarily complicated.</E>
                    —The Commission has determined that this investigation is “extraordinarily complicated” within the meaning of section 202(b)(2)(B) of the Act (19 U.S.C. 2252(b)(2)(B)). The Commission's decision to designate this investigation “extraordinarily complicated” is based on the complexity of the issues, including the existence of antidumping and countervailing duty orders on certain imports covered by this investigation. Ordinarily, the Commission would have been required to make its serious injury determination within 120 days after November 17, 2025, the date on which the petition was properly filed, or by March 17, 2026. (19 U.S.C. 2252 (b)(2)(A)). The statute permits the Commission to take up to 30 additional days to make its serious injury determination in an investigation where it determines that the investigation is extraordinarily complicated. In this instance, the Commission intends to take 15 additional days and make its serious injury determination by April 1, 2026.
                </P>
                <P>
                    <E T="03">Participation in the investigation and public service list.</E>
                    —Persons (other than petitioner) wishing to participate in the investigation 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, not later than 21 days after publication of this notice in the 
                    <E T="04">Federal Register</E>
                    . The Secretary will prepare a service list containing the names and addresses of all persons, or their representatives, who are parties to this investigation upon the expiration of the period for filing entries of appearance.
                </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 confidential business information (CBI) under an administrative protective order (APO) and CBI service list.</E>
                    —Pursuant to section 206.17 of the Commission's rules, the Secretary will make CBI gathered in this investigation available to authorized applicants representing interested parties (as defined in 19 CFR 206.17(a)(3)(iii)) under the APO issued in the investigation, provided that the application is made not later than 21 days after the publication of this notice in the 
                    <E T="04">Federal Register</E>
                    . A separate service list will be maintained by the Secretary for those parties authorized to receive CBI under the APO.
                </P>
                <P>The Commission may transmit CBI to the Office of the United States Trade Representative (USTR) and may include CBI in the report it sends to the President and USTR for use in decision-making related to this proceeding. Additionally, all information, including CBI, submitted in this investigation may be disclosed to and used by (i) the Commission, its employees and Offices, and contract personnel (a) for developing or maintaining the records of this or a related proceeding, or (b) in internal investigations, audits, reviews, and evaluations relating to the programs, personnel, and operations of the Commission including under 5 U.S.C. Appendix 3; or (ii) by U.S. government employees and contract personnel for cybersecurity purposes. The Commission will not otherwise disclose any CBI in a manner that would reveal the operations of the firm supplying the information.</P>
                <P>
                    <E T="03">Hearings on injury and remedy.</E>
                    —The Commission has scheduled separate hearings in connection with the injury and remedy phases of this investigation. The hearing on injury will be held beginning at 9:30 a.m. on February 24, 2026, at the U.S. International Trade Commission Building, 500 E Street SW, Washington, DC. In the event that the Commission makes an affirmative serious injury determination or is equally divided on the question of serious injury in this investigation, a hearing on the question of remedy will be held beginning at 9:30 a.m. on April 14, 2026. Requests to appear at the hearings should be filed in writing with the Secretary to the Commission on or before February 13, 2026, for the injury hearing, and April 6, 2026, for the remedy hearing. A nonparty who has testimony that may aid the Commission's deliberations may request permission to present a short statement at the hearings.
                </P>
                <P>
                    All parties and nonparties desiring to appear at the hearings and make oral presentations should participate in prehearing conferences to be held on February 20, 2026, for the injury hearing and April 10, 2026, for the remedy hearing, if deemed necessary. Parties shall file and serve written testimony and presentation slides in connection with their presentation at the hearing by no later than noon. on the business day prior to the hearing. Oral testimony and written materials to be submitted at the public hearings are governed by sections 201.6(b)(2) 201.13(f), and 206.5 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 respective hearings.
                </P>
                <P>
                    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 investigations, 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 3:00 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>
                    <E T="03">Written submissions.</E>
                    —Each party who is an interested party may submit a prehearing brief to the Commission. Prehearing briefs must conform with the provisions of sections 201.8, 206.7, and 206.8 of the Commission's rules. The deadline for filing prehearing briefs on injury is February 17, 2026; that for filing prehearing briefs on remedy, including any commitments pursuant to 19 U.S.C. 2252(a)(6)(B), is April 7, 2026. Parties may also file written testimony in connection with their presentation at the hearing, as provided in sections 201.13, 206.5, and 206.8 of the Commission's rules, and posthearing briefs, which must conform with the provisions of sections 201.8, 201.13, 206.7, and 206.8 of Commission's rules. The deadline for filing posthearing briefs for the injury phase of the investigation is March 3, 2026; the deadline for filing posthearing briefs for the remedy phase of the investigation, if any, is April 21, 2026.
                </P>
                <P>
                    No posthearing brief, either in the injury phase or any remedy phase, shall exceed fifteen (15) pages of textual material, double-spaced and single-sided, when printed out on pages measuring 8.5 x 11 inches. In addition, the presiding official may permit persons to file answers to questions or requests made by the Commission at the hearing for the injury phase, and at any hearing for the remedy phase, within a specified time. In addition, any person who has not entered an appearance as a party to the investigation may submit a written statement of information pertinent to the consideration of injury on or before March 3, 2026, and pertinent to the consideration of remedy on or before April 21, 2026. All written submissions must conform with the provisions of section 201.8 of the Commission's rules; any submissions that contain CBI must also conform with 
                    <PRTPAGE P="55167"/>
                    the requirements of sections 201.6 and 206.17 of the Commission's rules. The Commission's 
                    <E T="03">Handbook on E-Filing,</E>
                     available on the Commission's website at 
                    <E T="03">https://edis.usitc.gov,</E>
                     elaborates upon the Commission's rules with respect to electronic filing.
                </P>
                <P>Any additional written submissions to the Commission, including requests pursuant to section 201.12 of the Commission's rules, will not be accepted unless good cause is shown for accepting such a submission, or unless the submission is pursuant to a specific request by a Commissioner or Commission staff.</P>
                <P>In accordance with section 201.16(c) of the Commission's rules, each document filed by a party to the investigation must be served on all other parties to the investigation (as identified by the 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>For further information concerning the conduct of this investigation 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 206, subparts A and B (19 CFR part 206).</P>
                <P>
                    <E T="03">Authority:</E>
                     This investigation is being conducted under authority of section 202 of the Act; this notice is published pursuant to section 202(b)(3) of the Act.
                </P>
                <SIG>
                    <P>By order of the Commission.</P>
                    <DATED>Issued: November 26, 2025.</DATED>
                    <NAME>Susan Orndoff,</NAME>
                    <TITLE>Supervisory Attorney.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21715 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 7020-02-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">INTERNATIONAL TRADE COMMISSION</AGENCY>
                <DEPDOC>[Investigation Nos. 701-TA-463 and 731-TA-1159 (Third Review)]</DEPDOC>
                <SUBJECT>Oil Country Tubular Goods From China; Institution of Five-Year Reviews</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 that it has instituted reviews pursuant to the Tariff Act of 1930, as amended, to determine whether revocation of the antidumping and countervailing duty orders on oil country tubular goods (“OCTG”) from China would be likely to lead to continuation or recurrence of material injury. Pursuant to the Act, interested parties are requested to respond to this notice by submitting the information specified below to the Commission.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        Instituted November 3, 2025.
                        <SU>1</SU>
                        <FTREF/>
                         To be assured of consideration, the deadline for responses is December 31, 2025. Comments on the adequacy of responses may be filed with the Commission by February 6, 2026.
                    </P>
                    <FTNT>
                        <P>
                            <SU>1</SU>
                             Due to the lapse in appropriations and ensuing cessation of Commission operations, the deadlines in this proceeding have been tolled.
                        </P>
                    </FTNT>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Rachel Devenney (202-205-3172), 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. 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 proceeding 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 January 20, 2010, the Department of Commerce (“Commerce”) issued a countervailing duty order on imports of OCTG from China (75 FR 3203). On May 21, 2010, Commerce issued an antidumping duty order on imports of OCTG from China (75 FR 28551). Commerce issued a continuation of the antidumping and countervailing duty orders on imports of OCTG from China following Commerce's and the Commission's first five-year reviews, effective May 18, 2015 (80 FR 28224) and second five-year reviews, effective December 3, 2020 (85 FR 78117). The Commission is now conducting third five-year reviews pursuant to section 751(c) of the Act, as amended (19 U.S.C. 1675(c)), to determine whether revocation of the orders would be likely to lead to continuation or recurrence of material injury to the domestic industry within a reasonably foreseeable time. Provisions concerning the conduct of this proceeding may be found in the Commission's Rules of Practice and Procedure at 19 CFR part 201, subparts A and B, and 19 CFR part 207, subparts A and F. The Commission will assess the adequacy of interested party responses to this notice of institution to determine whether to conduct full or expedited reviews. The Commission's determinations in any expedited reviews will be based on the facts available, which may include information provided in response to this notice.
                </P>
                <P>
                    <E T="03">Definitions.</E>
                    —The following definitions apply to these reviews:
                </P>
                <P>
                    (1) 
                    <E T="03">Subject Merchandise</E>
                     is the class or kind of merchandise that is within the scope of the five-year reviews, as defined by Commerce.
                </P>
                <P>
                    (2) The 
                    <E T="03">Subject Country</E>
                     in these reviews is China.
                </P>
                <P>
                    (3) The 
                    <E T="03">Domestic Like Product</E>
                     is the domestically produced product or products which are like, or in the absence of like, most similar in characteristics and uses with, the 
                    <E T="03">Subject Merchandise.</E>
                     In its original determinations and its expedited first and second five-year review determinations, the Commission defined a single 
                    <E T="03">Domestic Like Product</E>
                     consisting of all OCTG, coextensive with Commerce's scope.
                </P>
                <P>
                    (4) The 
                    <E T="03">Domestic Industry</E>
                     is the U.S. producers as a whole of the 
                    <E T="03">Domestic Like Product,</E>
                     or those producers whose collective output of the 
                    <E T="03">Domestic Like Product</E>
                     constitutes a major proportion of the total domestic production of the product. In its original determinations and its expedited first and second five-year review determinations, the Commission defined a single 
                    <E T="03">Domestic Industry</E>
                     consisting of all domestic producers of OCTG.
                </P>
                <P>
                    (5) An 
                    <E T="03">Importer</E>
                     is any person or firm engaged, either directly or through a parent company or subsidiary, in importing the 
                    <E T="03">Subject Merchandise</E>
                     into the United States from a foreign manufacturer or through its selling agent.
                </P>
                <P>
                    <E T="03">Participation in the proceeding and public service list.</E>
                    —Persons, including industrial users of the 
                    <E T="03">Subject Merchandise</E>
                     and, if the merchandise is sold at the retail level, representative consumer organizations, wishing to participate in the proceeding as parties must file an entry of appearance with the Secretary to the Commission, as provided in § 201.11(b)(4) of the Commission's rules, no later than 21 days after publication of this notice in the 
                    <E T="04">Federal Register</E>
                    . The Secretary will maintain a public service list containing the names and addresses of all persons, or their representatives, who are parties to the proceeding.
                </P>
                <P>
                    Former Commission employees who are seeking to appear in Commission five-year reviews are advised that they may appear in a review even if they participated personally and substantially in the corresponding underlying original investigation or an earlier review of the same underlying investigation. The Commission's designated agency ethics official has advised that a five-year review is not the 
                    <PRTPAGE P="55168"/>
                    same particular matter as the underlying original investigation, and a five-year review is not the same particular matter as an earlier review of the same underlying investigation for purposes of 18 U.S.C. 207, the post-employment statute for Federal employees, and Commission rule 201.15(b) (19 CFR 201.15(b)), 79 FR 3246 (Jan. 17, 2014), 73 FR 24609 (May 5, 2008). Consequently, former employees are not required to seek Commission approval to appear in a review under Commission rule 19 CFR 201.15, even if the corresponding underlying original investigation or an earlier review of the same underlying investigation was pending when they were Commission employees. For further ethics advice on this matter, contact Charles Smith, Office of the General Counsel, at 202-205-3408.
                </P>
                <P>
                    <E T="03">Limited disclosure of business proprietary information (BPI) under an administrative protective order (APO) and APO service list.</E>
                    —Pursuant to § 207.7(a) of the Commission's rules, the Secretary will make BPI submitted in this proceeding available to authorized applicants under the APO issued in the proceeding, provided that the application is made no later than 21 days after publication of this notice in the 
                    <E T="04">Federal Register</E>
                    . Authorized applicants must represent interested parties, as defined in 19 U.S.C. 1677(9), who are parties to the proceeding. 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">Certification.</E>
                    —Pursuant to § 207.3 of the Commission's rules, any person submitting information to the Commission in connection with this proceeding must certify that the information is accurate and complete to the best of the submitter's knowledge. In making the certification, the submitter will acknowledge that information submitted in response to this request for information and throughout this proceeding or other proceeding may be disclosed to and used: (i) by the Commission, its employees and Offices, and contract personnel (a) for developing or maintaining the records of this or a related proceeding, or (b) in internal investigations, audits, reviews, and evaluations relating to the programs, personnel, and operations of the Commission including under 5 U.S.C. Appendix 3; or (ii) by U.S. government employees and contract personnel, solely for cybersecurity purposes. All contract personnel will sign appropriate nondisclosure agreements.
                </P>
                <P>
                    <E T="03">Written submissions.</E>
                    —Pursuant to § 207.61 of the Commission's rules, each interested party response to this notice must provide the information specified below. The deadline for filing such responses is 5:15 p.m. on December 31, 2025. Pursuant to § 207.62(b) of the Commission's rules, eligible parties (as specified in Commission rule 207.62(b)(1)) may also file comments concerning the adequacy of responses to the notice of institution and whether the Commission should conduct expedited or full reviews. The deadline for filing such comments is 5:15 p.m. on February 6, 2026. All written submissions must conform with the provisions of § 201.8 of the Commission's rules; any submissions that contain BPI must also conform with the requirements of §§ 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. Also, in accordance with §§ 201.16(c) and 207.3 of the Commission's rules, each document filed by a party to the proceeding must be served on all other parties to the proceeding (as identified by either the public or APO service list as appropriate), and a certificate of service must accompany the document (if you are not a party to the proceeding you do not need to serve your response).
                </P>
                <P>
                    Please note the Secretary's Office will accept only electronic filings at 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>No response to this request for information is required if a currently valid Office of Management and Budget (“OMB”) number is not displayed; the OMB number is 3117 0016/USITC No. 25-5-663, expiration date June 30, 2026. Public reporting burden for the request is estimated to average 15 hours per response. Please send comments regarding the accuracy of this burden estimate to the Office of Investigations, U.S. International Trade Commission, 500 E Street SW, Washington, DC 20436.</P>
                <P>
                    <E T="03">Inability to provide requested information.</E>
                    —Pursuant to § 207.61(c) of the Commission's rules, any interested party that cannot furnish the information requested by this notice in the requested form and manner shall notify the Commission at the earliest possible time, provide a full explanation of why it cannot provide the requested information, and indicate alternative forms in which it can provide equivalent information. If an interested party does not provide this notification (or the Commission finds the explanation provided in the notification inadequate) and fails to provide a complete response to this notice, the Commission may take an adverse inference against the party pursuant to § 776(b) of the Act (19 U.S.C. 1677e(b)) in making its determinations in the reviews.
                </P>
                <P>
                    <E T="03">Information To Be Provided in Response to This Notice of Institution:</E>
                     As used below, the term “firm” includes any related firms.
                </P>
                <P>
                    Those responding to this notice of institution are encouraged, but not required, to visit the USITC's website at 
                    <E T="03">https://usitc.gov/reports/response_noi_worksheet,</E>
                     where one can download and complete the “NOI worksheet” Excel form for the subject proceeding, to be included as attachment/exhibit 1 of your overall response.
                </P>
                <P>(1) The name and address of your firm or entity (including World Wide Web address) and name, telephone number, fax number, and Email address of the certifying official.</P>
                <P>
                    (2) A statement indicating whether your firm/entity is an interested party under 19 U.S.C. 1677(9) and if so, how, including whether your firm/entity is a U.S. producer of the 
                    <E T="03">Domestic Like Product,</E>
                     a U.S. union or worker group, a U.S. importer of the 
                    <E T="03">Subject Merchandise,</E>
                     a foreign producer or exporter of the 
                    <E T="03">Subject Merchandise,</E>
                     a U.S. or foreign trade or business association (a majority of whose members are interested parties under the statute), or another interested party (including an explanation). If you are a union/worker group or trade/business association, identify the firms in which your workers are employed or which are members of your association.
                </P>
                <P>(3) A statement indicating whether your firm/entity is willing to participate in this proceeding by providing information requested by the Commission.</P>
                <P>
                    (4) A statement of the likely effects of the revocation of the antidumping and countervailing duty orders on the 
                    <E T="03">Domestic Industry</E>
                     in general and/or your firm/entity specifically. In your response, please discuss the various factors specified in section 752(a) of the Act (19 U.S.C. 1675a(a)) including the likely volume of subject imports, likely price effects of subject imports, and likely impact of imports of 
                    <E T="03">Subject Merchandise</E>
                     on the 
                    <E T="03">Domestic Industry.</E>
                </P>
                <P>
                    (5) A list of all known and currently operating U.S. producers of the 
                    <PRTPAGE P="55169"/>
                    <E T="03">Domestic Like Product.</E>
                     Identify any known related parties and the nature of the relationship as defined in section 771(4)(B) of the Act (19 U.S.C. 1677(4)(B)).
                </P>
                <P>
                    (6) A list of all known and currently operating U.S. importers of the 
                    <E T="03">Subject Merchandise</E>
                     and producers of the 
                    <E T="03">Subject Merchandise</E>
                     in the 
                    <E T="03">Subject Country</E>
                     that currently export or have exported 
                    <E T="03">Subject Merchandise</E>
                     to the United States or other countries after 2019.
                </P>
                <P>
                    (7) A list of 3-5 leading purchasers in the U.S. market for the 
                    <E T="03">Domestic Like Product</E>
                     and the 
                    <E T="03">Subject Merchandise</E>
                     (including street address, World Wide Web address, and the name, telephone number, fax number, and Email address of a responsible official at each firm).
                </P>
                <P>
                    (8) A list of known sources of information on national or regional prices for the 
                    <E T="03">Domestic Like Product</E>
                     or the 
                    <E T="03">Subject Merchandise</E>
                     in the U.S. or other markets.
                </P>
                <P>
                    (9) If you are a U.S. producer of the 
                    <E T="03">Domestic Like Product,</E>
                     provide the following information on your firm's operations on that product during calendar year 2024, except as noted (report quantity data in short tons and value data in U.S. dollars, f.o.b. plant). If you are a union/worker group or trade/business association, provide the information, on an aggregate basis, for the firms in which your workers are employed/which are members of your association.
                </P>
                <P>
                    (a) Production (quantity) and, if known, an estimate of the percentage of total U.S. production of the 
                    <E T="03">Domestic Like Product</E>
                     accounted for by your firm's(s') production;
                </P>
                <P>
                    (b) Capacity (quantity) of your firm to produce the 
                    <E T="03">Domestic Like Product</E>
                     (that is, the level of production that your establishment(s) could reasonably have expected to attain during the year, assuming normal operating conditions (using equipment and machinery in place and ready to operate), normal operating levels (hours per week/weeks per year), time for downtime, maintenance, repair, and cleanup, and a typical or representative product mix);
                </P>
                <P>
                    (c) the quantity and value of U.S. commercial shipments of the 
                    <E T="03">Domestic Like Product</E>
                     produced in your U.S. plant(s);
                </P>
                <P>
                    (d) the quantity and value of U.S. internal consumption/company transfers of the 
                    <E T="03">Domestic Like Product</E>
                     produced in your U.S. plant(s); and
                </P>
                <P>
                    (e) the value of (i) net sales, (ii) cost of goods sold (COGS), (iii) gross profit, (iv) selling, general and administrative (SG&amp;A) expenses, and (v) operating income of the 
                    <E T="03">Domestic Like Product</E>
                     produced in your U.S. plant(s) (include both U.S. and export commercial sales, internal consumption, and company transfers) for your most recently completed fiscal year (identify the date on which your fiscal year ends).
                </P>
                <P>
                    (10) If you are a U.S. importer or a trade/business association of U.S. importers of the 
                    <E T="03">Subject Merchandise</E>
                     from the 
                    <E T="03">Subject Country,</E>
                     provide the following information on your firm's(s') operations on that product during calendar year 2024 (report quantity data in short tons and value data in U.S. dollars). If you are a trade/business association, provide the information, on an aggregate basis, for the firms which are members of your association.
                </P>
                <P>
                    (a) The quantity and value (landed, duty-paid but not including antidumping or countervailing duties) of U.S. imports and, if known, an estimate of the percentage of total U.S. imports of 
                    <E T="03">Subject Merchandise</E>
                     from the 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') imports;
                </P>
                <P>
                    (b) the quantity and value (f.o.b. U.S. port, including antidumping and/or countervailing duties) of U.S. commercial shipments of 
                    <E T="03">Subject Merchandise</E>
                     imported from the 
                    <E T="03">Subject Country;</E>
                     and
                </P>
                <P>
                    (c) the quantity and value (f.o.b. U.S. port, including antidumping and/or countervailing duties) of U.S. internal consumption/company transfers of 
                    <E T="03">Subject Merchandise</E>
                     imported from the 
                    <E T="03">Subject Country.</E>
                </P>
                <P>
                    (11) If you are a producer, an exporter, or a trade/business association of producers or exporters of the 
                    <E T="03">Subject Merchandise</E>
                     in the 
                    <E T="03">Subject Country,</E>
                     provide the following information on your firm's(s') operations on that product during calendar year 2024 (report quantity data in short tons and value data in U.S. dollars, landed and duty-paid at the U.S. port but not including antidumping or countervailing duties). If you are a trade/business association, provide the information, on an aggregate basis, for the firms which are members of your association.
                </P>
                <P>
                    (a) Production (quantity) and, if known, an estimate of the percentage of total production of 
                    <E T="03">Subject Merchandise</E>
                     in the 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') production;
                </P>
                <P>
                    (b) Capacity (quantity) of your firm(s) to produce the 
                    <E T="03">Subject Merchandise</E>
                     in the 
                    <E T="03">Subject Country</E>
                     (that is, the level of production that your establishment(s) could reasonably have expected to attain during the year, assuming normal operating conditions (using equipment and machinery in place and ready to operate), normal operating levels (hours per week/weeks per year), time for downtime, maintenance, repair, and cleanup, and a typical or representative product mix); and
                </P>
                <P>
                    (c) the quantity and value of your firm's(s') exports to the United States of 
                    <E T="03">Subject Merchandise</E>
                     and, if known, an estimate of the percentage of total exports to the United States of 
                    <E T="03">Subject Merchandise</E>
                     from the 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') exports.
                </P>
                <P>
                    (12) Identify significant changes, if any, in the supply and demand conditions or business cycle for the 
                    <E T="03">Domestic Like Product</E>
                     that have occurred in the United States or in the market for the 
                    <E T="03">Subject Merchandise</E>
                     in the 
                    <E T="03">Subject Country</E>
                     after 2019, and significant changes, if any, that are likely to occur within a reasonably foreseeable time. Supply conditions to consider include technology; production methods; development efforts; ability to increase production (including the shift of production facilities used for other products and the use, cost, or availability of major inputs into production); and factors related to the ability to shift supply among different national markets (including barriers to importation in foreign markets or changes in market demand abroad). Demand conditions to consider include end uses and applications; the existence and availability of substitute products; and the level of competition among the 
                    <E T="03">Domestic Like Product</E>
                     produced in the United States, 
                    <E T="03">Subject Merchandise</E>
                     produced in the 
                    <E T="03">Subject Country,</E>
                     and such merchandise from other countries.
                </P>
                <P>
                    (13) (OPTIONAL) A statement of whether you agree with the above definitions of the 
                    <E T="03">Domestic Like Product</E>
                     and 
                    <E T="03">Domestic Industry;</E>
                     if you disagree with either or both of these definitions, please explain why and provide alternative definitions.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     This proceeding is being conducted under authority of title VII of the Tariff Act of 1930; this notice is published pursuant to § 207.61 of the Commission's rules.
                </P>
                <SIG>
                    <P>By order of the Commission.</P>
                    <DATED>Issued: November 25, 2025.</DATED>
                    <NAME>Susan Orndoff,</NAME>
                    <TITLE>Supervisory Attorney.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21686 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 7020-02-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="55170"/>
                <AGENCY TYPE="S">INTERNATIONAL TRADE COMMISSION</AGENCY>
                <DEPDOC>[Investigation Nos. 701-TA-631 and 731-TA-1463-1464 (Review)]</DEPDOC>
                <SUBJECT>Forged Steel Fittings From India and South Korea; Institution of Five-Year Reviews</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 that it has instituted reviews pursuant to the Tariff Act of 1930, as amended, to determine whether revocation of the countervailing duty order on forged steel fittings from India and the antidumping duty orders on forged steel fittings from India and South Korea would be likely to lead to continuation or recurrence of material injury. Pursuant to the Act, interested parties are requested to respond to this notice by submitting the information specified below to the Commission.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        Instituted November 3, 2025.
                        <SU>1</SU>
                        <FTREF/>
                         To be assured of consideration, the deadline for responses is December 31, 2025. Comments on the adequacy of responses may be filed with the Commission by February 10, 2026.
                    </P>
                    <FTNT>
                        <P>
                            <SU>1</SU>
                             Due to the lapse in appropriations and ensuing cessation of Commission operations, the deadlines in this proceeding have been tolled.
                        </P>
                    </FTNT>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Alexis Yim (202-708-1446), 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. 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 proceeding 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 December 11, 2020, the Department of Commerce (“Commerce”) issued a countervailing duty order on imports of forged steel fittings from India (85 FR 80016) and antidumping duty orders on imports of forged steel fittings from India and South Korea (85 FR 80014). The Commission is conducting reviews pursuant to section 751(c) of the Act, as amended (19 U.S.C. 1675(c)), to determine whether revocation of the orders would be likely to lead to continuation or recurrence of material injury to the domestic industry within a reasonably foreseeable time. Provisions concerning the conduct of this proceeding may be found in the Commission's Rules of Practice and Procedure at 19 CFR part 201, subparts A and B, and 19 CFR part 207, subparts A and F. The Commission will assess the adequacy of interested party responses to this notice of institution to determine whether to conduct full or expedited reviews. The Commission's determinations in any expedited reviews will be based on the facts available, which may include information provided in response to this notice.
                </P>
                <P>
                    <E T="03">Definitions.</E>
                    —The following definitions apply to these reviews:
                </P>
                <P>
                    (1) 
                    <E T="03">Subject Merchandise</E>
                     is the class or kind of merchandise that is within the scope of the five-year reviews, as defined by Commerce.
                </P>
                <P>
                    (2) The 
                    <E T="03">Subject Countries</E>
                     in these reviews are India and South Korea.
                </P>
                <P>
                    (3) The 
                    <E T="03">Domestic Like Product</E>
                     is the domestically produced product or products which are like, or in the absence of like, most similar in characteristics and uses with, the 
                    <E T="03">Subject Merchandise.</E>
                     In its original determinations, the Commission defined a single 
                    <E T="03">Domestic Like Product</E>
                     consisting of forged steel fittings coextensive with Commerce's scope.
                </P>
                <P>
                    (4) The 
                    <E T="03">Domestic Industry</E>
                     is the U.S. producers as a whole of the 
                    <E T="03">Domestic Like Product,</E>
                     or those producers whose collective output of the 
                    <E T="03">Domestic Like Product</E>
                     constitutes a major proportion of the total domestic production of the product. In its original determinations, the Commission defined the 
                    <E T="03">Domestic Industry</E>
                     as all producers of the domestic like product except one company.
                </P>
                <P>
                    (5) The 
                    <E T="03">Order Date</E>
                     is the date that the antidumping and countervailing duty orders under review became effective. In these reviews, the 
                    <E T="03">Order Date</E>
                     is December 11, 2020.
                </P>
                <P>
                    (6) An 
                    <E T="03">Importer</E>
                     is any person or firm engaged, either directly or through a parent company or subsidiary, in importing the 
                    <E T="03">Subject Merchandise</E>
                     into the United States from a foreign manufacturer or through its selling agent.
                </P>
                <P>
                    <E T="03">Participation in the proceeding and public service list.</E>
                    —Persons, including industrial users of the 
                    <E T="03">Subject Merchandise</E>
                     and, if the merchandise is sold at the retail level, representative consumer organizations, wishing to participate in the proceeding as parties must file an entry of appearance with the Secretary to the Commission, as provided in § 201.11(b)(4) of the Commission's rules, no later than 21 days after publication of this notice in the 
                    <E T="04">Federal Register</E>
                    . The Secretary will maintain a public service list containing the names and addresses of all persons, or their representatives, who are parties to the proceeding.
                </P>
                <P>Former Commission employees who are seeking to appear in Commission five-year reviews are advised that they may appear in a review even if they participated personally and substantially in the corresponding underlying original investigation or an earlier review of the same underlying investigation. The Commission's designated agency ethics official has advised that a five-year review is not the same particular matter as the underlying original investigation, and a five-year review is not the same particular matter as an earlier review of the same underlying investigation for purposes of 18 U.S.C. 207, the post-employment statute for Federal employees, and Commission rule 201.15(b) (19 CFR 201.15(b)), 79 FR 3246 (Jan. 17, 2014), 73 FR 24609 (May 5, 2008). Consequently, former employees are not required to seek Commission approval to appear in a review under Commission rule 19 CFR 201.15, even if the corresponding underlying original investigation or an earlier review of the same underlying investigation was pending when they were Commission employees. For further ethics advice on this matter, contact Charles Smith, Office of the General Counsel, at 202-205-3408.</P>
                <P>
                    <E T="03">Limited disclosure of business proprietary information (BPI) under an administrative protective order (APO) and APO service list.</E>
                    —Pursuant to § 207.7(a) of the Commission's rules, the Secretary will make BPI submitted in this proceeding available to authorized applicants under the APO issued in the proceeding, provided that the application is made no later than 21 days after publication of this notice in the 
                    <E T="04">Federal Register</E>
                    . Authorized applicants must represent interested parties, as defined in 19 U.S.C. 1677(9), who are parties to the proceeding. 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">Certification.</E>
                    —Pursuant to § 207.3 of the Commission's rules, any person submitting information to the Commission in connection with this proceeding must certify that the information is accurate and complete to the best of the submitter's knowledge. In making the certification, the submitter 
                    <PRTPAGE P="55171"/>
                    will acknowledge that information submitted in response to this request for information and throughout this proceeding or other proceeding may be disclosed to and used: (i) by the Commission, its employees and Offices, and contract personnel (a) for developing or maintaining the records of this or a related proceeding, or (b) in internal investigations, audits, reviews, and evaluations relating to the programs, personnel, and operations of the Commission including under 5 U.S.C. Appendix 3; or (ii) by U.S. government employees and contract personnel, solely for cybersecurity purposes. All contract personnel will sign appropriate nondisclosure agreements.
                </P>
                <P>
                    <E T="03">Written submissions.</E>
                    —Pursuant to § 207.61 of the Commission's rules, each interested party response to this notice must provide the information specified below. The deadline for filing such responses is on or before 5:15 p.m. on December 31, 2025. Pursuant to § 207.62(b) of the Commission's rules, eligible parties (as specified in Commission rule 207.62(b)(1)) may also file comments concerning the adequacy of responses to the notice of institution and whether the Commission should conduct expedited or full reviews. The deadline for filing such comments is on or before 5:15 p.m. on February 10, 2026. All written submissions must conform with the provisions of § 201.8 of the Commission's rules; any submissions that contain BPI must also conform with the requirements of §§ 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. Also, in accordance with §§ 201.16(c) and 207.3 of the Commission's rules, each document filed by a party to the proceeding must be served on all other parties to the proceeding (as identified by either the public or APO service list as appropriate), and a certificate of service must accompany the document (if you are not a party to the proceeding you do not need to serve your response).
                </P>
                <P>
                    Please note the Secretary's Office will accept only electronic filings at 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>No response to this request for information is required if a currently valid Office of Management and Budget (“OMB”) number is not displayed; the OMB number is 3117 0016/USITC No. 25-5-660, expiration date June 30, 2026. Public reporting burden for the request is estimated to average 15 hours per response. Please send comments regarding the accuracy of this burden estimate to the Office of Investigations, U.S. International Trade Commission, 500 E Street SW, Washington, DC 20436.</P>
                <P>
                    <E T="03">Inability to provide requested information.</E>
                    —Pursuant to § 207.61(c) of the Commission's rules, any interested party that cannot furnish the information requested by this notice in the requested form and manner shall notify the Commission at the earliest possible time, provide a full explanation of why it cannot provide the requested information, and indicate alternative forms in which it can provide equivalent information. If an interested party does not provide this notification (or the Commission finds the explanation provided in the notification inadequate) and fails to provide a complete response to this notice, the Commission may take an adverse inference against the party pursuant to § 776(b) of the Act (19 U.S.C. 1677e(b)) in making its determinations in these reviews.
                </P>
                <P>
                    <E T="03">Information to be Provided in Response to This Notice of Institution:</E>
                     If you are a domestic producer, union/worker group, or trade/business association; import/export 
                    <E T="03">Subject Merchandise</E>
                     from more than one 
                    <E T="03">Subject Country;</E>
                     or produce 
                    <E T="03">Subject Merchandise</E>
                     in more than one 
                    <E T="03">Subject Country,</E>
                     you may file a single response. If you do so, please ensure that your response to each question includes the information requested for each pertinent 
                    <E T="03">Subject Country.</E>
                     As used below, the term “firm” includes any related firms.
                </P>
                <P>
                    Those responding to this notice of institution are encouraged, but not required, to visit the USITC's website at 
                    <E T="03">https://usitc.gov/reports/response_noi_worksheet,</E>
                     where one can download and complete the “NOI worksheet” Excel form for the subject proceeding, to be included as attachment/exhibit 1 of your overall response.
                </P>
                <P>(1) The name and address of your firm or entity (including World Wide Web address) and name, telephone number, fax number, and Email address of the certifying official.</P>
                <P>
                    (2) A statement indicating whether your firm/entity is an interested party under 19 U.S.C. 1677(9) and if so, how, including whether your firm/entity is a U.S. producer of the 
                    <E T="03">Domestic Like Product,</E>
                     a U.S. union or worker group, a U.S. importer of the 
                    <E T="03">Subject Merchandi</E>
                    se, a foreign producer or exporter of the 
                    <E T="03">Subject Merchandise,</E>
                     a U.S. or foreign trade or business association (a majority of whose members are interested parties under the statute), or another interested party (including an explanation). If you are a union/worker group or trade/business association, identify the firms in which your workers are employed or which are members of your association.
                </P>
                <P>(3) A statement indicating whether your firm/entity is willing to participate in this proceeding by providing information requested by the Commission.</P>
                <P>
                    (4) A statement of the likely effects of the revocation of the antidumping and countervailing duty orders on the 
                    <E T="03">Domestic Industry</E>
                     in general and/or your firm/entity specifically. In your response, please discuss the various factors specified in § 752(a) of the Act (19 U.S.C. 1675a(a)) including the likely volume of subject imports, likely price effects of subject imports, and likely impact of imports of 
                    <E T="03">Subject Merchandise</E>
                     on the 
                    <E T="03">Domestic Industry.</E>
                </P>
                <P>
                    (5) A list of all known and currently operating U.S. producers of the 
                    <E T="03">Domestic Like Product.</E>
                     Identify any known related parties and the nature of the relationship as defined in § 771(4)(B) of the Act (19 U.S.C. 1677(4)(B)).
                </P>
                <P>
                    (6) A list of all known and currently operating U.S. importers of the 
                    <E T="03">Subject Merchandise</E>
                     and producers of the 
                    <E T="03">Subject Merchandise</E>
                     in each 
                    <E T="03">Subject Country</E>
                     that currently export or have exported 
                    <E T="03">Subject Merchandise</E>
                     to the United States or other countries since the 
                    <E T="03">Order Date.</E>
                </P>
                <P>
                    (7) A list of 3-5 leading purchasers in the U.S. market for the 
                    <E T="03">Domestic Like Product</E>
                     and the 
                    <E T="03">Subject Merchandise</E>
                     (including street address, World Wide Web address, and the name, telephone number, fax number, and Email address of a responsible official at each firm).
                </P>
                <P>
                    (8) A list of known sources of information on national or regional prices for the 
                    <E T="03">Domestic Like Product</E>
                     or the 
                    <E T="03">Subject Merchandise</E>
                     in the U.S. or other markets.
                </P>
                <P>
                    (9) If you are a U.S. producer of the 
                    <E T="03">Domestic Like Product,</E>
                     provide the following information on your firm's operations on that product during calendar year 2024, except as noted (report quantity data in short tons and value data in U.S. dollars, f.o.b. plant). If you are a union/worker group or trade/business association, provide the information, on an aggregate basis, for the firms in which your workers are employed/which are members of your association.
                    <PRTPAGE P="55172"/>
                </P>
                <P>
                    (a) Production (quantity) and, if known, an estimate of the percentage of total U.S. production of the 
                    <E T="03">Domestic Like Product</E>
                     accounted for by your firm's(s') production;
                </P>
                <P>
                    (b) Capacity (quantity) of your firm to produce the 
                    <E T="03">Domestic Like Product</E>
                     (that is, the level of production that your establishment(s) could reasonably have expected to attain during the year, assuming normal operating conditions (using equipment and machinery in place and ready to operate), normal operating levels (hours per week/weeks per year), time for downtime, maintenance, repair, and cleanup, and a typical or representative product mix);
                </P>
                <P>
                    (c) the quantity and value of U.S. commercial shipments of the 
                    <E T="03">Domestic Like Product</E>
                     produced in your U.S. plant(s);
                </P>
                <P>
                    (d) the quantity and value of U.S. internal consumption/company transfers of the 
                    <E T="03">Domestic Like Product</E>
                     produced in your U.S. plant(s); and
                </P>
                <P>
                    (e) the value of (i) net sales, (ii) cost of goods sold (COGS), (iii) gross profit, (iv) selling, general and administrative (SG&amp;A) expenses, and (v) operating income of the 
                    <E T="03">Domestic Like Product</E>
                     produced in your U.S. plant(s) (include both U.S. and export commercial sales, internal consumption, and company transfers) for your most recently completed fiscal year (identify the date on which your fiscal year ends).
                </P>
                <P>
                    (10) If you are a U.S. importer or a trade/business association of U.S. importers of the 
                    <E T="03">Subject Merchandise</E>
                     from any 
                    <E T="03">Subject Country,</E>
                     provide the following information on your firm's(s') operations on that product during calendar year 2024 (report quantity data in short tons and value data in U.S. dollars). If you are a trade/business association, provide the information, on an aggregate basis, for the firms which are members of your association.
                </P>
                <P>
                    (a) The quantity and value (landed, duty-paid but not including antidumping and/or countervailing duties) of U.S. imports and, if known, an estimate of the percentage of total U.S. imports of 
                    <E T="03">Subject Merchandise</E>
                     from each 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') imports;
                </P>
                <P>
                    (b) the quantity and value (f.o.b. U.S. port, including antidumping and/or countervailing duties) of U.S. commercial shipments of 
                    <E T="03">Subject Merchandise</E>
                     imported from each 
                    <E T="03">Subject Country;</E>
                     and
                </P>
                <P>
                    (c) the quantity and value (f.o.b. U.S. port, including antidumping and/or countervailing duties) of U.S. internal consumption/company transfers of 
                    <E T="03">Subject Merchandise</E>
                     imported from each 
                    <E T="03">Subject Country.</E>
                </P>
                <P>
                    (11) If you are a producer, an exporter, or a trade/business association of producers or exporters of the 
                    <E T="03">Subject Merchandise</E>
                     in any 
                    <E T="03">Subject Country,</E>
                     provide the following information on your firm's(s') operations on that product during calendar year 2024 (report quantity data in short tons and value data in U.S. dollars, landed and duty-paid at the U.S. port but not including antidumping and/or countervailing duties). If you are a trade/business association, provide the information, on an aggregate basis, for the firms which are members of your association.
                </P>
                <P>
                    (a) Production (quantity) and, if known, an estimate of the percentage of total production of 
                    <E T="03">Subject Merchandise</E>
                     in each 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') production;
                </P>
                <P>
                    (b) Capacity (quantity) of your firm(s) to produce the 
                    <E T="03">Subject Merchandise</E>
                     in each 
                    <E T="03">Subject Country</E>
                     (that is, the level of production that your establishment(s) could reasonably have expected to attain during the year, assuming normal operating conditions (using equipment and machinery in place and ready to operate), normal operating levels (hours per week/weeks per year), time for downtime, maintenance, repair, and cleanup, and a typical or representative product mix); and
                </P>
                <P>
                    (c) the quantity and value of your firm's(s') exports to the United States of 
                    <E T="03">Subject Merchandise</E>
                     and, if known, an estimate of the percentage of total exports to the United States of 
                    <E T="03">Subject Merchandise</E>
                     from each 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') exports.
                </P>
                <P>
                    (12) Identify significant changes, if any, in the supply and demand conditions or business cycle for the 
                    <E T="03">Domestic Like Product</E>
                     that have occurred in the United States or in the market for the 
                    <E T="03">Subject Merchandise</E>
                     in each 
                    <E T="03">Subject Country</E>
                     since the 
                    <E T="03">Order Dat</E>
                    e, and significant changes, if any, that are likely to occur within a reasonably foreseeable time. Supply conditions to consider include technology; production methods; development efforts; ability to increase production (including the shift of production facilities used for other products and the use, cost, or availability of major inputs into production); and factors related to the ability to shift supply among different national markets (including barriers to importation in foreign markets or changes in market demand abroad). Demand conditions to consider include end uses and applications; the existence and availability of substitute products; and the level of competition among the 
                    <E T="03">Domestic Like Product</E>
                     produced in the United States, 
                    <E T="03">Subject Merchandise</E>
                     produced in each 
                    <E T="03">Subject Country,</E>
                     and such merchandise from other countries.
                </P>
                <P>
                    (13) (OPTIONAL) A statement of whether you agree with the above definitions of the 
                    <E T="03">Domestic Like Product</E>
                     and 
                    <E T="03">Domestic Industry;</E>
                     if you disagree with either or both of these definitions, please explain why and provide alternative definitions.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     This proceeding is being conducted under authority of Title VII of the Tariff Act of 1930; this notice is published pursuant to § 207.61 of the Commission's rules.
                </P>
                <SIG>
                    <P>By order of the Commission.</P>
                    <DATED>Issued: November 25, 2025.</DATED>
                    <NAME>Susan Orndoff, </NAME>
                    <TITLE>Supervisory Attorney.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21678 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 7020-02-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">INTERNATIONAL TRADE COMMISSION</AGENCY>
                <DEPDOC>[Investigation Nos. 701-TA-456 and 731-TA-1152 (Third Review)]</DEPDOC>
                <SUBJECT>Citric Acid and Certain Citrate Salts from China; Institution of Five-Year Reviews</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 that it has instituted reviews pursuant to the Tariff Act of 1930, as amended, to determine whether revocation of the antidumping and countervailing duty orders on citric acid and certain citrate salts from China would be likely to lead to continuation or recurrence of material injury. Pursuant to the Act, interested parties are requested to respond to this notice by submitting the information specified below to the Commission.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Instituted December 1, 2025. To be assured of consideration, the deadline for responses is December 31, 2025. Comments on the adequacy of responses may be filed with the Commission by February 12, 2026.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Alec Resch (202-708-1448), 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. General information concerning the 
                        <PRTPAGE P="55173"/>
                        Commission may also be obtained by accessing its internet server (
                        <E T="03">https://www.usitc.gov</E>
                        ). The public record for this proceeding 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 May 29, 2009, the Department of Commerce (“Commerce”) issued a countervailing duty order on imports of citric acid and certain citrate salts from China (74 FR 25705) and antidumping duty orders on imports of citric acid and certain citrate salts from China and Canada (74 FR 25703). Following the first five-year reviews by Commerce and the Commission, effective June 24, 2015, Commerce issued a continuation of the countervailing duty order on imports of citric acid and certain citrate salts from China and the antidumping duty orders on imports of citric acid and certain citrate salts from Canada and China (80 FR 36318). Effective June 24, 2020, Commerce revoked the antidumping duty order on imports of citric acid and certain citrate salts from Canada (85 FR 37626, June 23, 2020). On January 4, 2021, Commerce issued a continuation of the antidumping and countervailing duty orders on imports of citric acid and certain citrate salts from China (86 FR 72). The Commission is now conducting third five-year reviews pursuant to section 751(c) of the Act, as amended (19 U.S.C. 1675(c)), to determine whether revocation of the orders would be likely to lead to continuation or recurrence of material injury to the domestic industry within a reasonably foreseeable time. Provisions concerning the conduct of this proceeding may be found in the Commission's Rules of Practice and Procedure at 19 CFR Part 201, Subparts A and B, and 19 CFR Part 207, Subparts A and F. The Commission will assess the adequacy of interested party responses to this notice of institution to determine whether to conduct full or expedited reviews. The Commission's determinations in any expedited reviews will be based on the facts available, which may include information provided in response to this notice.
                </P>
                <P>
                    <E T="03">Definitions.</E>
                    —The following definitions apply to these reviews:
                </P>
                <P>
                    (1) 
                    <E T="03">Subject Merchandise</E>
                     is the class or kind of merchandise that is within the scope of the five-year reviews, as defined by Commerce.
                </P>
                <P>
                    (2) The 
                    <E T="03">Subject Country</E>
                     in these reviews is China.
                </P>
                <P>
                    (3) The 
                    <E T="03">Domestic Like Product</E>
                     is the domestically produced product or products which are like, or in the absence of like, most similar in characteristics and uses with, the 
                    <E T="03">Subject Merchandise.</E>
                     In its original determinations, the Commission defined one 
                    <E T="03">Domestic Like Product</E>
                     consisting of citric acid (whether in crude form as calcium citrate or in finished form), sodium citrate, and potassium citrate in all chemical and physical forms and grades. In its full first five-year review determinations and its expedited second five-year review determinations, the Commission defined the 
                    <E T="03">Domestic Like Product</E>
                     as the same as in the original investigations.
                </P>
                <P>
                    (4) The 
                    <E T="03">Domestic Industry</E>
                     is the U.S. producers as a whole of the 
                    <E T="03">Domestic Like Product,</E>
                     or those producers whose collective output of the 
                    <E T="03">Domestic Like Product</E>
                     constitutes a major proportion of the total domestic production of the product. In its original determinations, full first five-year review determinations, and expedited second five-year review determinations, the Commission defined the 
                    <E T="03">Domestic Industry</E>
                     as consisting of all domestic producers of citric acid and citrate salts.
                </P>
                <P>
                    (5) An 
                    <E T="03">Importer</E>
                     is any person or firm engaged, either directly or through a parent company or subsidiary, in importing the 
                    <E T="03">Subject Merchandise</E>
                     into the United States from a foreign manufacturer or through its selling agent.
                </P>
                <P>
                    <E T="03">Participation in the proceeding and public service list.</E>
                    —Persons, including industrial users of the 
                    <E T="03">Subject Merchandise</E>
                     and, if the merchandise is sold at the retail level, representative consumer organizations, wishing to participate in the proceeding as parties must file an entry of appearance with the Secretary to the Commission, as provided in § 201.11(b)(4) of the Commission's rules, no later than 21 days after publication of this notice in the 
                    <E T="04">Federal Register</E>
                    . The Secretary will maintain a public service list containing the names and addresses of all persons, or their representatives, who are parties to the proceeding.
                </P>
                <P>Former Commission employees who are seeking to appear in Commission five-year reviews are advised that they may appear in a review even if they participated personally and substantially in the corresponding underlying original investigation or an earlier review of the same underlying investigation. The Commission's designated agency ethics official has advised that a five-year review is not the same particular matter as the underlying original investigation, and a five-year review is not the same particular matter as an earlier review of the same underlying investigation for purposes of 18 U.S.C. 207, the post-employment statute for Federal employees, and Commission rule 201.15(b) (19 CFR 201.15(b)), 79 FR 3246 (Jan. 17, 2014), 73 FR 24609 (May 5, 2008). Consequently, former employees are not required to seek Commission approval to appear in a review under Commission rule 19 CFR 201.15, even if the corresponding underlying original investigation or an earlier review of the same underlying investigation was pending when they were Commission employees. For further ethics advice on this matter, contact Charles Smith, Office of the General Counsel, at 202-205-3408.</P>
                <P>
                    <E T="03">Limited disclosure of business proprietary information (BPI) under an administrative protective order (APO) and APO service list.</E>
                    —Pursuant to § 207.7(a) of the Commission's rules, the Secretary will make BPI submitted in this proceeding available to authorized applicants under the APO issued in the proceeding, provided that the application is made no later than 21 days after publication of this notice in the 
                    <E T="04">Federal Register</E>
                    . Authorized applicants must represent interested parties, as defined in 19 U.S.C. 1677(9), who are parties to the proceeding. 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">Certification.</E>
                    —Pursuant to § 207.3 of the Commission's rules, any person submitting information to the Commission in connection with this proceeding must certify that the information is accurate and complete to the best of the submitter's knowledge. In making the certification, the submitter will acknowledge that information submitted in response to this request for information and throughout this proceeding or other proceeding may be disclosed to and used: (i) by the Commission, its employees and Offices, and contract personnel (a) for developing or maintaining the records of this or a related proceeding, or (b) in internal investigations, audits, reviews, and evaluations relating to the programs, personnel, and operations of the Commission including under 5 U.S.C. Appendix 3; or (ii) by U.S. government employees and contract personnel, solely for cybersecurity purposes. All contract personnel will sign appropriate nondisclosure agreements.
                </P>
                <P>
                    <E T="03">Written submissions.</E>
                    —Pursuant to § 207.61 of the Commission's rules, each interested party response to this notice must provide the information specified below. The deadline for filing such responses is 5:15 p.m. on December 31, 2025. Pursuant to § 207.62(b) of the 
                    <PRTPAGE P="55174"/>
                    Commission's rules, eligible parties (as specified in Commission rule 207.62(b)(1)) may also file comments concerning the adequacy of responses to the notice of institution and whether the Commission should conduct expedited or full reviews. The deadline for filing such comments is 5:15 p.m. on February 12, 2026. All written submissions must conform with the provisions of § 201.8 of the Commission's rules; any submissions that contain BPI must also conform with the requirements of §§ 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. Also, in accordance with §§ 201.16(c) and 207.3 of the Commission's rules, each document filed by a party to the proceeding must be served on all other parties to the proceeding (as identified by either the public or APO service list as appropriate), and a certificate of service must accompany the document (if you are not a party to the proceeding you do not need to serve your response).
                </P>
                <P>
                    Please note the Secretary's Office will accept only electronic filings at 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>No response to this request for information is required if a currently valid Office of Management and Budget (“OMB”) number is not displayed; the OMB number is 3117 0016/USITC No. 25-5-661, expiration date June 30, 2026. Public reporting burden for the request is estimated to average 15 hours per response. Please send comments regarding the accuracy of this burden estimate to the Office of Investigations, U.S. International Trade Commission, 500 E Street SW, Washington, DC 20436.</P>
                <P>
                    <E T="03">Inability to provide requested information.</E>
                    —Pursuant to § 207.61(c) of the Commission's rules, any interested party that cannot furnish the information requested by this notice in the requested form and manner shall notify the Commission at the earliest possible time, provide a full explanation of why it cannot provide the requested information, and indicate alternative forms in which it can provide equivalent information. If an interested party does not provide this notification (or the Commission finds the explanation provided in the notification inadequate) and fails to provide a complete response to this notice, the Commission may take an adverse inference against the party pursuant to § 776(b) of the Act (19 U.S.C. 1677e(b)) in making its determinations in the reviews.
                </P>
                <P>
                    <E T="03">Information To Be Provided in Response to This Notice of Institution:</E>
                     As used below, the term “firm” includes any related firms.
                </P>
                <P>
                    Those responding to this notice of institution are encouraged, but not required, to visit the USITC's website at 
                    <E T="03">https://usitc.gov/reports/response_noi_worksheet,</E>
                     where one can download and complete the “NOI worksheet” Excel form for the subject proceeding, to be included as attachment/exhibit 1 of your overall response.
                </P>
                <P>(1) The name and address of your firm or entity (including World Wide Web address) and name, telephone number, fax number, and Email address of the certifying official.</P>
                <P>
                    (2) A statement indicating whether your firm/entity is an interested party under 19 U.S.C. 1677(9) and if so, how, including whether your firm/entity is a U.S. producer of the 
                    <E T="03">Domestic Like Product,</E>
                     a U.S. union or worker group, a U.S. importer of the 
                    <E T="03">Subject Merchandise,</E>
                     a foreign producer or exporter of the 
                    <E T="03">Subject Merchandise,</E>
                     a U.S. or foreign trade or business association (a majority of whose members are interested parties under the statute), or another interested party (including an explanation). If you are a union/worker group or trade/business association, identify the firms in which your workers are employed or which are members of your association.
                </P>
                <P>(3) A statement indicating whether your firm/entity is willing to participate in this proceeding by providing information requested by the Commission.</P>
                <P>
                    (4) A statement of the likely effects of the revocation of the antidumping and countervailing duty orders on the 
                    <E T="03">Domestic Industry</E>
                     in general and/or your firm/entity specifically. In your response, please discuss the various factors specified in section 752(a) of the Act (19 U.S.C. 1675a(a)) including the likely volume of subject imports, likely price effects of subject imports, and likely impact of imports of 
                    <E T="03">Subject Merchandise</E>
                     on the 
                    <E T="03">Domestic Industry.</E>
                </P>
                <P>
                    (5) A list of all known and currently operating U.S. producers of the 
                    <E T="03">Domestic Like Product.</E>
                     Identify any known related parties and the nature of the relationship as defined in section 771(4)(B) of the Act (19 U.S.C. 1677(4)(B)).
                </P>
                <P>
                    (6) A list of all known and currently operating U.S. importers of the 
                    <E T="03">Subject Merchandise</E>
                     and producers of the 
                    <E T="03">Subject Merchandise</E>
                     in the 
                    <E T="03">Subject Country</E>
                     that currently export or have exported 
                    <E T="03">Subject Merchandise</E>
                     to the United States or other countries after 2019.
                </P>
                <P>
                    (7) A list of 3-5 leading purchasers in the U.S. market for the 
                    <E T="03">Domestic Like Product</E>
                     and the 
                    <E T="03">Subject Merchandise</E>
                     (including street address, World Wide Web address, and the name, telephone number, fax number, and Email address of a responsible official at each firm).
                </P>
                <P>
                    (8) A list of known sources of information on national or regional prices for the 
                    <E T="03">Domestic Like Product</E>
                     or the 
                    <E T="03">Subject Merchandise</E>
                     in the U.S. or other markets.
                </P>
                <P>
                    (9) If you are a U.S. producer of the 
                    <E T="03">Domestic Like Product,</E>
                     provide the following information on your firm's operations on that product during calendar year 2024, except as noted (report quantity data in dry pounds and value data in U.S. dollars, f.o.b. plant). If you are a union/worker group or trade/business association, provide the information, on an aggregate basis, for the firms in which your workers are employed/which are members of your association.
                </P>
                <P>
                    (a) Production (quantity) and, if known, an estimate of the percentage of total U.S. production of the 
                    <E T="03">Domestic Like Product</E>
                     accounted for by your firm's(s') production;
                </P>
                <P>
                    (b) Capacity (quantity) of your firm to produce the 
                    <E T="03">Domestic Like Product</E>
                     (that is, the level of production that your establishment(s) could reasonably have expected to attain during the year, assuming normal operating conditions (using equipment and machinery in place and ready to operate), normal operating levels (hours per week/weeks per year), time for downtime, maintenance, repair, and cleanup, and a typical or representative product mix);
                </P>
                <P>
                    (c) the quantity and value of U.S. commercial shipments of the 
                    <E T="03">Domestic Like Product</E>
                     produced in your U.S. plant(s);
                </P>
                <P>
                    (d) the quantity and value of U.S. internal consumption/company transfers of the 
                    <E T="03">Domestic Like Product</E>
                     produced in your U.S. plant(s); and
                </P>
                <P>
                    (e) the value of (i) net sales, (ii) cost of goods sold (COGS), (iii) gross profit, (iv) selling, general and administrative (SG&amp;A) expenses, and (v) operating income of the 
                    <E T="03">Domestic Like Product</E>
                     produced in your U.S. plant(s) (include both U.S. and export commercial sales, internal consumption, and company transfers) for your most recently completed fiscal year (identify the date on which your fiscal year ends).
                </P>
                <P>
                    (10) If you are a U.S. importer or a trade/business association of U.S. 
                    <PRTPAGE P="55175"/>
                    importers of the 
                    <E T="03">Subject Merchandise</E>
                     from the 
                    <E T="03">Subject Country,</E>
                     provide the following information on your firm's(s') operations on that product during calendar year 2024 (report quantity data in dry pounds and value data in U.S. dollars). If you are a trade/business association, provide the information, on an aggregate basis, for the firms which are members of your association.
                </P>
                <P>
                    (a) The quantity and value (landed, duty-paid but not including antidumping and/or countervailing duties) of U.S. imports and, if known, an estimate of the percentage of total U.S. imports of 
                    <E T="03">Subject Merchandise</E>
                     from the 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') imports;
                </P>
                <P>
                    (b) the quantity and value (f.o.b. U.S. port, including antidumping and/or countervailing duties) of U.S. commercial shipments of 
                    <E T="03">Subject Merchandise</E>
                     imported from the 
                    <E T="03">Subject Country;</E>
                     and
                </P>
                <P>
                    (c) the quantity and value (f.o.b. U.S. port, including antidumping and/or countervailing duties) of U.S. internal consumption/company transfers of 
                    <E T="03">Subject Merchandise</E>
                     imported from the 
                    <E T="03">Subject Country.</E>
                </P>
                <P>
                    (11) If you are a producer, an exporter, or a trade/business association of producers or exporters of the 
                    <E T="03">Subject Merchandise</E>
                     in the 
                    <E T="03">Subject Country,</E>
                     provide the following information on your firm's(s') operations on that product during calendar year 2024 (report quantity data in dry pounds and value data in U.S. dollars, landed and duty-paid at the U.S. port but not including antidumping and/or countervailing duties). If you are a trade/business association, provide the information, on an aggregate basis, for the firms which are members of your association.
                </P>
                <P>
                    (a) Production (quantity) and, if known, an estimate of the percentage of total production of 
                    <E T="03">Subject Merchandise</E>
                     in the 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') production;
                </P>
                <P>
                    (b) Capacity (quantity) of your firm(s) to produce the 
                    <E T="03">Subject Merchandise</E>
                     in the 
                    <E T="03">Subject Country</E>
                     (that is, the level of production that your establishment(s) could reasonably have expected to attain during the year, assuming normal operating conditions (using equipment and machinery in place and ready to operate), normal operating levels (hours per week/weeks per year), time for downtime, maintenance, repair, and cleanup, and a typical or representative product mix); and
                </P>
                <P>
                    (c) the quantity and value of your firm's(s') exports to the United States of 
                    <E T="03">Subject Merchandise</E>
                     and, if known, an estimate of the percentage of total exports to the United States of 
                    <E T="03">Subject Merchandise</E>
                     from the 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') exports.
                </P>
                <P>
                    (12) Identify significant changes, if any, in the supply and demand conditions or business cycle for the 
                    <E T="03">Domestic Like Product</E>
                     that have occurred in the United States or in the market for the 
                    <E T="03">Subject Merchandise</E>
                     in the 
                    <E T="03">Subject Country</E>
                     after 2019, and significant changes, if any, that are likely to occur within a reasonably foreseeable time. Supply conditions to consider include technology; production methods; development efforts; ability to increase production (including the shift of production facilities used for other products and the use, cost, or availability of major inputs into production); and factors related to the ability to shift supply among different national markets (including barriers to importation in foreign markets or changes in market demand abroad). Demand conditions to consider include end uses and applications; the existence and availability of substitute products; and the level of competition among the 
                    <E T="03">Domestic Like Product</E>
                     produced in the United States, 
                    <E T="03">Subject Merchandise</E>
                     produced in the 
                    <E T="03">Subject Country,</E>
                     and such merchandise from other countries.
                </P>
                <P>
                    (13) (OPTIONAL) A statement of whether you agree with the above definitions of the 
                    <E T="03">Domestic Like Product</E>
                     and 
                    <E T="03">Domestic Industry;</E>
                     if you disagree with either or both of these definitions, please explain why and provide alternative definitions.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     This proceeding is being conducted under authority of title VII of the Tariff Act of 1930; this notice is published pursuant to § 207.61 of the Commission's rules.
                </P>
                <SIG>
                    <P>By order of the Commission.</P>
                    <DATED>Issued: November 25, 2025.</DATED>
                    <NAME>Susan Orndoff,</NAME>
                    <TITLE>Supervisory Attorney.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21682 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 7020-02-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">INTERNATIONAL TRADE COMMISSION</AGENCY>
                <DEPDOC>[Investigation Nos. 701-TA-759 and 731-TA-1740-1741 (Final)]</DEPDOC>
                <SUBJECT>Multifunctional Acrylate and Methacrylate Monomers and Oligomers (MAMMOs) From South Korea and Taiwan; Revised Schedule for the Subject Proceeding</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>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>November 25, 2025.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Junie Joseph ((202) 205-3363), 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. 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 proceeding 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>Effective August 25, 2025, the Commission established a schedule for the conduct of the subject proceeding (90 FR 42984, September 5, 2025). Due to the lapse in appropriations and ensuing cessation of Commission operations, the Commission is revising its schedule as follows: the prehearing staff report will be placed in the nonpublic record on December 8, 2025; the deadline for filing prehearing briefs is December 15, 2025; requests to appear at the hearing must be filed with the Secretary to the Commission on December 16, 2025; a prehearing conference will be held on December 17, 2025, if deemed necessary; parties shall file and serve written testimony and presentation slides in connection with their presentation at the hearing by no later than noon on December 19, 2025; the hearing will be held at the U.S. International Trade Commission Building at 9:30 a.m. on December 22, 2025; the deadline for filing posthearing briefs and for written statements from any person who has not entered an appearance as a party is December 30, 2025; the Commission will make its final release of information on January 13, 2025; and final party comments are due on January 15, 2025.</P>
                <P>For further information concerning this proceeding, see the Commission's notice cited above and the Commission's Rules of Practice and Procedure, part 201, subparts A and B (19 CFR part 201), and part 207, subparts A and C.</P>
                <P>
                    <E T="03">Authority:</E>
                     This proceeding is being conducted under authority of title VII of the Tariff Act of 1930; this notice is published pursuant to section 207.21 of the Commission's rules.
                </P>
                <SIG>
                    <P>By order of the Commission.</P>
                    <PRTPAGE P="55176"/>
                    <DATED>Issued: November 25, 2025.</DATED>
                    <NAME>Lisa Barton,</NAME>
                    <TITLE>Secretary to the Commission.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21614 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 7020-02-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">INTERNATIONAL TRADE COMMISSION</AGENCY>
                <DEPDOC>[Investigation No. 731-TA-1012 (Fourth Review)]</DEPDOC>
                <SUBJECT>Frozen Fish Fillets From Vietnam; Institution of a 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 that it has instituted a review pursuant to the Tariff Act of 1930, as amended, to determine whether revocation of the antidumping duty order on frozen fish fillets from Vietnam would be likely to lead to continuation or recurrence of material injury. Pursuant to the Act, interested parties are requested to respond to this notice by submitting the information specified below to the Commission.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        Instituted November 3, 2025.
                        <SU>1</SU>
                        <FTREF/>
                         To be assured of consideration, the deadline for responses is December 31, 2025. Comments on the adequacy of responses may be filed with the Commission by February 10, 2026.
                    </P>
                    <FTNT>
                        <P>
                            <SU>1</SU>
                             Due to the lapse in appropriations and ensuing cessation of Commission operations, the deadlines in this proceeding have been tolled.
                        </P>
                    </FTNT>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Juan Carlos Peña Flores (202-205-3169), 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. 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 proceeding 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 August 12, 2003, the Department of Commerce (“Commerce”) issued an antidumping duty order on imports of frozen fish fillets from Vietnam (68 FR 47909). Commerce issued a continuation of the antidumping duty order on imports of frozen fish fillets from Vietnam following Commerce's and the Commission's first five-year reviews, effective July 10, 2009 (74 FR 33208), second five-year reviews, effective November 28, 2014 (79 FR 70853), and third five-year reviews, effective December 1, 2020 (85 FR 77169). The Commission is now conducting a fourth review pursuant to section 751(c) of the Act, as amended (19 U.S.C. 1675(c)), to determine whether revocation of the order would be likely to lead to continuation or recurrence of material injury to the domestic industry within a reasonably foreseeable time. Provisions concerning the conduct of this proceeding may be found in the Commission's Rules of Practice and Procedure at 19 CFR part 201, subparts A and B, and 19 CFR part 207, subparts A and F. The Commission will assess the adequacy of interested party responses to this notice of institution to determine whether to conduct a full or expedited review. The Commission's determination in any expedited review will be based on the facts available, which may include information provided in response to this notice.
                </P>
                <P>
                    <E T="03">Definitions.</E>
                    —The following definitions apply to this review:
                </P>
                <P>
                    (1) 
                    <E T="03">Subject Merchandise</E>
                     is the class or kind of merchandise that is within the scope of the five-year review, as defined by Commerce.
                </P>
                <P>
                    (2) The 
                    <E T="03">Subject Country</E>
                     in this review is Vietnam.
                </P>
                <P>
                    (3) The 
                    <E T="03">Domestic Like Product</E>
                     is the domestically produced product or products which are like, or in the absence of like, most similar in characteristics and uses with, the 
                    <E T="03">Subject Merchandise.</E>
                     In its original determination, its full first five-year review determination, its expedited second five-year review determination, and its full third five-year review determination, the Commission defined the 
                    <E T="03">Domestic Like Product</E>
                     as frozen catfish fillets, whether plain, breaded, or marinated.
                </P>
                <P>
                    (4) The 
                    <E T="03">Domestic Industry</E>
                     is the U.S. producers as a whole of the 
                    <E T="03">Domestic Like Product,</E>
                     or those producers whose collective output of the 
                    <E T="03">Domestic Like Product</E>
                     constitutes a major proportion of the total domestic production of the product. In its original determination, its full first five-year review determination, its expedited second five-year review determination, and its full third five-year review determination, the Commission defined the 
                    <E T="03">Domestic Industry</E>
                     as processing operations producing frozen catfish fillets (whether plain, breaded, or marinated), not including catfish farming operations.
                </P>
                <P>
                    (5) An 
                    <E T="03">Importer</E>
                     is any person or firm engaged, either directly or through a parent company or subsidiary, in importing the 
                    <E T="03">Subject Merchandise</E>
                     into the United States from a foreign manufacturer or through its selling agent.
                </P>
                <P>
                    <E T="03">Participation in the proceeding and public service list.</E>
                    —Persons, including industrial users of the 
                    <E T="03">Subject Merchandise</E>
                     and, if the merchandise is sold at the retail level, representative consumer organizations, wishing to participate in the proceeding as parties must file an entry of appearance with the Secretary to the Commission, as provided in § 201.11(b)(4) of the Commission's rules, no later than 21 days after publication of this notice in the 
                    <E T="04">Federal Register</E>
                    . The Secretary will maintain a public service list containing the names and addresses of all persons, or their representatives, who are parties to the proceeding.
                </P>
                <P>Former Commission employees who are seeking to appear in Commission five-year reviews are advised that they may appear in a review even if they participated personally and substantially in the corresponding underlying original investigation or an earlier review of the same underlying investigation. The Commission's designated agency ethics official has advised that a five-year review is not the same particular matter as the underlying original investigation, and a five-year review is not the same particular matter as an earlier review of the same underlying investigation for purposes of 18 U.S.C. 207, the post-employment statute for Federal employees, and Commission rule 201.15(b) (19 CFR 201.15(b)), 79 FR 3246 (Jan. 17, 2014), 73 FR 24609 (May 5, 2008). Consequently, former employees are not required to seek Commission approval to appear in a review under Commission rule 19 CFR 201.15, even if the corresponding underlying original investigation or an earlier review of the same underlying investigation was pending when they were Commission employees. For further ethics advice on this matter, contact Charles Smith, Office of the General Counsel, at 202-205-3408.</P>
                <P>
                    <E T="03">Limited disclosure of business proprietary information (BPI) under an administrative protective order (APO) and APO service list.</E>
                    —Pursuant to § 207.7(a) of the Commission's rules, the Secretary will make BPI submitted in this proceeding available to authorized applicants under the APO issued in the proceeding, provided that the application is made no later than 21 days after publication of this notice in the 
                    <E T="04">Federal Register</E>
                    . Authorized 
                    <PRTPAGE P="55177"/>
                    applicants must represent interested parties, as defined in 19 U.S.C. 1677(9), who are parties to the proceeding. 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">Certification.</E>
                    —Pursuant to § 207.3 of the Commission's rules, any person submitting information to the Commission in connection with this proceeding must certify that the information is accurate and complete to the best of the submitter's knowledge. In making the certification, the submitter will acknowledge that information submitted in response to this request for information and throughout this proceeding or other proceeding may be disclosed to and used: (i) by the Commission, its employees and Offices, and contract personnel (a) for developing or maintaining the records of this or a related proceeding, or (b) in internal investigations, audits, reviews, and evaluations relating to the programs, personnel, and operations of the Commission including under 5 U.S.C. Appendix 3; or (ii) by U.S. government employees and contract personnel, solely for cybersecurity purposes. All contract personnel will sign appropriate nondisclosure agreements.
                </P>
                <P>
                    <E T="03">Written submissions.</E>
                    —Pursuant to § 207.61 of the Commission's rules, each interested party response to this notice must provide the information specified below. The deadline for filing such responses is 5:15 p.m. on December 31, 2025. Pursuant to § 207.62(b) of the Commission's rules, eligible parties (as specified in Commission rule 207.62(b)(1)) may also file comments concerning the adequacy of responses to the notice of institution and whether the Commission should conduct an expedited or full review. The deadline for filing such comments is 5:15 p.m. on February 10, 2026. All written submissions must conform with the provisions of § 201.8 of the Commission's rules; any submissions that contain BPI must also conform with the requirements of §§ 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. Also, in accordance with §§ 201.16(c) and 207.3 of the Commission's rules, each document filed by a party to the proceeding must be served on all other parties to the proceeding (as identified by either the public or APO service list as appropriate), and a certificate of service must accompany the document (if you are not a party to the proceeding you do not need to serve your response).
                </P>
                <P>
                    Please note the Secretary's Office will accept only electronic filings at 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>No response to this request for information is required if a currently valid Office of Management and Budget (“OMB”) number is not displayed; the OMB number is 3117 0016/USITC No. 25-5-659, expiration date June 30, 2026. Public reporting burden for the request is estimated to average 15 hours per response. Please send comments regarding the accuracy of this burden estimate to the Office of Investigations, U.S. International Trade Commission, 500 E Street SW, Washington, DC 20436.</P>
                <P>
                    <E T="03">Inability to provide requested information.</E>
                    —Pursuant to § 207.61(c) of the Commission's rules, any interested party that cannot furnish the information requested by this notice in the requested form and manner shall notify the Commission at the earliest possible time, provide a full explanation of why it cannot provide the requested information, and indicate alternative forms in which it can provide equivalent information. If an interested party does not provide this notification (or the Commission finds the explanation provided in the notification inadequate) and fails to provide a complete response to this notice, the Commission may take an adverse inference against the party pursuant to § 776(b) of the Act (19 U.S.C. 1677e(b)) in making its determination in the review.
                </P>
                <P>
                    <E T="03">Information To Be Provided in Response to This Notice of Institution:</E>
                     As used below, the term “firm” includes any related firms.
                </P>
                <P>
                    Those responding to this notice of institution are encouraged, but not required, to visit the USITC's website at 
                    <E T="03">https://usitc.gov/reports/response_noi_worksheet,</E>
                     where one can download and complete the “NOI worksheet” Excel form for the subject proceeding, to be included as attachment/exhibit 1 of your overall response.
                </P>
                <P>(1) The name and address of your firm or entity (including World Wide Web address) and name, telephone number, fax number, and Email address of the certifying official.</P>
                <P>
                    (2) A statement indicating whether your firm/entity is an interested party under 19 U.S.C. 1677(9) and if so, how, including whether your firm/entity is a U.S. producer of the 
                    <E T="03">Domestic Like Product,</E>
                     a U.S. union or worker group, a U.S. importer of the 
                    <E T="03">Subject Merchandise,</E>
                     a foreign producer or exporter of the 
                    <E T="03">Subject Merchandise,</E>
                     a U.S. or foreign trade or business association (a majority of whose members are interested parties under the statute), or another interested party (including an explanation). If you are a union/worker group or trade/business association, identify the firms in which your workers are employed or which are members of your association.
                </P>
                <P>(3) A statement indicating whether your firm/entity is willing to participate in this proceeding by providing information requested by the Commission.</P>
                <P>
                    (4) A statement of the likely effects of the revocation of the antidumping duty order on the 
                    <E T="03">Domestic Industry</E>
                     in general and/or your firm/entity specifically. In your response, please discuss the various factors specified in section 752(a) of the Act (19 U.S.C. 1675a(a)) including the likely volume of subject imports, likely price effects of subject imports, and likely impact of imports of 
                    <E T="03">Subject Merchandise</E>
                     on the 
                    <E T="03">Domestic Industry.</E>
                </P>
                <P>
                    (5) A list of all known and currently operating U.S. producers of the 
                    <E T="03">Domestic Like Product.</E>
                     Identify any known related parties and the nature of the relationship as defined in § 771(4)(B) of the Act (19 U.S.C. 1677(4)(B)).
                </P>
                <P>
                    (6) A list of all known and currently operating U.S. importers of the 
                    <E T="03">Subject Merchandise</E>
                     and producers of the 
                    <E T="03">Subject Merchandise</E>
                     in the 
                    <E T="03">Subject Country</E>
                     that currently export or have exported 
                    <E T="03">Subject Merchandise</E>
                     to the United States or other countries after 2019.
                </P>
                <P>
                    (7) A list of 3-5 leading purchasers in the U.S. market for the 
                    <E T="03">Domestic Like Product</E>
                     and the 
                    <E T="03">Subject Merchandise</E>
                     (including street address, World Wide Web address, and the name, telephone number, fax number, and Email address of a responsible official at each firm).
                </P>
                <P>
                    (8) A list of known sources of information on national or regional prices for the 
                    <E T="03">Domestic Like Product</E>
                     or the 
                    <E T="03">Subject Merchandise</E>
                     in the U.S. or other markets.
                </P>
                <P>
                    (9) If you are a U.S. producer of the 
                    <E T="03">Domestic Like Product,</E>
                     provide the following information on your firm's operations on that product during calendar year 2024, except as noted (report quantity data in pounds and value data in U.S. dollars, f.o.b. plant). If you are a union/worker group or trade/business association, provide the 
                    <PRTPAGE P="55178"/>
                    information, on an aggregate basis, for the firms in which your workers are employed/which are members of your association.
                </P>
                <P>
                    (a) Production (quantity) and, if known, an estimate of the percentage of total U.S. production of the 
                    <E T="03">Domestic Like Product</E>
                     accounted for by your firm's(s') production;
                </P>
                <P>
                    (b) Capacity (quantity) of your firm to produce the 
                    <E T="03">Domestic Like Product</E>
                     (that is, the level of production that your establishment(s) could reasonably have expected to attain during the year, assuming normal operating conditions (using equipment and machinery in place and ready to operate), normal operating levels (hours per week/weeks per year), time for downtime, maintenance, repair, and cleanup, and a typical or representative product mix);
                </P>
                <P>
                    (c) the quantity and value of U.S. commercial shipments of the 
                    <E T="03">Domestic Like Product</E>
                     produced in your U.S. plant(s);
                </P>
                <P>
                    (d) the quantity and value of U.S. internal consumption/company transfers of the 
                    <E T="03">Domestic Like Product</E>
                     produced in your U.S. plant(s); and
                </P>
                <P>
                    (e) the value of (i) net sales, (ii) cost of goods sold (COGS), (iii) gross profit, (iv) selling, general and administrative (SG&amp;A) expenses, and (v) operating income of the 
                    <E T="03">Domestic Like Product</E>
                     produced in your U.S. plant(s) (include both U.S. and export commercial sales, internal consumption, and company transfers) for your most recently completed fiscal year (identify the date on which your fiscal year ends).
                </P>
                <P>
                    (10) If you are a U.S. importer or a trade/business association of U.S. importers of the 
                    <E T="03">Subject Merchandise</E>
                     from the 
                    <E T="03">Subject Country,</E>
                     provide the following information on your firm's(s') operations on that product during calendar year 2024 (report quantity data in pounds and value data in U.S. dollars). If you are a trade/business association, provide the information, on an aggregate basis, for the firms which are members of your association.
                </P>
                <P>
                    (a) The quantity and value (landed, duty-paid but not including antidumping duties) of U.S. imports and, if known, an estimate of the percentage of total U.S. imports of 
                    <E T="03">Subject Merchandise</E>
                     from the 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') imports;
                </P>
                <P>
                    (b) the quantity and value (f.o.b. U.S. port, including antidumping duties) of U.S. commercial shipments of 
                    <E T="03">Subject Merchandise</E>
                     imported from the 
                    <E T="03">Subject Country;</E>
                     and
                </P>
                <P>
                    (c) the quantity and value (f.o.b. U.S. port, including antidumping duties) of U.S. internal consumption/company transfers of 
                    <E T="03">Subject Merchandise</E>
                     imported from the 
                    <E T="03">Subject Country.</E>
                </P>
                <P>
                    (11) If you are a producer, an exporter, or a trade/business association of producers or exporters of the 
                    <E T="03">Subject Merchandise</E>
                     in the 
                    <E T="03">Subject Country,</E>
                     provide the following information on your firm's(s') operations on that product during calendar year 2024 (report quantity data in pounds and value data in U.S. dollars, landed and duty-paid at the U.S. port but not including antidumping duties). If you are a trade/business association, provide the information, on an aggregate basis, for the firms which are members of your association.
                </P>
                <P>
                    (a) Production (quantity) and, if known, an estimate of the percentage of total production of 
                    <E T="03">Subject Merchandise</E>
                     in the 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') production;
                </P>
                <P>
                    (b) Capacity (quantity) of your firm(s) to produce the 
                    <E T="03">Subject Merchandise</E>
                     in the 
                    <E T="03">Subject Country</E>
                     (that is, the level of production that your establishment(s) could reasonably have expected to attain during the year, assuming normal operating conditions (using equipment and machinery in place and ready to operate), normal operating levels (hours per week/weeks per year), time for downtime, maintenance, repair, and cleanup, and a typical or representative product mix); and
                </P>
                <P>
                    (c) the quantity and value of your firm's(s') exports to the United States of 
                    <E T="03">Subject Merchandise</E>
                     and, if known, an estimate of the percentage of total exports to the United States of 
                    <E T="03">Subject Merchandise</E>
                     from the 
                    <E T="03">Subject Country</E>
                     accounted for by your firm's(s') exports.
                </P>
                <P>
                    (12) Identify significant changes, if any, in the supply and demand conditions or business cycle for the 
                    <E T="03">Domestic Like Product</E>
                     that have occurred in the United States or in the market for the 
                    <E T="03">Subject Merchandise</E>
                     in the 
                    <E T="03">Subject Country</E>
                     after 2019, and significant changes, if any, that are likely to occur within a reasonably foreseeable time. Supply conditions to consider include technology; production methods; development efforts; ability to increase production (including the shift of production facilities used for other products and the use, cost, or availability of major inputs into production); and factors related to the ability to shift supply among different national markets (including barriers to importation in foreign markets or changes in market demand abroad). Demand conditions to consider include end uses and applications; the existence and availability of substitute products; and the level of competition among the 
                    <E T="03">Domestic Like Product</E>
                     produced in the United States, 
                    <E T="03">Subject Merchandise</E>
                     produced in the 
                    <E T="03">Subject Country,</E>
                     and such merchandise from other countries.
                </P>
                <P>
                    (13) (OPTIONAL) A statement of whether you agree with the above definitions of the 
                    <E T="03">Domestic Like Product</E>
                     and 
                    <E T="03">Domestic Industry;</E>
                     if you disagree with either or both of these definitions, please explain why and provide alternative definitions.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     This proceeding is being conducted under authority of title VII of the Tariff Act of 1930; this notice is published pursuant to § 207.61 of the Commission's rules.
                </P>
                <SIG>
                    <P>By order of the Commission.</P>
                    <DATED>Issued: November 25, 2025.</DATED>
                    <NAME>Susan Orndoff,</NAME>
                    <TITLE>Supervisory Attorney.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21683 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 7020-02-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF JUSTICE</AGENCY>
                <SUBAGY>Drug Enforcement Administration</SUBAGY>
                <DEPDOC>[Docket No. DEA-1630]</DEPDOC>
                <SUBJECT>Bulk Manufacturer of Controlled Substances Application: Invizyne Technologies, Inc.</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Drug Enforcement Administration, Justice.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of application.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>Invizyne Technologies, Inc. has applied to be registered as a bulk manufacturer of basic class(es) of controlled substance(s). Refer to Supplementary Information listed below for further drug information.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Registered bulk manufacturers of the affected basic class(es), and applicants, therefore, may submit electronic comments on or objections to the issuance of the proposed registration on or before January 30, 2026. Such persons may also file a written request for a hearing on the application on or before January 30, 2026.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        The Drug Enforcement Administration requires that all comments be submitted electronically through the Federal eRulemaking Portal, which provides the ability to type short comments directly into the comment field on the web page or attach a file for lengthier comments. Please go to 
                        <E T="03">https://www.regulations.gov</E>
                         and follow the online instructions at that site for submitting comments. Upon submission of your comment, you will receive a Comment Tracking Number. Please be aware that submitted comments are not instantaneously available for public view on 
                        <E T="03">https://www.regulations.gov.</E>
                         If you have received a Comment Tracking 
                        <PRTPAGE P="55179"/>
                        Number, your comment has been successfully submitted and there is no need to resubmit the same comment.
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>In accordance with 21 CFR 1301.33(a), this is notice that on October 29, 2025, Invizyne Technologies, Inc., 750 Royal Oaks Drive, Suite 106, Monrovia, California 91016-6357, applied to be registered as a bulk manufacturer of the following basic class(es) of controlled substance(s):</P>
                <GPOTABLE COLS="3" OPTS="L2,tp0,i1" CDEF="s50,12,12">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Controlled substance</CHED>
                        <CHED H="1">Drug code</CHED>
                        <CHED H="1">Schedule</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Tetrahydrocannabinols</ENT>
                        <ENT>7370</ENT>
                        <ENT>I</ENT>
                    </ROW>
                </GPOTABLE>
                <P>The company plans to bulk manufacture the listed controlled substance for the internal use intermediates or for sale to its customers. In reference to drug code 7370 (Tetrahydrocannabinols), the company plans to bulk manufacture this drug as synthetic. No other activity for this drug code is authorized for this registration.</P>
                <SIG>
                    <NAME>Thomas Prevoznik,</NAME>
                    <TITLE>Deputy Assistant Administrator.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21724 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF JUSTICE</AGENCY>
                <SUBAGY>Drug Enforcement Administration</SUBAGY>
                <DEPDOC>[Docket No. DEA-1628]</DEPDOC>
                <SUBJECT>Importer of Controlled Substances Application: Blue Rabbit Veterinary LLC</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Drug Enforcement Administration, Justice.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of application.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        Blue Rabbit Veterinary LLC has applied to be registered as an importer of basic class(es) of controlled substance(s). Refer to 
                        <E T="02">Supplementary Information</E>
                         listed below for further drug information.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Registered bulk manufacturers of the affected basic class(es), and applicants, therefore, may submit electronic comments on or objections to the issuance of the proposed registration on or before December 31, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        The Drug Enforcement Administration requires that all comments be submitted electronically through the Federal e rulemaking Portal, which provides the ability to type short comments directly into the comment field on the web page or attach a file for lengthier comments. Please go to 
                        <E T="03">https://www.regulations.gov</E>
                         and follow the online instructions at that site for submitting comments. Upon submission of your comment, you will receive a Comment Tracking Number. Please be aware that submitted comments are not instantaneously available for public view on 
                        <E T="03">https://www.regulations.gov.</E>
                         If you have received a Comment Tracking Number, your comment has been successfully submitted and there is no need to resubmit the same comment. All requests for a hearing must be sent to: (1) Drug Enforcement Administration, Attn: Hearing Clerk/OALJ, 8701 Morrissette Drive, Springfield, Virginia 22152; and (2) Drug Enforcement Administration, Attn: DEA Federal Register Representative/DPW, 8701 Morrissette Drive, Springfield, Virginia 22152. All requests for a hearing should also be sent to: Drug Enforcement Administration, Attn: Administrator, 8701 Morrissette Drive, Springfield, Virginia 22152.
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>In accordance with 21 CFR 1301.34(a), this is notice that on October 28, 2025, Blue Rabbit Veterinary LLC, 1680 East Northrop Boulevard, Unit 1 Chandler, Arizona 85286, applied to be registered as an importer of the following basic class(es) of controlled substance(s):</P>
                <GPOTABLE COLS="3" OPTS="L2,nj,tp0,i1" CDEF="s25,6,xls36">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Controlled substance</CHED>
                        <CHED H="1">Drug code</CHED>
                        <CHED H="1">Schedule</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Etorphine HCI</ENT>
                        <ENT>9059</ENT>
                        <ENT>II</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Thiafentanil</ENT>
                        <ENT>9729</ENT>
                        <ENT>II</ENT>
                    </ROW>
                </GPOTABLE>
                <P>The company plans to import the listed controlled substance for the purpose of distribution in final dosage form to prospective zoo and wildlife customers. No other activities for these drug codes are authorized for this registration.</P>
                <P>Approval of permit applications will occur only when the registrant's business activity is consistent with what is authorized under 21 U.S.C. 952(a)(2). Authorization will not extend to the import of Food and Drug Administration approved or non-approved finished dosage forms for commercial sale.</P>
                <SIG>
                    <NAME>Thomas Prevoznik,</NAME>
                    <TITLE>Deputy Assistant Administrator.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21719 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF JUSTICE</AGENCY>
                <SUBAGY>Drug Enforcement Administration</SUBAGY>
                <DEPDOC>[Docket No. DEA-1629]</DEPDOC>
                <SUBJECT>Bulk Manufacturer of Controlled Substances Application: Benuvia Operations, LLC</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Drug Enforcement Administration, Justice.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of application.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>Benuvia Operations, LLC. has applied to be registered as a bulk manufacturer of basic class(es) of controlled substance(s). Refer to Supplementary Information listed below for further drug information.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Registered bulk manufacturers of the affected basic class(es), and applicants, therefore, may submit electronic comments on or objections to the issuance of the proposed registration on or before January 30, 2026. Such persons may also file a written request for a hearing on the application on or before January 30, 2026.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        The Drug Enforcement Administration requires that all comments be submitted electronically through the Federal eRulemaking Portal, which provides the ability to type short comments directly into the comment field on the web page or attach a file for lengthier comments. Please go to 
                        <E T="03">https://www.regulations.gov</E>
                         and follow the online instructions at that site for submitting comments. Upon submission of your comment, you will receive a Comment Tracking Number. Please be aware that submitted comments are not instantaneously available for public view on 
                        <E T="03">https://www.regulations.gov.</E>
                         If you have received a Comment Tracking Number, your comment has been successfully submitted and there is no need to resubmit the same comment.
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    In accordance with 21 CFR 1301.33(a), this is notice that on October 27, 2025, Benuvia Operations, LLC., 3950 North Mays Street, Round Rock, Texas 78665, applied to be registered as a bulk manufacturer of the following basic class(es) of controlled substance(s):
                    <PRTPAGE P="55180"/>
                </P>
                <GPOTABLE COLS="3" OPTS="L2,nj,i1" CDEF="s25,6,xls36">
                    <BOXHD>
                        <CHED H="1">Controlled substance</CHED>
                        <CHED H="1">Drug code</CHED>
                        <CHED H="1">Schedule</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Lysergic Acid Diethylamide</ENT>
                        <ENT>7315</ENT>
                        <ENT>I</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Codeine</ENT>
                        <ENT>9050</ENT>
                        <ENT>II</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Hydromorphone</ENT>
                        <ENT>9150</ENT>
                        <ENT>II</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Sufentanil</ENT>
                        <ENT>9740</ENT>
                        <ENT>II</ENT>
                    </ROW>
                </GPOTABLE>
                <P>The company plans to bulk manufacture the listed controlled substances for internal research and dosage formulation development. No other activities for these drug codes are authorized for this registration.</P>
                <SIG>
                    <NAME>Thomas Prevoznik,</NAME>
                    <TITLE>Deputy Assistant Administrator.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21720 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF JUSTICE</AGENCY>
                <DEPDOC>[OMB 1140-0005]</DEPDOC>
                <SUBJECT>Agency Information Collection Activities; Proposed eCollection eComments Requested; Revision of a Previously Approved Collection Application/Permit To Import Firearms, Ammunition, and Defense Articles—ATF Form 5330.3A (Form 6, Part I)</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Bureau of Alcohol, Tobacco, Firearms, and Explosives; 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), Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF), will be submitting the following information collection request (ICR) 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>ATF encourages comments on this information collection. You may submit written comments until midnight on January 30, 2026.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Submit written comments and recommendations for this information collection, especially on the estimated public burden or associated response time, to Justine Hall, Firearms and Explosives Imports Branch, by email to 
                        <E T="03">justine.hall@atf.gov,</E>
                         or by mail to 244 Needy Road; Martinsburg, WV 25405. Identify comments by the OMB control number 1140-0005. You may view the proposed information collection instrument online at 
                        <E T="03">https://www.atf.gov/rules-and-regulations/federal-register-actions/forms-and-information-collection.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        If you have questions, or need a copy of the proposed information collection instrument with instructions or additional information, contact: Justine Hall, Firearms and Explosives Imports Branch, either by mail at 244 Needy Road; Martinsburg, WV 25405, by email at 
                        <E T="03">justine.hall@atf.gov,</E>
                         or by telephone at 304-616-4593.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>We encourage written comments and suggestions from the public and affected agencies concerning the proposed information collection. Your comments should address one or more of the following four points:</P>
                <FP SOURCE="FP-1">—Evaluate whether the proposed information collection is necessary to properly perform ATF's functions, including whether the information will have practical utility;</FP>
                <FP SOURCE="FP-1">—Evaluate the agency's estimate of the proposed information collection's burden for accuracy, including 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 collected information can be enhanced; and</FP>
                <FP SOURCE="FP-1">
                    —Minimize the information collection's burden on those who are to respond, including using appropriate automated, electronic, mechanical, or other technological collection techniques or other forms of information technology, 
                    <E T="03">e.g.,</E>
                     permitting people to submit electronic responses.
                </FP>
                <HD SOURCE="HD1">Overview of This Information Collection</HD>
                <P>
                    1. 
                    <E T="03">Abstract:</E>
                     The Gun Control Act and other statutes prohibit persons from importing firearms, ammunition, and defense articles into the US unless the articles meet certain criteria, the importer is not a prohibited person, and the Attorney General (delegated to Director, ATF) approves that person to import those items. ATF uses this form to collect the information necessary to determine the above facts and approve a person to import the articles; the form then serves as their permit to do so.
                </P>
                <P>
                    2. 
                    <E T="03">Type of information collection:</E>
                     revision of a previously approved collection.
                </P>
                <P>
                    3. 
                    <E T="03">Title of the form/collection:</E>
                     Application/Permit to Import Firearms, Ammunition, and Defense Articles.
                </P>
                <P>
                    4. 
                    <E T="03">Agency form number, if any, and the applicable component of the Department sponsoring the collection:</E>
                </P>
                <P>
                    <E T="03">Form number:</E>
                     ATF Form 5330.3A (“Form 6, part I”).
                </P>
                <P>
                    <E T="03">Component:</E>
                     Bureau of Alcohol, Tobacco, Firearms, and Explosives; U.S. Department of Justice.
                </P>
                <P>
                    5. 
                    <E T="03">Affected public who will be asked or required to respond, as well as the obligation to respond:</E>
                </P>
                <P>
                    <E T="03">Affected public:</E>
                     individuals or households, state, local and tribal governments, private sector-for-profit institutions, and federal government.
                </P>
                <P>
                    <E T="03">Obligation to respond:</E>
                     required to obtain or retain a benefit.
                </P>
                <P>
                    6. 
                    <E T="03">Estimate of the total number of respondents and the amount of time estimated for an average respondent to respond:</E>
                     An estimated 13,777 respondents will respond to this information collection once annually, and it will take each respondent an average of 17 minutes (0.281 hours) to complete their responses (approximately 30 minutes for persons submitting a paper form, or 15 minutes for persons submitting electronically).
                </P>
                <P>
                    7. 
                    <E T="03">Estimate of the total annual burden (in hours) associated with the collection:</E>
                     The estimated annual public burden associated with this collection is 3,869 total hours, which is equal to 13,777 (total respondents) * 1 (# of responses per respondent) * 0.281 (17 minutes).
                </P>
                <P>
                    8. 
                    <E T="03">Estimate of the total annual other cost burden associated with the collection, if applicable:</E>
                     $1,241.
                </P>
                <GPOTABLE COLS="6" OPTS="L2,i1" CDEF="s50,12,12,12,12,10">
                    <TTITLE>Estimated Total Hourly Burden</TTITLE>
                    <BOXHD>
                        <CHED H="1">Activity</CHED>
                        <CHED H="1">
                            Number of
                            <LI>respondents</LI>
                        </CHED>
                        <CHED H="1">Frequency</CHED>
                        <CHED H="1">
                            Total annual
                            <LI>responses</LI>
                        </CHED>
                        <CHED H="1">
                            Time per 
                            <LI>response</LI>
                            <LI>(hours)</LI>
                        </CHED>
                        <CHED H="1">
                            Total annual burden
                            <LI>(hours)</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Paper form</ENT>
                        <ENT>1,700</ENT>
                        <ENT>1</ENT>
                        <ENT>1,700</ENT>
                        <ENT>.5</ENT>
                        <ENT>850 </ENT>
                    </ROW>
                    <ROW RUL="n,s">
                        <ENT I="01">Electronic form</ENT>
                        <ENT>12,077</ENT>
                        <ENT>1</ENT>
                        <ENT>12,077</ENT>
                        <ENT>.25</ENT>
                        <ENT>3,019 </ENT>
                    </ROW>
                    <ROW>
                        <ENT I="03">Totals</ENT>
                        <ENT>13,777</ENT>
                        <ENT>1</ENT>
                        <ENT>13,777</ENT>
                        <ENT>*.281</ENT>
                        <ENT>3,869 </ENT>
                    </ROW>
                    <TNOTE>* (Combined average; roughly 17 minutes.)</TNOTE>
                </GPOTABLE>
                <PRTPAGE P="55181"/>
                <HD SOURCE="HD1">Revisions to This Information Collection</HD>
                <P>ATF is revising this information collection, OMB 1140-0005, to reflect an increase in the number of persons who submit requests to import, from 10,000 three years ago to 13,777 in 2025, an increase of 3,777 requests annually. In addition, the collection has been revised to reflect a change in the amount of time it takes to complete and submit the information, due to technological developments. More than 90 percent of respondents now respond via ATF's online eForms system, cutting out the time involved in completing and mailing paper forms. As a result of these combined changes, the information collection has been revised to reflect a decrease in the total annual hourly burden, from 5,000 hours three years ago to 3,869 in 2025, a decrease of 1,131 hours. In addition, ATF is including monetized value of this time due to recent OMB changes and has also made small revisions to the title to make it easier to read.</P>
                <P>
                    <E T="03">If you require additional information, 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, 4W-218; Washington, DC.
                </P>
                <SIG>
                    <DATED> Dated: November 26, 2025.</DATED>
                    <NAME>Darwin Arceo,</NAME>
                    <TITLE>Department Clearance Officer for PRA, U.S. Department of Justice.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21688 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4410-FY-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">NATIONAL ARCHIVES AND RECORDS ADMINISTRATION</AGENCY>
                <SUBAGY>Office of Government Information Services</SUBAGY>
                <DEPDOC>[NARA-2026-001]</DEPDOC>
                <SUBJECT>Notice of Meeting; Chief Freedom of Information Act (FOIA) Officers Council</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of Government Information Services (OGIS), National Archives and Records Administration (NARA) and Office of Information Policy (OIP), U.S. Department of Justice (DOJ).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of meeting.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>We are announcing a meeting of the Chief Freedom of Information Act (FOIA) Officers Council, co-chaired by the Director of OGIS and the Director of OIP.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>The meeting will be on Monday, December 15, 2025, from 10:00 a.m. to 11:30 a.m. ET. You must register to attend. (See registration information below.)</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>This meeting will be a virtual meeting. We will send access instructions for the meeting to those who register according to the instructions below.</P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT: </HD>
                    <P>
                        Martha Murphy, by email at 
                        <E T="03">ogis@nara.gov</E>
                         with the subject line “Chief FOIA Officers Council,” or by telephone at 202-741-5770.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    This meeting is open to the public in accordance with the Freedom of Information Act (5 U.S.C. 552(k)). Additional details about the meeting, including the agenda, will be available on the Chief FOIA Officers Council website at 
                    <E T="03">https://www.foia.gov/chief-foia-officers-council.</E>
                </P>
                <P>
                    <E T="03">Procedures:</E>
                     The virtual meeting is open to the public. If you wish to offer oral public comments during the public comments periods of the meeting, you must register in advance at 
                    <E T="03">https://www.zoomgov.com/webinar/register/WN_M3CZHun6Ry6vUGzOywhbrQ.</E>
                     You will be provided with information to access the meeting online. Public comments will be limited to three minutes per individual. We will also live-stream the meeting on the National Archives YouTube channel, 
                    <E T="03">https://youtube.com/live/VyzQWo6_0mw?feature=share,</E>
                     and include a captioning option. To request additional accommodations (
                    <E T="03">e.g.,</E>
                     a transcript), email 
                    <E T="03">ogis@nara.gov</E>
                     or call 202-741-5770. Members of the media who wish to register, those who are unable to register online, and those who require special accommodations, should contact Martha Murphy (contact information listed above). 
                </P>
                <SIG>
                    <DATED>Dated: November 24, 2025.</DATED>
                    <NAME>Alina M. Semo,</NAME>
                    <TITLE>Director, Office of Government Information Services.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21698 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 7515-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">NATIONAL COUNCIL ON DISABILITY</AGENCY>
                <SUBJECT>Request for Information; Disability Clinical Care</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>National Council on Disability (NCD).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice; request for information.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>NCD is requesting information to help inform a policy brief it will be publishing concerning the need for disability clinical care and competency training of medical professionals.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Electronic comments on the notice must be submitted by 11:59 EST on January 6, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        You may submit comments and information via email to 
                        <E T="03">asoliman@ncd.gov.</E>
                         Please note that late, untimely filed comments will not be considered.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Amged Soliman, Senior Attorney Advisor, National Council on Disability, 
                        <E T="03">asoliman@ncd.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">I. Background</HD>
                <P>The lack of comprehensive disability clinical-care education and disability competency training among medical, nursing and other healthcare professionals can perpetuate discrimination in healthcare against people with disabilities and significantly contributes to the disparate health outcomes of people with disabilities. Most Federally financed medical, nursing, healthcare professional, and allied health professional schools, as well as post-graduate residency and fellowship programs, do not incorporate disability clinical care into curricula or training. Consequently, physicians often lack the knowledge, experience, and skills to distinguish clinical concerns arising from disability from those related to other health conditions. One's apparent disability—even when unrelated to the reason for one's health care visit—can result in diagnostic overshadowing the clinical concern and can have negative impact during the health care visit. This lack of familiarity and understanding of disability is detrimental to quality of care, contributing to delays in diagnosis and treatment, unsafe care, and inequities in care.</P>
                <P>
                    Due to a lack of training and familiarity, people with disabilities are sometimes viewed as asexual.
                    <SU>i</SU>
                    <FTREF/>
                     These assumptions may contribute to the finding that women with disabilities undergo colon cancer screening at similar rates as their nondisabled peers, but experience disparities in breast cancer and cervical cancer screening.
                    <FTREF/>
                    <SU>ii</SU>
                      
                    <PRTPAGE P="55182"/>
                    The sexual health of women with intellectual disabilities is particularly ignored in terms of screening for breast and cervical cancer.
                    <SU>iii</SU>
                    <FTREF/>
                     An abundance of research indicates the lack of disability competency and interdisciplinary training among medical professionals contributes to the health disparities of people with disabilities across the nation.
                    <SU>iv</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>i</SU>
                         Milligan MS, Neufeldt AH. “The myth of asexuality: A survey of social and empirical evidence.” Sex Disabil. 2001;19(2):91-109. doi:10.1023/A:1010621705591.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>ii</SU>
                         Horner-Johnson W, Dobbertin K, Andresen EM, Iezzoni LI. Breast and cervical cancer screening disparities associated with disability severity. Womens Health Issues. 2014;24(1):e147-53. See also, Pharr JR, Bungum T. “Health disparities experienced by people with disabilities in the United States: A behavioral risk factor surveillance 
                        <PRTPAGE/>
                        system study.” Glob J Health Sci. 2012;4(6):99-108. doi:10.5539/gjhs.v4n6p99. See also, Andresen EM, Peterson-Besse JJ, Krahn GL, Walsh ES, Horner-Johnson W, Iezzoni LI. “Pap, mammography, and clinical breast examination screening among women with disabilities: a systematic review.” Womens Health Issues. 2013;23(4):e205-14.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>iii</SU>
                         Havercamp SM, Scott HM. “National health surveillance of adults with disabilities, adults with intellectual and developmental disabilities, and adults with no disabilities.” Disabil Health J. 2015;8(2):165-172. doi:10.1016/j.dhjo.2014.11.002.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>iv</SU>
                         Krahn et al. (2015). Persons with Disabilities as an Unrecognized Health Disparity Population, 105 Am. J. Pub. Health S198, S204 (“Every major report addressing the poor health of people with disabilities has called for improvements in training of health care providers about adults with disabilities.”).
                    </P>
                </FTNT>
                <P>While some medical schools in the US do provide disability competency training, the overwhelming majority do not. Standard, comprehensive disability clinical-care education and training of medical, nursing, and other healthcare professionals is essential for a better educated healthcare workforce trained with an understanding of disability as a natural part of the human condition versus conditions that must be avoided, prevented or fixed. Comprehensive disability clinical-care competency should be woven into the curricula requirements of all US undergraduate medical, nursing, healthcare professional, and allied health professional education, as well as postgraduate residency and fellowship programs that are conducted in over 1,100 teaching hospitals.</P>
                <HD SOURCE="HD1">II. Issues for Consideration and Request for Information</HD>
                <P>With respect to the status of disability clinical care and competency training within the US, NCD invites comments based on the questions below. Please explain your answers and provide references and data, if possible.</P>
                <P>1. What are the challenges and obstacles for schools within the US to adopt and incorporate an appropriate disability clinical care curriculum over the course of their students' training?</P>
                <P>2. What is the connection between clinical confidence and changes in behavior and attitudes among healthcare providers?</P>
                <P>3. What are the transferable skills that clinicians can learn from “disability competency training” to apply to all other patient populations (for instance people who are elderly, those with complex and chronic co-existing conditions, etc.)?</P>
                <P>4. What are the existing curriculum resources that can be adopted and incorporated into current provider training?</P>
                <P>5. What are examples of existing curriculum or standards of learning inclusive of disability clinical care/competency training that could be consulted for development of new required standards of learning across medical schools; and/or adopted wholesale as part of a program's education of medical professionals?</P>
                <P>The information provided will be kept confidential and will not be attributed to specific individuals or organizations.</P>
                <HD SOURCE="HD1">Disclaimer</HD>
                <P>This Request for Information is for information gathering purposes only and does not constitute a commitment by NCD to take any specific action based on the responses received.</P>
                <P>Further, this Request for Information is not an invitation to apply for funding or a Request for Proposals.</P>
                <SIG>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Anne Sommers McIntosh,</NAME>
                    <TITLE>Director of Legislative Affairs and Outreach.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21585 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8421-02-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">NATIONAL FOUNDATION ON THE ARTS AND THE HUMANITIES</AGENCY>
                <SUBAGY>National Endowment for the Arts</SUBAGY>
                <SUBJECT>60-Day Notice for the “Application for International and Domestic Indemnification”; Proposed Collection; Comment Request</SUBJECT>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The National Endowment for the Arts, as part of its continuing effort to reduce paperwork and respondent burden, conducts a preclearance consultation program to provide the general public and Federal agencies with an opportunity to comment on proposed and/or continuing collections of information in accordance with the Paperwork Reduction Act of 1995. This program helps ensure that requested data can be provided in the desired format, reporting burden (time and financial resources) is minimized, collection instruments are clearly understood, and the impact of collection requirements on respondents can be properly assessed. Currently, the National Endowment for the Arts, on behalf of the Federal Council on the Arts and the Humanities, is soliciting comments concerning renewal of the Application for International and Domestic Indemnification. A copy of this collection request can be obtained by contacting the office listed below in the address section of this notice.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>
                        Written comments must be submitted to the office listed in the address section below within 60 days from the date of this publication in the 
                        <E T="04">Federal Register</E>
                        .
                    </P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Send comments to Daniel Beattie, National Endowment for the Arts, via email 
                        <E T="03">ogpo@arts.gov.</E>
                    </P>
                </ADD>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>The National Endowment for the Arts is particularly interested in comments which:</P>
                <P>• Evaluate whether the proposed collection of information is necessary for the proper performance of the functions of the agency, including whether the information will have practical utility;</P>
                <P>• 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;</P>
                <P>• Enhance the quality, utility and clarity of the information to be collected; and</P>
                <P>
                    • 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 the electronic submissions of responses.
                </P>
                <SIG>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Daniel Beattie,</NAME>
                    <TITLE>Director, Office of Guidelines &amp; Panel Operations, National Endowment for the Arts.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21608 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 7537-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">NATIONAL TRANSPORTATION SAFETY BOARD </AGENCY>
                <SUBJECT>SES Performance Review Board</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>National Transportation Safety Board.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>Notice is hereby given of the appointment of members of the National Transportation Safety Board, Performance Review Board (PRB). </P>
                </SUM>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Anh Bolles, Executive Resources Manager, Human Capital Management and Training, National Transportation Safety Board, 490 L'Enfant Plaza SW, 
                        <PRTPAGE P="55183"/>
                        Washington, DC 20594-0001, (202) 314-6355. 
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>Section 4314(c)(1) through (5) of Title 5, United States Code requires each agency to establish, in accordance with regulations prescribed by the Office of Personnel Management, one or more SES Performance Review Boards (PRB). The board reviews and evaluates the initial appraisal of a senior executive's performance by the supervisor and considers recommendations to the appointing authority regarding the performance of the senior executive.</P>
                <P>The following have been designated as members of the 2025 Performance Review Board of the National Transportation Safety Board (NTSB):  Ms. Dolline Hatchett, Principal Deputy Managing Director for Management and Operations, Office of Managing Director, National Transportation Safety Board, PRB Chair.</P>
                <P>Ms. Jennifer Adler, Director, Office of Safety Recommendations and Communications, National Transportation Safety Board, PRB Member.</P>
                <P>Mr. Brian Curtis, Deputy Managing Director for Investigations, Office of Managing Director, National Transportation Safety Board, PRB Member.</P>
                <P>Mr. William T. McMurry, Jr., General Counsel, Office of General Counsel, National Transportation Safety Board (Alternate member to review the evaluations of SES members serving on this PRB).</P>
                <SIG>
                    <NAME>Candi R. Bing,</NAME>
                    <TITLE>Federal Register Liaison.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21725 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 7533-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">NUCLEAR REGULATORY COMMISSION</AGENCY>
                <DEPDOC>[NRC-2025-0001]</DEPDOC>
                <SUBJECT>Sunshine Act Meetings</SUBJECT>
                <PREAMHD>
                    <HD SOURCE="HED">TIME AND DATE:</HD>
                    <P>
                        Weeks of December 1, 8, 15, 22, and 29, 2025 and January 5, 2026. The schedule for Commission meetings is subject to change on short notice. The NRC Commission Meeting Schedule can be found on the internet at: 
                        <E T="03">https://www.nrc.gov/public-involve/public-meetings/schedule.html.</E>
                    </P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">PLACE:</HD>
                    <P>
                        The NRC provides reasonable accommodation to individuals with disabilities where appropriate. If you need a reasonable accommodation to participate in these public meetings or need this meeting notice or the transcript or other information from the public meetings in another format (
                        <E T="03">e.g.,</E>
                         braille, large print), please contact the Reasonable Accommodations Resource by email at 
                        <E T="03">Reasonable_Accommodations.Resource@nrc.gov.</E>
                         Determinations on requests for reasonable accommodation will be made on a case-by-case basis.
                    </P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">STATUS:</HD>
                    <P>Public.</P>
                    <P>
                        Members of the public may request to receive the information in these notices electronically. If you would like to be added to the distribution, please contact the Nuclear Regulatory Commission, Office of the Secretary, Washington, DC 20555, at 301-415-1969, or by email at 
                        <E T="03">Betty.Thweatt@nrc.gov</E>
                         or 
                        <E T="03">Samantha.Miklaszewski@nrc.gov.</E>
                    </P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">MATTERS TO BE CONSIDERED:</HD>
                    <P/>
                </PREAMHD>
                <HD SOURCE="HD1">Week of December 1, 2025</HD>
                <P>There are no meetings scheduled for the week of December 1, 2025.</P>
                <HD SOURCE="HD1">Week of December 8, 2025—Tentative</HD>
                <P>There are no meetings scheduled for the week of December 6, 2025.</P>
                <HD SOURCE="HD1">Week of December 15, 2025—Tentative</HD>
                <P>There are no meetings scheduled for the week of December 15, 2025.</P>
                <HD SOURCE="HD1">Week of December 22, 2025—Tentative</HD>
                <P>There are no meetings scheduled for the week of December 22, 2025.</P>
                <HD SOURCE="HD1">Week of December 29, 2025—Tentative</HD>
                <P>There are no meetings scheduled for the week of December 29, 2025.</P>
                <HD SOURCE="HD1">Week of January 5, 2026</HD>
                <P>There are no meetings scheduled for the week of January 5, 2026.</P>
                <PREAMHD>
                    <HD SOURCE="HED">CONTACT PERSON FOR MORE INFORMATION: </HD>
                    <P>
                        For more information or to verify the status of meetings, contact Wesley Held at 301-287-3591 or via email at 
                        <E T="03">Wesley.Held@nrc.gov.</E>
                    </P>
                    <P>The NRC is holding the meetings under the authority of the Government in the Sunshine Act, 5 U.S.C. 552b.</P>
                </PREAMHD>
                <SIG>
                    <DATED>Dated: November 26, 2025.</DATED>
                    <P>For the Nuclear Regulatory Commission.</P>
                    <NAME>Wesley W. Held,</NAME>
                    <TITLE>Policy Coordinator, Office of the Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21704 Filed 11-26-25; 4:15 pm]</FRDOC>
            <BILCOD>BILLING CODE 7590-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">POSTAL REGULATORY COMMISSION</AGENCY>
                <DEPDOC>[Docket Nos. CP2020-169; CP2023-102; MC2026-117 and K2026-117; MC2026-118 and K2026-118]</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>
                         December 4, 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 
                    <PRTPAGE P="55184"/>
                    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. The comment due date discussed below does not apply to Section III proceedings (Docket Nos. MC2026-117 and K2026-117; MC2026-118 and K2026-118).
                </P>
                <HD SOURCE="HD1">II. Public Proceeding(s)</HD>
                <P>
                    1. 
                    <E T="03">Docket No(s).:</E>
                     CP2020-169; 
                    <E T="03">Filing Title:</E>
                     Request of United States Postal Service to Amend Inbound Competitive Multi-Service PRIME Agreement; 
                    <E T="03">Filing Acceptance Date:</E>
                     November 24, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 CFR 3041.505; 
                    <E T="03">Public Representative:</E>
                     Samuel Robinson; 
                    <E T="03">Comments Due:</E>
                     December 4, 2025.
                </P>
                <P>
                    2. 
                    <E T="03">Docket No(s).:</E>
                     CP2023-102; 
                    <E T="03">Filing Title:</E>
                     USPS Request Concerning Amendment Six to Priority Mail Express, Priority Mail, First-Class Package Service &amp; Parcel Select Contract 107, with Material Filed Under Seal; 
                    <E T="03">Filing Acceptance Date:</E>
                     November 24, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 CFR 3035.105, and 39 CFR 3041.505; 
                    <E T="03">Public Representative:</E>
                     Kenneth Moeller; 
                    <E T="03">Comments Due:</E>
                     December 4, 2025.
                </P>
                <HD SOURCE="HD1">III. Summary Proceeding(s)</HD>
                <P>
                    1. 
                    <E T="03">Docket No(s).:</E>
                     MC2026-117 and K2026-117; 
                    <E T="03">Filing Title:</E>
                     USPS Request to Add New Fulfillment Standardized Distinct Product, PM-GA Contract 931, and Notice of Filing Materials Under Seal; 
                    <E T="03">Filing Acceptance Date:</E>
                     November 24, 2025; 
                    <E T="03">Filing Authority:</E>
                     39 U.S.C. 3642 and 3633, 39 CFR 3035.105, and 39 CFR 3041.325.
                </P>
                <P>
                    2. 
                    <E T="03">Docket No(s).:</E>
                     MC2026-118 and K2026-118;
                    <E T="03"> Filing Title:</E>
                     USPS Request to Add New Fulfillment Standardized Distinct Product, PM-GA Contract 932, and Notice of Filing Materials Under Seal;
                    <E T="03"> Filing Acceptance Date:</E>
                     November 24, 2025;
                    <E T="03"> Filing Authority:</E>
                     39 U.S.C. 3642 and 3633, 39 CFR 3035.105, and 39 CFR 3041.325.
                </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. 2025-21612 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 7710-FW-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">RAILROAD RETIREMENT BOARD</AGENCY>
                <SUBJECT>Sunshine Act Meetings</SUBJECT>
                <PREAMHD>
                    <HD SOURCE="HED">TIME AND DATE: </HD>
                    <P>10:00 a.m., December 11, 2025.</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">PLACE: </HD>
                    <P>
                        Members of the public wishing to attend the meeting must submit a written request at least 24 hours prior to the meeting to receive dial-in information. All requests must be sent to 
                        <E T="03">SecretarytotheBoard@rrb.gov.</E>
                    </P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">STATUS: </HD>
                    <P>This meeting will be open to the public.</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">MATTERS TO BE CONSIDERED:</HD>
                    <P> Office of Legislative Affairs Update.</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">CONTACT PERSON FOR MORE INFORMATION: </HD>
                    <P>Stephanie Hillyard, Secretary to the Board, (312) 751-4920. </P>
                    <P>
                        <E T="03">Authority:</E>
                         5 U.S.C. 552b.
                    </P>
                </PREAMHD>
                <SIG>
                    <DATED>Dated: November 26, 2025.</DATED>
                    <NAME>Stephanie Hillyard,</NAME>
                    <TITLE>Secretary to the Board.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21721 Filed 11-26-25; 4:15 pm]</FRDOC>
            <BILCOD>BILLING CODE 7905-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-104264; File No. SR-GEMX-2025-30]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Price of a 10Gb Ultra Fiber Connection to the Exchange</SUBJECT>
                <DATE>November 25, 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 November 13, 2025, Nasdaq GEMX, LLC (“GEMX” or “Exchange”) filed with the Securities and Exchange Commission (“SEC” or “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 modify the price of a 10Gb Ultra fiber connection to the Exchange, as described further below. While these amendments are effective upon filing, the Exchange has designated the proposed amendments to be operative on January 2, 2026.</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/gemx/rules,</E>
                     and at the principal office of the Exchange.
                </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="55185"/>
                </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. By way of background, a market participant may opt to connect to the Exchange at its data center through various means, including, 
                    <E T="03">inter alia:</E>
                     (1) direct connections and indirect connections through vendors; (2) direct connections via copper and fiber; (3) as to fiber connections, connections with different throughputs (1 gigabit (“Gb”), 1Gb Ultra, 10Gb, 10Gb Ultra, and 40Gb). The Exchange currently assesses a $1,650 installation fee and a $16,500 ongoing monthly fee for a 10Gb Ultra fiber connection. The Exchange proposes to increase this monthly fee to $18,500 per month, while maintaining the existing installation fee.
                </P>
                <P>
                    The Exchange notes the proposed fee change will better enable it to continue to maintain and improve its market technology and services. The Exchange also notes that the proposed fee amount, even as amended, will be lower than the monthly fee assessed by the New York Stock Exchange (“NYSE”) for a similar connection. NYSE offers a 10Gb LX LCN Circuit and 10Gb NMS Network Circuit connection for which it charges a $15,000 installation fee and a monthly fee of $22,000 per month.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         NYSE et al. Connectivity Fee Schedule, last updated October 21, 2025, at 12, available at 
                        <E T="03">https://www.nyse.com/publicdocs/nyse/Wireless_Connectivity_Fees_and_Charges.pdf.</E>
                    </P>
                </FTNT>
                <P>The Exchange also notes that a market participant can use a single 10 Gb Ultra fiber connection to access all the following affiliated exchanges: the Nasdaq Stock Market, the Nasdaq Options Market, Nasdaq BX, Nasdaq, BX Options, Nasdaq PSX, PHLX Options, Nasdaq ISE, Nasdaq GEMX, Nasdaq MRX, and the Nasdaq Bond Exchange (“Affiliate Exchanges”). Notably, only one monthly fee currently (and will continue) to apply per 10 Gb Ultra fiber connections regardless of how many Affiliate Exchanges are accessed through that one fiber connection.</P>
                <P>The Exchange will implement the proposed rule change beginning on January 2, 2026.</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>4</SU>
                    <FTREF/>
                     in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,
                    <SU>5</SU>
                    <FTREF/>
                     in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         15 U.S.C. 78f(b)(4) and (5).
                    </P>
                </FTNT>
                <P>
                    The Commission and the courts have repeatedly expressed their preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. In Regulation NMS, while adopting a series of steps to improve the current market model, 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>6</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) (“Regulation NMS Adopting Release”).
                    </P>
                </FTNT>
                <P>
                    Likewise, in 
                    <E T="03">NetCoalition</E>
                     v. 
                    <E T="03">Securities and Exchange Commission</E>
                     
                    <SU>7</SU>
                    <FTREF/>
                     (“NetCoalition”) the D.C. Circuit upheld the Commission's use of a market-based approach in evaluating the fairness of market data fees against a challenge claiming that Congress mandated a cost-based approach.
                    <SU>8</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">NetCoalition</E>
                         v. 
                        <E T="03">SEC</E>
                        , 615 F.3d 525 (D.C. Cir. 2010).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See</E>
                         NetCoalition, at 534-535.
                    </P>
                </FTNT>
                <P>
                    As the court emphasized, the Commission “intended in Regulation NMS that `market forces, rather than regulatory requirements' play a role in determining the market data . . . to be made available to investors and at what cost.” 
                    <SU>9</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">Id.</E>
                         at 537.
                    </P>
                </FTNT>
                <P>
                    Further, “[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>10</SU>
                    <FTREF/>
                     Although the court and the SEC were discussing the cash equities markets, the Exchange believes that these views apply with equal force to the options markets.
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">Id.</E>
                         at 539 (quoting Securities Exchange Act Release No. 59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-21)).
                    </P>
                </FTNT>
                <P>The Exchange believes the proposed fee change is reasonable as it will better align the price of this connectivity option to the value it offers to the market participants that utilize it. It will also better enable the Exchange to maintain and improve its connectivity services and facilities. Finally, the proposed fee change is reasonable as the resulting 10Gb Ultra monthly fee will be lower than the amount assessed by NYSE for an analogous market access connection.</P>
                <P>Additionally, the Exchange believes that the proposal will be an equitable allocation of fees and will not discriminate unfairly against market participants. The proposed fee change is an equitable allocation of fees because it reflects the substantial value that the 10Gb Ultra fiber connection option provides to its users. This connectivity option is particularly attractive to customers that desire ultra-low latency connectivity to Nasdaq's Affiliated Exchanges because it provides sufficient capacity to support most of their activities on the Affiliated Exchanges and does so at a reasonable comparative price point. The proposal is not unfairly discriminatory because 10Gb Ultra connectivity will be available to all customers at the same price. Moreover, it is an optional product. As noted above, customers that do not wish to purchase this product, either at the proposed price or otherwise, have ample alternative options to connect to the Exchange, including many options that are less expensive. While the proposed price increase will impact customers which are latency sensitive and require larger capacity connections than others, this is fair because users of 10Gb Ultra fiber connections consume more resources from the network than do other participants.</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.</P>
                <P>
                    The proposed fee change will not impact intramarket competition because it will apply to all similarly situated participants equally (
                    <E T="03">i.e.,</E>
                     all market participants that choose to purchase the 10 Gb Ultra fiber connection). 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 or which are less 
                    <PRTPAGE P="55186"/>
                    latency sensitive can continue to buy the less expensive copper or lower throughput or non-ultra fiber options, or they may choose to connect via a third-party vendor.
                </P>
                <P>The proposed fee change also does not impose a burden on intermarket competition that is not necessary or appropriate. As described above, in establishing its proposed fee change the Exchange compared its proposed fee increase to that of competitor exchanges' analogous offerings. As noted above, the proposed monthly fee will be $3,500 per month less than that of NYSE for a comparable product as well as a substantially less costly for installation. NYSE is free to adjust its connectivity offerings to render them more attractive as compared to those of 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>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>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.
                    <SU>11</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         15 U.S.C. 78s(b)(3)(A)(ii).
                    </P>
                </FTNT>
                <P>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: (i) necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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>
                <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-GEMX-2025-30 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-GEMX-2025-30. 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 filing 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.
                </FP>
                <P>All submissions should refer to file number SR-GEMX-2025-30 and should be submitted on or before December 22, 2025.</P>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>12</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>12</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21639 Filed 11-28-25; 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. 34-104258; File No. SR-NYSEAMER-2025-65]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the NYSE American Options Fee Schedule To Waive the Combined Cap on Floor Broker Credits Paid for QCC Trades and Rebates Paid Through the Manual Billable Rebate Program for the Months of November and December 2025</SUBJECT>
                <DATE>November 25, 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 November 24, 2025, NYSE American LLC (“NYSE American” or the “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 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 modify the NYSE American Options Fee Schedule (“Fee Schedule”) to waive the maximum combined Floor Broker credits paid for QCC trades and rebates paid through the Manual Billable Rebate Program for the months of November and December 2025. The proposed rule change is available on the Exchange's website at 
                    <E T="03">www.nyse.com</E>
                     and at the principal office of the Exchange.
                </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 purpose of this filing is to amend the Fee Schedule to waive the maximum combined Floor Broker credits paid for QCC trades and rebates paid through the Manual Billable Rebate Program for the months of November and December 2025.
                    <SU>4</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         The Exchange previously filed to amend the Fee Schedule on November 13, 2025 (SR-NYSEAMER-2025-63) and withdrew such filing on November 24, 2025.
                    </P>
                </FTNT>
                <P>
                    The Exchange imposes a limit on the maximum combined Floor Broker credits paid for QCC trades and rebates paid through the Manual Billable Rebate Program of $3,000,000 per month per Floor Broker firm (the “Cap”).
                    <SU>5</SU>
                    <FTREF/>
                     The 
                    <PRTPAGE P="55187"/>
                    purpose of the proposal is to encourage Floor Broker firms to continue to direct open outcry transactions to the Exchange, despite increasing industry volumes making it less difficult to reach the Cap.
                    <SU>6</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See</E>
                         Fee Schedule, Sections I.F. and III.E.1 (providing, in relevant part, that Floor Broker credits paid for QCC trades and rebates paid through the Manual Billable Rebate Program shall not combine to exceed $3,000,000 per month per Floor Broker firm).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         The Exchange notes that, in January 2025, it increased the Cap from $2,700,000 to $3,000,000 in response to higher industry volumes. 
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102241 (January 17, 2025), 90 FR 8071 (January 23, 2025) (SR-NYSEAMER-2025-04).
                    </P>
                </FTNT>
                <P>
                    In mid-April, in response to extreme market volatility and concomitant surge of open outcry volume that led to Floor Broker firms earning higher than average monthly credits/rebates, the Exchange waived the Cap for April 2025.
                    <SU>7</SU>
                    <FTREF/>
                     This waiver was adopted in anticipation of Floor Broker firms reaching the Cap before the end of April and potentially re-directing their order flow away from the Exchange.
                    <SU>8</SU>
                    <FTREF/>
                     The Exchange believes that the April waiver was effective as it allowed Floor Broker firms to continue to send their credit/rebate-generating order flow to the Exchange throughout the month without concern for reaching the Cap. The Exchange then extended this waiver for the months of May, June, and July 2025,
                    <SU>9</SU>
                    <FTREF/>
                     and again for the months of August, September, and October 2025.
                    <SU>10</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102890 (April 18, 2025), 90 FR 17273 (April 24, 2025) (SR-NYSEAMER-2025-26).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102985 (May 2, 2025), 90 FR 19584 (May 8, 2025) (SR-NYSEAMER-2025-27).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 103623 (August 1, 2025), 90 FR 37905 (August 6, 2025) (SR-NYSEAMER-2025-46).
                    </P>
                </FTNT>
                <P>
                    At present, open outcry volumes on the Exchange remain elevated. The Exchange therefore proposes to waive the Cap for the months of November and December 2025.
                    <SU>11</SU>
                    <FTREF/>
                     Like previous waivers, the proposed waiver is being adopted in anticipation of Floor Broker firms reaching the Cap before months end and potentially redirecting their order flow away from the Exchange. In the absence of the proposed waiver, Floor Broker firms may choose to re-direct such order flow to a competing market.
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         
                        <E T="03">See</E>
                         proposed Fee Schedule, Sections I.F. and III.E.1.
                    </P>
                </FTNT>
                <P>Although the Exchange cannot predict with certainty how many Floor Broker firms would be impacted by this change, the Exchange believes that the proposed changes would incent Floor Brokers to continue to direct their order flow to the Exchange thus increasing liquidity to the benefit of all market participants.</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>
                    The proposed changes to the Fee Schedule are reasonable, equitable, and not unfairly discriminatory. As a threshold matter, the Exchange is subject to significant competitive forces in the market for options securities transaction services that constrain its pricing determinations in that 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/>
                </P>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (“Reg NMS Adopting Release”).
                    </P>
                </FTNT>
                <P>
                    There are currently 18 registered options exchanges competing for order flow. Based on publicly-available information, and excluding index-based options, no single exchange has more than 16% of the market share of executed volume of multiply-listed equity and ETF options trades.
                    <SU>15</SU>
                    <FTREF/>
                     Therefore, currently no exchange possesses significant pricing power in the execution of multiply-listed equity &amp; ETF options order flow. More specifically, in September 2025, the Exchange had 8.89% market share of executed volume of multiply-listed equity &amp; ETF options trades.
                    <SU>16</SU>
                    <FTREF/>
                     In such a low-concentrated and highly competitive market, no single options exchange possesses significant pricing power in the execution of options order flow. Within this environment, market participants can freely and often do shift their order flow among the Exchange and competing venues in response to changes in their respective pricing schedules.
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         The OCC publishes options and futures volume in a variety of formats, including daily and monthly volume by exchange, available here: 
                        <E T="03">https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         Based on a compilation of OCC data for monthly volume of equity-based options and monthly volume of equity-based ETF options, 
                        <E T="03">see id.,</E>
                         the Exchange's market share in equity-based options increased from 7.64% for the month of September 2024 to 8.89% for the month of September 2025.
                    </P>
                </FTNT>
                <P>The proposed waiver of the Cap is reasonable because it is designed to encourage the role performed by Floor Brokers in facilitating the execution of orders via open outcry, a function that the Exchange wishes to support for the benefit of all market participants. Absent the proposed waiver, the Exchange believes that as soon as Floor Brokers reach the Cap, they are likely to re-direct order flow away from the Exchange, which may adversely impact other market participants trading on the Exchange. To the extent that the proposed waiver encourages Floor Brokers to facilitate transactions on the Exchange instead of on a competing market, all market participants participating on the Exchange would benefit from the increased liquidity. The Exchange believes the proposed waiver should continue to incent Floor Brokers to encourage market participants to aggregate their executions at the Exchange as a primary execution venue. To the extent that the proposed change achieves its purpose in attracting more volume to the Exchange, this increased order flow would continue to make the Exchange a more competitive venue for order execution, thus improving market quality for all market participants.</P>
                <P>The Exchange believes the proposed waiver of the Cap is an equitable allocation of its fees and credits and is not unfairly discriminatory because the proposal is based on the amount and type of business transacted on the Exchange. Floor Brokers are not obligated to execute manual transactions (and QCCs) to earn rebates and credits applied toward the Cap. However, the proposed waiver is designed to continue to encourage the role performed by Floor Brokers in facilitating the execution of orders via open outcry, a function that the Exchange wishes to support for the benefit of all market participants.</P>
                <P>
                    To the extent that the proposed waiver of the Cap continues to attract manual transactions (and QCCs) to the Exchange, this increased order flow would continue to make the Exchange a more competitive venue for order execution. Thus, the Exchange believes the proposed waiver would improve market quality for all market participants on the Exchange and attract more order flow to the Exchange, thereby improving market-wide quality and price discovery. The resulting increased volume and liquidity would provide more trading opportunities and 
                    <PRTPAGE P="55188"/>
                    tighter spreads to all market participants and thus would promote just and equitable principles of trade, remove impediments to and perfect the mechanism of a free and open market and a national market system and, in general, protect investors and the public interest.
                </P>
                <P>Finally, 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>
                <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, 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. Instead, as discussed above, the Exchange believes that the proposed changes would encourage the submission of additional liquidity to a public exchange, thereby promoting market depth, price discovery and transparency and enhancing order execution opportunities for all market participants. As a result, 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/>
                </P>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         
                        <E T="03">See</E>
                         Reg NMS Adopting Release, 
                        <E T="03">supra</E>
                         note 14, at 37499.
                    </P>
                </FTNT>
                <P>
                    <E T="03">Intramarket Competition.</E>
                     The proposed waiver of the Cap would apply equally to all similarly-situated Floor Brokers. To the extent that there is an additional competitive burden on non-Floor Brokers, the Exchange believes that any such burden would be appropriate because Floor Brokers serve an important function in facilitating the execution of orders in open outcry and price discovery for all market participants.
                </P>
                <P>
                    <E T="03">Intermarket Competition.</E>
                     The Exchange operates in a highly competitive market in which market participants can readily favor one of the other 17 competing options exchanges if they deem the Exchange's fee levels to be excessive. In such an environment, the Exchange must continually adjust its fees to remain competitive with other exchanges and to attract order flow to the Exchange. Based on publicly-available information, and excluding index-based options, no single exchange has more than 16% of the market share of executed volume of multiply-listed equity and ETF options trades.
                    <SU>18</SU>
                    <FTREF/>
                     Therefore, currently no exchange possesses significant pricing power in the execution of multiply-listed equity and ETF options order flow. More specifically, in September 2025, the Exchange had 8.89% market share of executed volume of multiply-listed equity &amp; ETF options trades.
                    <SU>19</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         The OCC publishes options and futures volume in a variety of formats, including daily and monthly volume by exchange, available here: 
                        <E T="03">https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         Based on a compilation of OCC data for monthly volume of equity-based options and monthly volume of equity-based ETF options, 
                        <E T="03">see id.,</E>
                         the Exchange's market share in equity-based options increased from 7.64% for the month of September 2024 to 8.89% for the month of September 2025.
                    </P>
                </FTNT>
                <P>The Exchange believes that the proposed waiver of the Cap reflects this competitive environment because it is designed to continue to incent Floor Brokers to direct manual and QCC transactions to the Exchange, to provide liquidity and to attract order flow. To the extent that Floor Brokers are encouraged to utilize the Exchange as a primary trading venue for all transactions, all Exchange market participants stand to benefit from the improved market quality and increased opportunities for price improvement. The Exchange notes that it operates in a highly competitive market in which market participants can readily favor competing venues. In such an environment, the Exchange must continually review, and consider adjusting, its fees and credits to remain competitive with other exchanges. For the reasons described above, the Exchange believes that the proposed rule change reflects this competitive environment.</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>
                    The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) 
                    <SU>20</SU>
                    <FTREF/>
                     of the Act and subparagraph (f)(2) of Rule 19b-4 
                    <SU>21</SU>
                    <FTREF/>
                     thereunder, because it establishes a due, fee, or other charge imposed by the Exchange.
                </P>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         15 U.S.C. 78s(b)(3)(A).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         17 CFR 240.19b-4(f)(2).
                    </P>
                </FTNT>
                <P>
                    At any time within 60 days of the filing of such 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 under Section 19(b)(2)(B) 
                    <SU>22</SU>
                    <FTREF/>
                     of the Act to determine whether the proposed rule change should be approved or disapproved.
                </P>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         15 U.S.C. 78s(b)(2)(B).
                    </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-NYSEAMER-2025-65 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-NYSEAMER-2025-65. 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 filing 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-NYSEAMER-2025-65 and should be submitted on or before December 22, 2025.
                </FP>
                <SIG>
                    <PRTPAGE P="55189"/>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>23</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>23</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21634 Filed 11-28-25; 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. 34-104260; File No. 10-00248]</DEPDOC>
                <SUBJECT>In the Matter of the Application of Dream Exchange Holdings, Inc. for Registration as a National Securities Exchange; Findings, Opinion, and Order of the Commission</SUBJECT>
                <DATE>November 25, 2025.</DATE>
                <HD SOURCE="HD1">I. Introduction and Procedural History</HD>
                <P>
                    On February 14, 2025, Dream Exchange Holdings, Inc. (“DreamEx”) filed with the Securities and Exchange Commission (“Commission”) a Form 1 application (“Form 1”) under the Securities Exchange Act of 1934 (“Act”), seeking registration as a national securities exchange under section 6 of the Act.
                    <SU>1</SU>
                    <FTREF/>
                     Notice of the application was published for comment in the 
                    <E T="04">Federal Register</E>
                     on March 3, 2025.
                    <SU>2</SU>
                    <FTREF/>
                     The Commission received no comments on the Form 1. On May 30, 2025, the Commission instituted proceedings pursuant to section 19(a)(1)(B) of the Act 
                    <SU>3</SU>
                    <FTREF/>
                     to determine whether to grant or deny DreamEx's application for registration as a national securities exchange under section 6 of the Act.
                    <SU>4</SU>
                    <FTREF/>
                     On July 8, 2025, DreamEx filed an amendment to the Form 1 (“Amendment No. 1”).
                    <SU>5</SU>
                    <FTREF/>
                     Amendment No. 1 was published for comment in the 
                    <E T="04">Federal Register</E>
                     on July 14, 2025.
                    <SU>6</SU>
                    <FTREF/>
                     On July 16, 2025, DreamEx filed Amendment No. 2 to the Form 1 (“Amendment No. 2”).
                    <SU>7</SU>
                    <FTREF/>
                     The Commission received no comments on the Form 1, as amended by Amendment Nos. 1 and 2. On August 22, 2025, the Commission extended, pursuant to section 19(a)(1)(B) of the Act,
                    <SU>8</SU>
                    <FTREF/>
                     the time period for granting or denying the Form 1 for an additional 90 days, until November 28, 2025.
                    <SU>9</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78f. The Form 1 is available on the Commission's website at: 
                        <E T="03">https://www.sec.gov/rules-regulations/other-commission-orders-notices-information/dream-exchange-form-1. See</E>
                          
                        <E T="03">also</E>
                         15 U.S.C. 78s(a)(1) (stating that the Commission shall, “[w]ithin ninety days of the date of publication of such notice (or within such longer period as to which the applicant consents),” grant the registration or institute proceedings to determine whether the registration should be denied, that any such proceedings “shall be concluded within one hundred eighty days of the date of a public of notice of the filing of the application for registration,” that “[a]t the conclusion of such proceedings, the Commission, by order, shall grant or deny such registration,” and that “[t]he Commission may extend the time for conclusion of such proceedings for up to ninety days if it finds good cause for such extension and publishes its reasons for so finding or for such longer period as to which the applicant consents”).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 102484 (Feb. 25, 2025), 90 FR 11078 (Mar. 3, 2025) (“Notice”).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         15 U.S.C. 78s(a)(1)(B).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 103157 (May 30, 2025), 90 FR 23751 (June 4, 2025).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         Amendment No. 1 is available on the Commission's website at: 
                        <E T="03">https://www.sec.gov/rules-regulations/other-commission-orders-notices-information/dream-exchange-form-1.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 103430 (July 9, 2025), 90 FR 31310 (July 14, 2025).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         Amendment No. 2 is available on the Commission's website at: 
                        <E T="03">https://www.sec.gov/rules-regulations/other-commission-orders-notices-information/dream-exchange-form-1.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         15 U.S.C. 78s(a)(1)(B).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 103767 (Aug. 22, 2025), 90 FR 41847 (Aug. 27, 2025).
                    </P>
                </FTNT>
                <P>The Commission has reviewed DreamEx's registration application, as amended, in order to make a determination whether to grant such registration. For the reasons set forth below, this order denies DreamEx's application, as amended, for registration as a national securities exchange.</P>
                <HD SOURCE="HD1">II. Statutory Standards and Discussion</HD>
                <P>
                    Pursuant to Sections 6(b) and 19(a) of the Act,
                    <SU>10</SU>
                    <FTREF/>
                     the Commission shall by order grant an application for registration as a national securities exchange if the Commission finds, among other things, that the proposed exchange is so organized and has the capacity to be able to carry out the purposes of the Act and to comply, and to enforce compliance by its members, with the provisions of the Act, the rules and regulations thereunder, and the rules of the exchange.
                    <SU>11</SU>
                    <FTREF/>
                     The Commission shall deny such registration if it does not make such finding.
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         15 U.S.C. 78f(b)(1) and 15 U.S.C. 78s(a), respectively.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         
                        <E T="03">See also</E>
                          
                        <E T="03">supra</E>
                         note 1 (discussing the time for Commission action following publication of notice of an application for exchange registration).
                    </P>
                </FTNT>
                <P>
                    The Commission is mindful of the important role national securities exchanges play in the securities markets.
                    <SU>12</SU>
                    <FTREF/>
                     Not only do they operate trading markets, but registered national securities exchanges are also self-regulatory organizations charged with a public trust to implement and enforce the Federal securities laws and rules, as well as their own rules with respect to their members.
                    <SU>13</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 40760 (Dec. 8, 1998), 63 FR 70844, 70881 (Dec. 22, 1998) (“the self-regulatory role of registered exchanges is fundamental to the enforcement of the Federal securities laws.”); and Securities Exchange Act Release No. 50699 (Nov. 18, 2004), 69 FR 71126, 71132 (Dec. 8, 2004) (“As operators of trading markets, front-line regulators of securities firms, and standard-setters for listed issuers, national securities exchanges . . . are critical to the integrity of the U.S. securities markets.”).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 50699, 69 FR 71126, 71131.
                    </P>
                </FTNT>
                <P>
                    In connection with DreamEx's application for registration as a national securities exchange, the Commission has reviewed information provided by DreamEx publicly in its Form 1 and non-publicly in response to Commission requests, as well as additional information derived from public and non-public sources related to DreamEx and its officers, directors, and affiliates.
                    <SU>14</SU>
                    <FTREF/>
                     The non-public information includes information obtained as a result of a formal order of investigation issued by the Commission to determine whether there have been any violations of the Federal securities laws. Although the Commission has not yet made any determinations in connection with the investigation, taken together, the information currently before the Commission raises questions about DreamEx's capacity to be able to carry out the purposes of and comply with the provisions of the Act and the rules and regulations thereunder that we are not able to resolve at this time,
                    <SU>15</SU>
                    <FTREF/>
                     and may not be resolved until the investigation is concluded.
                    <SU>16</SU>
                    <FTREF/>
                     Consequently, the Commission is unable at this time to find that DreamEx is so organized and has the capacity to be able to carry out the purposes of the Act and to comply, and to enforce compliance by its members, with the provisions of the Act, the rules and regulations thereunder, and the rules of the exchange consistent with Section 6(b)(1) of the Act.
                    <SU>17</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         Among other things, there have been press reports raising questions about the potential misuse of funds.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">See</E>
                         15 U.S.C. 78s(a)(1), 
                        <E T="03">supra</E>
                         note 1. However, nothing precludes DreamEx from filing another Form 1 application with the Commission in the future.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         The Commission's analysis and conclusions do not depend on the identity or affiliation of any such sources. Rather, the Commission has considered the substance of the concerns raised both publicly and non-publicly in light of the information before it.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         
                        <E T="03">See supra</E>
                         note 10.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">III. Conclusion</HD>
                <P>
                    <E T="03">It is ordered</E>
                     that the application of DreamEx for registration as a national securities exchange be, and it hereby is, denied.
                </P>
                <SIG>
                    <P>By the Commission.</P>
                    <NAME>Vanessa A. Countryman,</NAME>
                    <TITLE>Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21627 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="55190"/>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[OMB Control No. 3235-0738]</DEPDOC>
                <SUBJECT>Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rules 13n-4(b)(9), (b)(10) and (d)</SUBJECT>
                <FP SOURCE="FP-1">
                    <E T="03">Upon Written Request, Copies Available From:</E>
                     Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549-2736
                </FP>
                <P>
                    Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. § 3501 
                    <E T="03">et seq.</E>
                    ), the Securities and Exchange Commission (SEC or “Commission”) is soliciting comments on the proposed collection of information.
                </P>
                <P>Rules 13n-4(b)(9), (b)(10) and (d) implement Exchange Act sections 13(n)(5)(G) and (H), which conditionally require a security-based swap data repository (“SBSDR”) registered with the Commission to make available security-based swap data obtained by the SBSDR (“SBS Data”) to certain U.S. government entities and any other person that the Commission determines to be appropriate. The rules, in part, condition such sharing of SBS Data on there being an arrangement between the Commission and the relevant entity (in the form of a memorandum of understanding or otherwise) to address the confidentiality of the SBS Data. The rules further require SBSDRs to create and maintain records regarding such data access. Pursuant to the Commission's authority, regulators or other authorities that are not otherwise designated by statute or rule may request from the Commission that they be deemed eligible to access SBS Data.</P>
                <P>Implementation of the statutory and regulatory SBS Data access provisions—including the confidentiality condition and the Commission's authority to designate entities to access SBS Data—facilitates regulatory oversight of the security-based swap market and its participants, including oversight of systemic and other risks associated with the market. Implementation also promotes compliance with applicable laws and regulations, including but not limited to compliance with the antifraud provisions of the federal securities laws.</P>
                <P>Commission staff estimates that the total annual burden associated with Rules 13n-4(b)(9), (b)(10) and (d) is 11,405 hours and $120,000, calculated as follows:</P>
                <P>Commission staff estimates a total of 50 regulators or other authorities will enter into confidentiality arrangements with the Commission to obtain access to SBS Data pursuant to these provisions. On average, each of those recipients of data is expected to expend 500 hours in connection with negotiating these MOUs or other arrangements, for a one-time aggregate burden of 25,000 hours, with no associated ongoing burdens. This equates to 8,333 hours per year when annualized over three years.</P>
                <P>Commission staff estimates that a total of 41 regulators or other authorities (that otherwise are not identified by statute or the rules as being eligible for access to SBS Data) may request that the Commission determine they are eligible to access SBS Data. On average, each of those entities is expected to expend 40 hours in connection with such requests, for a one-time aggregate burden of 1,640 hours, with no associated ongoing burdens. This equates to 547 hours per year when annualized over three years.</P>
                <P>Commission staff also estimates that a total of three SBSDRs may be expected to incur systems-related costs associated with setting up access to SBS Data for regulators and other authorities. On average, each SBSDR is expected to expend 1,300 hours in connection with providing such connectivity (based on each SBSDR incurring 26 hours per recipient, for 50 total recipients), for a one-time aggregate burden of 3,900 hours, with no associated ongoing burdens. This equates to 1,300 hours when annualized over three years.</P>
                <P>In addition, Commission staff estimates that a total of three SBSDRs may incur costs associated with the requirement to notify the Commission when an SBSDR receives the first request for SBS Data from a particular entity. On average, each SBSDR is expected to expend 25 hours in connection with this notice requirement (based on each SBSDR providing 50 notices, at half-hour per notice), for a one-time aggregate burden of 75 hours, with no associated ongoing burdens. This equates to 25 hours per year when annualized over three years.</P>
                <P>Commission staff estimates that a total of three SBSDRs may incur costs associated with the requirement that an SBSDR maintain records of all information related to initial and subsequent requests for SBS Data access. On average, compliance with this provision is expected to require 360 hours initially and 280 hours annually per SBSDR, for a total burden of 1,080 hours initially and 840 hours annually across three SBSDRs. This equates to 1,200 hours per year when annualized over three years. Commission staff further estimates that each of the three SBSDRs will require $40,000 annually in connection with that requirement, for a total cost of $120,000 annually across three SBSDRs.</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>Written comments are invited on: (a) whether this proposed collection of information is necessary for the proper performance of the functions of the SEC, including whether the information will have practical utility; (b) the accuracy of the SEC's estimate of the burden imposed by the proposed collection of information, including the validity of the methodology and the assumptions used; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated, electronic collection techniques or other forms of information technology.</P>
                <P>
                    Please direct your written comments on this 60-Day Collection Notice to Austin Gerig, Director/Chief Data Officer, Securities and Exchange Commission, c/o Tanya Ruttenberg via email to 
                    <E T="03">PaperworkReductionAct@sec.gov</E>
                     by January 30, 2026. There will be a second opportunity to comment on this SEC request following the 
                    <E T="04">Federal Register</E>
                     publishing a 30-Day Submission Notice.
                </P>
                <SIG>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21610 Filed 11-28-25; 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. 34-104263; File No. SR-MRX-2025-29]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Price of a 10Gb Ultra Fiber Connection to the Exchange</SUBJECT>
                <DATE>November 25, 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 November 13, 2025, Nasdaq MRX, LLC (“MRX” or “Exchange”) filed with the Securities and Exchange Commission (“SEC” or “Commission”) the proposed rule 
                    <PRTPAGE P="55191"/>
                    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 modify the price of a 10Gb Ultra fiber connection to the Exchange, as described further below. While these amendments are effective upon filing, the Exchange has designated the proposed amendments to be operative on January 2, 2026.</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/mrx/rulefilings,</E>
                     and at the principal office of the Exchange.
                </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. By way of background, a market participant may opt to connect to the Exchange at its data center through various means, including, 
                    <E T="03">inter alia:</E>
                     (1) direct connections and indirect connections through vendors; (2) direct connections via copper and fiber; (3) as to fiber connections, connections with different throughputs (1 gigabit (“Gb”), 1Gb Ultra, 10Gb, 10Gb Ultra, and 40Gb). The Exchange currently assesses a $1,650 installation fee and a $16,500 ongoing monthly fee for a 10Gb Ultra fiber connection. The Exchange proposes to increase this monthly fee to $18,500 per month, while maintaining the existing installation fee.
                </P>
                <P>
                    The Exchange notes the proposed fee change will better enable it to continue to maintain and improve its market technology and services. The Exchange also notes that the proposed fee amount, even as amended, will be lower than the monthly fee assessed by the New York Stock Exchange (“NYSE”) for a similar connection. NYSE offers a 10Gb LX LCN Circuit and 10Gb NMS Network Circuit connection for which it charges a $15,000 installation fee and a monthly fee of $22,000 per month.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         NYSE et al. Connectivity Fee Schedule, last updated October 21, 2025, at 12, available at 
                        <E T="03">https://www.nyse.com/publicdocs/nyse/Wireless_Connectivity_Fees_and_Charges.pdf.</E>
                    </P>
                </FTNT>
                <P>The Exchange also notes that a market participant can use a single 10 Gb Ultra fiber connection to access all the following affiliated exchanges: the Nasdaq Stock Market, the Nasdaq Options Market, Nasdaq BX, Nasdaq, BX Options, Nasdaq PSX, PHLX Options, Nasdaq ISE, Nasdaq GEMX, Nasdaq MRX, and the Nasdaq Bond Exchange (“Affiliate Exchanges”). Notably, only one monthly fee currently (and will continue) to apply per 10 Gb Ultra fiber connections regardless of how many Affiliate Exchanges are accessed through that one fiber connection.</P>
                <P>The Exchange will implement the proposed rule change beginning on January 2, 2026.</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>4</SU>
                    <FTREF/>
                     in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,
                    <SU>5</SU>
                    <FTREF/>
                     in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         15 U.S.C. 78f(b)(4) and (5).
                    </P>
                </FTNT>
                <P>
                    The Commission and the courts have repeatedly expressed their preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. In Regulation NMS, while adopting a series of steps to improve the current market model, 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>6</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) (“Regulation NMS Adopting Release”).
                    </P>
                </FTNT>
                <P>
                    Likewise, in 
                    <E T="03">NetCoalition</E>
                     v. 
                    <E T="03">Securities and Exchange Commission</E>
                     
                    <SU>7</SU>
                    <FTREF/>
                     (“NetCoalition”) the D.C. Circuit upheld the Commission's use of a market-based approach in evaluating the fairness of market data fees against a challenge claiming that Congress mandated a cost-based approach.
                    <SU>8</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">NetCoalition</E>
                         v. 
                        <E T="03">SEC</E>
                        , 615 F.3d 525 (D.C. Cir. 2010).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See</E>
                         NetCoalition, at 534-535.
                    </P>
                </FTNT>
                <P>
                    As the court emphasized, the Commission “intended in Regulation NMS that `market forces, rather than regulatory requirements' play a role in determining the market data . . . to be made available to investors and at what cost.” 
                    <SU>9</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">Id.</E>
                         at 537.
                    </P>
                </FTNT>
                <P>
                    Further, “[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>10</SU>
                    <FTREF/>
                     Although the court and the SEC were discussing the cash equities markets, the Exchange believes that these views apply with equal force to the options markets.
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">Id.</E>
                         at 539 (quoting Securities Exchange Act Release No. 59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-21)).
                    </P>
                </FTNT>
                <P>The Exchange believes the proposed fee change is reasonable as it will better align the price of this connectivity option to the value it offers to the market participants that utilize it. It will also better enable the Exchange to maintain and improve its connectivity services and facilities. Finally, the proposed fee change is reasonable as the resulting 10Gb Ultra monthly fee will be lower than the amount assessed by NYSE for an analogous market access connection.</P>
                <P>
                    Additionally, the Exchange believes that the proposal will be an equitable allocation of fees and will not discriminate unfairly against market participants. The proposed fee change is an equitable allocation of fees because it reflects the substantial value that the 10Gb Ultra fiber connection option provides to its users. This connectivity option is particularly attractive to customers that desire ultra-low latency connectivity to Nasdaq's Affiliated Exchanges because it provides sufficient capacity to support most of their activities on the Affiliated Exchanges 
                    <PRTPAGE P="55192"/>
                    and does so at a reasonable comparative price point. The proposal is not unfairly discriminatory because 10Gb Ultra connectivity will be available to all customers at the same price. Moreover, it is an optional product. As noted above, customers that do not wish to purchase this product, either at the proposed price or otherwise, have ample alternative options to connect to the Exchange, including many options that are less expensive. While the proposed price increase will impact customers which are latency sensitive and require larger capacity connections than others, this is fair because users of 10Gb Ultra fiber connections consume more resources from the network than do other participants.
                </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.</P>
                <P>
                    The proposed fee change will not impact intramarket competition because it will apply to all similarly situated participants equally (
                    <E T="03">i.e.,</E>
                     all market participants that choose to purchase the 10 Gb Ultra fiber connection). 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 or which are less latency sensitive can continue to buy the less expensive copper or lower throughput or non-ultra fiber options, or they may choose to connect via a third-party vendor.
                </P>
                <P>The proposed fee change also does not impose a burden on intermarket competition that is not necessary or appropriate. As described above, in establishing its proposed fee change the Exchange compared its proposed fee increase to that of competitor exchanges' analogous offerings. As noted above, the proposed monthly fee will be $3,500 per month less than that of NYSE for a comparable product as well as a substantially less costly for installation. NYSE is free to adjust its connectivity offerings to render them more attractive as compared to those of 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>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>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.
                    <SU>11</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         15 U.S.C. 78s(b)(3)(A)(ii).
                    </P>
                </FTNT>
                <P>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: (i) necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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>
                <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-MRX-2025-29 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-MRX-2025-29. 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 filing 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-MRX-2025-29 and should be submitted on or before December 22, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>12</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>12</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21638 Filed 11-28-25; 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. 34-104271; File No. SR-NYSEARCA-2025-80]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the NYSE Arca Options Fee Schedule</SUBJECT>
                <DATE>November 25, 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 November 24, 2025, NYSE Arca, Inc. (“NYSE Arca” or the “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 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 modify the NYSE Arca Options Fee Schedule (“Fee Schedule”) to amend certain pricing and incentives for Firm and Broker Dealer transactions and to exempt Floor Brokers from Routing Fees. The Exchange proposes to implement the fee change effective November 24, 2025.
                    <SU>4</SU>
                    <FTREF/>
                     The proposed rule change is available on the Exchange's website at 
                    <E T="03">www.nyse.com</E>
                     and at the principal office of the Exchange.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         The Exchange previously filed to amend the Fee Schedule on September 30, 2025 (SR-NYSEARCA-2025-76), for October 1, 2025 effectiveness, and withdrew such filing on November 24, 2025.
                    </P>
                </FTNT>
                <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 
                    <PRTPAGE P="55193"/>
                    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 purpose of this filing is to modify the Fee Schedule as relates to Firm and Broker Dealer transactions to (1) amend the per contract fees and credits for electronic executions for posting (or “liquidity adding” volume); (2) modify certain posting credit tiers for executions in Penny Issues; and (3) eliminate the Firm and Broker Incentive Program. In addition, the Exchange proposes to exempt Floor Brokers from Routing Fees.</P>
                <HD SOURCE="HD3">Firm and Broker Dealer Credits and Fees for Electronic Executions</HD>
                <P>
                    Currently, the Exchange assesses certain per-contract credits and fees for Firm and Broker Dealer electronic executions on Penny and non-Penny Issues, respectively that are liquidity-adding,
                    <SU>5</SU>
                    <FTREF/>
                     which pricing the Exchange proposes to modify. First, the Exchange proposes to increase the current per-contract credit for such executions in Penny Issues for these participants from ($0.10) to ($0.28).
                </P>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See</E>
                         Fee Schedule, NYSE Arca OPTIONS: TRADE-RELATED CHARGES FOR STANDARD OPTIONS, TRANSACTION FEE FOR MANUAL EXECUTIONS—PER CONTRACT.
                    </P>
                </FTNT>
                <P>In terms of electronic executions by Firms and Broker Dealers in non-Penny Issues that are liquidity-adding, the Exchange proposes to decrease the current per-contract fee for such executions from $0.50 to $0.00. In other words, the Exchange proposes to no longer charge Firms and Broker Dealers for their liquidity-adding electronic executions in non-Penny Issues.</P>
                <P>The Exchange believes these proposed changes, which increase per contract credits and eliminate per contract fees for Firm and Broker Dealer liquidity-adding electronic executions, will encourage these participants to increase executions in liquidity-adding volumes, in all Issues on the Exchange, which added liquidity benefits all market participants and makes the Exchange a more attractive venue.</P>
                <HD SOURCE="HD3">Firm and Broker Dealer Penny Posting Credit Tiers</HD>
                <P>
                    Currently, the Exchange offers certain increased per-contract credits for Firm and Broker Dealer electronic executions in Penny Issues that are liquidity-adding.
                    <SU>6</SU>
                    <FTREF/>
                     The Exchange proposes to modify these Tiers as follows. First, the Exchange proposes to modify the “Base” credit from ($0.10) and ($0.28) to align with the proposed per contract increase to this credit as described above. Second, the Exchange proposes to eliminate Tier 1, which currently offers a per contract credit of ($0.25) for Firm and Broker Dealer posted interest in Penny Issues of at least 0.15% of TCADV because it has been rendered obsolete given that it is lower than the proposed (increased) base rate of ($0.28) for Firm and Broker Dealer liquidity adding volume. To conform with the deletion of existing Tier 1, the Exchange proposes to re-name current Tier 2 as Tier 1, which will add clarity, transparency, and internal consistency to the Fee Schedule.
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         
                        <E T="03">See</E>
                         Fee Schedule, FIRM AND BROKER DEALER PENNY POSTING CREDIT TIERS.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Firm and Broker Dealer Incentive Program</HD>
                <P>The Exchange proposes to eliminate the Firm and Broker Incentive Program, which is set forth in the table below.</P>
                <GPOTABLE COLS="2" OPTS="L2,nj,p1,8/9,i1" CDEF="s100,r100">
                    <TTITLE>
                        Firm and Broker Dealer Incentive Program 
                        <E T="0731">8 15</E>
                    </TTITLE>
                    <BOXHD>
                        <CHED H="1"> </CHED>
                        <CHED H="1"> </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">At least 0.30% ADV of U.S Equity Tape C Market Share Posted and Executed on NYSE Arca Tape C Equity Market</ENT>
                        <ENT>Additional $0.03 Credit on Firm and Broker Dealer Penny Posting Credit.</ENT>
                    </ROW>
                    <ROW RUL="s">
                        <ENT I="01">At least 0.85% of TCADV of posted interest in all issues across all account types, of which at least 0.60% TCADV is from Firm and Broker Dealer posted interest</ENT>
                        <ENT>Additional $0.05 Credit on Firm and Broker Dealer Penny Posting Credit</ENT>
                    </ROW>
                    <ROW EXPSTB="01">
                        <ENT I="01">
                            <E T="03">OTP Holders and OTP Firms that qualify for Tier 1 or Tier 2 Firm and Broker-Dealer Penny Posting Credit Tiers may earn the greater of the alternative additional credits listed above.</E>
                        </ENT>
                    </ROW>
                </GPOTABLE>
                <P>The Exchange is proposing to eliminate this Incentive Program because it believes that the proposed changes to the credits and fees for Firm and Broker Dealer liquidity-adding volume will act as sufficient incentive for these participants. The Exchange therefore propose to remove this Incentive Program as superfluous. In this regard, the Exchange believes that the elimination of this Incentive Program will streamline the Fee Schedule by reducing the number of additional credits (based on various volume thresholds) available on Firm and Broker posting volume, thus making the Fee Schedule easier to navigate and comprehend.</P>
                <HD SOURCE="HD3">Routing Change</HD>
                <P>The Exchange currently assesses market participants Routing Fees applied to orders routed and executed on another exchange. The Exchange proposes to modify the Fee Schedule to exempt Floor Brokers from Routing Fees that they might incur when required to route orders away from the Exchange to honor away market interest, in order to incentivize them to increase (or maintain) their activity in open outcry on the Exchange. To the extent that this incentive operates as intended it will increase liquidity on the Trading Floor, which benefits all market participants.</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>7</SU>
                    <FTREF/>
                     in general, and furthers the objectives of Sections 6(b)(4) and (5) of the Act,
                    <SU>8</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>7</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         15 U.S.C. 78f(b)(4) and (5).
                    </P>
                </FTNT>
                <P>
                    The proposed change is reasonable, equitable, and not unfairly discriminatory. As a threshold matter, the Exchange is subject to significant competitive forces in the market for options securities transaction services 
                    <PRTPAGE P="55194"/>
                    that constrain its pricing determinations in that 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>9</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) (S7-10-04) (“Reg NMS Adopting Release”).
                    </P>
                </FTNT>
                <P>
                    There are currently 18 registered options exchanges competing for order flow. Based on publicly-available information, and excluding index-based options, no single exchange has more than 16% of the market share of executed volume of multiply-listed equity and ETF options trades.
                    <SU>10</SU>
                    <FTREF/>
                     Therefore, currently no exchange possesses significant pricing power in the execution of multiply-listed equity and ETF options order flow. More specifically, in August 2025, the Exchange had 9.87% market share of executed volume of multiply-listed equity and ETF options trades.
                    <SU>11</SU>
                    <FTREF/>
                     In such a low-concentrated and highly competitive market, no single options exchange possesses significant pricing power in the execution of option order flow. Within this environment, market participants can freely and often do shift their order flow among the Exchange and competing venues in response to changes in their respective pricing schedules.
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         The OCC publishes options and futures volume in a variety of formats, including daily and monthly volume by exchange, available here: 
                        <E T="03">https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         Based on a compilation of OCC data for monthly volume of equity-based options and monthly volume of ETF-based options, 
                        <E T="03">see id.,</E>
                         the Exchange's market share in multiply-listed equity and ETF options decreased from 14.62% in August 2024 to 9.87% for the month of August 2025.
                    </P>
                </FTNT>
                <HD SOURCE="HD3">Firm and Broker Dealer Credits and Fees for Electronic Executions</HD>
                <P>The Exchange believes the proposed changes to fees/credits for Firm and Broker Dealer electronic executions are reasonable because the Exchange is increasing the per-contract contract credits for liquidity-adding executions in Penny Issues and reducing to zero the per-contract fees for liquidity-adding executions in non-Penny issues. The Exchange believes these proposed changes will encourage Firm and Broker Dealers to increase (or direct) their electronic executions in liquidity-adding volumes in all Issues on the Exchange, which added liquidity benefits all market participants and makes the Exchange a more attractive venue.</P>
                <P>The Exchange believes the proposed rule change is an equitable allocation of its fees and is not unfairly discriminatory, as it applies equally to all similarly-situated market participants on an equal and non-discriminatory basis. The proposal is based on the type of business transacted on the Exchange, and Firm and Broker Dealers are not obligated to transact on the Exchange. Although the proposed change would result in higher credits for Firms and Broker Dealers' liquidity-adding executions, as compared to certain other categories of market participants, the Exchange believes that it would promote a more equitable allocation of fees and would not be unfairly discriminatory because it would reduce the existing disparity among market participants with respect to such credits.</P>
                <HD SOURCE="HD3">Firm and Broker Dealer Penny Posting Credit Tiers</HD>
                <P>The Exchange believes the proposed conforming changes to modify the “Base” credit from ($0.10) and ($0.28) to align with the proposed per-contract increase (as discussed above)—as well as the proposed non-substantive change to rename existing Tier 2 to Tier 1—are reasonable, equitable, and not unfairly discriminatory because they add clarity, transparency, and internal consistency to the Fee Schedule. The Exchange also believes its proposal to eliminate Tier 1 and the associated per contract credit for Firm and Broker Dealer posted interest in Penny Issues is reasonable because Tier 1 has been rendered obsolete given that it is lower than the proposed (increased) base rate of ($0.28) for Firm and Broker Dealer liquidity adding volume. The Exchange believes the proposed rule change is an equitable allocation of its fees and is not unfairly discriminatory, as it applies equally to all similarly-situated market participants on an equal and non-discriminatory basis.</P>
                <HD SOURCE="HD3">Firm and Broker Dealer Incentive Program</HD>
                <P>The Exchange believes the proposal to eliminate this Incentive Program is reasonable, equitable, and not unfairly discriminatory because the Exchange believes this Incentive Program is unnecessary given the Exchange's proposed enhancements to the credits and fees for Firm and Broker Dealer liquidity-adding volume. The Exchange believes these enhancements will act as sufficient incentive for these participants. The Exchange also notes that the elimination of this Incentive Program will streamline the Fee Schedule by reducing the number of additional credits (based on various volume thresholds) available on Firm and Broker posting volume, thus making the Fee Schedule easier to navigate and comprehend.</P>
                <P>The Exchange believes the proposed rule change is an equitable allocation of its fees and is not unfairly discriminatory, as it applies equally to all similarly-situated market participants on an equal and non-discriminatory basis. The proposal is based on the type of business transacted on the Exchange, and Firm and Broker Deales are not obligated to transact on the Exchange.</P>
                <HD SOURCE="HD3">Routing Change</HD>
                <P>The Exchange believes the proposal to exempt Floor Brokers from Routing Fees is reasonable, equitable, and not unfairly discriminatory because the Exchange believes that this change will incentivize Floor Brokers to increase (or maintain) their activity in open outcry. The proposed change would exempt Floor Brokers from fees that they otherwise would incur when required to route orders away from the Exchange to honor away market interest, thereby encouraging them to continue to participate in open outcry trading without having to account for such fees. To the extent that this incentive operates as intended it will increase liquidity on the Trading Floor, which benefits all market participants.</P>
                <P>The Exchange believes the proposed rule change is an equitable allocation of its fees and is not unfairly discriminatory, as it applies equally to all similarly-situated market participants on an equal and non-discriminatory basis. The Exchange notes that Floor Brokers play a unique and important role in ensuring liquidity is executed on the Trading Floor, which the Exchange believes justifies exempting them from fees assessed to other market participants.</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, 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. As a result, the Exchange believes that the proposed change furthers the Commission's goal in adopting 
                    <PRTPAGE P="55195"/>
                    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>12</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         
                        <E T="03">See</E>
                         Reg NMS Adopting Release, 
                        <E T="03">supra</E>
                         note 10, at 37499.
                    </P>
                </FTNT>
                <P>
                    <E T="03">Intramarket Competition.</E>
                     The proposed change to increase the credits and decrease the fees on Firm and Broker Dealer electronic executions in liquidity-adding volume are designed to continue to promote the use of the Exchange as a primary trading venue, and, specifically, to encourage liquidity-adding order flow. To the extent that this purpose is achieved and Firms and Broker Dealers direct more liquidity-adding volume to the Exchange, all the Exchange's market participants should benefit from the continued market liquidity. Enhanced market quality and increased transaction volume that results from the increase in order flow directed to the Exchange will benefit all market participants and improve competition on the Exchange. Although Firms and Broker Dealers' liquidity-adding executions would receive higher credits as compared to some other market participants, as proposed, the Exchange believes that the proposed change would not impose any burden on competition not necessary or appropriate in that it would more closely align the credit amounts for which market participants are eligible for such executions.
                </P>
                <P>The Exchange believes the proposed elimination of certain incentives for Firm and Broker Dealer posting volume, as described herein, would not unduly impact intramarket competition because the proposed changes apply equally to all similarly-situated market participants on an equal and non-discriminatory basis and are based on the type of business transacted on the Exchange, and Firm and Broker Deales are not obligated to transact on the Exchange.</P>
                <P>The Exchange believes the proposal to exempt Floor Brokers from Routing Fees would not unduly impact intramarket because the change applies equally to all similarly-situated market participants on an equal and non-discriminatory basis. The Exchange notes that Floor Brokers play a unique and important role in ensuring liquidity is executed on the Trading Floor, which the Exchange believes justifies exempting Floor Brokers from fees assessed to other market participants.</P>
                <P>
                    <E T="03">Intermarket Competition.</E>
                     The Exchange operates in a highly competitive market in which market participants can readily favor one of the 17 other competing option exchanges if they deem fee levels at a particular venue to be excessive.
                </P>
                <P>
                    Based on publicly-available information, and excluding index-based options, no single exchange has more than 16% of the market share of executed volume of multiply-listed equity and ETF options trades.
                    <SU>13</SU>
                    <FTREF/>
                     Therefore, currently no exchange possesses significant pricing power in the execution of multiply-listed equity and ETF options order flow. More specifically, in August 2025, the Exchange had 9.87% market share of executed volume of multiply-listed equity and ETF options trades.
                    <SU>14</SU>
                    <FTREF/>
                     As noted above, the proposed changes are intended to incentivize Firms and Broker Dealers to direct additional liquidity-adding executions to the Exchange and encourage Floor Brokers to engage in open outcry trading on the Exchange. The Exchange believes the proposed change could promote competition between the Exchange and other execution venues, to the extent the proposed change achieves its intended purpose in encouraging increased order flow to the Exchange, and all market participants should benefit from increased market quality on the Exchange.
                </P>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         The OCC publishes options and futures volume in a variety of formats, including daily and monthly volume by exchange, available here: 
                        <E T="03">https://www.theocc.com/Market-Data/Market-Data-Reports/Volume-and-Open-Interest/Monthly-Weekly-Volume-Statistics.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         Based on a compilation of OCC data for monthly volume of equity-based options and monthly volume of ETF-based options, 
                        <E T="03">see id.,</E>
                         the Exchange's market share in multiply-listed equity and ETF options decreased from 14.62% in August 2024 to 9.87% for the month of August 2025.
                    </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>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>
                    The foregoing rule change is effective upon filing pursuant to Section 19(b)(3)(A) 
                    <SU>15</SU>
                    <FTREF/>
                     of the Act and subparagraph (f)(2) of Rule 19b-4 
                    <SU>16</SU>
                    <FTREF/>
                     thereunder, because it establishes a due, fee, or other charge imposed by the Exchange.
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         15 U.S.C. 78s(b)(3)(A).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         17 CFR 240.19b-4(f)(2).
                    </P>
                </FTNT>
                <P>
                    At any time within 60 days of the filing of such 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 under Section 19(b)(2)(B) 
                    <SU>17</SU>
                    <FTREF/>
                     of the Act to determine whether the proposed rule change should be approved or disapproved.
                </P>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         15 U.S.C. 78s(b)(2)(B).
                    </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-NYSEARCA-2025-80 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-2025-80. 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 filing 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.
                </FP>
                <P>All submissions should refer to file number SR-NYSEARCA-2025-80 and should be submitted on or before December 22, 2025.</P>
                <SIG>
                    <PRTPAGE P="55196"/>
                    <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)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21646 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Investment Company Act Release No. 35813; 812-15903]</DEPDOC>
                <SUBJECT>ARK ETF Trust and ARK Investment Management LLC</SUBJECT>
                <DATE>November 25, 2025.</DATE>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Securities and Exchange Commission (“Commission” or “SEC”).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <P>Notice of an application under section 6(c) of the Investment Company Act of 1940 (“Act”) for an exemption from section 15(a) of the Act, as well as from certain disclosure requirements in rule 20a-1 under the Act, Item 19(a)(3) of Form N-1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A under the Securities Exchange Act of 1934, and sections 6-07(2)(a), (b), and (c) of Regulation S-X (“Disclosure Requirements”).</P>
                <PREAMHD>
                    <HD SOURCE="HED">Summary of Application:</HD>
                    <P> The requested exemption would permit Applicants to enter into and materially amend subadvisory agreements with subadvisers without shareholder approval and would grant relief from the Disclosure Requirements as they relate to fees paid to the subadvisers.</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">Applicants:</HD>
                    <P> ARK ETF Trust and ARK Investment Management LLC</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">Filing Date:</HD>
                    <P> The application was filed on September 23, 2025.</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">Hearing or Notification of Hearing:</HD>
                    <P>
                         An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing on any application by emailing the SEC's Secretary at 
                        <E T="03">Secretarys-Office@sec.gov</E>
                         and serving the Applicants with a copy of the request by email, if an email address is listed for the relevant Applicant below, or personally or by mail, if a physical address is listed for the relevant Applicant below. Hearing requests should be received by the Commission by 5:30 p.m. on December 22, 2025, and should be accompanied by proof of service on the Applicants, in the form of an affidavit, or, for lawyers, a certificate of service. Pursuant to rule 0-5 under the Act, hearing requests should state the nature of the writer's interest, any facts bearing upon the desirability of a hearing on the matter, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by emailing the Commission's Secretary.
                    </P>
                </PREAMHD>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        The Commission: 
                        <E T="03">Secretarys-Office@sec.gov.</E>
                         Applicants: Allison Fumai and Philip Hinkle, Dechert LLP, 
                        <E T="03">allison.fumai@dechert.com</E>
                         and 
                        <E T="03">philip.hinkle@dechert.com,</E>
                         with a copy to: Forest Wolfe, ARK Investment Management LLC, 
                        <E T="03">fwolfe@ark-invest.com.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Trace W. Rakestraw, Senior Special Counsel, at (202) 551-6825 (Division of Investment Management, Chief Counsel's Office).</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    For Applicants' representations, legal analysis, and conditions, please refer to Applicants' application, dated September 23, 2025, which may be obtained via the Commission's website by searching for the file number at the top of this document, or for an Applicant using the Company name search field on the SEC's EDGAR system. The SEC's EDGAR system may be searched at 
                    <E T="03">https://www.sec.gov/edgar/searchedgar/companysearch.</E>
                     You may also call the SEC's Office of Investor Education and Advocacy at (202) 551-8090.
                </P>
                <SIG>
                    <P>For the Commission, by the Division of Investment Management, under delegated authority.</P>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary. </TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21631 Filed 11-28-25; 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. 34-104266; File No. SR-PHLX-2025-60]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Price of a 10Gb Ultra Fiber Connection to the Exchange</SUBJECT>
                <DATE>November 25, 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 November 13, 2025, Nasdaq PHLX LLC (“Phlx” or “Exchange”) filed with the Securities and Exchange Commission (“SEC” or “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 modify the price of a 10Gb Ultra fiber connection to the Exchange, as described further below. While these amendments are effective upon filing, the Exchange has designated the proposed amendments to be operative on January 2, 2026.</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/phlx/rulefilings,</E>
                     and at the principal office of the Exchange.
                </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. By way of background, a market participant may opt to connect to the Exchange at its data center through various means, including, 
                    <E T="03">inter alia:</E>
                     (1) direct connections and indirect connections through vendors; (2) direct connections via copper and fiber; (3) as to fiber connections, connections with different throughputs (1 gigabit (“Gb”), 1Gb Ultra, 10Gb, 10Gb Ultra, and 40Gb). The Exchange currently assesses a $1,650 installation fee and a $16,500 ongoing monthly fee for a 10Gb Ultra fiber connection. The Exchange proposes to increase this monthly fee to $18,500 per month, while maintaining the existing installation fee.
                </P>
                <P>
                    The Exchange notes the proposed fee change will better enable it to continue 
                    <PRTPAGE P="55197"/>
                    to maintain and improve its market technology and services. The Exchange also notes that the proposed fee amount, even as amended, will be lower than the monthly fee assessed by the New York Stock Exchange (“NYSE”) for a similar connection. NYSE offers a 10Gb LX LCN Circuit and 10Gb NMS Network Circuit connection for which it charges a $15,000 installation fee and a monthly fee of $22,000 per month.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         NYSE et al. Connectivity Fee Schedule, last updated October 21, 2025, at 12, available at 
                        <E T="03">https://www.nyse.com/publicdocs/nyse/Wireless_Connectivity_Fees_and_Charges.pdf.</E>
                    </P>
                </FTNT>
                <P>The Exchange also notes that a market participant can use a single 10 Gb Ultra fiber connection to access all the following affiliated exchanges: the Nasdaq Stock Market, the Nasdaq Options Market, Nasdaq BX, Nasdaq, BX Options, Nasdaq PSX, PHLX Options, Nasdaq ISE, Nasdaq GEMX, Nasdaq MRX, and the Nasdaq Bond Exchange (“Affiliate Exchanges”). Notably, only one monthly fee currently (and will continue) to apply per 10 Gb Ultra fiber connections regardless of how many Affiliate Exchanges are accessed through that one fiber connection.</P>
                <P>The Exchange will implement the proposed rule change beginning on January 2, 2026.</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>4</SU>
                    <FTREF/>
                     in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,
                    <SU>5</SU>
                    <FTREF/>
                     in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         15 U.S.C. 78f(b)(4) and (5).
                    </P>
                </FTNT>
                <P>
                    The Commission and the courts have repeatedly expressed their preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. In Regulation NMS, while adopting a series of steps to improve the current market model, 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>6</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) (“Regulation NMS Adopting Release”).
                    </P>
                </FTNT>
                <P>
                    Likewise, in 
                    <E T="03">NetCoalition</E>
                     v. 
                    <E T="03">Securities and Exchange Commission</E>
                     
                    <SU>7</SU>
                    <FTREF/>
                     (“NetCoalition”) the D.C. Circuit upheld the Commission's use of a market-based approach in evaluating the fairness of market data fees against a challenge claiming that Congress mandated a cost-based approach.
                    <SU>8</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">NetCoalition</E>
                         v. 
                        <E T="03">SEC</E>
                        , 615 F.3d 525 (D.C. Cir. 2010).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See</E>
                         NetCoalition, at 534-535.
                    </P>
                </FTNT>
                <P>
                    As the court emphasized, the Commission “intended in Regulation NMS that `market forces, rather than regulatory requirements' play a role in determining the market data . . . to be made available to investors and at what cost.” 
                    <SU>9</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">Id.</E>
                         at 537.
                    </P>
                </FTNT>
                <P>
                    Further, “[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>10</SU>
                    <FTREF/>
                     Although the court and the SEC were discussing the cash equities markets, the Exchange believes that these views apply with equal force to the options markets.
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">Id.</E>
                         at 539 (quoting Securities Exchange Act Release No. 59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-21)).
                    </P>
                </FTNT>
                <P>The Exchange believes the proposed fee change is reasonable as it will better align the price of this connectivity option to the value it offers to the market participants that utilize it. It will also better enable the Exchange to maintain and improve its connectivity services and facilities. Finally, the proposed fee change is reasonable as the resulting 10Gb Ultra monthly fee will be lower than the amount assessed by NYSE for an analogous market access connection.</P>
                <P>Additionally, the Exchange believes that the proposal will be an equitable allocation of fees and will not discriminate unfairly against market participants. The proposed fee change is an equitable allocation of fees because it reflects the substantial value that the 10Gb Ultra fiber connection option provides to its users. This connectivity option is particularly attractive to customers that desire ultra-low latency connectivity to Nasdaq's Affiliated Exchanges because it provides sufficient capacity to support most of their activities on the Affiliated Exchanges and does so at a reasonable comparative price point. The proposal is not unfairly discriminatory because 10Gb Ultra connectivity will be available to all customers at the same price. Moreover, it is an optional product. As noted above, customers that do not wish to purchase this product, either at the proposed price or otherwise, have ample alternative options to connect to the Exchange, including many options that are less expensive. While the proposed price increase will impact customers which are latency sensitive and require larger capacity connections than others, this is fair because users of 10Gb Ultra fiber connections consume more resources from the network than do other participants.</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.</P>
                <P>
                    The proposed fee change will not impact intramarket competition because it will apply to all similarly situated participants equally (
                    <E T="03">i.e.,</E>
                     all market participants that choose to purchase the 10 Gb Ultra fiber connection). 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 or which are less latency sensitive can continue to buy the less expensive copper or lower throughput or non-ultra fiber options, or they may choose to connect via a third-party vendor.
                </P>
                <P>The proposed fee change also does not impose a burden on intermarket competition that is not necessary or appropriate. As described above, in establishing its proposed fee change the Exchange compared its proposed fee increase to that of competitor exchanges' analogous offerings. As noted above, the proposed monthly fee will be $3,500 per month less than that of NYSE for a comparable product as well as a substantially less costly for installation. NYSE is free to adjust its connectivity offerings to render them more attractive as compared to those of 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>
                    No written comments were either solicited or received.
                    <PRTPAGE P="55198"/>
                </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>11</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         15 U.S.C. 78s(b)(3)(A)(ii).
                    </P>
                </FTNT>
                <P>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: (i) necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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>
                <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-PHLX-2025-60 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-PHLX-2025-60. 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 filing 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-PHLX-2025-60 and should be submitted on or before December 22, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>12</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>12</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21641 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Investment Company Act Release No. 35814; 812-15902]</DEPDOC>
                <SUBJECT>ARK ETF Trust and ARK Investment Management LLC</SUBJECT>
                <DATE>November 25, 2025.</DATE>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Securities and Exchange Commission (“Commission” or “SEC”).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <P>Notice of an application under Section 6(c) of the Investment Company Act of 1940 (“Act”) for an exemption from Section 15(c) of the Act.</P>
                <PREAMHD>
                    <HD SOURCE="HED">Summary of Application:</HD>
                    <P> The requested exemption would permit a Trust's board of trustees to approve new sub-advisory agreements and material amendments to existing sub-advisory agreements without complying with the in-person meeting requirement of Section 15(c) of the Act.</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">Applicants:</HD>
                    <P> ARK ETF Trust and ARK Investment Management LLC</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">Filing Date</HD>
                    <P>: The application was filed on September 23, 2025.</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">Hearing or Notification of Hearing:</HD>
                    <P>
                         An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing on any application by emailing the SEC's Secretary at 
                        <E T="03">Secretarys-Office@sec.gov</E>
                         and serving the Applicants with a copy of the request by email, if an email address is listed for the relevant Applicant below, or personally or by mail, if a physical address is listed for the relevant Applicant below. Hearing requests should be received by the Commission by 5:30 p.m. on December 22, 2025, and should be accompanied by proof of service on the Applicants, in the form of an affidavit, or, for lawyers, a certificate of service. Pursuant to rule 0-5 under the Act, hearing requests should state the nature of the writer's interest, any facts bearing upon the desirability of a hearing on the matter, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by emailing the Commission's Secretary.
                    </P>
                </PREAMHD>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        The Commission: 
                        <E T="03">Secretarys-Office@sec.gov.</E>
                         Applicants: Allison Fumai and Philip Hinkle, Dechert LLP, 
                        <E T="03">allison.fumai@dechert.com</E>
                         and 
                        <E T="03">philip.hinkle@dechert.com,</E>
                         with a copy to: Forest Wolfe, ARK Investment Management LLC, 
                        <E T="03">fwolfe@ark-invest.com.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Trace W. Rakestraw, Senior Special Counsel, at (202) 551-6825 (Division of Investment Management, Chief Counsel's Office).</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    For Applicants' representations, legal analysis, and conditions, please refer to Applicants' application, dated September 23, 2025, which may be obtained via the Commission's website by searching for the file number at the top of this document, or for an Applicant using the Company name search field on the SEC's EDGAR system. The SEC's EDGAR system may be searched at 
                    <E T="03">https://www.sec.gov/edgar/searchedgar/companysearch.</E>
                     You may also call the SEC's Office of Investor Education and Advocacy at (202) 551-8090.
                </P>
                <SIG>
                    <P>For the Commission, by the Division of Investment Management, under delegated authority.</P>
                    <NAME>Vanessa A. Countryman,</NAME>
                    <TITLE>Secretary. </TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21632 Filed 11-28-25; 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. 34-104270; File No. SR-NSCC-2025-013]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; National Securities Clearing Corporation; Order Approving of Proposed Rule Change To Amend the CNS Fails Charge in the NSCC Rules</SUBJECT>
                <DATE>November 25, 2025.</DATE>
                <HD SOURCE="HD1">I. Introduction</HD>
                <P>
                    On September 5, 2025, National Securities Clearing Corporation (“NSCC”) 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/>
                     proposed rule change SR-NSCC-2025-013 (“Proposed Rule Change”) to modify the NSCC Rules &amp; Procedures (“Rules”) regarding the margin charge applied when a Member fails to settle a Short Position or a Long Position by the 
                    <PRTPAGE P="55199"/>
                    applicable settlement date (“CNS Fails Charge”). The Proposed Rule Change was published for comment in the 
                    <E T="04">Federal Register</E>
                     on September 16, 2025.
                    <SU>3</SU>
                    <FTREF/>
                     The Commission has received no comments on the Proposed Rule Change.
                </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. 103952 (Sept. 11, 2025), 90 FR 44735 (Sept. 16, 2025) (File No. SR-NSCC-2025-013) (“Notice of Filing”).
                    </P>
                </FTNT>
                <P>
                    On September 26, 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, disapprove, or institute proceedings to determine whether to approve or disapprove the proposed rule changes.
                    <SU>5</SU>
                    <FTREF/>
                     For the reasons discussed below, the Commission is approving the Proposed Rule Change.
                </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. 104094 (Sept. 26, 2025), 90 FR 46977 (Sept. 30, 2025) (File No. SR-NSCC-2025-013).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">II. Background</HD>
                <P>
                    NSCC is a central counterparty, which means that it interposes itself as the buyer to every seller and the seller to every buyer for the financial transactions it clears. NSCC provides CCP services for the U.S. equity market. As such, NSCC is exposed to the risk that one or more Members may fail to make a payment or to deliver securities.
                    <SU>6</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         Capitalized terms not defined herein shall have the meanings ascribed to them in the Rules, 
                        <E T="03">available at https://www.dtcc.com/legal/rules-and-procedures.aspx.</E>
                    </P>
                </FTNT>
                <P>
                    A key tool that NSCC uses to manage its credit exposures to its Members is the daily collection of the Required Fund Deposit (
                    <E T="03">i.e.,</E>
                     margin) from each Member. A Member's margin is designed to mitigate potential losses to NSCC associated with liquidation of that Member's portfolio in the event of that Member's default. The aggregate of all NSCC's Members' Required Fund Deposits constitutes the Clearing Fund of NSCC, which NSCC would access its Clearing Fund should a defaulting Member's own Required Fund Deposit be insufficient to satisfy losses to NSCC caused by the liquidation of that Member's portfolio.
                    <SU>7</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         Rule 4 (Clearing Fund) and Procedure XV, 
                        <E T="03">supra</E>
                         note 6.
                    </P>
                </FTNT>
                <P>
                    NSCC's Continuous Net Settlement System (“CNS”) is an automated accounting and securities settlement system that centralizes and nets the settlement of compared and recorded securities transactions and maintains an orderly flow of security and money balances.
                    <SU>8</SU>
                    <FTREF/>
                     Within CNS, all eligible compared and recorded transactions for a particular Settlement Date are netted by issue into one position per Member. The position can be a net Long Position (receive), net Short Position (deliver), or flat. As a continuous net system, those positions are further netted with positions of the same CNS Security that remain open after their original scheduled settlement date (usually one business day after the trade date, or T+1), so that transactions scheduled to settle on any day are netted with CNS Fails Positions (
                    <E T="03">i.e.,</E>
                     positions that have failed in delivery or receipt on the Settlement Date), which results in a single deliver or receive obligation for each Member for each CNS Security in which the Member has activity.
                    <SU>9</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See</E>
                         NSCC Rule 11 (CNS System) and Procedure VII (CNS Accounting Operation), 
                        <E T="03">id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">See</E>
                         Notice of Filing, 
                        <E T="03">supra</E>
                         note 3, 90 FR at 44736.
                    </P>
                </FTNT>
                <P>
                    Each Member's Required Fund Deposit is comprised of several risk-based component charges, including the CNS Fails Charge.
                    <SU>10</SU>
                    <FTREF/>
                     NSCC calculates and assesses the CNS Fails Charge on a daily basis from Members with CNS Fails Positions, to offset the risk exposures to NSCC and incentivize Members to satisfy their obligations on Settlement Date. NSCC calculates the CNS Fails Charge based on the Member's credit rating derived from the Credit Risk Rating Matrix (“CRRM”),
                    <SU>11</SU>
                    <FTREF/>
                     meaning that, for each Member, it multiplies the Current Market Value for that Member's aggregate CNS Fails Positions by a percentage.
                    <SU>12</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         The CNS Fails Charge is currently imposed by NSCC pursuant to Procedure XV (Clearing Fund Formula and Other Matters), Section I.(A)(1)(d), 
                        <E T="03">supra</E>
                         note 6.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         The CRRM is a credit risk rating model NSCC utilizes to evaluate and rate the credit risk of NSCC's U.S. bank, foreign bank, and U.S. broker-dealer Members, and rate such Members based upon qualitative and quantitative information. 
                        <E T="03">See</E>
                         definition of Credit Risk Rating Matrix in Rule 1 (Definitions and Descriptions), 
                        <E T="03">id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         For a Member that is not rated on the CRRM and for a Member that is rated 1 through 4 on the CRRM, the CNS Fails Charge is 5% of the Member's aggregate CNS Fails Positions. For a Member that is rated 5 or 6 on the CRRM, the CNS Fails Charge is 10% of the Member's aggregate CNS Fails Positions. For a Member that is rated 7 on the CRRM, the CNS Fails Charge is 20% of the Member's aggregate CNS Fails Positions. 
                        <E T="03">See supra</E>
                         note 10.
                    </P>
                </FTNT>
                <HD SOURCE="HD1">III. Description of the Proposed Rule Change</HD>
                <P>NSCC is proposing to amend the provisions of the Rules regarding the CNS Fails Charge by (i) discontinuing the application of the CNS Fails Charge on Long Positions, and (ii) eliminating the CRRM from the calculation and instead assessing the charge based on the duration that the failed Short Positions remain outstanding, as discussed below.</P>
                <P>
                    First, the Proposed Rule Change would discontinue the application of the CNS Fails Charge on failed Long Positions. CNS is a net flat system and allocates shares received via an algorithm to those who are set to receive.
                    <SU>13</SU>
                    <FTREF/>
                     CNS can only allocate shares if a Member with a Short Position makes the delivery into CNS on the Settlement Date. Members have limited control whether they will receive shares from CNS if the corresponding Members set to deliver do not deliver shares in their entirety to CNS. NSCC states that, given this limited ability to control if a Member is allocated shares that it is set to receive, it is not appropriate to assess a CNS Fails Charge on Members who fail to receive an allocation from CNS for a Long Position.
                    <SU>14</SU>
                    <FTREF/>
                     Additionally, NSCC states that CNS Fails Positions, including failed Long Positions, are currently subject to NSCC's normal risk margining procedures, and risk associated with these positions is accounted for in the existing risk calculations.
                    <SU>15</SU>
                    <FTREF/>
                     The Proposed Rule Change would revise the definition of CNS Fails Position in Rule 1 to remove the reference to a Long Position.
                </P>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">See</E>
                         Notice of Filing, 
                        <E T="03">supra</E>
                         note 3, 90 FR at 44736.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    Second, the Proposed Rule Change would eliminate the use of the CRRM from the CNS Fails Charge calculation, which currently uses a percentage based on each Member's CRRM rating. NSCC states that the risk posed from the fail to deliver is specific to the individual position that is failing, and that a better measure of the risk related to the CNS Fails Position is how long the position has been outstanding.
                    <SU>16</SU>
                    <FTREF/>
                     NSCC states that since the risk posed by the failed position is less influenced by the Member that failed to make delivery, the CNS Fails Charge should not be scaled to Member-specific criteria such as CRRM.
                    <SU>17</SU>
                    <FTREF/>
                     As such, NSCC is proposing to eliminate CRRM from the charge calculation.
                </P>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         
                        <E T="03">Id.</E>
                         at 44737.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    Instead, the Proposed Rule Change would assess the CNS Fails Charge based on the length of time a Member has been failing to deliver a position. NSCC states that while its existing margin methodology addresses position-specific risk from a failed position, a position that a Member has failed to deliver for an extended period may be indicative of additional risk associated with the position.
                    <SU>18</SU>
                    <FTREF/>
                     NSCC states that to encourage timely delivery of settlement 
                    <PRTPAGE P="55200"/>
                    obligations and address this additional risk, it is proposing to assess the Charge using a percentage ranging from 5% to 100% based on the length of time the position remains outstanding.
                    <SU>19</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    The percentages initially will be (i) 5% for CNS Fails Positions that have remained outstanding 1 to 4 Business Days, (ii) 15% for CNS Fails Positions that have remained outstanding 5 to 10 Business Days, (iii) 20% for CNS Fails Positions that have remained outstanding 11 to 20 Business Days, and (iv) 100% for CNS Fails Positions that have remained outstanding longer than 20 Business Days.
                    <SU>20</SU>
                    <FTREF/>
                     NSCC states that the proposed percentages are designed to provide a mechanism to reduce fails and protect NSCC from potentially incurring higher costs in sourcing the CNS Fails Positions in a Member default event, where the haircut applied increases the longer the CNS Fails Position remains outstanding.
                    <SU>21</SU>
                    <FTREF/>
                     NSCC states that, in connection with its regular assessment of its margining methodologies, NSCC will review the CNS Fails Charge haircut percentages to determine the effects on the Members and whether the percentages continue to be adequate.
                    <SU>22</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         NSCC will post the applicable percentages for CNS Fails Positions on its website and provide reports to Members detailing their open positions, including their CNS Fails Positions and associated CNS Fails Charges for each. 
                        <E T="03">See</E>
                         Notice of Filing, 
                        <E T="03">supra</E>
                         note 3, 90 FR at 44737.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         
                        <E T="03">See</E>
                         Notice of Filing, 
                        <E T="03">supra</E>
                         note 3, 90 FR at 44737.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    While short-term fails may reflect operational delays, extended fails, especially those exceeding 20 Business Days, might signal a reduced or impaired market liquidity that increases market price risk to NSCC.
                    <SU>23</SU>
                    <FTREF/>
                     NSCC states that it determined that the risk associated with a failed position increases the longer it remains unsettled, and as such, the proposed change is intended to reflect this elevated risk exposure and ensure NSCC is adequately protected by discouraging prolonged settlement failures and promoting market discipline.
                    <SU>24</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    If a Member delivers a position for a CNS Fails Position in the night cycle following the applicable settlement date, NSCC will account for the delivery amount and offset the failed quantity by the quantity delivered in the night cycle.
                    <SU>25</SU>
                    <FTREF/>
                     Additionally, if a Member's start of day position in a CUSIP that failed to be delivered the prior settlement date is net long for the portion of that position settling on the current business date, a fails charge will not be assessed.
                    <SU>26</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>The Proposed Rule Change would amend Procedure XV, Section I.(A)(1)(d) to remove the references to CRRM, and to provide that Members will be charged percentages for CNS Fails Position ranging from 5% to 100% based on the number of Business Days that the CNS Fails Positions have remained outstanding. The proposed changes would provide that NSCC shall post the applicable percentages on the NSCC website, and the percentages may be updated from time to time as announced by Important Notice.</P>
                <P>
                    NSCC conducted an impact study of the proposed changes based on data from January 2, 2024 through April 30, 2025 (“Impact Study”).
                    <SU>27</SU>
                    <FTREF/>
                     The Impact Study indicated that if the proposed changes had been in place during the Impact Study period, the proposed changes would have led to an aggregate reduction in CNS Fails Charges by approximately 56.1%, or $238.5 million, primarily due to the removal of the charge on Long Positions.
                    <SU>28</SU>
                    <FTREF/>
                     NSCC observed a decrease of 16.9%, or $35.6 million, in failure to deliver positions during the Impact Study, primarily due to increases in the CNS Fails Charge on older CNS Fails Positions which offset the reduction in charge on positions failing for only a few days.
                    <SU>29</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         As part of the Proposed Rule Change, NSCC filed, as Exhibit 3, the Impact Study. Pursuant to 17 CFR 240.24b-2, NSCC requested confidential treatment of Exhibit 3.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         
                        <E T="03">See</E>
                         Notice of Filing, 
                        <E T="03">supra</E>
                         note 3, 90 FR at 44737.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         
                        <E T="03">Id.</E>
                         The Impact Study also revealed that NSCC-level backtest coverage remained above 99%, and no Member level coverage fell below 99%, with the proposed changes. 
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <HD SOURCE="HD1">IV. Discussion and Commission Findings</HD>
                <P>
                    Section 19(b)(2)(C) of the Act 
                    <SU>30</SU>
                    <FTREF/>
                     directs the Commission to approve a proposed rule change of a self-regulatory organization if it finds that such proposed rule change is consistent with the requirements of the Act and rules and regulations thereunder applicable to such organization. After careful review of the Proposed Rule Change, the Commission finds that the Proposed Rule Change is consistent with the requirements of the Act and the rules and regulations thereunder applicable to NSCC. In particular, the Commission finds that the Proposed Rule Change is consistent with Section 17A(b)(3)(F) of the Act 
                    <SU>31</SU>
                    <FTREF/>
                     and Rules 17ad-22(e)(4) and (6)(i) thereunder.
                    <SU>32</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         15 U.S.C. 78s(b)(2)(C).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         15 U.S.C. 78q-1(b)(3)(F).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>32</SU>
                         17 CFR 240.17Ad-22(e)(4) and (6)(i).
                    </P>
                </FTNT>
                <HD SOURCE="HD2">A. Consistency With Section 17A(b)(3)(F) of the Act</HD>
                <P>
                    Section 17A(b)(3)(F) of the Act requires that the rules of a clearing agency be designed to, among other things, promote the prompt and accurate clearance and settlement of securities transactions, and assure the safeguarding of securities and funds which are in the custody or control of the clearing agency or for which it is responsible.
                    <SU>33</SU>
                    <FTREF/>
                     The Proposed Rule Change is consistent with Section 17A(b)(3)(F) of the Act for the reasons stated below.
                </P>
                <FTNT>
                    <P>
                        <SU>33</SU>
                         15 U.S.C. 78q-1(b)(3)(F).
                    </P>
                </FTNT>
                <P>
                    NSCC calculates and assesses the CNS Fails Charge from Members with CNS Fails Positions to offset the risk exposures to NSCC and incentivize Members to satisfy their obligations on Settlement Date, as discussed in Part II. The Proposed Rule Change would align the calculation and assessment of the Charge more appropriately and accurately to the risk that CNS Fails Positions pose to NSCC, as discussed in Part III. Specifically, the Proposed Rule Change would discontinue the application of the Charge to Long Positions since Members have limited control on whether they will receive shares from CNS, and risk associated with these positions is already accounted for in the existing risk calculations. Additionally, because the duration that the position has been outstanding is more indicative of the risk of the CNS Fails Position than a Member's CRRM rating, the Proposed Rule Change would replace the CRRM criteria in the calculation of the Charge with percentages based on how long the CNS Fails Position has been outstanding. Thus, the Proposed Rule Change would result in a calculation of the CNS Fails Charge that is more closely associated with the risk specific to the individual position that is failing, while also providing a greater incentive for Members to deliver on long outstanding CNS Fails Positions. This more appropriate calculation and assessment of a charge designed to mitigate NSCC's risk exposure from CNS Fails Positions should help ensure that NSCC collects sufficient margin to manage risk exposure from these positions. By helping NSCC to collect sufficient margin, the Proposed Rule Change should better ensure that, in the event of a Member default, NSCC's operation of its critical clearance and settlement services would not be disrupted because of insufficient financial resources. Accordingly, the Proposed Rule Change should support 
                    <PRTPAGE P="55201"/>
                    NSCC's ability to provide prompt and accurate clearance and settlement of securities transactions, consistent with Section 17A(b)(3)(F) of the Act.
                    <SU>34</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>34</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <P>
                    Additionally, the Proposed Rule Change would help NSCC collect sufficient margin to cover potential losses in the event of a Member default by calculating the CNS Fails Charge based on the duration of the failed position, which, as discussed, may be indicative of additional risk associated with the position. As discussed in Part III, the Proposed Rule Change would assess the CNS Fails Charge using percentages ranging from 5% to 100% based on how long the position has been outstanding. NSCC states that these percentages are designed to protect NSCC from potentially incurring higher costs in sourcing the CNS Fails Positions in a Member default, where the haircut applied increases the longer the CNS Fails Position remains outstanding.
                    <SU>35</SU>
                    <FTREF/>
                     As described in Section II above, NSCC would access the mutualized Clearing Fund should a defaulted Member's own margin be insufficient to satisfy losses to NSCC caused by the liquidation of that Member's portfolio. Therefore, by helping to ensure that NSCC has collected sufficient margin from Members, the Proposed Rule Change would minimize the likelihood that NSCC would have to access the Clearing Fund, thereby limiting non-defaulting Members' exposure to mutualized losses. By helping manage NSCC's risk exposure when a Member defaults, thus limiting the exposure of NSCC's non-defaulting members to mutualized losses, the Proposed Rule Change should help NSCC assure the safeguarding of securities and funds which are in its custody or control, consistent with Section 17A(b)(3)(F) of the Act.
                    <SU>36</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>35</SU>
                         
                        <E T="03">See</E>
                         Notice of Filing, 
                        <E T="03">supra</E>
                         note 3, 90 FR at 44737.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>36</SU>
                         15 U.S.C. 78q-1(b)(3)(F).
                    </P>
                </FTNT>
                <HD SOURCE="HD2">B. Consistency With Rule 17ad-22(e)(4)</HD>
                <P>
                    Rule 17Ad-22(e)(4) requires that, among other things, NSCC establish, implement, maintain, and enforce written policies and procedures reasonably designed to effectively identify, measure, monitor and manage its credit exposures to participants and those exposures arising from its payment, clearing and settlement processes.
                    <SU>37</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>37</SU>
                         17 CFR 240.17ad-22(e)(4).
                    </P>
                </FTNT>
                <P>
                    As discussed in Part II, NSCC assesses the CNS Fails Charge on Members with CNS Fails Positions in order to reduce credit exposures to NSCC resulting from those positions by obtaining from such Members financial resources commensurate with those credit exposures. To support this, the Proposed Rule Change aims to produce a more appropriate and accurate assessment and calculation of CNS Fails Charge based on the risk exposure to NSCC. The Proposed Rule Change would discontinue application of the Charge for Long Positions, since Members have limited control on the ability to receive shares from CNS, and risk associated with these positions is adequately accounted for in the existing risk calculations. Additionally, by replacing the CRRM criteria with percentages based on the age of the CNS Fails Positions, the Proposed Rule Change would lead to more accurate calculation of the CNS Fails Charge because the risk associated with the fail to deliver is specific to the individual position that is failing. By helping provide a more appropriate and accurate calculation and assessment of a charge designed to mitigate NSCC's risk exposure from CNS Fails Positions, the Proposed Rule Change should support NSCC's ability to manage its credit exposures, consistent with Rule 17ad-22(e)(4) under the Act.
                    <SU>38</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>38</SU>
                         17 CFR 240.17ad-22(e)(4).
                    </P>
                </FTNT>
                <HD SOURCE="HD2">C. Consistency With Rule 17Ad-22(e)(6)(i)</HD>
                <P>
                    Rule 17Ad-22(e)(6)(i) requires that, among other things, NSCC establish, implement, maintain and enforce written policies and procedures reasonably designed to cover its credit exposures to its participants by establishing a risk-based margin system that, at a minimum, considers, and produces margin levels commensurate with, the risks and particular attributes of each relevant product, portfolio, and market.
                    <SU>39</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>39</SU>
                         17 CFR 240.17ad-22(e)(6)(i).
                    </P>
                </FTNT>
                <P>
                    As discussed above, the CNS Fails Charge is designed to cover NSCC's credit exposures to Members with CNS Fails Positions. The Proposed Rule Change would align the calculation and assessment of the Charge more closely to the risk that CNS Fails Positions pose to NSCC, by discontinuing application of the Charge to failed Long Positions for which Members have limited control and replacing the Member specific criteria in calculating the Charge with position specific one that is more indicative of the risk of the failed positions. Therefore, the Proposed Rule Change would help produce a more appropriate calculation of the Charge and therefore better cover NSCC's credit exposures to its Members, consistent with the requirements of Rule 17ad-22(e)(6)(i).
                    <SU>40</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>40</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <HD SOURCE="HD1">V. Conclusion</HD>
                <P>
                    On the basis of the foregoing, the Commission finds that the Proposed Rule Change is consistent with the requirements of the Act, and in particular, with the requirements of Section 17A of the Act 
                    <SU>41</SU>
                    <FTREF/>
                     and the rules and regulations promulgated thereunder.
                </P>
                <FTNT>
                    <P>
                        <SU>41</SU>
                         15 U.S.C. 78q-1.
                    </P>
                </FTNT>
                <P>
                    <E T="03">It is therefore ordered,</E>
                     pursuant to Section 19(b)(2) of the Act 
                    <SU>42</SU>
                    <FTREF/>
                     that proposed rule change SR-NSCC-2025-013, be, and hereby is, 
                    <E T="03">approved</E>
                    .
                    <SU>43</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>42</SU>
                         15 U.S.C. 78s(b)(2).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>43</SU>
                         In approving the Proposed Rule Change, the Commission considered its impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
                    </P>
                </FTNT>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>44</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>44</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21645 Filed 11-28-25; 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. 34-104259; File No. SR-NASDAQ-2025-089]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Price of a 10Gb Ultra Fiber Connection to the Exchange</SUBJECT>
                <DATE>November 25, 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 November 14, 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, 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 modify the price of a 10Gb Ultra fiber connection to the Exchange, as described further 
                    <PRTPAGE P="55202"/>
                    below. While these amendments are effective upon filing, the Exchange has designated the proposed amendments to be operative on January 2, 2026.
                </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>
                     and at the principal office of the Exchange.
                </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. By way of background, a market participant may opt to connect to the Exchange at its data center through various means, including, inter alia: (1) direct connections and indirect connections through vendors; (2) direct connections via copper and fiber; (3) as to fiber connections, connections with different throughputs (1 gigabit (“Gb”), 1Gb Ultra, 10Gb, 10Gb Ultra, and 40Gb). The Exchange currently assesses a $1,650 installation fee and a $16,500 ongoing monthly fee for a 10Gb Ultra fiber connection. The Exchange proposes to increase this monthly fee to $18,500 per month, while maintaining the existing installation fee.</P>
                <P>
                    The Exchange notes the proposed fee change will better enable it to continue to maintain and improve its market technology and services. The Exchange also notes that the proposed fee amount, even as amended, will be lower than the monthly fee assessed by the New York Stock Exchange (“NYSE”) for a similar connection. NYSE offers a 10Gb LX LCN Circuit and 10Gb NMS Network Circuit connection for which it charges a $15,000 installation fee and a monthly fee of $22,000 per month.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         NYSE et al. Connectivity Fee Schedule, last updated October 21, 2025, at 12, available at 
                        <E T="03">https://www.nyse.com/publicdocs/nyse/Wireless_Connectivity_Fees_and_Charges.pdf.</E>
                    </P>
                </FTNT>
                <P>The Exchange also notes that a market participant can use a single 10 Gb Ultra fiber connection to access all the following affiliated exchanges: the Nasdaq Stock Market, the Nasdaq Options Market, Nasdaq BX, Nasdaq, BX Options, Nasdaq PSX, PHLX Options, Nasdaq ISE, Nasdaq GEMX, Nasdaq MRX, and the Nasdaq Bond Exchange (“Affiliate Exchanges”). Notably, only one monthly fee currently (and will continue) to apply per 10 Gb Ultra fiber connections regardless of how many Affiliate Exchanges are accessed through that one fiber connection.</P>
                <P>The Exchange will implement the proposed rule change beginning on January 2, 2026.</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>4</SU>
                    <FTREF/>
                     in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,
                    <SU>5</SU>
                    <FTREF/>
                     in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         15 U.S.C. 78f(b)(4) and (5).
                    </P>
                </FTNT>
                <P>
                    The Commission and the courts have repeatedly expressed their preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. In Regulation NMS, while adopting a series of steps to improve the current market model, 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>6</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) (“Regulation NMS Adopting Release”).
                    </P>
                </FTNT>
                <P>
                    Likewise, in 
                    <E T="03">NetCoalition</E>
                     v. 
                    <E T="03">Securities and Exchange Commission</E>
                     
                    <SU>7</SU>
                    <FTREF/>
                     (“NetCoalition”) the D.C. Circuit upheld the Commission's use of a market-based approach in evaluating the fairness of market data fees against a challenge claiming that Congress mandated a cost-based approach.
                    <SU>8</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">NetCoalition</E>
                         v. 
                        <E T="03">SEC</E>
                        , 615 F.3d 525 (D.C. Cir. 2010).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See</E>
                         NetCoalition, at 534-535.
                    </P>
                </FTNT>
                <P>
                    As the court emphasized, the Commission “intended in Regulation NMS that `market forces, rather than regulatory requirements' play a role in determining the market data . . . to be made available to investors and at what cost.” 
                    <SU>9</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">Id.</E>
                         at 537.
                    </P>
                </FTNT>
                <P>
                    Further, “[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>10</SU>
                    <FTREF/>
                     Although the court and the SEC were discussing the cash equities markets, the Exchange believes that these views apply with equal force to the options markets.
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">Id.</E>
                         at 539 (quoting Securities Exchange Act Release No. 59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-21)).
                    </P>
                </FTNT>
                <P>The Exchange believes the proposed fee change is reasonable as it will better align the price of this connectivity option to the value it offers to the market participants that utilize it. It will also better enable the Exchange to maintain and improve its connectivity services and facilities. Finally, the proposed fee change is reasonable as the resulting 10Gb Ultra monthly fee will be lower than the amount assessed by NYSE for an analogous market access connection.</P>
                <P>
                    Additionally, the Exchange believes that the proposal will be an equitable allocation of fees and will not discriminate unfairly against market participants. The proposed fee change is an equitable allocation of fees because it reflects the substantial value that the 10Gb Ultra fiber connection option provides to its users. This connectivity option is particularly attractive to customers that desire ultra-low latency connectivity to Nasdaq's Affiliated Exchanges because it provides sufficient capacity to support most of their activities on the Affiliated Exchanges and does so at a reasonable comparative price point. The proposal is not unfairly discriminatory because 10Gb Ultra connectivity will be available to all customers at the same price. Moreover, it is an optional product. As noted above, customers that do not wish to purchase this product, either at the proposed price or otherwise, have ample alternative options to connect to the Exchange, including many options that are less expensive. While the proposed price increase will impact 
                    <PRTPAGE P="55203"/>
                    customers which are latency sensitive and require larger capacity connections than others, this is fair because users of 10Gb Ultra fiber connections consume more resources from the network than do other participants.
                </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.</P>
                <P>
                    The proposed fee change will not impact intramarket competition because it will apply to all similarly situated participants equally (
                    <E T="03">i.e.,</E>
                     all market participants that choose to purchase the 10 Gb Ultra fiber connection). 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 or which are less latency sensitive can continue to buy the less expensive copper or lower throughput or non-ultra fiber options, or they may choose to connect via a third-party vendor.
                </P>
                <P>The proposed fee change also does not impose a burden on intermarket competition that is not necessary or appropriate. As described above, in establishing its proposed fee change the Exchange compared its proposed fee increase to that of competitor exchanges' analogous offerings. As noted above, the proposed monthly fee will be $3,500 per month less than that of NYSE for a comparable product as well as a substantially less costly for installation. NYSE is free to adjust its connectivity offerings to render them more attractive as compared to those of 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>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>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.
                    <SU>11</SU>
                    <FTREF/>
                     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: (i) necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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>11</SU>
                         15 U.S.C. 78s(b)(3)(A)(ii).
                    </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-NASDAQ-2025-089 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-2025-089. 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 filing 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-2025-089 and should be submitted on or December 22, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>12</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>12</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21635 Filed 11-28-25; 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. 34-104268; File No. 4-443]</DEPDOC>
                <SUBJECT>Joint Industry Plan; Notice of Filing of Proposed Amendment To Add Paragraph (c) to Section 6 of the Plan for the Purpose of Developing and Implementing Procedures Designed To Facilitate the Listing and Trading of Standardized Options To Create a Forum for Discussion Concerning Plan Matters</SUBJECT>
                <DATE>November 25, 2025.</DATE>
                <P>
                    Pursuant to Section 11A of the Securities Exchange Act of 1934 (“Act”) 
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 608 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     notice is hereby given that on November 13, 2025, Cboe BZX Exchange, Inc., Cboe C2 Exchange, Inc., Cboe EDGX Exchange, Inc., and Cboe Exchange, Inc., on behalf of the Sponsors 
                    <SU>3</SU>
                    <FTREF/>
                     of the Plan for the Purpose of Developing and Implementing Procedures Designed to Facilitate the Listing and Trading of Standardized Options Submitted Pursuant to Section 11A(a)(3)(B) of the Securities Exchange Act of 1934 (“Options Listing Procedures Plan,” “Plan,” or “OLPP”),
                    <SU>4</SU>
                    <FTREF/>
                     filed with the Securities and Exchange Commission (“Commission”) a proposed amendment to the OLPP (“Amendment”).
                    <SU>5</SU>
                    <FTREF/>
                     The Amendment proposes to add a provision to the OLPP authorizing the OLPP Sponsors to act jointly to discuss issues within the scope of the Plan, authority which is intended to facilitate both discussions among the Sponsors and, as appropriate, discussions among the Sponsors and other industry participants, concerning ways to achieve and enhance a fair and orderly market for options trading. Examples of matters that are within the scope of the Plan, and which may be the subject of 
                    <PRTPAGE P="55204"/>
                    such discussions include, but are not limited to, procedures for the listing of standardized options; adjustments to the terms of options contracts; criteria related to permissible classes of options overlying equity securities and series' strike prices, expiration terms, and trading increments; and limiting or reducing the number of listed option series to mitigate quote message traffic, to enhance market quality, and to otherwise address capacity issues. As discussed below, the proposed Amendment also includes a number of provisions governing how the discussions that are the subject of the Amendment will take place, including a provision requiring that an observer from the Commission must be present during any discussions that take place pursuant to the Amendment.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78k-1.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 242.608.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         The Sponsors of the OLPP are: BOX Exchange LLC; Cboe BZX Exchange, Inc.; Cboe C2 Exchange, Inc.; Cboe EDGX Exchange, Inc.; Cboe Exchange, Inc.; MEMX LLC; Miami International Securities Exchange LLC; MIAX Emerald, LLC; MIAX Pearl, LLC; MIAX Sapphire, LLC; Nasdaq BX, Inc.; Nasdaq GEMX, LLC; Nasdaq ISE, LLC; Nasdaq MRX, LLC; Nasdaq PHLX LLC; The Nasdaq Stock Market LLC; NYSE American LLC; NYSE Arca, Inc.; and The Options Clearing Corporation.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         OLPP is a national market system plan approved by the Commission pursuant to Section 11A of the Act and Rule 608 thereunder. 
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 44521 (July 6, 2001), 66 FR 36809 (July 13, 2001). The full text of the OLPP is available at 
                        <E T="03">https://www.theocc.com/getmedia/198bfc93-5d51-443c-9e5b-fd575a0a7d0f/options_listing_procedures_plan.pdf.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         The Sponsors previously filed an amendment on October 31, 2024. 
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 101640 (Nov. 15, 2024), 89 FR 92238 (Nov. 21, 2024) (“Notice”). On February 19, 2025, the Sponsors withdrew that amendment.
                    </P>
                </FTNT>
                <P>The Commission is publishing this notice to solicit comments from interested persons on the proposed amendment. Set forth below in Section I, which is being published substantially as filed by the Sponsors, is the statement of the purpose and summary of the Amendment, along with information pursuant to Rule 608(a) under the Act.</P>
                <HD SOURCE="HD1">I. Requirements Pursuant to Rule 608(a)</HD>
                <HD SOURCE="HD2">1. Text of Amendment</HD>
                <P>This Amendment proposes to add paragraph (c) to Section 6 of the Plan. The text of the proposed amendment is in Exhibit I, which is set forth in Section II, below.</P>
                <HD SOURCE="HD2">2. Purpose of Amendment</HD>
                <P>For many years, the Sponsors and industry members have recognized the need for a forum for discussions to take place among the Sponsors, and potentially with other industry participants, to identify issues facing the options trading industry and to explore possible solutions. The discussions that have taken place in the past have often been on an impromptu and such discussions may have involved one or more of the Sponsors, market maker members of the national securities exchanges, the staff of the Commission, and the members of various industry working groups (such as the Listed Options Market Structure Working Group).</P>
                <P>
                    One example of the type of issue that the Sponsors might discuss among themselves, and perhaps with other industry participants, are the “quote mitigation” concerns that have been voiced by industry participants, including concerns about proliferation of listed options strike prices and the resulting potential negative effects on investors and on the market makers that are obligated to quote in all of the listed series. In particular, industry participants have raised concerns about the proper balance between the need to provide investors with a sufficient number of strikes to meet their investment purposes, while also ensuring that the number of listed strikes does not become so large that market makers, who are required to quote continuously in a significant number of existing strikes, are unduly burdened by having to expend significant amounts of their finite capital to continuously quote strikes for which there is minimal or no investor interest in trading. Indeed, while investors need to have a choice of appropriately granular strikes to satisfy their investment needs, some industry participants have questioned whether the increase in the number of strikes might harm investors, particularly in series with lower investor interest in trading, because those investors might become confused about the differences in investment characteristics between the various strikes and ultimately could be unable to close out positions in illiquid series in an effective manner. Finally, industry participants also have questioned whether the proliferation of strikes might harm overall market quality and widen spreads because market makers are forced to deploy their limited capital in a less efficient manner due to the fact that they have to expend some of their capital to fulfill their obligation to continuously quote strikes for which there is minimal or no investor interest in trading. Rather than address the quote mitigation issues in a wholistic manner and engaging in the types of discussions that are the subject of the proposed Amendment, some of the quote mitigation issues have been addressed in a piecemeal fashion through a number of amendments to both the Plan and to the rules of the Sponsors. For example, in 2009, the Sponsors proposed a “quote mitigation strategy” amendment to the Plan, with a goal of reducing the amount of quote traffic that had resulted from the Penny Pilot Program that is in the Plan. 
                    <E T="03">See</E>
                     Joint Industry Plan; Notice of Filing of Amendment No. 3 to the Plan for the Purpose of Developing and Implementing Procedures Designed To Facilitate the Listing and Trading of Standardized Options, Release No. 34-60362, 74 FR 37266 (July 22, 2009). When proposing that amendment, the Sponsors highlighted that the Penny Pilot Program resulted “in an explosion of quote traffic” and that the proposed “uniform listing standards to the range of options series exercise (or strike) prices available for trading” was a quote mitigation strategy designed to “reduce the number of options series available for trading, which will in turn lessen the rate of increase in quote traffic.” 
                    <E T="03">Id.,</E>
                     74 FR at 37266 and n.4.
                </P>
                <P>
                    When it approved the 2009 amendment to the Plan, the Commission concluded that the amendment “should reduce the number of options series available for trading, and thus should reduce increases in the options quote message traffic because market participants will not be submitting quotes in those series.” 
                    <E T="03">See</E>
                     Joint Industry Plan, Order Approving Amendment No. 3 to the Plan for the Purpose of Developing and Implementing Procedures Designed To Facilitate the Listing and Trading of Standardized Options, Release No. 34-60531, entered on August 19, 2009, 74 FR 43173, 43174 (Aug. 26, 2009).
                </P>
                <P>
                    Another example of an effort by a Sponsor to address a quote mitigation issue occurred in 2020, when Nasdaq BX, Inc. (“BX”) proposed a rule that sought to limit “Short Term Options Series” intervals between strikes which are available for quoting and trading on that exchange. 
                    <E T="03">See</E>
                     Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing of Proposed Rule Change To Amend Options 4, Section 5, To Limit Short Term Options Series Intervals Between Strikes Which are Available for Quoting and Trading on BX, Release No. 34-90384, 85 FR 73113 (Nov. 9, 2020). In its filing, BX noted that its proposal “to reduce the number of strikes in the furthest weeklies, where there exist wider markets and therefore lower market quality” was an “initial attempt at reducing strikes and [that BX] anticipates filing additional proposals to continue reducing strikes.” 
                    <E T="03">Id.,</E>
                     85 FR at 73117 and n.23. BX also noted that reducing the number of listed weekly options would encourage market makers to deploy their capital more efficiently and improve displayed market quality. 
                    <E T="03">Id.</E>
                     at 73119. Finally, BX represented that (1) its proposal was a reaction to comments that it received from industry members “with respect to the increasing number of strikes that are required to be quoted by market makers in the options industry” and (2) reducing the number of strikes would “allow Lead Market Makers and Market Makers to expend their capital in the options market in a more efficient manner” because, as the number of strikes listed across options exchanges increases, market makers “must expend [more] capital to ensure that they have the appropriate infrastructure to meet their quoting obligations on all options markets in 
                    <PRTPAGE P="55205"/>
                    which they are assigned in options series.” 
                    <E T="03">Id.</E>
                </P>
                <P>
                    When it approved BX's 2020 rule filing, the Commission noted that it had received several comments expressing support for the proposed rule change. 
                    <E T="03">See</E>
                     Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing of Amendment No. 1 and Order Granting Accelerated Approval of Proposed Rule Change, as Modified by Amendment No. 1, To Amend Options4, Section 5, To Limit Short Term Options Series Intervals Between Strikes That Are Available for Quoting and Trading on BX, Release No. 34-91125, entered February 12, 2021, 86 FR 10375, 10376 (Feb. 19, 2021). The Commission also found that:
                </P>
                <EXTRACT>
                    <P>More efficient and better calibrated strike increment rules can have a positive impact on options markets, as it can provide certainty, minimize confusion, and promote more efficient use of resources among market makers that are obligated to continuously quote such series, all while still offering customers the choice to meet their investment needs.</P>
                </EXTRACT>
                <P>
                    <E T="03">Id.,</E>
                     86 FR at 10377. Finally, the Commission noted that the approved rule “may serve as a starting point to a broader initiative to revisit, harmonize, and update the panoply of strike listing rules more broadly.” 
                    <E T="03">Id.</E>
                </P>
                <P>
                    Following the Commission's approval of BX's 2020 rule filing, other exchanges, including Cboe Exchange, Inc. (“Cboe”), followed suit by promulgating similar amendments to their rules. 
                    <E T="03">See, e.g.,</E>
                     Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 4.5 (Series of Option Contracts Open for Trading) in Connection With Limiting the Number of Strikes Listed for Short Term Option Series Which Are Available for Quoting and Trading on the Exchange, Release No. 34-91456, 86 FR 18090 (April 1, 2021). In its filing, Cboe noted that limiting the number of weekly strikes in which market makers are required to quote would allow those market makers to expend their capital in the options market in a more efficient manner, which could improve overall market quality, while still providing market participants with access to sufficient strike intervals to meet their investment objectives. 
                    <E T="03">Id.,</E>
                     86 FR at 18093-94. Cboe also noted that the removal of strikes found in clusters whose characteristics closely resemble one another would protect the investors and the general public by removing unnecessary choices of an options series, which could result in improved market quality. 
                    <E T="03">Id.</E>
                     at 18094.
                </P>
                <P>In 2024, one of the Sponsors, Cboe, compiled statistics related to a quote mitigation issue by comparing the increase in the average number of multiple listed options series listed per day in the months of June 2020 and June 2024. Cboe also examined the reduction in the average percentage of series traded per day during those two months and the reduction in average percentage of series with open interest per day. That analysis suggests that there are still significant quote mitigation issues in the options markets that could be the subject of the type of discussions that the proposed Amendment would authorize.</P>
                <P>Specifically, Cboe's analysis revealed that the average series listed per day increased by 27% in June 2024, when compared to June 2020, with an average of 1,406,632 series listed per day in 2024 and 1,107,980 series listed per day in June 2020. Cboe's analysis also revealed, however, that the average percentage of series that traded per day decreased from 18% in June 2020 to 10% in June 2024 and that the average percentage of series with open interest per day decreased from 53% to 47% during those same comparison months. In other words, as the average number of series listed per day continues to increase, more series appear to have minimal or no investor interest in trading and therefore are less liquid—a dynamic that the Sponsors believe may worsen quote quality because market makers are required to expend their capital to quote in the expanding number of series that are listed.</P>
                <P>The quote mitigation issues discussed above are one example of the types of issues that that have led the Sponsors to conclude that the options industry would benefit from the Plan being amended to explicitly authorize the Sponsors to act jointly to discuss matters that fall within the scope of the Plan, including discussions that could take place at industry group meetings where industry participants could provide their views, with a goal of identifying existing issues that fall within the scope of the Plan and potential solutions to those issues. The proposed Amendment is consistent with Rule 608(a)(3)(A) of Regulation National Market System, which authorizes self-regulatory organizations (like the Sponsors) to act jointly in preparing and filing any amendment to a national market system plan. 17 CFR 242.608(a)(3)(A). If, as a result of their discussions, the Sponsors determine that it is appropriate to address an issue within the scope of the Plan by proposing one or more amendments to the Plan, the Amendment would authorize the Sponsors to act jointly to prepare and file such an amendment with the Commission pursuant to Rule 608(b) of Regulation NMS. 17 CFR 608(b). In addition, if the Sponsors determine to address any identified issues by amending their rules, the Amendment would authorize the Sponsors to act jointly to make one or more rule filings pursuant to Section 19(b) of the Exchange Act and Rule 19b-4 thereunder. 15 U.S.C. 78s(b); 17 CFR 240.19b-4.</P>
                <P>To provide appropriate levels of transparency about discussions that might take place pursuant to the proposed Amendment and Commission participation, the Amendment also includes a number of subsections governing (1) when the discussions will take place, (2) who can and who must be present during any discussions, (3) the agenda for any discussions, and (4) a requirement that minutes be prepared. In particular, the Amendment would allow the Sponsors to hold discussions as frequently as they deem appropriate, with the requirement that an agenda be prepared prior to a discussion taking place. If any Sponsor objects to the inclusion of a discussion item on an agenda, that item would be removed from the agenda and it would not be discussed.</P>
                <P>When a discussion takes place, the Amendment requires that (1) one or more representatives of each Sponsor must attend, (2) legal counsel for each Sponsor must attend (who may also serve as the Sponsor's representative), and (3) one or more Commission staff observers must attend. The Amendment also provides that the discussions may be held as part of a broader industry group meeting and that the Sponsors may invite additional observers to attend, provided, however, that if a Sponsor objects to an invitation of an additional observer, that observer would not be permitted to attend the discussion. Finally, as noted above, minutes must be taken with respect to each discussion and each Sponsor would have the opportunity to review and approve those minutes.</P>
                <HD SOURCE="HD2">3. Manner of Implementation of Amendment</HD>
                <P>The proposed amendment will be added to the Plan following Commission approval of the amendment pursuant to Rule 608(b)(1) and (b)(2) of Regulation NMS.</P>
                <HD SOURCE="HD2">4. Phases of Development and Implementation</HD>
                <P>
                    Not applicable.
                    <PRTPAGE P="55206"/>
                </P>
                <HD SOURCE="HD2">5. Impact on Competition</HD>
                <P>The Sponsors believe that the proposed amendment will impose no burdens on competition that are not necessary or appropriate in furtherance of the Act.</P>
                <HD SOURCE="HD2">6. Written Understandings or Agreements Among Plan Members</HD>
                <P>Not applicable.</P>
                <HD SOURCE="HD2">7. Approval of Proposed Amendment</HD>
                <P>Each Sponsor approved the submission of the Amendment and has executed a signed copy of the Amendment.</P>
                <HD SOURCE="HD2">8. Exhibits</HD>
                <P>I. Proposed amendments to Section 6 of the Plan.</P>
                <HD SOURCE="HD2">9. Description of Operation of Facility Contemplated by the Proposed Amendment</HD>
                <P>Not applicable.</P>
                <HD SOURCE="HD2">10. Terms and Conditions of Access</HD>
                <P>Not applicable.</P>
                <HD SOURCE="HD2">11. Method of Determination and Imposition, and Amount of, Fees and Charges</HD>
                <P>Not applicable.</P>
                <HD SOURCE="HD2">12. Method and Frequency of Processor Evaluation</HD>
                <P>Not applicable.</P>
                <HD SOURCE="HD2">13. Dispute Resolution</HD>
                <P>The Plan does not include provisions regarding the method by which disputes arising in connection with the operation of the plan will be resolved.</P>
                <HD SOURCE="HD1">II. Text of the Proposed Amendment to the OLPP (Exhibit I)</HD>
                <P>Language proposed to be added to Section 6 of the Plan as new Section 6(c):</P>
                <P>(c) The Plan Sponsors are authorized to act jointly to discuss matters within the scope of the Plan for the purpose of considering whether to file proposed Plan amendments or rule filings to promote uniform procedures and standards related to multiply listed options overlying equity securities to facilitate their continued effective trading on multiple exchanges. Matters within the scope of the Plan that may be the subject of such discussions include, but are not limited to: procedures for the listing of standardized options; options adjustments; criteria related to permissible classes of options overlying equity securities and series' strikes, expirations, and trading increments; and the reduction of the number of listed option series to mitigate quote message traffic and otherwise address capacity issues. Such discussions will be subject to the following:</P>
                <P>(1) The Sponsors may hold discussions pursuant to this paragraph (c) as frequently as they deem necessary and appropriate. Any Sponsor may request such discussions be held, and the Sponsors may determine to hold such discussions as part of broader industry group meetings.</P>
                <P>(2) An agenda regarding any discussions held pursuant to this paragraph (c) must be prepared and distributed at least two business days in advance of such discussions to all persons specified in subparagraph (3) below. Any Sponsor may object to the inclusion of any proposed agenda item, in which case that item would be removed from the agenda.</P>
                <P>(3)</P>
                <P>(A) The following persons must be present during any discussions held pursuant to this paragraph (c):</P>
                <P>(i) one or more representatives of each Sponsor;</P>
                <P>(ii) legal counsel for each exchange Sponsor (who may also serve as the representative required in subparagraph (i) above); and</P>
                <P>(iii) one or more Commission staff observers.</P>
                <P>(B) The Sponsors may invite additional observers, including representatives of industry members and/or industry groups, to attend such discussions (or portions thereof) if the Sponsors deem appropriate for certain agenda items. Any Sponsor may object to the invitation of any additional observer, in which case that observer would not be permitted to attend such discussions.</P>
                <P>(4) One Sponsor representative must take minutes of any discussions held pursuant to this paragraph (c) and provide each Sponsor with an opportunity to review and approve such minutes.</P>
                <P>(5) Following any discussions held pursuant to this paragraph (c), the Sponsors are authorized to act jointly for purposes of determining whether to file with the Commission one or more proposed amendments to the Plan or one or more rule filings pursuant to Rule 19b-4 under the Exchange Act for the purposes set forth in the introductory language of this paragraph (c).</P>
                <HD SOURCE="HD1">III. Solicitation of Comments</HD>
                <P>The Commission seeks comment on the Amendment. Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the proposed amendment is necessary or appropriate in the public interest, for the protection of investors and the maintenance of fair and orderly markets, to remove impediments to, and perfect the mechanisms of, a national market system, or otherwise in furtherance of the purposes of 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 4-443 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 submission should refer to file number 4-443. 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 filing will be available for inspection and copying at the principal offices of the Sponsors. 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 4-443 and should be submitted on or before December 22, 2025.
                </FP>
                <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)(85).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21643 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="55207"/>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-104257; File No. SR-24X-2025-12]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; 24X National Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Certain Dates in the Warrant Performance Incentive Program</SUBJECT>
                <DATE>November 25, 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 September 29, 2025, 24X National Exchange LLC (“24X” 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>
                         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 certain dates in its warrant performance incentive program. The proposed rule change is available on the Exchange's website at 
                    <E T="03">https://equities.24exchange.com/regulation</E>
                     and at the principal office of the Exchange.
                </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 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 Statutory Basis for, the Proposed Rule Change</HD>
                <HD SOURCE="HD3">1. Purpose</HD>
                <P>
                    The Exchange adopted a warrant performance incentive program (“Program”) to allow Members of the Exchange who participate in the Program (“Participants”) to earn the right to purchase Non-Voting Common Units 
                    <SU>3</SU>
                    <FTREF/>
                     of 24X US Holdings LLC (“24X US Holdco”), the Exchange's parent company.
                    <SU>4</SU>
                    <FTREF/>
                     As described in the Warrant Program Release, each Member of the Exchange may become a Participant in the Program by prepaying $500,000 in Exchange fees (“Prepayment Fee”) and satisfying the Program eligibility requirements. Upon joining the Program, each Participant will receive a warrant that vests based on the Participant's achievement of certain minimum trading volumes (“Target Volume”) 
                    <SU>5</SU>
                    <FTREF/>
                     on the Exchange during each designated pre-determined period in which the Program is in effect (“Measurement Period”) 
                    <SU>6</SU>
                    <FTREF/>
                     and the Exchange's achievement of a minimum market share during such Measurement Periods (“24X Minimum Overall Market Share”).
                    <SU>7</SU>
                    <FTREF/>
                     When the warrants vest, Participants will have the right to exercise the warrants to purchase a certain number of 24X US Holdco Non-Voting Common Units.
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         24X filed a proposed rule change for immediate effectiveness to amend the Limited Liability Company Agreement of 24X US Holdings LLC, as amended (“24X US Holdco LLC Agreement”) to accommodate aspects of the proposal that affect the 24X US Holdco LLC Agreement. The changes to the 24X Holdco LLC Agreement include amendments to authorize the issuance of Non-Voting Common Units as well as the implementation of the liquidity program related to the Program. Securities Exchange Act Rel. No. 104098 (Sept. 26, 2025).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         Securities Exchange Act. Rel. No. 104018 (Sept. 23, 2025) (“Warrant Program Release”).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         As discussed in more detail in the Warrant Program Release, the “Target Volume” is 5% of the average daily trading volume on the Exchange, where the daily trading volume is calculated based on total aggregated average daily volume traded over each Measurement Period.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         As discussed in more detail in the Warrant Program Release, the “Measurement Period” for Year 1 (2025) is September 29, 2025 through December 31, 2025 (subject to the Exchange commencing trading on or prior to October 15, 2025); the Measurement Periods for Year 2 (2026) are (1) January 1-March 31, 2026, (2) April 1-June 30, 2026, (3) July 1-September 30, 2026, and (4) October 1-December 31, 2026; and the Measurement Periods for Year 3 (2027) are (1) January 1-March 31, 2027, (2) April 1-June 30, 2027, (3) July 1-September 30, 2027, and (4) October 1-December 31, 2027.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         As discussed in more detail in the Warrant Program Release, the “24X Minimum Overall Market Share” is defined as follows: (1) for each Measurement Period of Year 2, the 24X Minimum Overall Market Share is 0.50% of the Consolidated Average Daily Volume (“CADV”) for all NMS Stocks eligible for trading on 24X; and (2) for each Measurement Period of Year 3, the 24X Minimum Overall Market Share is 1.00% of the CADV for all NMS Stocks eligible for trading on 24X.
                    </P>
                </FTNT>
                <P>As described in the Warrant Program Release, it was anticipated that the Program would commence on September 29, 2025, as the Exchange anticipated commencing operations on September 29, 2025. However, the Exchange has determined to commence operations on October 14, 2025 and to commence the Program on October 14, 2025. In light of the later launch date for the Exchange and the Program, the Exchange has determined to amend certain dates in connection with the Program. All other aspects of the Program would remain the same as described in the Warrant Program Release.</P>
                <HD SOURCE="HD3">a. Requirements for Participation in the Program</HD>
                <P>
                    As described in the Warrant Program Release, to be eligible to be a Participant, an applicant must (i) be a Member in good standing 
                    <SU>8</SU>
                    <FTREF/>
                     of 24X; (ii) be a registered broker-dealer pursuant to Section 15 of the Exchange Act; 
                    <SU>9</SU>
                    <FTREF/>
                     (iii) qualify as an “accredited investor” as such term is defined in Regulation D of the Securities Act of 1933; 
                    <SU>10</SU>
                    <FTREF/>
                     (iv) have executed the required documentation for participation in the Program—the subscription agreement and confidentiality agreement; and (v) tendered the Prepayment Fee no later than September 26, 2025 to participate in the Program at its commencement, or by the first day of each subsequent quarter of the Program Period to participate in the Program as of such subsequent quarter until October 1, 2027. Once an eligible applicant for the Program has executed all required documentation for participation in the Program and has paid the Prepayment Fee no later than September 26, 2025 (or by the first day of subsequent quarters for the rolling application process as discussed above), the applicant would be accepted into the Program as a Participant and granted a warrant.
                </P>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         For these purposes with regard to the Program, the term “good standing” means that a Member is not delinquent with respect to Exchange fees or other charges and is not suspended or barred from being a Member.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         15 U.S.C. 78o.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         The purpose of this criterion relates to the ability of 24X US Holdco to sell securities (in this case, Non-Voting Common Units) pursuant to an exemption from registration under the Securities Act of 1933. The definition of “accredited investor” under Rule 501(a)(1) of the Securities Act of 1933 includes any broker or dealer registered pursuant to Section 15 of the Act. As noted above, a Participant will be required to be registered as a broker or dealer pursuant to Section 15 of the Exchange Act. Therefore, all Participants will satisfy this criterion.
                    </P>
                </FTNT>
                <P>
                    The Exchange proposes to amend the Program to replace the September 26, 2025 date for the eligibility criteria with October 10, 2025. Accordingly, with this change, an eligible applicant for the Program would be required to have executed all required documentation for participation in the Program and paid the Prepayment Fee no later than October 10, 2025 in order to participate 
                    <PRTPAGE P="55208"/>
                    in the Program at its commencement on October 14, 2025.
                </P>
                <HD SOURCE="HD3">b. Measurement Period for Year 1</HD>
                <P>Warrants received by Participants when they join the Program vest when (1) 24X has met any applicable 24X Minimum Overall Market Share, and (2) a Participant has met the Target Volume for each relevant Measurement Period. When the warrants vest for a Measurement Period, Participants will have the right to exercise the warrants to purchase a certain number of 24X US Holdco Non-Voting Common Units for that Measurement Period. As described in the Warrant Program Release, the number of Non-Voting Common Units that may be exercised for the Measurement Period in Year 1 by each Participant would be determined as follows. Provided that the Exchange commences trading on or prior to October 15, 2025, an aggregate of 219,608 Non-Voting Common Units, which represent 2% of the fully diluted outstanding Units of 24X US Holdco as of September 29, 2025, would be available to be purchased upon the exercise of warrants that vest in accordance with the Program based on trading that occurred during the period from and including September 29, 2025 (or such later date, if the date when trading commences is after September 29, 2025) through and including December 31, 2025, which is the only Measurement Period for Year 1. Such aggregate number of Non-Voting Common Units will be allocated among Participants who qualify by meeting the Target Volume described in the Warrant Program Release. If trading does not commence on the Exchange by October 15, 2025, no warrants would vest in Year 1 and, therefore, Participants would not have the right to purchase Non-Voting Common Units via the Program in Year 1. If trading does not commence on the Exchange by October 15, 2025, then such 219,608 Non-Voting Common Units for Year 1 would be excluded from the Program entirely; they cannot be earned at a later date under the Program. In addition, for purposes of clarity, Year 1 is not subject to the 24X Minimum Overall Market Share requirement.</P>
                <P>The Exchange proposes to change the commencement date for the Measurement Period for Year 1 from September 29, 2025 to October 14, 2025. With this change the Measurement Period for Year 1 would extend from and including October 14, 2025 (or such later date, if the date when trading commences after October 14, 2025) through and including December 31, 2025.</P>
                <HD SOURCE="HD3">c. Exercising Vested Warrants</HD>
                <P>As described in the Warrant Program Release, Participants would be entitled to exercise their warrants for the number of Non-Voting Common Units of 24X US Holdco that vested from the time of vesting until September 29, 2032, the seventh anniversary of September 29, 2025. The Exchange proposes to change the September 29, 2032 date to October 14, 2032, as it would be the seventh anniversary of the proposed October 14, 2025 start date for the Program</P>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes that its proposed rule change is consistent with Section 6(b) of the Exchange Act 
                    <SU>11</SU>
                    <FTREF/>
                     in general, and furthers the objectives of Section 6(b)(5) of the Exchange Act 
                    <SU>12</SU>
                    <FTREF/>
                     in particular, in that it is 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 facilitating transactions in securities, to remove impediments to and perfect the mechanisms 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) of the Exchange Act 
                    <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) of the Exchange Act,
                    <SU>14</SU>
                    <FTREF/>
                     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.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         15 U.S.C. 78f(b)(5).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         
                        <E T="03">See id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <P>
                    The Exchange believes that the proposed changes to certain dates related to the Program are consistent with the Act. The proposed date changes are intended to facilitate the Program as a result of the change in the intended launch date for the Exchange. As described in the Warrant Program Release,
                    <SU>15</SU>
                    <FTREF/>
                     the Program would promote the long-term interests of the Exchange by providing incentives designed to encourage 24X market participants to contribute to the growth and success of the Exchange via actively providing liquidity on the 24X market, and to provide additional investment and funding which could be used for the regulation and operation of the Exchange. Such additional funds would enable the Exchange to be organized to have the capacity to carry out the purposes of the Act and to comply with the provisions of the Act, the rules and regulations thereunder, and the rules of the Exchange, and, in turn, would protect investors and the public interest. In addition, the Exchange does not believe that the proposed rule change would be unfairly discriminatory as such date changes would apply to all Participants in the same manner.
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">See</E>
                         Warrant Program Release.
                    </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 competition that is not necessary or appropriate in furtherance of the purposes of the Exchange Act. The proposed rule change would authorize changes to certain Program dates as set forth in the Warrant Program Release in light of the new launch date for the Exchange. Accordingly, the Exchange believes that the proposed rule change would not raise any new issues related to burdens on competition that were not contemplated in connection with the Warrant Program Release.</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>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) 
                    <SU>16</SU>
                    <FTREF/>
                     of the Act and subparagraph (f)(2) of Rule 19b-4 thereunder,
                    <SU>17</SU>
                    <FTREF/>
                     because it establishes a due, fee, or other charge imposed by the Exchange. 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 under Section 19(b)(2)(B) 
                    <SU>18</SU>
                    <FTREF/>
                     of the Act to 
                    <PRTPAGE P="55209"/>
                    determine whether the proposed rule change should be approved or disapproved.
                </P>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         15 U.S.C. 78s(b)(3)(A)(ii).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         17 CFR 240.19b-4(f)(2).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         15 U.S.C. 78s(b)(2)(B).
                    </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">http://www.sec.gov/rules/sro.shtml</E>
                    ); or
                </P>
                <P>
                    • Send an email 
                    <E T="03">to rule-comments@sec.gov.</E>
                     Please include file number SR-24X-2025-12 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-24X-2025-12. 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 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.
                </FP>
                <P>All submissions should refer to file number SR-24X-2025-12 and should be submitted on or before December 22, 2025.</P>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>19</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>19</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21633 Filed 11-28-25; 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. 34-104261; File No. SR-BX-2025-027]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Nasdaq BX, Inc; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Price of a 10Gb Ultra Fiber Connection to the Exchange</SUBJECT>
                <DATE>November 25, 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 November 13, 2025, Nasdaq BX, Inc. (“BX” or “Exchange”) filed with the Securities and Exchange Commission (“SEC” or “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 modify the price of a 10Gb Ultra fiber connection to the Exchange, as described further below. While these amendments are effective upon filing, the Exchange has designated the proposed amendments to be operative on January 2, 2026.</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/bx/rules,</E>
                     and at the principal office of the Exchange.
                </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. By way of background, a market participant may opt to connect to the Exchange at its data center through various means, including, 
                    <E T="03">inter alia:</E>
                     (1) direct connections and indirect connections through vendors; (2) direct connections via copper and fiber; (3) as to fiber connections, connections with different throughputs (1 gigabit (“Gb”), 1Gb Ultra, 10Gb, 10Gb Ultra, and 40Gb). The Exchange currently assesses a $1,650 installation fee and a $16,500 ongoing monthly fee for a 10Gb Ultra fiber connection. The Exchange proposes to increase this monthly fee to $18,500 per month, while maintaining the existing installation fee.
                </P>
                <P>
                    The Exchange notes the proposed fee change will better enable it to continue to maintain and improve its market technology and services. The Exchange also notes that the proposed fee amount, even as amended, will be lower than the monthly fee assessed by the New York Stock Exchange (“NYSE”) for a similar connection. NYSE offers a 10Gb LX LCN Circuit and 10Gb NMS Network Circuit connection for which it charges a $15,000 installation fee and a monthly fee of $22,000 per month.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         NYSE et al. Connectivity Fee Schedule, last updated October 21, 2025, at 12, available at 
                        <E T="03">https://www.nyse.com/publicdocs/nyse/Wireless_Connectivity_Fees_and_Charges.pdf.</E>
                    </P>
                </FTNT>
                <P>The Exchange also notes that a market participant can use a single 10 Gb Ultra fiber connection to access all the following affiliated exchanges: the Nasdaq Stock Market, the Nasdaq Options Market, Nasdaq BX, Nasdaq, BX Options, Nasdaq PSX, PHLX Options, Nasdaq ISE, Nasdaq GEMX, Nasdaq MRX, and the Nasdaq Bond Exchange (“Affiliate Exchanges”). Notably, only one monthly fee currently (and will continue) to apply per 10 Gb Ultra fiber connections regardless of how many Affiliate Exchanges are accessed through that one fiber connection.</P>
                <P>The Exchange will implement the proposed rule change beginning on January 2, 2026.</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>4</SU>
                    <FTREF/>
                     in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) 
                    <PRTPAGE P="55210"/>
                    of the Act,
                    <SU>5</SU>
                    <FTREF/>
                     in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         15 U.S.C. 78f(b)(4) and (5).
                    </P>
                </FTNT>
                <P>
                    The Commission and the courts have repeatedly expressed their preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. In Regulation NMS, while adopting a series of steps to improve the current market model, 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>6</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) (“Regulation NMS Adopting Release”).
                    </P>
                </FTNT>
                <P>
                    Likewise, in 
                    <E T="03">NetCoalition</E>
                     v. 
                    <E T="03">Securities and Exchange Commission</E>
                     
                    <SU>7</SU>
                    <FTREF/>
                     (“NetCoalition”) the D.C. Circuit upheld the Commission's use of a market-based approach in evaluating the fairness of market data fees against a challenge claiming that Congress mandated a cost-based approach.
                    <SU>8</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">NetCoalition</E>
                         v. 
                        <E T="03">SEC,</E>
                         615 F.3d 525 (D.C. Cir. 2010).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See</E>
                         NetCoalition, at 534-535.
                    </P>
                </FTNT>
                <P>
                    As the court emphasized, the Commission “intended in Regulation NMS that `market forces, rather than regulatory requirements' play a role in determining the market data . . . to be made available to investors and at what cost.” 
                    <SU>9</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">Id.</E>
                         at 537.
                    </P>
                </FTNT>
                <P>
                    Further, “[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>10</SU>
                    <FTREF/>
                     Although the court and the SEC were discussing the cash equities markets, the Exchange believes that these views apply with equal force to the options markets.
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">Id.</E>
                         at 539 (quoting Securities Exchange Act Release No. 59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-21)).
                    </P>
                </FTNT>
                <P>The Exchange believes the proposed fee change is reasonable as it will better align the price of this connectivity option to the value it offers to the market participants that utilize it. It will also better enable the Exchange to maintain and improve its connectivity services and facilities. Finally, the proposed fee change is reasonable as the resulting 10Gb Ultra monthly fee will be lower than the amount assessed by NYSE for an analogous market access connection.</P>
                <P>Additionally, the Exchange believes that the proposal will be an equitable allocation of fees and will not discriminate unfairly against market participants. The proposed fee change is an equitable allocation of fees because it reflects the substantial value that the 10Gb Ultra fiber connection option provides to its users. This connectivity option is particularly attractive to customers that desire ultra-low latency connectivity to Nasdaq's Affiliated Exchanges because it provides sufficient capacity to support most of their activities on the Affiliated Exchanges and does so at a reasonable comparative price point. The proposal is not unfairly discriminatory because 10Gb Ultra connectivity will be available to all customers at the same price. Moreover, it is an optional product. As noted above, customers that do not wish to purchase this product, either at the proposed price or otherwise, have ample alternative options to connect to the Exchange, including many options that are less expensive. While the proposed price increase will impact customers which are latency sensitive and require larger capacity connections than others, this is fair because users of 10Gb Ultra fiber connections consume more resources from the network than do other participants.</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.</P>
                <P>
                    The proposed fee change will not impact intramarket competition because it will apply to all similarly situated participants equally (
                    <E T="03">i.e.,</E>
                     all market participants that choose to purchase the 10 Gb Ultra fiber connection). 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 or which are less latency sensitive can continue to buy the less expensive copper or lower throughput or non-ultra fiber options, or they may choose to connect via a third-party vendor.
                </P>
                <P>The proposed fee change also does not impose a burden on intermarket competition that is not necessary or appropriate. As described above, in establishing its proposed fee change the Exchange compared its proposed fee increase to that of competitor exchanges' analogous offerings. As noted above, the proposed monthly fee will be $3,500 per month less than that of NYSE for a comparable product as well as a substantially less costly for installation. NYSE is free to adjust its connectivity offerings to render them more attractive as compared to those of 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>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>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.
                    <SU>11</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         15 U.S.C. 78s(b)(3)(A)(ii).
                    </P>
                </FTNT>
                <P>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: (i) necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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>
                <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-BX-2025-027 on the subject line.
                    <PRTPAGE P="55211"/>
                </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-BX-2025-027. 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 filing 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.
                </FP>
                <P>All submissions should refer to file number SR-BX-2025-027 and should be submitted on or before December 22, 2025.</P>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>12</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>12</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21636 Filed 11-28-25; 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. 34-104269; File No. SR-CboeEDGA-2025-034]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a Small Retail Broker Hosted Solutions Program and To Update the Existing Eligibility Requirements for the Small Retail Brokerage Distribution Program for the Cboe One Summary Feed</SUBJECT>
                <DATE>November 25, 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 November 19, 2025, Cboe EDGA Exchange, Inc. (the “Exchange” or “EDGA”) 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 EDGA Exchange, Inc. (the “Exchange” or “EDGA”) proposes to introduce a Small Retail Broker Hosted Solutions Program and to update the existing eligibility requirements for the Small Retail Brokerage Distribution Program for the Cboe One Summary Feed. 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 Commission's website (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ), the Exchange's website (
                    <E T="03">https://www.cboe.com/us/equities/regulation/rule_filings/bzx/</E>
                    ) [sic], and at the principal office of the Exchange.
                </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 a Small Retail Broker Hosted Solutions Program (the “Program”) for Cboe One Summary Data (collectively, the “Applicable Feed”).
                    <SU>3</SU>
                    <FTREF/>
                     This Program will provide fee waivers and lower data costs for both (i) Small Retail Brokers (as defined herein) that provide the Applicable Feed to other Small Retail Brokers via its hosted solutions (the “Hosting Small Retail Broker Distributor”) and (ii) the Small Retail Brokers that receive this data from a Hosting Small Retail Broker Distributor as set forth herein.
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         The Exchange initially submitted the proposed rule change on May 8, 2025 (SR-CboeEDGA-2025-012). On May 19, 2025, the Exchange withdrew that filing and submitted SR-CboeEDGA-2025-015. On June 30, 2025, the Exchange withdrew that filing and submitted SR-CboeEDGA-2025-018. On August 28, 2025, the Exchange withdrew that filing and submitted SR-CboeEDGA-2025-027. On September 24, 2025, the Exchange withdrew that filing and submitted SR-CboeEDGA-2025-030. On November 19, 2025, the Exchange withdrew that filing and submitted this filing.
                    </P>
                </FTNT>
                <P>
                    Further, the Exchange proposes to increase the allowed maximum Non-Professional Data User subscriber count for the existing Small Retail Broker Program for Cboe One Summary Feed.
                    <SU>4</SU>
                    <FTREF/>
                     By way of background, the Exchange currently offers the EDGA Top Data Feed, which is a data feed that offers top-of-book quotations and last sale information based on orders entered into the Exchange's System. The EDGA Top Data Feed benefits investors by facilitating their prompt access to real-time top-of-book information contained in EDGA Top Data. The Exchange's affiliated equities exchanges (
                    <E T="03">i.e.,</E>
                     Cboe BZX Exchange, Inc. (“BZX”), Cboe BYX Exchange, Inc. (“BYX”), and Cboe EDGX Exchange, Inc. (“EDGX”) (collectively, “Affiliates” and together with the Exchange, “Cboe Equities Exchanges”) also offer similar top-of-book data feeds. Particularly, each of the Exchange's Affiliates offer top-of-book quotation and last sale information based on their own quotation and trading activity that is substantially similar to the information provided by the Exchange through the EDGA Top Data Feed. Additionally, the Exchange also offers Cboe One Summary Data Feed that disseminates, on a real-time basis, the aggregate BBO of all displayed orders for securities traded on EDGA and its affiliated equities exchanges and also contains individual last sale information for the EDGA and its affiliated equities exchanges. The Cboe One Summary Data Feed is created using the data from the Exchange and its Affiliates' Top data feeds.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         The Exchange also notes that it is including a clarifying note to the maximum subscriber count that it is for Non-Professional Users (as opposed to the general “Users” term currently used) to align with its affiliates fee schedules (see 
                        <E T="03">e.g.,</E>
                         Cboe EDGX Equities Fee Schedule).
                    </P>
                </FTNT>
                <P>
                    Currently, the Exchange offers a Small Retail Broker Distribution Program 
                    <SU>5</SU>
                    <FTREF/>
                     for the Applicable Feed. This program provides a discounted Distribution Fee of $3,500/month for Cboe One Summary Data Feed as well as a discounted Data Consolidation Fee 
                    <SU>6</SU>
                    <FTREF/>
                     of $350/month for Cboe One Summary Data for eligible participants.
                    <SU>7</SU>
                    <FTREF/>
                     Participants of the existing Small Retail Broker Distribution Program must be an External Distributor that meets the following criteria: (i) 
                    <PRTPAGE P="55212"/>
                    Distributor is a broker-dealer distributing the Applicable Feed to Non-Professional Data Users with whom the broker-dealer has a brokerage relationship; (ii) At least 90% of the Distributor's total subscriber population must consist of Non-Professional subscribers, inclusive of any subscribers not receiving the Applicable Feed; and (iii) Distributor distributes the Applicable Feed to no more than 5,000 Non-Professional Data Users (the Exchange notes that it is proposing to increase this to 10,000 Non-Professional Data Users as described further herein).
                    <SU>8</SU>
                    <FTREF/>
                     The Exchange introduced this program to allow small retail brokers that purchase top of book market data from the Exchange to benefit from discounted fees for access to such market data. The Small Retail Broker Distribution Program reduces the distribution and consolidation fees paid by small broker-dealers that operate a retail business. In turn, the Small Retail Broker Distribution Program is intended to increase retail investor access to real-time U.S. equity quote and trade information, and allow the Exchange to better compete for this business with competitors 
                    <SU>9</SU>
                    <FTREF/>
                     that offer similar optional products.
                    <SU>10</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See</E>
                         Cboe EDGA Equities Fee Schedule.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         This fee reflects the value of the aggregation and consolidation function the Exchange performs in creating the Cboe One Summary Feed.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">See</E>
                         Cboe EDGA Equities Fee Schedule.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">Id.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         Such as NYSE Arca BBO feed or Nasdaq Basic.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 85 FR 9912 (February 20, 2020) (SR-CboeEDGA-2020-004); and 88219 (February 14, 2020).
                    </P>
                </FTNT>
                <P>
                    The Exchange now proposes to create a new Program based on the proposed eligibility criteria for Small Retail Brokers to specifically support Small Retail Brokers who are operating platforms on behalf of other Small Retail Brokers. Based on customer feedback, there are Small Retail Brokers who would like to provide this data via a hosted solution as a White Label Service 
                    <SU>11</SU>
                    <FTREF/>
                     (“Hosting Small Retail Broker”) to other Small Retail Brokers, who then provide this data to their retail clients (an “External Hosted Subscriber”).
                    <SU>12</SU>
                    <FTREF/>
                     Unfortunately, under the existing structure, while the Small Retail Broker may be eligible for the discounted Distribution Fee and the discounted Data Consolidation Fee, the External Hosted Subscriber must also pay the Distribution Fee and the Data Consolidation Fee, in addition to the standard Professional and Non-Professional User fees. Therefore, the existing fee structure does not allow for any additional benefits for Hosting Small Retail Broker Distributors for providing the valuable service of operating platforms that External Hosted Subscribers may use for their clients.
                </P>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         A “White Label Service” is a type of hosted display solution in which an External Distributor hosts or maintains a website or platform on behalf of the External Hosted Subscriber. The service allows the External Distributor to make the applicable data (
                        <E T="03">i.e.,</E>
                         Cboe One Summary Data) available on a platform that is branded with the External Hosted Subscriber, or co-branded with the External Hosted Subscriber and the External Distributor. The External Distributor maintains control of the application's data, entitlements and display.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         An External Hosted Subscriber of an Exchange Market Data product is a Distributor that receives the Exchange Market Data product from an External Distributor through a hosted display solution where the External Hosted Subscriber's Users are hosted by the External Distributor and data is distributed for display use only to one or more Users outside the External Hosted Subscriber's own entity. The Exchange proposes to add this definition into its Fee Schedule.
                    </P>
                </FTNT>
                <P>Of further note, the Hosting Small Retail Broker is responsible for reporting its External Hosted Subscribers and their users, and ultimately the Hosting Small Retail Broker is responsible for payment of all data fees for both its External Subscribers and itself. While the Exchange is not privy to pass-through costs between Hosting Small Retail Broker Distributor and the External Hosted Subscribers, the Hosting Small Retail Broker is ultimately charged Distribution Fees (in addition to the other applicable fees) for the (i) Applicable Feed to the External Hosted Subscriber and (ii) Applicable Feed to the External Hosted Subscriber's end users, despite the Hosting Small Retail Broker managing the application for the External Hosted Subscriber's users. This proposed Program is intended to provide relief for the overall charges that a Hosting Small Retail Broker incurs based on operating a platform that allows an External Hosted Subscriber's retail users to receive data.</P>
                <P>Additionally, given that External Hosted Subscribers are smaller relative to other Small Retail Brokers currently participating in the existing Small Retail Broker Distribution Program, their ability to subscribe to the Applicable Feed as Hosting Small Retail Broker Distributors is likely not feasible. Specifically, the costs of the Applicable Feeds, and the costs associated with building and maintaining the technological infrastructure to receive and disseminate data, may make access to the Applicable Feeds impractical. Generally speaking, technology, infrastructure, and connectivity costs are a significant monetary investment and require significant human expertise and resources to maintain. As such, the totality of costs can make access to data difficult. The Exchange believes, though, that the proposed fees and the ability to subscribe to the Applicable Feed as External Hosted Subscribers will make access to data more feasible. Indeed, the Exchange anticipates that the retail broker-dealers that would seek to become External Hosted Subscribers are broker-dealers that do not have the technological infrastructure in place to ingest and disseminate data as a Hosting Small Retail Broker, and that are likely to have smaller client bases and business models not as conducive to making the investments necessary to become a Hosting Small Retail Broker Distributor.</P>
                <P>
                    In these regards, the Exchange believes that the proposed program will incentivize Hosting Small Retail Broker Distributors to offer the Applicable Feed to External Hosted Subscribers, thereby making data accessible to a larger number of broker-dealers and their clients, at an affordable cost. Specifically, under the proposed program, a Hosting Small Retail Broker Distributor providing the data to at least one External Hosted Subscriber would be eligible for a credit of its Distribution Fee (a credit of $3,500/month for Cboe One Summary Feed) that it is normally responsible for under the existing Small Retail Broker Program. Additionally, the External Hosted Subscriber shall also receive a waiver of the Distribution Fee (a credit of $3,500/month for Cboe One Summary Feed). The External Hosted Subscriber will also receive a waiver of the Data Consolidation Fee for the Cboe One Summary Data (a credit of $350/month), and in lieu of paying the Non-Professional User fees, it shall be a set monthly fee $850 for Cboe One Summary Data.
                    <SU>13</SU>
                    <FTREF/>
                     The Professional User fees shall remain the same. Once an External Hosted Subscriber exceeds the Non-Professional Data User maximum (no more than 10,000 Non-Professional Data Users for Cboe One Summary Data), the External Hosted Subscriber shall no longer be eligible for the program and will be required to directly license with the Exchange for the Applicable Feed.
                    <SU>14</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         As the Program is capped at 10,000 users for Cboe One Summary Feed this equates to a maximum, savings of $1,650 (10,000 Users × 0.25/Non-Professional = $2,500 and $2,500 − 850 = $1,650) for Cboe One Summary Feed.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         The Exchange notes that it will include a clarifying note in its Fee Schedule to specify that in the event a Hosting Small Retail Broker Distributor joins this program mid-month, that its fees shall be prorated for the month based on the initial date of the subscription; however, the External Hosted Subscriber's fees shall not be prorated.
                    </P>
                </FTNT>
                <P>
                    In addition to the changes set forth above, the Exchange also proposes to modify the existing Small Retail Broker Program for Cboe One Summary Feed to increase the number of Non-Professional Data User maximum from 5,000 to 10,000 to be consistent with the 
                    <PRTPAGE P="55213"/>
                    proposed threshold for External Hosted Subscribers. As previously discussed, the Exchange proposes to also use the cap of 10,000 Non-Professional Data Users for the proposed Program. The Exchange proposes to increase this in support of increased participation across both retail and investor markets in order to facilitate the growth of smaller retail brokers on a global scale.
                </P>
                <P>
                    The Exchange recognizes that Small Retail Brokers participating in the existing Small Retail Broker Distributor Program are not eligible for the proposed Distribution fee and Consolidation Fee waivers proposed to be offered to External Hosted Subscribers. Importantly, however, the Exchange notes that such incentives are necessary to help encourage External Hosted Subscribers to connect to a Hosting Small Retail Broker Distributor, and in turn, disseminate data to their downstream retail clients. In doing so, the Exchange believes its Applicable Feeds will reach a larger base of retail clients that may not otherwise have access to such data. As a practical matter, by and between the Small Retail Brokers in the existing Small Retail Broker Distributor Program (
                    <E T="03">i.e.,</E>
                     those that take their data directly from the Exchange), and the External Hosted Subscribers in the proposed Program (
                    <E T="03">i.e.,</E>
                     those who take their data from a Hosted Small Retail Broker Distributor), the former are generally more sophisticated in terms of capital and technological infrastructure. As such, incentives such as fee waivers are not necessarily required to encourage their subscription to and dissemination of the Applicable Feeds. Comparatively, the Exchange believes the small retail brokers subscribing to and disseminating the Applicable Feeds as External Hosted Subscribers would likely not, absent such incentives, otherwise even contemplate subscribing to and disseminating the Applicable Feeds, thereby limiting the availability of real time trade and quote information that could otherwise be accessed by the External Hosted Subscriber's end users.
                </P>
                <P>Furthermore, as mentioned above, the existing fee structure makes it costly for both Hosting Small Retail Broker Distributors and its External Hosted Subscribers to provide data to the External Hosted Subscribers' retail clients as Distribution Fees are assessed on both Small Retail Brokers. Overall, the Exchange believes that this fee proposal will help to make its data more widely accessible for retail users who receive their data from External Hosted Subscribers. Specifically, the Exchange believes that that this proposal will (i) further increase the competitiveness of the Exchange's top of book market data products compared to competitor offerings that may currently be cheaper for firms with a limited subscriber base that do not yet have the scale to take advantage of the lower subscriber fees offered by the Exchange; and will (ii) provide additional incentives for Hosting Small Retail Broker Distributors to provide hosted solution services for other Small Retail Brokers in order to make data more widely available to retail investors. In turn, the Exchange believes that this change may benefit market participants and investors by spurring additional competition and increasing the accessibility of the Exchange's top of book data.</P>
                <P>
                    The Exchange notes that at least one other exchange has a similar offering. For example, the New York Stock Exchange has a Redistribution Fee Waiver for NYSE Trades, for which redistributors of data may have their redistribution fee waived so long as they provide the data to at least one data feed recipient and reports such data feed recipient or recipients to the Exchange.
                    <SU>15</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 90407 (November 12, 2020), 85 FR 73570 (November 18, 2020) (SR-NYSE-2020-91).
                    </P>
                </FTNT>
                <P>Without the proposed pricing discounts, the Exchange believes that (i) prospective customers may not be interested in purchasing top of book data from the Exchange, and may instead purchase such data from other national securities exchanges or the Securities Information Processors (“SIPs”), potentially at a higher cost than would be available pursuant to the proposed program and (ii) that Hosting Small Retail Broker Distributors are not incentivized to make the Applicable Feed available via a hosted solution for retail investors of its External Hosted Subscribers. Similar to the existing Small Retail Broker Program previously introduced, the Exchange believes that the proposed Program will continue to increase competition for such market data, and that enhanced competition could help to further reduce data fees as providers compete for subscribers, as well as help diversify the availability and quality of data offerings available to retail investors through their Hosting Small Retail Broker Distributors. Ultimately, the Exchange believes that it is critical that it be allowed to compete by offering attractive pricing to customers as increasing the availability of such products ensures continued competition with alternative offerings. Such competition may be constrained when competitors are impeded from offering alternative and cost-effective solutions to customers.</P>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,
                    <SU>16</SU>
                    <FTREF/>
                     in general, and furthers the objectives of Section 6(b)(4),
                    <SU>17</SU>
                    <FTREF/>
                     in particular, as it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its members and other recipients of Exchange data.
                </P>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         15 U.S.C. 78f.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <P>
                    The Exchange also believes that the proposed rule change is consistent with Section 11(A) of the Act.
                    <SU>18</SU>
                    <FTREF/>
                     Specifically, the proposed rule change supports (i) fair competition among brokers and dealers, among exchange markets, and between exchange markets and markets other than exchange markets, and (ii) the availability to brokers, dealers, and investors of information with respect to quotations for and transactions in securities. In addition, the proposed rule change is consistent with Rule 603 of Regulation NMS,
                    <SU>19</SU>
                    <FTREF/>
                     which provides that any national securities exchange that distributes information with respect to quotations for or transactions in an NMS stock do so on terms that are not unreasonably discriminatory.
                </P>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         15 U.S.C. 78k-1.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         
                        <E T="03">See</E>
                         17 CFR 242.603.
                    </P>
                </FTNT>
                <P>In adopting Regulation NMS, the Commission granted SROs and broker-dealers increased authority and flexibility to offer new and unique market data to the public. It was believed that this authority would expand the amount of data available to consumers, and also spur innovation and competition for the provision of market data. The Exchange believes that the proposed fee change would further broaden the availability of U.S. equity market data to investors, and in particular retail investors, consistent with the principles of Regulation NMS.</P>
                <P>
                    The Exchange operates in a highly competitive environment. Indeed, there are sixteen registered national securities exchanges that trade U.S. equities and offer associated top of book market data products to their customers. The national securities exchanges also compete with the SIPs for market data customers. 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 
                    <PRTPAGE P="55214"/>
                    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>20</SU>
                    <FTREF/>
                     The proposed fee change is a result of the competitive environment, as the Exchange seeks to amend its fees to attract additional subscribers for its proprietary top of book data offerings.
                </P>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) (“Regulation NMS Adopting Release”).
                    </P>
                </FTNT>
                <P>Making alternative data products available to market participants ultimately ensures increased competition in the marketplace and constrains the ability of exchanges to charge prohibitive fees. If a market participant views one exchange's top of book data fees as more or less attractive than the competition they can, and frequently do, switch between competing products. In fact, the competitiveness of the market for such top of book data products is one of the primary factors animating this proposed rule change, which is designed to allow the Exchange to further compete for this business. As mentioned above, at least one other Exchange provides a similar waiver for redistribution of market data.</P>
                <P>The Exchange notes that the Applicable Feed is distributed and purchased on a voluntary basis, in that neither the Exchange nor market data distributors are required by any rule or regulation to make these data products available. Distributors (including vendors) and Users can therefore discontinue use at any time and for any reason, including due to an assessment of the reasonableness of fees charged. Further, the Exchange is not required to make any proprietary data products available or to offer any specific pricing alternatives to any customers.</P>
                <P>
                    The Commission has long stressed the need to ensure that the equities markets are structured in a way that meets the needs of ordinary investors. For example, the Commission's strategic plan for fiscal years 2018-2022 touts “focus on the long-term interests of our Main Street investors” as the Commission's number one strategic goal.
                    <SU>21</SU>
                    <FTREF/>
                     The Program would be consistent with the Commission's stated goal of improving the retail investor experience in the public markets. Furthermore, national securities exchanges commonly charge reduced fees and offer market structure benefits to retail investors, and the Commission has consistently held that such incentives are consistent with the Act. The Exchange believes that the Program is consistent with longstanding precedent indicating that it is consistent with the Act to provide reasonable incentives to retail investors that rely on the public markets for their investment needs.
                </P>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         
                        <E T="03">See</E>
                         U.S. Securities and Exchange Commission, Strategic Plan, Fiscal Years 2018-2022, available at 
                        <E T="03">https://www.sec.gov/files/SEC_Strategic_Plan_FY18-FY22_FINAL_0.pdf.</E>
                    </P>
                </FTNT>
                <P>The Exchange notes that the proposed waivers for the Applicable Feed only apply to Hosting Small Retail Broker Distributors and its External Hosted Subscribers for three reasons. The first is that the Hosting Small Retail Broker Distributors undertake the operation of the platform of which the ultimate retail investors view the data provided by the External Hosted Subscriber. The Hosting Small Retail Broker Distributor maintains control of the application's data, entitlements and display. In comparison, to the existing Small Retail Broker Program, eligible participants have no such obligations and are eligible for this only by meeting the requirements and externally distributing the data (which may be directly to retail investors). In order to incentivize the Hosting Small Retail Broker Distributors to undergo this challenge, the Exchange believes it is not unfairly discriminatory to provide a waiver of the Distribution Fee for the Hosting Small Retail Broker, as opposed to the standard discounted Distribution Fee normally paid under the current Small Retail Broker Distribution Program.</P>
                <P>Second, by creating this program, the Exchange is further able to reach additional retail investors. By waiving Distribution Fees for both the Hosting Small Retail Broker Distributor and its External Hosted Subscriber, both parties are incentivized to work together to provide data to retail investors. Finally, as mentioned previously, the Hosting Small Retail Broker Distributor is responsible for the fees and reporting for both its activity and its External Hosted Subscriber. This means that under the existing program, if a Hosting Small Retail Broker has one External Hosted Subscriber, the Hosting Small Retail Broker is receiving a bill for two Distribution Fees, two Data Consolidation fees and the cost of both its and its External Hosted Subscriber's Professional Users and Non-Professional Users. Through this Program, the fees will not be a deterrent for Hosting Small Retail Broker Distributors and External Hosted Subscribers to establish platforms that reach a wider scope of retail investors.</P>
                <P>Moreover, by and between the Small Retail Brokers in the existing Small Retail Broker Distribution Program (take their data directly from the Exchange), and the External Hosted Subscribers in the proposed Program (who take their data from a Hosted Small Retail Broker Distributor), the former are generally more sophisticated, both in terms of capital and technological infrastructure. As such, incentives such as fee waivers are not necessarily required to encourage their subscription to and dissemination of the Applicable Feeds. Comparatively, the Exchange believes the small retail brokers subscribing to and disseminating the Applicable Feeds as External Hosted Subscribers would likely not, absent such incentives, otherwise even contemplate subscribing to and disseminating the Applicable Feeds, thereby limiting the availability of real time trade and quote information that could otherwise be accessed by the External Hosted Subscriber's end users.</P>
                <P>Furthermore, while this Program would be effectively limited to smaller firms in accordance with the proposed eligibility requirements, the Exchange does not believe that this limitation makes the fees inequitable or unfairly discriminatory. The Exchange notes that large broker-dealers and/or vendors that distribute the Exchange's data products to a sizeable number of investors benefit from the current fee structure, which includes lower subscriber fees and Enterprise licenses. Due to lower subscriber fees, distributors that provide the Applicable Data Feed to more than the proposed capped amounts of Users permitted under either the Small Retail Broker Program or this Program already enjoy cost savings compared to competitor products. The Program, in addition to the existing Small Retail Broker Program, would therefore continue to ensure that small retail brokers that distribute top of book data to their retail investor customers could also benefit from reduced pricing, and would aid in increasing the competitiveness of the Exchange's data products for this key segment of the market.</P>
                <P>
                    Moreover, the Exchange does not believe that the proposed fees unfairly discriminate between Hosting Small Retail Broker Distributors and External Hosted Subscribers. While the proposal provides additional benefits to External Hosted Subscribers that would not otherwise accrue to them under the current program, the Exchange notes that such benefits are designed only to make access to market data more accessible to smaller retail broker-dealers that either do not possess the financial and technological resources necessary to receive data as a Small Retail Broker, or simply choose not commit such resourced based on their business models. In turn, to continue to 
                    <PRTPAGE P="55215"/>
                    incentivize the provision of the Applicable Feed by Hosting Small Retail Broker Distributors, the Exchange has sought to provide appropriate incentives to these brokers as well. Collectively, the fee structure provides benefits to both Hosting Small Retail Broker Distributors and External Hosted Subscribers.
                </P>
                <P>While External Hosted Subscribers would receive benefits they would not accrue under the current program, these are not benefits that today's Small Retail Brokers would choose to avail themselves of under the new fee structure, because it is highly unlikely that today's Small Retail Brokers would choose to instead become External Hosted Subscribers. The Exchange notes that today's Small Retail Brokers that qualify under the current program, have already committed significant capital in terms of time, technology, and finances towards building out and maintaining the technological infrastructure and staffing needed to receive and distribute the Applicable Feedt o their end users. To forego such financial and technological commitments simply to avail themselves of additional benefits afforded to External Hosted Subscribers under this proposal, would very likely require an existing Small Retail Broker to drastically change their current business model simply to avail themselves of the additional benefits provided to External Hosted Subscribers. Moreover, today's existing Small Retail Brokers are likely to be providing services to their subscribers other than the Additional Feeds, such as market access, order management systems, and other trading tools. To cease providing such a full suite of services—which required significant time and cost contributions—is unlikely and, again, would require a significant reversal in a Small Retail Broker's business model.</P>
                <P>Rather, the Exchange believes that the more likely case is that the proposed fee structure will attract a new population of Small Retail Brokers who will seek to access the Applicable Feed as Hosted External Subscribers, at a cost-effective price point, thereby providing even more investors with access to top of book market data for U.S. equities. Another likely use case is that the proposed fee structure may incentivize more Small Retail Brokers to subscribe to the Applicable Feed as External Hosted Subscribers and, as they build their own business models and attract subscribers of their own, eventually commit time and resources to building their own infrastructure to evolve into a Hosting Small Retail Broker.</P>
                <P>Furthermore, the Exchange acknowledges that under the proposed fee schedule that a Hosting Small Retail Broker Distributor is eligible for a waiver of its Distribution Fee once its first External Hosted Subscriber is subscribed, whereas under current program a Small Retail Broker is not eligible for such a waiver. However, the Exchange does not believe that this proposed fee structure unfairly discriminates between existing Small Retail Brokers and Hosting Small Retail Brokers, because the application of these fees is based on meaningful differences between existing Small Retail Brokers and potential Hosting Small Retail Broker Distributors.</P>
                <P>
                    Specifically, existing Small Retail Brokers are brokers that distribute the Applicable Feed to their own customers. These Small Retail Brokers typically operate their own retail trading businesses, and the provision of the Applicable Feed is part of the package of services provided to their own customers. Comparatively, similar to certain subscribers 
                    <SU>22</SU>
                    <FTREF/>
                     of NYSE's BQT proprietary data product (discussed above), the Exchange believes that Hosting Small Retail Broker Distributors are more akin to that of a traditional vendor, or a redistributor of data, whose typical business model is to collect and process data from other sources (
                    <E T="03">e.g.,</E>
                     the Applicable Feed), and redistribute such data to other businesses or individuals for their own use. As such, the proposed fees are narrowly tailored to a specific subset of the market data consumer base—
                    <E T="03">i.e.,</E>
                     vendors/redistributors that subscribe to competitively priced market data and, in turn, redistribute such data downstream to their customers. In performing this service, the Hosting Small Retail Broker Distributors are offering a White Label Service where they are technologically hosting or maintaining a website or platform on behalf of their External Hosted Subscribers, and are responsible for maintaining control of the platform's data, entitlements, and display, for the Applicable Feeds, and any other comparable data products to which they subscribe. In this regard, the proposed fees are designed to account for the additional technological and capital costs a Hosting Small Retail Broker Distributor may need to expend in order to host and redistribute market data downstream to its customers.
                </P>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         In a 2020 fee filing, NYSE sought to reduce certain of its market data fees for Redistributors that subscribed only to NYSE BBO and NYSE Trades, and did not subscribe to any other market data product listed on the NYSE fee schedule, other than NYSE BQT. In that filing, NYSE defined a redistributor as, “a vendor or any other person that provides a NYSE data product to a data recipient or to any system that a data recipient uses, irrespective of the means of transmission or access.” 
                        <E T="03">Supra</E>
                         note 13, 7357.
                    </P>
                </FTNT>
                <P>
                    Relatedly, the proposed fees are based on the competitive environment for market data products such as the Applicable Feed. In response to competition from other market data feeds such as NYSE BQT, the Exchange's proposed fees are merely intended to provide a financial incentive for vendors/redistributors that do not currently subscribe to any Exchange market data products to subscribe to the Applicable Feed. By focusing on this segment of the market, the Exchange believes that the proposed fees will make the Applicable Feed more competitive and attractive for vendors/redistributors to subscribe to, thereby increasing the availability of the Exchange's data products, expanding the options available to firms making data purchasing decisions on their business needs, and generally increasing competition. In this regard, the Exchange believes that the proposed fees—particularly the waiver of the Distribution Fee—will incentivize Hosting Small Broker Distributors (
                    <E T="03">i.e.,</E>
                     vendors/redistributors) to subscribe to the Applicable Feed and make them available to their end customers. Indeed, as discussed above, NYSE BQT offers redistributors a similar waiver, which NYSE noted 
                    <SU>23</SU>
                    <FTREF/>
                     was necessary in order to enable them to better compete with Nasdaq Basic and Cboe One. Similarly, the Exchange believes that the proposed fees would also better enable the Exchange to compete more effectively with similar products such as NYSE BQT and Nasdaq Basic, thereby expanding the number of vendors/redistributors that would subscribe to the Applicable Feeds as Hosting Small Retail Broker Distributors, and therefore make the product available to data subscribers interested in the Applicable Feeds. Without a similar waiver, the Exchange notes that its ability to compete would be drastically impaired.
                </P>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         
                        <E T="03">Supra</E>
                         note 13, 73573. (“The proposed rule change is intended to encourage greater use of NYSE BQT by making it more affordable for Redistributors that have customers interested in subscribing to NYSE BQT . . . The proposed fee reduction would allow the Exchange to compete more effectively with Nasdaq Basic and Cboe One Feed by expanding the number of Redistributors that would subscribe to NYSE BQT, and therefore make the product available to data subscribers interested in NYSE BQT.”).
                    </P>
                </FTNT>
                <P>
                    Moreover, the Exchange believes that the proposed change to provide a waiver of the Distribution Fee to a Hosting Small Retail Broker Distributor (
                    <E T="03">i.e.,</E>
                     vendor/distributor) is not unfairly discriminatory because the proposed waiver applies equally to all Hosting 
                    <PRTPAGE P="55216"/>
                    Small Retail Broker Distributors that are eligible for such waiver and choose to redistribute the Applicable Feeds, and would serve as an incentive for Hosting Small Retail Broker Distributors that do not currently subscribe to the Applicable Feeds to start doing so, and then make the Applicable Feeds available to their customers.
                </P>
                <P>Finally, the Exchange notes that nothing in the current proposal prevents an existing Small Retail Broker from choosing to instead subscribe to the Applicable Feed as an External Hosted Subscriber. However, the Exchange does not believe that this makes the proposal unfairly discriminatory between Hosting Small Retail Broker Distributors and External Hosted Subscribers, as broker-dealers are free operate their businesses however they may choose in response to a host of a reasons, only one of which are associated costs.</P>
                <P>The Exchange believes that the proposed cap of 10,000 for the Cboe One Summary Data Feed for this Program, as well as increasing this cap to 10,0000 for the Cboe One Summary Data Feed for the Small Retail Broker Program is reasonable and not unfairly discriminatory as the Exchange believes it is in the best interest of all market participants to more broadly expand this in support of inclusion for more retail investors by participation in both programs by small retail brokers on a global scale.</P>
                <HD SOURCE="HD3">Distribution Fee Waiver</HD>
                <P>The Exchange believes that the Distribution Fee Waivers for both the External Hosted Subscriber and the Hosting Small Retail Broker Distributor are reasonable as they represent a significant cost reduction for the Hosting Small Retail Broker Distributor to provide a hosted solution for the External Hosted Subscriber, to ultimately provide the data to the External Hosted Subscriber's retail investors. By targeting the Distribution Fee waiver to vendors/redistributors that provide external distribution of the Applicable Feeds, the Exchange believes that this would provide an incentive for redistributors to make the Applicable Feeds available to its customers. Specifically, if a data recipient is interested in subscribing to the Applicable Feeds and relies on a vendor/redistributor to obtain market data products from the Exchange, that data customer would need the vendor/redistributor to first subscribe to and distribute the Applicable Feeds. In this regard, the Exchange believes the proposed waiver would provide an incentive for vendors/redistributors to make the Applicable Feeds available to their customers, which will increase the availability of the Applicable Feeds to a larger potential population of retail investors.</P>
                <P>While the existing fee structure does provide a benefit of a discounted waiver for Small Retail Brokers that externally distribute the data, these discounted Distribution Fees are still incurred by both the external Hosted Subscriber and the Hosting Small Retail Broker Distributor. In an attempt to alleviate these costs, and make this data more available to retail investors, the Exchange proposes to waive the Distribution Fees for both the Hosting Small Retail Broker Distributor and the External Hosted Subscriber. With this Program, the Exchange believes it will increase market accessibility and data to investors on a global scale. Exchange Hosted Subscribers may not have the infrastructure or technical capabilities to offer market data and/or execution services to its retail investors. Through waiving these fees for the External Hosted Subscriber, the Exchange hopes to reach a broader scale of retail investors globally. Further, as discussed above, the Exchange also believes it is appropriate and not unfairly discriminatory to limit this specific credit to the External Hosted Subscriber and the Hosting Small Retail Broker Distributor given the development and maintenance the Hosting Small Retail Broker Distributor undergoes to provide this data to the External Hosted Subscriber's end users.</P>
                <HD SOURCE="HD3">Data Consolidation Fee Waiver</HD>
                <P>The Exchange believes it is reasonable to not charge the External Hosted Subscriber the Data Consolidation Fee for Cboe One Summary Data for the duration of the time that they are eligible for this program. As previously discussed, the waiver of fees for the External Hosted Subscriber is intended to make this data more available to retail investors. The Exchange also believes it is appropriate and not unfairly discriminatory to limit this specific credit to the External Hosted Subscriber because, as described above, the Exchange believes by alleviating some of the barriers to entry, that Exchange Hosted Subscribers are able to bring this data and execution services to their retail investors. Of further note, the Exchange believes it is reasonable to maintain this cost for the Hosting Small Retail Broker Distributor as the Hosting Small Retail Broker Distributor is the party receiving this data from the Exchange where it is consolidated for the benefit of the Hosting Small Retail Broker Distributor.</P>
                <HD SOURCE="HD3">Fixed Cost of Non-Professional Users</HD>
                <P>
                    The Exchange believes it is reasonable to set a fixed cost for Non-Professional Users fees for External Hosted Subscribers by charging a flat, fixed cost instead of charging per user to allow for additional savings. Under this structure, the External Hosted Subscriber shall still be responsible by paying the standard per User fee of a Professional Users under the Applicable Feed. The Exchange does not believe this is unfairly discriminatory as the program is based around making the Applicable Feed available for Non-Professional Users. The Exchange also notes that it has taken a similar approach here to the NYSE Per User Access Fee, which sets a fixed cost where the data is used only for display purposes.
                    <SU>24</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         
                        <E T="03">See</E>
                         NYSE Proprietary Market Data Pricing Guide, April 1, 2025.
                    </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 would result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange operates in a highly competitive environment, and its ability to price these data products is constrained by: (i) Competition among exchanges that offer similar data products to their customers; and (ii) the existence of inexpensive real-time consolidated data disseminated by the SIPs. Top of book data is disseminated by both the SIPs and the sixteen equities exchanges. There are therefore a number of alternative products available to market participants and investors. In this competitive environment potential subscribers are free to choose which competing product to purchase to satisfy their need for market information. Often, the choice comes down to price, as broker-dealers or vendors look to purchase the cheapest top of book data product, or quality, as market participants seek to purchase data that represents significant market liquidity. In order to better compete for this segment of the market, the Exchange is proposing to reduce the cost of top of book data provided by Hosting Small Retail Broker Distributors to its External Hosted Subscribers, and in turn, their retail investors. The Exchange believes that this would facilitate greater access to such data, ultimately benefiting the retail investors that are provided access to such market data.</P>
                <P>
                    The Exchange also believes the proposed fee changes will better enable it to compete in the Asia Pacific region, 
                    <PRTPAGE P="55217"/>
                    which is an area of increasing interest and growth within the U.S. equities markets, generally. As the Asia Pacific investor base seeks access to the liquidity and efficient price discovery processes that exist in the U.S. equities markets, various broker-dealers have begun offering trading in this region, and exchanges have begun to contemplate 24-hour trading solutions designed to capture the increased demand from the Asia Pacific investor base.
                    <SU>25</SU>
                    <FTREF/>
                     Naturally, U.S. equities market data will be in demand as Asia Pacific trading increases in the U.S. markets. Indeed, in formulating its current pricing, the Exchange has considered the growth in the Asia Pacific reason and has sought to propose fees that would continue to appeal to the existing Small Retail Brokers in this region, and that would incentivize additional smaller retail broker-dealers in this region to subscribe to the Applicable Feed as External Hosted Subscribers. In this regard, the Exchange believes its proposed fees will better enable it to compete in Asia Pacific, thereby offering competitively priced data products to more and more investors, at attractive price points.
                </P>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         
                        <E T="03">See</E>
                         “Cboe Announces Plans to Launch 24x5 U.S. Equities Trading,” February 3, 2025, available at: 
                        <E T="03">https://ir.cboe.com/news/news-details/2025/Cboe-Announces-Plans-to-Launch-24x5-U.S.-Equities-Trading-2025-NwujmKvsxb/default.aspx,</E>
                         (“[Cboe] continue[s] to hear from market participants globally—particularly those in Asia Pacific markets like Hong Kong, Japan, Korea, Singapore and Australia—that they want greater access to U.S. equities trading and need trusted venues that can offer transparency, robust liquidity and efficient price discovery,” said Oliver Sung, Head of North American Equities at Cboe Global Markets. “As the world's largest global exchange operator, Cboe is uniquely positioned to meet that demand. By leveraging our global infrastructure, leading-edge technology, and proven experience facilitating around-the-clock trading in global markets, we believe we can seamlessly support a 24x5 trading model for U.S. equities.”; 
                        <E T="03">see also</E>
                         “Nasdaq's View: The Road to 24 Hour Trading,” June 16, 2025, available at: 
                        <E T="03">https://www.nasdaq.com/newsroom/nasdaqs-view-road-24-hour-trading; see also</E>
                         “The New York Stock Exchange Plans to Extend Weekday Trading on its NYSE Arca Equities Exchange to 22 Hours a Day,” October 25, 2024, available at: 
                        <E T="03">https://ir.theice.com/press/news-details/2024/The-New-York-Stock-Exchange-Plans-to-Extend-Weekday-Trading-on-its-NYSE-Arca-Equities-Exchange-to-22-Hours-a-Day/default.aspx; see also</E>
                         “Robinhood 24 Hour Market,” available at: 
                        <E T="03">https://robinhood.com/us/en/support/articles/24hour-market/.</E>
                    </P>
                </FTNT>
                <P>The Exchange does not believe that this price reduction would cause any unnecessary or inappropriate burden on intermarket competition as other exchanges and data vendors are free to lower their prices to better compete with the Exchange's offering. Indeed, as explained in the basis section of this proposed rule change, the Exchange's decision to (i) waive the Distribution Fee for the Hosting Small Retail Broker Distributor and the External Hosted Subscriber and (ii) waiving the Consolidation Fee (when applicable) for the External Hosted Subscriber and (iii) setting a fixed cost for the Non-Professional Users for the External Hosted Subscriber is itself a competitive response to different fee structures available on competing markets. The Exchange therefore believes that the proposed rule change is pro-competitive as it seeks to offer pricing incentives to customers to better position the Exchange as it competes to attract additional market data subscribers. The Exchange also believes that the proposed reduction in fees the Hosting Small Retail Broker Distributor and the External Hosted Subscriber would not cause any unnecessary or inappropriate burden on intramarket competition. Although the proposed fee discount would be largely limited to small retail broker subscribers, larger broker-dealers and vendors can already purchase top of book data from the Exchange at prices that represent a significant cost savings when compared to competitor products that combine higher subscriber fees with lower fees for distribution. In light of the benefits already provided to this group of subscribers, the Exchange believes that additional discounts to small retail brokers would increase rather than decrease competition among broker-dealers that participate on the Exchange. Furthermore, as discussed earlier in this proposed rule change, the Exchange believes that offering pricing benefits to brokers that represent retail investors facilitates the Commission's mission of protecting ordinary investors, and is therefore consistent with the Act.</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>26</SU>
                    <FTREF/>
                     and paragraph (f) of Rule 19b-4 
                    <SU>27</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>26</SU>
                         15 U.S.C. 78s(b)(3)(A).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>27</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-2025-034 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-2025-034. 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 filing 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-2025-034 and should be submitted on or before December 22, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>28</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>28</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21644 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="55218"/>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-104265; File No. SR-CboeEDGX-2025-081]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce a Small Retail Broker Hosted Solutions Program and To Update the Existing Eligibility Requirements for the Small Retail Brokerage Distribution Program for the Cboe One Summary Feed and EDGX Top Data Feed</SUBJECT>
                <DATE>November 25, 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 November 19, 2025, Cboe EDGX Exchange, Inc. (the “Exchange” or “EDGX”) 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 EDGX Exchange, Inc. (the “Exchange” or “EDGX”) proposes to introduce a Small Retail Broker Hosted Solutions Program and to update the existing eligibility requirements for the Small Retail Brokerage Distribution Program for the Cboe One Summary Feed and EDGX Top Data Feed. 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 Commission's website (
                    <E T="03">https://www.sec.gov/rules/sro.shtml</E>
                    ), the Exchange's website (
                    <E T="03">https://www.cboe.com/us/equities/regulation/rule_filings/bzx/</E>
                    ) [sic], and at the principal office of the Exchange.
                </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 a Small Retail Broker Hosted Solutions Program (the “Program”) for EDGX Top Data and Cboe One Summary Data (collectively, the “Applicable Feeds”).
                    <SU>3</SU>
                    <FTREF/>
                     This Program will provide fee waivers and lower data costs for both (i) Small Retail Brokers (as defined herein) that provide the Applicable Feeds to other Small Retail Brokers via its hosted solutions (the “Hosting Small Retail Broker Distributor”) and (ii) the Small Retail Brokers that receive this data from a Hosting Small Retail Broker Distributor as set forth herein.
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         The Exchange initially submitted the proposed rule change on May 8, 2025 (SR-CboeEDGX-2025-038). On May 19, 2025, the Exchange withdrew that filing and submitted this SR-CboeEDGX-2025-043. On May 20, 2025, the Exchange withdrew that filing and submitted SR-CboeEDGX-2025-044. On May 22, 2025, the Exchange withdrew that filing and submitted SR-CboeEDGX-2025-045. On June 30, 2025, the Exchange withdrew that filing and submitted SR-CboeEDGX-2025-050. On August 28, 2025, the Exchange withdrew that filing and submitted SR-CboeEDGX-2025-070. On September 24, 2025, the Exchange withdrew that filing and submitted SR-CboeEDGX-2025-077. On November 19, 2025, the Exchange withdrew that filing and submitted this filing.
                    </P>
                </FTNT>
                <P>
                    Further, the Exchange proposes to increase the allowed maximum Non-Professional Data User subscriber count for the existing Small Retail Broker Program for Cboe One Summary Feed and EDGX Top Data Feed. By way of background, the Exchange currently offers the EDGX Top Data Feed, which is a data feed that offers top-of-book quotations and last sale information based on orders entered into the Exchange's System. The EDGX Top Data Feed benefits investors by facilitating their prompt access to real-time top-of-book information contained in EDGX Top Data. The Exchange's affiliated equities exchanges (
                    <E T="03">i.e.,</E>
                     Cboe EDGA Exchange, Inc. (“EDGA”), Cboe BZX Exchange, Inc. (“BZX”), and Cboe BYX Exchange, Inc. (“BYX”) (collectively, “Affiliates” and together with the Exchange, “Cboe Equities Exchanges”) also offer similar top-of-book data feeds. Particularly, each of the Exchange's Affiliates offer top-of-book quotation and last sale information based on their own quotation and trading activity that is substantially similar to the information provided by the Exchange through the EDGX Top Data Feed. Additionally, the Exchange also offers Cboe One Summary Data Feed that disseminates, on a real-time basis, the aggregate BBO of all displayed orders for securities traded on EDGX and its Affiliates and also contains individual last sale information for the EDGX and its Affiliates. The Cboe One Summary Data Feed is created using the data from the Exchange and its Affiliates' Top data feeds.
                </P>
                <P>
                    Currently, the Exchange offers a Small Retail Broker Distribution Program 
                    <SU>4</SU>
                    <FTREF/>
                     for both Applicable Data Feeds. This program provides a discounted Distribution Fee of $750/month for EDGX Top Data Feed and $3,500/month for Cboe One Summary Data Feed as well as a discounted Data Consolidation Fee 
                    <SU>5</SU>
                    <FTREF/>
                     of $350/month for Cboe One Summary Data for eligible participants.
                    <SU>6</SU>
                    <FTREF/>
                     Participants of the existing Small Retail Broker Distribution Program must be an External Distributor that meets the following criteria: (i) Distributor is a broker-dealer distributing the Applicable Feed to Non-Professional Data Users with whom the broker-dealer has a brokerage relationship; (ii) At least 90% of the Distributor's total subscriber population must consist of Non-Professional subscribers, inclusive of any subscribers not receiving the Applicable Feed; and (iii) Distributor distributes the Applicable Feed to no more than 5,000 Non-Professional Data Users (the Exchange notes that it is proposing to increase this to 10,000 Non-Professional Data Users for Cboe One Summary Data Feed and EDGX Top Data Feed as described further herein).
                    <SU>7</SU>
                    <FTREF/>
                     The Exchange introduced this program to allow small retail brokers that purchase top of book market data from the Exchange to benefit from discounted fees for access to such market data. The Small Retail Broker Distribution Program reduces the distribution and consolidation fees paid by small broker-dealers that operate a retail business. In turn, the Small Retail Broker Distribution Program is intended to increase retail investor access to real-time U.S. equity quote and trade information, and allow the Exchange to better compete for this business with competitors 
                    <SU>8</SU>
                    <FTREF/>
                     that offer similar optional products.
                    <SU>9</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         
                        <E T="03">See</E>
                         Cboe EDGX Equities Fee Schedule.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         This fee reflects the value of the aggregation and consolidation function the Exchange performs in creating the Cboe One Summary Feed.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         
                        <E T="03">See</E>
                         Cboe EDGX Equities Fee Schedule.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         Id.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         Such as NYSE Arca BBO feed or Nasdaq Basic.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release 85 FR 9872 (February 20, 2020) (SR-CboeEDGX-2020-008).
                    </P>
                </FTNT>
                <PRTPAGE P="55219"/>
                <P>
                    The Exchange now proposes to create a new Program based on the proposed eligibility criteria for Small Retail Brokers to specifically support Small Retail Brokers who are operating platforms on behalf of other Small Retail Brokers. Based on customer feedback, there are Small Retail Brokers who would like to provide this data via a hosted solution as a White Label Service 
                    <SU>10</SU>
                    <FTREF/>
                     (“Hosting Small Retail Broker Dealer”) to other Small Retail Brokers, who then provide this data to their retail clients (an “External Hosted Subscriber”).
                    <SU>11</SU>
                    <FTREF/>
                     Unfortunately, under the existing structure, both the External Hosted Subscriber and the Hosting Small Retail Broker Distributor are assessed the standard discounted Distribution Fee (and for Cboe One Summary, the discounted Data Consolidation Fee) under the existing Small Retail Broker Program. These fees are in addition to the standard Professional and Non-Professional User fees. Therefore, the existing fee structure under the Small Retail Broker Program does not allow for any additional benefits for Hosting Small Retail Broker Distributors for providing the valuable service of operating platforms that External Hosted Subscribers may use for their clients, and furthermore, does not account for the fact that Hosting Small Retail Broker Distributors are also billed for the fees of their External Hosted Subscribers (which Small Retail Brokers under the original program do not have).
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         A “White Label Service” is a type of hosted display solution in which an External Distributor hosts or maintains a website or platform on behalf of the External Hosted Subscriber. The service allows the External Distributor to make the applicable data (
                        <E T="03">i.e.,</E>
                         Cboe One Summary or EDGX Top Data) available on a platform that is branded with the External Hosted Subscriber, or co-branded with the External Hosted Subscriber and the External Distributor. The External Distributor maintains control of the application's data, entitlements and display.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>11</SU>
                         An External Hosted Subscriber of an Exchange Market Data product is a Distributor that receives the Exchange Market Data product from an External Distributor through a hosted display solution where the External Hosted Subscriber's Users are hosted by the External Distributor and data is distributed for display use only to one or more Users outside the External Hosted Subscriber's own entity. The Exchange proposes to add this definition into its Fee Schedule.
                    </P>
                </FTNT>
                <P>Of further note, the Hosting Small Retail Broker Distributor is responsible for reporting its External Hosted Subscribers and their users, and ultimately the Hosting Small Retail Broker Distributor is responsible for payment of all data fees for both its External Subscribed Subscriber and itself. While the Exchange is not privy to pass-through costs between Hosting Small Retail Broker Distributors and External Hosted Subscribers, this proposed pricing allows Hosting Small Retail Broker Distributors the freedom to charge or not charge External Hosted Subscribers while also appropriately charging for a service provided to an External Hosted Subscriber that is benefitting from an infrastructure developed and supported by the Hosting Small Retail Broker Distributor. The Exchange notes that the current Small Retail Broker Program prevents the Hosting Small Retail Broker Distributor from packaging this waiver as part of their overall service to their External Hosted Subscribers (as External Hosted Subscribers would be billed directly under the existing Small Retail Broker Program).</P>
                <P>Additionally, given that External Hosted Subscribers are smaller relative to other Small Retail Brokers currently participating in the existing Small Retail Broker Distribution Program, their ability to subscribe to the Applicable Feeds as Hosting Small Retail Broker Distributors is likely not feasible. Specifically, the costs of the Applicable Feeds, and the costs associated with building and maintaining the technological infrastructure to receive and disseminate data, may make access to the Applicable Feeds impractical. Generally speaking, technology, infrastructure, and connectivity costs are a significant monetary investment and require significant human expertise and resources to maintain. As such, the totality of costs can make access to data difficult. The Exchange believes, though, that the proposed fees and the ability to subscribe to the Applicable Feeds as External Hosted Subscribers will make access to data more feasible. Indeed, the Exchange anticipates that the retail broker-dealers that would seek to become External Hosted Subscribers are broker-dealers that do not have the technological infrastructure in place to ingest and disseminate data as a Hosting Small Retail Broker, and that are likely to have smaller client bases and business models not as conducive to making the investments necessary to become a Hosting Small Retail Broker Distributor.</P>
                <P>
                    In these regards, the Exchange believes that the proposed program will incentivize Hosting Small Retail Broker Distributors to offer the Applicable Feeds to External Hosted Subscribers, thereby making data accessible to a larger number of broker-dealers and their clients, at an affordable cost. Specifically, under the proposed program, a Hosting Small Retail Broker Distributor providing the data to at least one External Hosted Subscriber would be eligible for a credit of its Distribution Fee (a credit of $750/month for EDGX Top Data Feed and a credit of $3,500/month for Cboe One Summary Feed) that it is normally responsible for under the existing Small Retail Broker Program. Additionally, the External Hosted Subscriber shall also receive a waiver of the Distribution Fee (a credit of $750/month for EDGX Top Data Feed and a credit of $3,500/month for Cboe One Summary Feed). The External Hosted Subscriber will also receive a waiver of the Data Consolidation Fee for the Cboe One Summary Data (a credit of $350/month), and in lieu of paying the Non-Professional User fees, it shall be a set monthly fee of $750 for EDGX Top and $850 for Cboe One Summary Data.
                    <SU>12</SU>
                    <FTREF/>
                     The Professional User fees shall remain the same. Once an External Hosted Subscriber exceeds the Non-Professional Data User maximum (no more than 10,000 Non-Professional Data Users for Cboe One Summary Data and EDGX Top Data), the External Hosted Subscriber shall no longer be eligible for the program and will be required to directly license with the Exchange for the Applicable Feed.
                    <SU>13</SU>
                    <FTREF/>
                     The Exchange notes that the 10,000 Non-Professional Data User count eligibility requirement is looked at on a firm level (
                    <E T="03">i.e.,</E>
                     the counts of the Non-Professional Data Users for each of the Hosting Small Retail Broker Distributor and each of its External Hosted Subscribers will be looked at separately). Additionally, the Hosting Small Retail Broker Distributor shall continue to remain eligible for this Program so long as it has at least one External Hosted Subscriber (
                    <E T="03">i.e.,</E>
                     if it has two External Hosted Subscribers and one External Hosted Subscriber exceeds the 10,000 Non-Professional Data User threshold, the Hosting Small Retail Broker Distributor and the other External Hosted Subscriber may still continue under this Program).
                </P>
                <FTNT>
                    <P>
                        <SU>12</SU>
                         As the Program is capped at 10,000 users for Cboe One Summary Feed and 10,000 for EDGX Top Data Feed, this equates to a maximum, savings of $250 (10,000 Users × 0.10/Non-Professional User = $1,000 and $1,000−$750 = $250) for EDGX Top Data Feed and $1,650 (10,000 Users × 0.25/Non-Professional = $2,500 and $2,500−850 = $1,650) for Cboe One Summary Feed.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>13</SU>
                         The Exchange notes that it will include a clarifying note in its Fee Schedule to specify that in the event a Hosting Small Retail Broker Distributor joins this program mid-month, that its fees shall be prorated for the month based on the initial date of the subscription; however, the External Hosted Subscriber's fees shall not be prorated.
                    </P>
                </FTNT>
                <P>
                    In addition to the changes set forth above, the Exchange also proposes to modify the existing Small Retail Broker Program for Cboe One Summary Feed and EDGX Top Feed to increase the number of Non-Professional Data User maximum from 5,000 to 10,000 to be consistent with the proposed threshold 
                    <PRTPAGE P="55220"/>
                    for External Hosted Subscribers. As previously discussed, the Exchange proposes to also use the cap of 10,000 Non-Professional Data Users for the proposed Program. The Exchange proposes to increase this in support of increased participation across both retail and investor markets in order to facilitate the growth of smaller retail brokers on a global scale.
                </P>
                <P>
                    The Exchange recognizes that Small Retail Brokers participating in the existing Small Retail Broker Distributor Program are not eligible for the proposed Distribution fee and Consolidation Fee waivers proposed to be offered to External Hosted Subscribers. Importantly, however, the Exchange notes that such incentives are necessary to help encourage External Hosted Subscribers to connect to a Hosting Small Retail Broker Distributor, and in turn, disseminate data to their downstream retail clients. In doing so, the Exchange believes its Applicable Feeds will reach a larger base of retail clients that may not otherwise have access to such data. As a practical matter, by and between the Small Retail Brokers in the existing Small Retail Broker Distributor Program (
                    <E T="03">i.e.,</E>
                     those that take their data directly from the Exchange), and the External Hosted Subscribers in the proposed Program (
                    <E T="03">i.e.,</E>
                     those who take their data from a Hosted Small Retail Broker Distributor), the former are generally more sophisticated in terms of capital and technological infrastructure. As such, incentives such as fee waivers are not necessarily required to encourage their subscription to and dissemination of the Applicable Feeds. Comparatively, the Exchange believes the small retail brokers subscribing to and disseminating the Applicable Feeds as External Hosted Subscribers would likely not, absent such incentives, otherwise even contemplate subscribing to and disseminating the Applicable Feeds, thereby limiting the availability of real time trade and quote information that could otherwise be accessed by the External Hosted Subscriber's end users.
                </P>
                <P>Furthermore, as mentioned above, the existing fee structure makes it costly for both Hosting Small Retail Broker Distributors and its External Hosted Subscribers to provide data to the External Hosted Subscribers' retail clients as Distribution Fees are assessed on both Small Retail Brokers. Overall, the Exchange believes that this fee proposal will help to make its data more widely accessible for retail users who receive their data from External Hosted Subscribers. Specifically, the Exchange believes that that this proposal will (i) further increase the competitiveness of the Exchange's top of book market data products compared to competitor offerings that may currently be cheaper for firms with a limited subscriber base that do not yet have the scale to take advantage of the lower subscriber fees offered by the Exchange; and will (ii) provide additional incentives for Hosting Small Retail Broker Distributors to provide hosted solution services for other Small Retail Brokers in order to make data more widely available to retail investors. In turn, the Exchange believes that this change may benefit market participants and investors by spurring additional competition and increasing the accessibility of the Exchange's top of book data.</P>
                <P>
                    The Exchange notes that at least one other exchange has a similar offering. For example, the New York Stock Exchange has a Redistribution Fee Waiver for NYSE Trades, for which redistributors of data may have their redistribution fee waived so long as they provide the data to at least one data feed recipient and reports such data feed recipient or recipients to the Exchange.
                    <SU>14</SU>
                    <FTREF/>
                     Additionally, the Access Fee that is charged is reduced by more than 93% for redistributors of NYSE BBO and NYSE Trades that subscribe to only such data feeds and do not subscribe to any other market data product listed on the Fee Schedule other than NYSE BQT, and/or the NYSE OpenBook data feed, and/or the NYSE Aggregated Lite data feed, and/or the NYSE Pillar Depth data feed, and such market data products are used in a display-only format for internal or external use only.
                    <SU>15</SU>
                    <FTREF/>
                     This means that a redistributor that meets the above requirements will both (i) pay a Per User Access Fee 
                    <SU>16</SU>
                    <FTREF/>
                     and (ii) have its redistribution fee waived. A Redistributor that receives a data feed of NYSE BBO and NYSE Trades and uses the market data products for any other purpose (such as internal use) or that subscribes to any other products listed on the Fee Schedule (other than NYSE BQT, and/or the NYSE OpenBook data feed, and/or the NYSE Aggregated Lite data feed, and/or the NYSE Pillar Depth data feed) would continue to pay the $1,500 per month General Access Fee (as opposed to the lower Per User Access Fee).
                    <SU>17</SU>
                    <FTREF/>
                     Accordingly, the fee changes are not designed for redistributors that are existing customers of specific NYSE market data products, that use NYSE BQT for internal purposes, or if the data is provided as non-display. The fee reductions in NYSE BBO and NYSE Trades were intended to incentive eligible redistributors to subscribe to the NYSE BQT data feeds so that such product would be available to their customers, which have expressed an interest in subscribing to NYSE BQT.
                    <SU>18</SU>
                    <FTREF/>
                     The Exchange notes that these same discounts exists for NYSE American and NYSE Arca as well.
                    <SU>19</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>14</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 90407 (November 12, 2020), 85 FR 73570 (November 18, 2020) (SR-NYSE-2020-91).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>15</SU>
                         See NYSE Proprietary Market Data Fees. The Exchange notes that NYSE American and NYSE Arca also implement this same incentive.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>16</SU>
                         The Exchange notes that this is the equivalent to the fixed Non-Professional User charge it has proposed for the External Hosted Subscriber under the Program.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>17</SU>
                         See supra note 12.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>18</SU>
                         Id.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>19</SU>
                         See 
                        <E T="03">e.g.,</E>
                         NYSE American Proprietary Market Data Fees.
                    </P>
                </FTNT>
                <P>
                    Without these discounts, a redistributor of NYSE Trades would pay the General Access Fee of $1,500/month in addition to the Redistribution Fee of $1,000/month and the applicable Professional User Fee ($4/month/User) and Non-Professional User Fee ($0.20/month/User).
                    <SU>20</SU>
                    <FTREF/>
                     Under these discounts, that same redistributor now only pays the Per User Access Fee of $100/month.
                    <SU>21</SU>
                    <FTREF/>
                     The Exchange notes that in order to receive the NYSE BQT data feed (which is comparable to the Cboe One Summary Feed), a subscriber must pay the applicable fees for the following data feeds: NYSE BBO, NYSE Trades, NYSE Arca BBO, NYSE Arca Trades, NYSE American BBO, NYSE American Trades, NYSE National BBO, NYSE National Trades, NYSE Texas BBO and NYSE Texas Trades.
                    <SU>22</SU>
                    <FTREF/>
                     The cost of the Per User Access fees for each of these applicable data feeds (including NYSE BQT) totals $850, the equivalent to the Cboe One Summary proposed fee.
                </P>
                <FTNT>
                    <P>
                        <SU>20</SU>
                         See NYSE Proprietary Market Data Fees.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>21</SU>
                         Id.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>22</SU>
                         Id.
                    </P>
                </FTNT>
                <P>While the eligibility requirements of the NYSE program and the proposed Program differ, both programs are intended to incentivize redistribution of applicable data feeds by providing enhanced discounts and both programs target different segments for a specific purpose. The proposed discounts under this Program are intended to make the Exchange's offering competitively priced relative to alternative options that participants may have.</P>
                <P>
                    Without the proposed pricing discounts, the Exchange believes that (i) prospective customers may not be interested in purchasing top of book data from the Exchange, and may instead purchase such data from other national securities exchanges or the 
                    <PRTPAGE P="55221"/>
                    Securities Information Processors (“SIPs”), potentially at a higher cost than would be available pursuant to the proposed program and (ii) that Hosting Small Retail Broker Distributors are not incentivized to make the Applicable Feeds available via a hosted solution for retail investors of its External Hosted Subscribers. Similar to the existing Small Retail Broker Program, the Exchange believes that the proposed Program will continue to increase competition for such market data, and that enhanced competition could help to further reduce data fees as providers compete for subscribers, as well as help diversify the availability and quality of data offerings available to retail investors through their Hosting Small Retail Broker Distributors. Ultimately, the Exchange believes that it is critical that it be allowed to compete by offering attractive pricing to customers as increasing the availability of such products ensures continued competition with alternative offerings. Such competition may be constrained when competitors are impeded from offering alternative and cost-effective solutions to customers.
                </P>
                <HD SOURCE="HD3">2. Statutory Basis</HD>
                <P>
                    The Exchange believes that the proposed rule change is consistent with the objectives of Section 6 of the Act,
                    <SU>23</SU>
                    <FTREF/>
                     in general, and furthers the objectives of Section 6(b)(4),
                    <SU>24</SU>
                    <FTREF/>
                     in particular, as it is designed to provide for the equitable allocation of reasonable dues, fees and other charges among its members and other recipients of Exchange data.
                </P>
                <FTNT>
                    <P>
                        <SU>23</SU>
                         15 U.S.C. 78f.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>24</SU>
                         15 U.S.C. 78f(b)(4).
                    </P>
                </FTNT>
                <P>
                    The Exchange also believes that the proposed rule change is consistent with Section 11(A) of the Act.
                    <SU>25</SU>
                    <FTREF/>
                     Specifically, the proposed rule change supports (i) fair competition among brokers and dealers, among exchange markets, and between exchange markets and markets other than exchange markets, and (ii) the availability to brokers, dealers, and investors of information with respect to quotations for and transactions in securities. In addition, the proposed rule change is consistent with Rule 603 of Regulation NMS,
                    <SU>26</SU>
                    <FTREF/>
                     which provides that any national securities exchange that distributes information with respect to quotations for or transactions in an NMS stock do so on terms that are not unreasonably discriminatory.
                </P>
                <FTNT>
                    <P>
                        <SU>25</SU>
                         15 U.S.C. 78k-1.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>26</SU>
                         
                        <E T="03">See</E>
                         17 CFR 242.603.
                    </P>
                </FTNT>
                <P>In adopting Regulation NMS, the Commission granted SROs and broker-dealers increased authority and flexibility to offer new and unique market data to the public. It was believed that this authority would expand the amount of data available to consumers, and also spur innovation and competition for the provision of market data. The Exchange believes that the proposed fee change would further broaden the availability of U.S. equity market data to investors, and in particular retail investors, consistent with the principles of Regulation NMS.</P>
                <P>
                    The Exchange operates in a highly competitive environment. Indeed, there are sixteen registered national securities exchanges that trade U.S. equities and offer associated top of book market data products to their customers. The national securities exchanges also compete with the SIPs for market data customers. 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>27</SU>
                    <FTREF/>
                     The proposed fee change is a result of the competitive environment, as the Exchange seeks to amend its fees to attract additional subscribers for its proprietary top of book data offerings.
                </P>
                <FTNT>
                    <P>
                        <SU>27</SU>
                         
                        <E T="03">See</E>
                         Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) (“Regulation NMS Adopting Release”).
                    </P>
                </FTNT>
                <P>Making alternative data products available to market participants ultimately ensures increased competition in the marketplace and constrains the ability of exchanges to charge prohibitive fees. If a market participant views one exchange's top of book data fees as more or less attractive than the competition they can, and frequently do, switch between competing products. In fact, the competitiveness of the market for such top of book data products is one of the primary factors animating this proposed rule change, which is designed to allow the Exchange to further compete for this business. As mentioned above, at least one other Exchange provides a similar waiver for redistribution of market data.</P>
                <P>The Exchange notes that the Applicable Feeds are distributed and purchased on a voluntary basis, in that neither the Exchange nor market data distributors are required by any rule or regulation to make these data products available. Distributors (including vendors) and Users can therefore discontinue use at any time and for any reason, including due to an assessment of the reasonableness of fees charged. Further, the Exchange is not required to make any proprietary data products available or to offer any specific pricing alternatives to any customers.</P>
                <P>
                    The Commission has long stressed the need to ensure that the equities markets are structured in a way that meets the needs of ordinary investors. For example, the Commission's strategic plan for fiscal years 2018-2022 touts “focus on the long-term interests of our Main Street investors” as the Commission's number one strategic goal.
                    <SU>28</SU>
                    <FTREF/>
                     The Program would be consistent with the Commission's stated goal of improving the retail investor experience in the public markets. Furthermore, national securities exchanges commonly charge reduced fees and offer market structure benefits to retail investors, and the Commission has consistently held that such incentives are consistent with the Act. The Exchange believes that the Program is consistent with longstanding precedent indicating that it is consistent with the Act to provide reasonable incentives to retail investors that rely on the public markets for their investment needs.
                </P>
                <FTNT>
                    <P>
                        <SU>28</SU>
                         
                        <E T="03">See</E>
                         U.S. Securities and Exchange Commission, Strategic Plan, Fiscal Years 2018-2022, available at 
                        <E T="03">https://www.sec.gov/files/SEC_Strategic_Plan_FY18-FY22_FINAL_0.pdf.</E>
                    </P>
                </FTNT>
                <P>
                    The Exchange notes that the proposed waivers for the Applicable Feeds only apply to Hosting Small Retail Broker Distributors and its External Hosted Subscribers for three reasons. First, the Hosting Small Retail Broker Distributor is creating a full-service offering for External Hosted Subscribers in contrast to the Small Retail Brokers under the current Program, which only provide services directly to its own retail clients. Maintaining an additional platform for External Hosted Subscribers' clients is an additional workstream for the Hosting Small Retail Broker (in contrast to Small Retail Brokers that only provide data and services directly to their retail clients), requiring technological and capital investments, as they seek to support additional ecosystems of business, each with its own book of retail clients. In order to incentivize the Hosting Small Retail Broker Distributors to take on the additional duties associated with hosting External Hosted Subscribers (such as managing the data, entitlements, and display of the application provided to the External Hosted Subscriber), the Exchange 
                    <PRTPAGE P="55222"/>
                    believes it is not unfairly discriminatory to provide a waiver of the Distribution Fee for the Hosting Small Retail Broker Distributors, as opposed to the standard discounted Distribution Fee normally paid under the current Small Retail Broker Distribution Program.
                </P>
                <P>Second, by creating this program, the Exchange is further able to reach additional retail investors. By waiving Distribution Fees for both the Hosting Small Retail Broker Distributor and its External Hosted Subscriber, both parties are incentivized to work together to provide data to retail investors. Third, as mentioned previously, the Hosting Small Retail Broker Distributor is responsible for the fees and reporting for both its own activity and that of its External Hosted Subscriber. While the Exchange is not privy to pass-through costs between Hosting Small Retail Broker Distributors and External Hosted Subscribers, this proposed pricing allows Hosting Small Retail Broker Distributors the freedom to charge or not charge External Hosted Subscribers while also appropriately charging for a service provided to an External Hosted Subscriber that is benefitting from an infrastructure developed and supported by the Hosting Small Retail Broker Distributor. The Exchange notes that the current Small Retail Broker Program prevents the Hosting Small Retail Broker Distributor from packaging this waiver as part of their overall service to their External Hosted Subscribers (as External Hosted Subscribers would be billed directly under the existing Small Retail Broker Program). Given that External Hosted Subscribers are smaller relative to other Small Retail Brokers currently participating in the Program, these costs associated with the Applicable Feeds are inherently prohibitive to the External Hosted Subscriber. Through this Program, fees will not be a deterrent for Hosting Small Retail Broker Distributors and External Hosted Subscribers to establish platforms that reach a wider scope of retail investors.</P>
                <P>Moreover, by and between the Small Retail Brokers in the existing Small Retail Broker Distribution Program (take their data directly from the Exchange), and the External Hosted Subscribers in the proposed Program (who take their data from a Hosted Small Retail Broker Distributor), the former are generally more sophisticated, both in terms of capital and technological infrastructure. As such, incentives such as fee waivers are not necessarily required to encourage their subscription to and dissemination of the Applicable Feeds. Comparatively, the Exchange believes the small retail brokers subscribing to and disseminating the Applicable Feeds as External Hosted Subscribers would likely not, absent such incentives, otherwise even contemplate subscribing to and disseminating the Applicable Feeds, thereby limiting the availability of real time trade and quote information that could otherwise be accessed by the External Hosted Subscriber's end users.</P>
                <P>Furthermore, while this Program would be effectively limited to smaller firms in accordance with the proposed eligibility requirements, the Exchange does not believe that this limitation makes the fees inequitable or unfairly discriminatory. The Exchange notes that large broker-dealers and/or vendors that distribute the Exchange's data products to a sizeable number of investors benefit from the current fee structure, which includes lower subscriber fees and Enterprise licenses. Due to lower subscriber fees, distributors that provide the Applicable Feeds to more than the proposed capped amounts of Users permitted under either the Small Retail Broker Program or this Program already enjoy cost savings compared to competitor products. The Program, in addition to the existing Small Retail Broker Distributor Program, would therefore continue to ensure that small retail brokers that distribute top of book data to their retail investor customers could also benefit from reduced pricing, and would aid in increasing the competitiveness of the Exchange's data products for this key segment of the market.</P>
                <P>Moreover, the Exchange does not believe that the proposed fees unfairly discriminate between Hosting Small Retail Broker Distributors and External Hosted Subscribers. While the proposal provides additional benefits to External Hosted Subscribers that would not otherwise accrue to them under the current program, the Exchange notes that such benefits are designed only to make access to market data more accessible to smaller retail broker-dealers that either do not possess the financial and technological resources necessary to receive data as a Small Retail Broker, or simply choose not commit such resourced based on their business models. In turn, to continue to incentivize the provision of the Applicable Feed by Hosting Small Retail Broker Distributors, the Exchange has sought to provide appropriate incentives to these brokers as well. Collectively, the fee structure provides benefits to both Hosting Small Retail Broker Distributors and External Hosted Subscribers.</P>
                <P>While External Hosted Subscribers would receive benefits they would not accrue under the current program, these are not benefits that today's Small Retail Brokers would choose to avail themselves of under the new fee structure, because it is highly unlikely that today's Small Retail Brokers would choose to instead become External Hosted Subscribers. The Exchange notes that today's Small Retail Brokers that qualify under the current program, have already committed significant capital in terms of time, technology, and finances towards building out and maintaining the technological infrastructure and staffing needed to receive and distribute the Applicable Feed to their end users. To forego such financial and technological commitments simply to avail themselves of additional benefits afforded to External Hosted Subscribers under this proposal, would very likely require an existing Small Retail Broker to drastically change their current business model simply to avail themselves of the additional benefits provided to External Hosted Subscribers. Moreover, today's existing Small Retail Brokers are likely to be providing services to their subscribers other than the Additional Feeds, such as market access, order management systems, and other trading tools. To cease providing such a full suite of services—which required significant time and cost contributions—is unlikely and, again, would require a significant reversal in a Small Retail Broker's business model.</P>
                <P>Rather, the Exchange believes that the more likely case is that the proposed fee structure will attract a new population of Small Retail Brokers who will seek to access the Applicable Feed as Hosted External Subscribers, at a cost-effective price point, thereby providing even more investors with access to top of book market data for U.S. equities. Another likely use case is that the proposed fee structure may incentivize more Small Retail Brokers to subscribe to the Applicable Feed as External Hosted Subscribers and, as they build their own business models and attract subscribers of their own, eventually commit time and resources to building their own infrastructure to evolve into a Hosting Small Retail Broker.</P>
                <P>
                    Furthermore, the Exchange acknowledges that under the proposed fee schedule that a Hosting Small Retail Broker Distributor is eligible for a waiver of its Distribution Fee once its first External Hosted Subscriber is subscribed, whereas under current program a Small Retail Broker is not eligible for such a waiver. However, the Exchange does not believe that this proposed fee structure unfairly discriminates between existing Small Retail Brokers and Hosting Small Retail 
                    <PRTPAGE P="55223"/>
                    Brokers, because the application of these fees is based on meaningful differences between existing Small Retail Brokers and potential Hosting Small Retail Broker Distributors.
                </P>
                <P>
                    Specifically, existing Small Retail Brokers are brokers that distribute the Applicable Feed to their own customers. These Small Retail Brokers typically operate their own retail trading businesses, and the provision of the Applicable Feed is part of the package of services provided to their own customers. Comparatively, similar to certain subscribers 
                    <SU>29</SU>
                    <FTREF/>
                     of NYSE's BQT proprietary data product (discussed above), the Exchange believes that Hosting Small Retail Broker Distributors are more akin to that of a traditional vendor, or a redistributor of data, whose typical business model is to collect and process data from other sources (
                    <E T="03">e.g.,</E>
                     the Applicable Feed), and redistribute such data to other businesses or individuals for their own use. As such, the proposed fees are narrowly tailored to a specific subset of the market data consumer base—
                    <E T="03">i.e.,</E>
                     vendors/redistributors that subscribe to competitively priced market data and, in turn, redistribute such data downstream to their customers. In performing this service, the Hosting Small Retail Broker Distributors are offering a White Label Service where they are technologically hosting or maintaining a website or platform on behalf of their External Hosted Subscribers, and are responsible for maintaining control of the platform's data, entitlements, and display, for the Applicable Feeds, and any other comparable data products to which they subscribe. In this regard, the proposed fees are designed to account for the additional technological and capital costs a Hosting Small Retail Broker Distributor may need to expend in order to host and redistribute market data downstream to its customers.
                </P>
                <FTNT>
                    <P>
                        <SU>29</SU>
                         In a 2020 fee filing, NYSE sought to reduce certain of its market data fees for Redistributors that subscribed only to NYSE BBO and NYSE Trades, and did not subscribe to any other market data product listed on the NYSE fee schedule, other than NYSE BQT. In that filing, NYSE defined a redistributor as, “a vendor or any other person that provides a NYSE data product to a data recipient or to any system that a data recipient uses, irrespective of the means of transmission or access.” 
                        <E T="03">Supra</E>
                         note 12, 7357.
                    </P>
                </FTNT>
                <P>
                    Relatedly, the proposed fees are based on the competitive environment for market data products such as the Applicable Feed. In response to competition from other market data feeds such as NYSE BQT, the Exchange's proposed fees are merely intended to provide a financial incentive for vendors/redistributors that do not currently subscribe to any Exchange market data products to subscribe to the Applicable Feed. By focusing on this segment of the market, the Exchange believes that the proposed fees will make the Applicable Feed more competitive and attractive for vendors/redistributors to subscribe to, thereby increasing the availability of the Exchange's data products, expanding the options available to firms making data purchasing decisions on their business needs, and generally increasing competition. In this regard, the Exchange believes that the proposed fees—particularly the waiver of the Distribution Fee—will incentivize Hosting Small Broker Distributors (
                    <E T="03">i.e.,</E>
                     vendors/redistributors) to subscribe to the Applicable Feed and make them available to their end customers. Indeed, as discussed above, NYSE BQT offers redistributors a similar waiver, which NYSE noted 
                    <SU>30</SU>
                    <FTREF/>
                     was necessary in order to enable them to better compete with Nasdaq Basic and Cboe One. Similarly, the Exchange believes that the proposed fees would also better enable the Exchange to compete more effectively with similar products such as NYSE BQT and Nasdaq Basic, thereby expanding the number of vendors/redistributors that would subscribe to the Applicable Feeds as Hosting Small Retail Broker Distributors, and therefore make the product available to data subscribers interested in the Applicable Feeds. Without a similar waiver, the Exchange notes that its ability to compete would be drastically impaired.
                </P>
                <FTNT>
                    <P>
                        <SU>30</SU>
                         
                        <E T="03">Supra</E>
                         note 12, 73573. (“The proposed rule change is intended to encourage greater use of NYSE BQT by making it more affordable for Redistributors that have customers interested in subscribing to NYSE BQT. . .The proposed fee reduction would allow the Exchange to compete more effectively with Nasdaq Basic and Cboe One Feed by expanding the number of Redistributors that would subscribe to NYSE BQT, and therefore make the product available to data subscribers interested in NYSE BQT.”).
                    </P>
                </FTNT>
                <P>
                    Moreover, the Exchange believes that the proposed change to provide a waiver of the Distribution Fee to a Hosting Small Retail Broker Distributor (
                    <E T="03">i.e.,</E>
                     vendor/distributor) is not unfairly discriminatory because the proposed waiver applies equally to all Hosting Small Retail Broker Distributors that are eligible for such waiver and choose to redistribute the Applicable Feeds, and would serve as an incentive for Hosting Small Retail Broker Distributors that do not currently subscribe to the Applicable Feeds to start doing so, and then make the Applicable Feeds available to their customers.
                </P>
                <P>Finally, the Exchange notes that nothing in the current proposal prevents an existing Small Retail Broker from choosing to instead subscribe to Applicable Feed as an External Hosted Subscriber. However, the Exchange does not believe that this makes the proposal unfairly discriminatory between Hosting Small Retail Broker Distributors and External Hosted Subscribers, as broker-dealers are free operate their businesses however they may choose in response to a host of a reasons, only one of which are associated costs.</P>
                <P>The Exchange believes that the proposed cap of 10,000 for the Cboe One Summary Data Feed and EDGX Top Data Feed for this Program, as well as increasing this cap to 10,0000 for the Cboe One Summary Data Feed and EDGX Top Data Feed for the Small Retail Broker Program is reasonable and not unfairly discriminatory as the Exchange believes it is in the best interest of all market participants to more broadly expand this in support of inclusion for more retail investors by participation in both programs by small retail brokers on a global scale.</P>
                <HD SOURCE="HD3">Distribution Fee Waiver</HD>
                <P>The Exchange believes that the Distribution Fee Waivers for both the External Hosted Subscriber and the Hosting Small Retail Broker Distributor are reasonable as they represent a significant cost reduction for the Hosting Small Retail Broker Distributor to provide a hosted solution for the External Hosted Subscriber, to ultimately provide the data to the External Hosted Subscriber's retail investors. By targeting the Distribution Fee waiver to vendors/redistributors that provide external distribution of the Applicable Feeds, the Exchange believes that this would provide an incentive for redistributors to make the Applicable Feeds available to its customers. Specifically, if a data recipient is interested in subscribing to the Applicable Feeds and relies on a vendor/redistributor to obtain market data products from the Exchange, that data customer would need the vendor/redistributor to first subscribe to and distribute the Applicable Feeds. In this regard, the Exchange believes the proposed waiver would provide an incentive for vendors/redistributors to make the Applicable Feeds available to their customers, which will increase the availability of the Applicable Feeds to a larger potential population of retail investors.</P>
                <P>
                    While the existing fee structure does provide a benefit of a discounted waiver for Small Retail Brokers that externally distribute the data, these discounted Distribution Fees are still incurred by both the External Hosted Subscriber and the Hosting Small Retail Broker Distributor. In an attempt to alleviate 
                    <PRTPAGE P="55224"/>
                    these costs, and make this data more available to retail investors, the Exchange proposes to waive the Distribution Fees for both the Hosting Small Retail Broker Distributor and the External Hosted Subscriber. With this Program, the Exchange believes it will increase market accessibility and data to investors on a global scale. Exchange Hosted Subscribers may not have the infrastructure or technical capabilities to offer market data and/or execution services to its retail investors. Through waiving these fees for the External Hosted Subscriber, the Exchange hopes to reach a broader scale of retail investors globally. Further, as discussed above, the Exchange also believes it is appropriate and not unfairly discriminatory to limit this specific credit to the External Hosted Subscriber and the Hosting Small Retail Broker Distributor given the development and maintenance the Hosting Small Retail Broker Distributor acquires to provide this data to the External Hosted Subscriber's end users.
                </P>
                <HD SOURCE="HD3">Data Consolidation Fee Waiver</HD>
                <P>The Exchange believes it is reasonable to not charge the External Hosted Subscriber the Data Consolidation Fee for Cboe One Summary Data for the duration of the time that they are eligible for this program. As previously discussed, the waiver of fees for the External Hosted Subscriber is intended to make this data more available to retail investors. The Exchange also believes it is appropriate and not unfairly discriminatory to limit this specific credit to the External Hosted Subscriber because, as described above, the Exchange believes by alleviating some of the barriers to entry, that Exchange Hosted Subscribers are able to bring this data and execution services to their retail investors. Of further note, the Exchange believes it is reasonable to maintain this cost for the Hosting Small Retail Broker Distributor as the Hosting Small Retail Broker Distributor is the party receiving this data from the Exchange where it is consolidated for the benefit of the Hosting Small Retail Broker Distributor.</P>
                <HD SOURCE="HD3">Fixed Cost of Non-Professional Users</HD>
                <P>
                    The Exchange believes it is reasonable to set a fixed cost for Non-Professional Users fees for External Hosted Subscribers by charging a flat, fixed cost instead of charging per user to allow for additional savings. Under this structure, the External Hosted Subscriber shall still be responsible by paying the standard per User fee of a Professional Users under the Applicable Feed. The Exchange does not believe this is unfairly discriminatory as the program is based around making the Applicable Feeds available for Non-Professional Users. The Exchange also notes that it has taken a similar approach here to the NYSE Per User Access Fee, which sets a fixed costs where the data is used only for display purposes.
                    <SU>31</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>31</SU>
                         
                        <E T="03">See</E>
                         NYSE Proprietary Market Data Pricing Guide, April 1, 2025.
                    </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 would result in any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. The Exchange operates in a highly competitive environment, and its ability to price these data products is constrained by: (i) Competition among exchanges that offer similar data products to their customers; and (ii) the existence of inexpensive real-time consolidated data disseminated by the SIPs. Top of book data is disseminated by both the SIPs and the sixteen equities exchanges. There are therefore a number of alternative products available to market participants and investors. In this competitive environment potential subscribers are free to choose which competing product to purchase to satisfy their need for market information. Often, the choice comes down to price, as broker-dealers or vendors look to purchase the cheapest top of book data product, or quality, as market participants seek to purchase data that represents significant market liquidity. In order to better compete for this segment of the market, the Exchange is proposing to reduce the cost of top of book data provided by Hosting Small Retail Broker Distributors to its External Hosted Subscribers, and in turn, their retail investors. The Exchange believes that this would facilitate greater access to such data, ultimately benefiting the retail investors that are provided access to such market data.</P>
                <P>
                    The Exchange also believes the proposed fee changes will better enable it to compete in the Asia Pacific region, which is an area of increasing interest and growth within the U.S. equities markets, generally. As the Asia Pacific investor base seeks access to the liquidity and efficient price discovery processes that exist in the U.S. equities markets, various broker-dealers have begun offering trading in this region, and exchanges have begun to contemplate 24-hour trading solutions designed to capture the increased demand from the Asia Pacific investor base.
                    <SU>32</SU>
                    <FTREF/>
                     Naturally, U.S. equities market data will be in demand as Asia Pacific trading increases in the U.S. markets. Indeed, in formulating its current pricing, the Exchange has considered the growth in the Asia Pacific reason and has sought to propose fees that would continue to appeal to the existing Small Retail Brokers in this region, and that would incentivize additional smaller retail broker-dealers in this region to subscribe to the Applicable Feeds as External Hosted Subscribers. In this regard, the Exchange believes its proposed fees will better enable it to compete in Asia Pacific, thereby offering competitively priced data products to more and more investors, at attractive price points.
                </P>
                <FTNT>
                    <P>
                        <SU>32</SU>
                         
                        <E T="03">See</E>
                         “Cboe Announces Plans to Launch 24x5 U.S. Equities Trading,” February 3, 2025, available at: 
                        <E T="03">https://ir.cboe.com/news/news-details/2025/Cboe-Announces-Plans-to-Launch-24x5-U.S.-Equities-Trading-2025-NwujmKvsxb/default.aspx,</E>
                         (“[Cboe] continue[s] to hear from market participants globally—particularly those in Asia Pacific markets like Hong Kong, Japan, Korea, Singapore and Australia—that they want greater access to U.S. equities trading and need trusted venues that can offer transparency, robust liquidity and efficient price discovery,” said Oliver Sung, Head of North American Equities at Cboe Global Markets. “As the world's largest global exchange operator, Cboe is uniquely positioned to meet that demand. By leveraging our global infrastructure, leading-edge technology, and proven experience facilitating around-the-clock trading in global markets, we believe we can seamlessly support a 24x5 trading model for U.S. equities.”; 
                        <E T="03">see also</E>
                         “Nasdaq's View: The Road to 24 Hour Trading,” June 16, 2025, available at: 
                        <E T="03">https://www.nasdaq.com/newsroom/nasdaqs-view-road-24-hour-trading; see also</E>
                         “The New York Stock Exchange Plans to Extend Weekday Trading on its NYSE Arca Equities Exchange to 22 Hours a Day,” October 25, 2024, available at: 
                        <E T="03">https://ir.theice.com/press/news-details/2024/The-New-York-Stock-Exchange-Plans-to-Extend-Weekday-Trading-on-its-NYSE-Arca-Equities-Exchange-to-22-Hours-a-Day/default.aspx; see also</E>
                         “Robinhood 24 Hour Market,” available at: 
                        <E T="03">https://robinhood.com/us/en/support/articles/24hour-market/.</E>
                    </P>
                </FTNT>
                <P>
                    The Exchange does not believe that this price reduction would cause any unnecessary or inappropriate burden on intermarket competition as other exchanges and data vendors are free to lower their prices to better compete with the Exchange's offering. Indeed, as explained in the basis section of this proposed rule change, the Exchange's decision to (i) waive the Distribution Fee for the Hosting Small Retail Broker Distributor and the External Hosted Subscriber and (ii) waiving the Consolidation Fee (when applicable) for the External Hosted Subscriber and (iii) setting a fixed cost for the Non-Professional Users for the External Hosted Subscriber is itself a competitive response to different fee structures available on competing markets. The Exchange therefore believes that the proposed rule change is pro-competitive 
                    <PRTPAGE P="55225"/>
                    as it seeks to offer pricing incentives to customers to better position the Exchange as it competes to attract additional market data subscribers. The Exchange also believes that the proposed reduction in fees the Hosting Small Retail Broker Distributor and the External Hosted Subscriber would not cause any unnecessary or inappropriate burden on intramarket competition. Although the proposed fee discount would be largely limited to small retail broker subscribers, larger broker-dealers and vendors can already purchase top of book data from the Exchange at prices that represent a significant cost savings when compared to competitor products that combine higher subscriber fees with lower fees for distribution. In light of the benefits already provided to this group of subscribers, the Exchange believes that additional discounts to small retail brokers would increase rather than decrease competition among broker-dealers that participate on the Exchange. Furthermore, as discussed earlier in this proposed rule change, the Exchange believes that offering pricing benefits to brokers that represent retail investors facilitates the Commission's mission of protecting ordinary investors, and is therefore consistent with the Act.
                </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>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-CboeEDGX-2025-081 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-2025-081. 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 filing 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-2025-081 and should be submitted on or before December 22, 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. 2025-21640 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[OMB Control No. 3235-0273]</DEPDOC>
                <SUBJECT>Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 17Ad-10</SUBJECT>
                <FP SOURCE="FP-1">
                    <E T="03">Upon Written Request, Copies Available From:</E>
                     Securities and Exchange Commission, Office of FOIA Services, 100 F Street NE, Washington, DC 20549-2736
                </FP>
                <P>
                    Notice is hereby given that, pursuant to the Paperwork Reduction Act of 1995 (44 U.S.C. 3501 
                    <E T="03">et seq.</E>
                    ), the Securities and Exchange Commission (“SEC” or “Commission”) is soliciting comments on the proposed collection of information provided for in Rule 17Ad-10 (17 CFR 240.17Ad-10), under the Securities Exchange Act of 1934 (15 U.S.C. 78a 
                    <E T="03">et seq.</E>
                    ).
                </P>
                <P>Rule 17Ad-10 generally requires registered transfer agents to: (1) create and maintain current and accurate securityholder records; (2) promptly and accurately record all transfers, purchases, redemptions, and issuances, and notify their appropriate regulatory agency if they are unable to do so; (3) exercise diligent and continuous attention in resolving record inaccuracies; (4) disclose to the issuers for whom they perform transfer agent functions and to their appropriate regulatory agency information regarding record inaccuracies; (5) buy-in certain record inaccuracies that result in a physical over issuance of securities; and (6) communicate with other transfer agents related to the same issuer.</P>
                <P>These requirements assist in the creation and maintenance of accurate securityholder records, enhance the ability to research errors, and ensure the transfer agent is aware of the number of securities that are properly authorized by the issuer, thereby avoiding over issuance.</P>
                <P>The rule also has specific recordkeeping requirements. It requires registered transfer agents to retain certificate detail that has been deleted for six years and keep current an accurate record of the number of shares or principal dollar amount of debt securities that the issuer has authorized to be outstanding. These mandatory requirements ensure accurate securityholder records and assist the Commission and other regulatory agencies with monitoring transfer agents and ensuring compliance with the rule. This rule does not involve the collection of confidential information.</P>
                <P>
                    There are approximately 319 registered transfer agents. We estimate that the average number of hours necessary for each transfer agent to comply with Rule 17Ad-10 is approximately 80 hours per year (70 hours of recordkeeping and 10 hours of third-party disclosure), which generates an industry-wide annual burden of approximately 25,520 hours (319 registered transfer agents × 80 hours). At an average staff cost of $78 per hour, the industry-wide internal labor cost of compliance (a monetization of the burden hours) is approximately 
                    <PRTPAGE P="55226"/>
                    $1,990,560 per year (25,520 hours × $78 per hour).
                    <SU>1</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         We expect that performance of this function will most likely be performed by a general clerk. Based on data from the SIFMA Management and Professional Earnings Report, modified in 2025 by Commission staff to account for, among other things, inflation, we expect that the cost for this position is $78 per hour. 80 hours × $78 = $6,240 total aggregate monetized cost per transfer agent.
                    </P>
                </FTNT>
                <P>The amount of time any particular transfer agent will devote to Rule 17Ad-10 compliance will vary according to the size and scope of the transfer agent's business activity. We note, however, that at least some of the records, processes, and communications required by Rule 17Ad-10 would likely be maintained, generated, and used for transfer agent business purposes even without the rule.</P>
                <P>
                    In addition, we estimate that each transfer agent will incur an annual external cost burden of approximately $24,660 resulting from the collection of information—90% of which will be attributable to recordkeeping and 10% of which will be attributable to third-party disclosure ($22,194 from recordkeeping ($24,660 × 90%) and $2,466 from third-party disclosure ($24,660 × 10%)).
                    <SU>2</SU>
                    <FTREF/>
                     Therefore, the total annual external cost on the entire transfer agent industry is approximately $7,866,540 ($24,660 × 319 registered transfer agents)—$7,079,886 will be attributable to recordkeeping ($24,660 × 319 registered transfer agents) and $786,654 of which will be attributable to third-party disclosure ($2,466 × 319 registered transfer agents). This cost primarily reflects ongoing computer operations and maintenance associated with generating, maintaining, and disclosing or providing certain information required by the rule.
                </P>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         We expect that performance of this function will most likely be performed by a computer operations department manager. Based on data from the SIFMA Management and Professional Earnings Report, modified in 2025 by Commission staff to account for, among other things, inflation, we expect that the cost for this position is $548 per hour. 45 hours × $548 = approximately $24,660 total aggregate external cost per transfer agent.
                    </P>
                </FTNT>
                <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>
                    <E T="03">Written comments are invited on:</E>
                     (a) whether this proposed collection of information is necessary for the proper performance of the functions of the SEC, including whether the information will have practical utility; (b) the accuracy of the SEC's estimate of the burden imposed by the proposed collection of information, including the validity of the methodology and the assumptions used; (c) ways to enhance the quality, utility, and clarity of the information to be collected; and (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated, electronic collection techniques or other forms of information technology.
                </P>
                <P>
                    Please direct your written comments on this 60-Day Collection Notice to Austin Gerig, Director/Chief Data Officer, Securities and Exchange Commission, c/o Tanya Ruttenberg via email to 
                    <E T="03">PaperworkReductionAct@sec.gov</E>
                     by January 30, 2026. There will be a second opportunity to comment on this SEC request following the 
                    <E T="04">Federal Register</E>
                     publishing a 30-Day Submission Notice.
                </P>
                <SIG>
                    <DATED>Dated: November 25, 2025.</DATED>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21611 Filed 11-28-25; 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. 34-104267; File No. SR-OPRA-2025-02]</DEPDOC>
                <SUBJECT>Options Price Reporting Authority; Notice of Filing and Immediate Effectiveness of Proposed Amendment To Modify the OPRA Fee Schedule Regarding Certain Direct Access Connectivity Fees</SUBJECT>
                <DATE>November 25, 2025.</DATE>
                <P>
                    Pursuant to Section 11A of the Securities Exchange Act of 1934 (“Act”) 
                    <SU>1</SU>
                    <FTREF/>
                     and Rule 608 thereunder,
                    <SU>2</SU>
                    <FTREF/>
                     notice is hereby given that on November 13, 2025, the Options Price Reporting Authority (“OPRA”) filed with the Securities and Exchange Commission (“Commission”) a proposed amendment to the Plan for Reporting of Consolidated Options Last Sale Reports and Quotation Information (“OPRA Plan”).
                    <SU>3</SU>
                    <FTREF/>
                     The proposed OPRA Plan amendment (“Amendment”) would amend the OPRA Fee Schedule. The Commission is publishing this notice to provide interested persons an opportunity to submit written comments on the Amendment.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         15 U.S.C. 78k-1.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         17 CFR 242.608.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         The OPRA Plan is a national market system plan approved by the Commission pursuant to Section 11A of the Act and Rule 608 thereunder. See Securities Exchange Act Release No. 17638 (Mar. 18, 1981), 22 S.E.C. Docket 484 (Mar. 31, 1981). The full text of the OPRA Plan and a list of its participants are available at 
                        <E T="03">https://www.opraplan.com/</E>
                        . The OPRA Plan provides for the collection and dissemination of last sale and quotation information on options that are traded on the participant exchanges.
                    </P>
                </FTNT>
                <P>
                    The Amendment has been filed by the Participants pursuant to Rule 608 under Regulation NMS.
                    <SU>4</SU>
                    <FTREF/>
                     The Commission is publishing this notice to solicit comments from interested persons on the proposed Amendment. Set forth in Section I, which was substantially prepared and filed with the Commission by the Participants, is the statement of the purpose and summary of the Amendment, along with information pursuant to Rule 608(a) under the Act.
                    <SU>5</SU>
                    <FTREF/>
                     A copy of the OPRA Fee Schedule, marked to show the proposed Amendment, was filed as Exhibit I.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         17 CFR 242.608.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         17 CFR 242.801(a).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">I. Rule 608(a)</HD>
                <HD SOURCE="HD2">(a) Statement of Purpose</HD>
                <P>The purpose of the proposed Amendment is to provide clarity to the public regarding the definition of direct access to OPRA Data, how direct access can be obtained, and to provide the public with additional transparency regarding the connectivity fees charged to subscribers who obtain direct access to OPRA Data. The Amendment also provides additional clarity regarding the Direct Access Fee that is charged by OPRA.</P>
                <HD SOURCE="HD3">A. Connectivity Fees To Obtain Direct Access to OPRA Data Payable to SIAC or Its Affiliates</HD>
                <P>The Securities Industry Automation Corporation (“SIAC”) is OPRA's “processor,” meaning that SIAC gathers the last sale and quote information from each of the OPRA members, consolidates that information, and disseminates the consolidated OPRA Data. Before 2020, SIAC disseminated data over what was known as the Secure Financial Transaction Infrastructure network (“SFTI”), which involved a process where OPRA Data was consolidated in a data center located in Mahwah, New Jersey (the “Mahwah Data Center”) and then delivered over SFTI, through which subscribers could access the OPRA Data at many of the access points on SFTI outside of the Mahwah Data Center.</P>
                <P>
                    In 2020, SIAC began disseminating OPRA Data over a new national market system network, the “NMS Network,” instead of over SFTI. The NMS Network is a dedicated, low-latency network for OPRA Data (and for the data of two other national market system data feeds, the Consolidated Trade Association and the Consolidated Quotation feeds). While SFTI had multiple locations and access points where data could be 
                    <PRTPAGE P="55227"/>
                    directly accessed outside of the Mahwah Data Center, the NMS Network exists only within Mahwah Data Center and OPRA is clarifying in its Fee Schedule that “direct access” to OPRA Data means receiving OPRA Data through a connection to a port on the NMS Network in the Mahwah Data Center. Such access is provided through either a 10 or 40 Gb access port. To obtain an NMS Network port, a subscriber must enter into a contract with an affiliate of SIAC, NYSE Technologies Connectivity, Inc., and the port is then provided by another affiliate of SIAC, the ICE Global Network, which also maintains the NMS Network.
                </P>
                <P>A subscriber does not have to be co-located in the Mahwah Data Center in order to obtain direct access to OPRA Data through the NMS Network. Instead, it could choose to use a telecommunication circuit to access its port on the NMS Network through the Meet Me Room (also referred to as an “MMR”) in the Mahwah Data Center.</P>
                <P>
                    The connectivity fees associated with obtaining direct access to OPRA Data through a port on the NMS Network (the “Connectivity Fees”) were filed by SIAC's affiliates, The New York Stock Exchange, Inc., NYSE Arca, Inc., NYSE American, LLC, and NYSE National, Inc. (collectively, “NYSE”) and approved by the Commission on May 7, 2020.
                    <SU>6</SU>
                    <FTREF/>
                     Pursuant to the NYSE's approved rules, direct access connections to the NMS Network are provided at no additional charge when subscribers purchase 10 Gb or 40 Gb connections on one of the two local area networks located in the Mahwah Data Center—either the Liquidity Center Network (“LCN”) or the IP Network. The Connectivity Fees described above are charged to purchasers on behalf of NYSE by NYSE Technologies Connectivity, Inc. OPRA does not directly charge any connectivity fees, collect any connectivity fees, or receive any portion of the Connectivity Fees collected by NYSE. Nonetheless, because a person or entity that wishes to obtain direct access to OPRA Data must pay Connectivity Fees to NYSE, OPRA believes that it is appropriate to include the current NYSE Connectivity Fees in OPRA's fee schedule as set forth below and in Exhibit I: 
                    <SU>7</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         Securities Exchange Act Release No. 88837 (May 7, 2020), 85 FR 28671 (May 13, 2020) (SR-NYSE-2019-46, SR-NYSENAT-2019-19, SR-NYSEArca-2019-61, SR-NYSEAMER-2019-34) (Order Granting Approval of a Proposed Rule Change, as Modified by Amendment No. 1, to Amend the Exchanges' Co-Location Services to Offer Co-Location Users Access to the NMS Network).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         NYSE's current Connectivity Fee Schedule is available at: 
                        <E T="03">https://www.nyse.com/publicdocs/Wireless_Connectivity_Fees_and_Charges.pdf.</E>
                    </P>
                </FTNT>
                <GPOTABLE COLS="3" OPTS="L2,nj,tp0" CDEF="s50,r50,r100">
                    <TTITLE> </TTITLE>
                    <BOXHD>
                        <CHED H="1">Type of service</CHED>
                        <CHED H="1">Description</CHED>
                        <CHED H="1">Connectivity fee</CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">IP Network and NMS Network Access</ENT>
                        <ENT>10 Gb IP Network Circuit and 10 Gb NMS Network Circuit</ENT>
                        <ENT>
                            $10,000 initial charge per connection to both the IP Network and NMS Network plus $11,000 monthly charge per connection to both the IP Network and NMS Network.
                            <LI>For purposes of these charges, the IP Network Circuit and NMS Network Circuit are together considered to be one connection, and so Users are not subject to two initial or two monthly charges.</LI>
                        </ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">IP Network and NMS Network Access</ENT>
                        <ENT>40 Gb IP Network Circuit and 40 Gb NMS Network Circuit</ENT>
                        <ENT>
                            $10,000 initial charge per connection to both the IP Network and NMS Network plus $18,000 monthly charge per connection to both the IP Network and NMS Network.
                            <LI>For purposes of these charges, the IP Network Circuit and NMS Network Circuit are together considered to be one connection, and so Users are not subject to two initial or two monthly charges.</LI>
                        </ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">LCN and NMS Network Access</ENT>
                        <ENT>10 Gb LX LCN Circuit and 10 Gb NMS Network Circuit</ENT>
                        <ENT>
                            $15,000 initial charge per connection to both the LCN and NMS Network plus $22,000 monthly charge per connection to both the LCN and NMS Network.
                            <LI>For purposes of these charges, the LCN Circuit and NMS Network Circuit are together considered to be one connection, and so Users are not subject to two initial or two monthly charges.</LI>
                        </ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">LCN and NMS Network Access</ENT>
                        <ENT>40 Gb LCN Circuit and 40 Gb NMS Network Circuit</ENT>
                        <ENT>
                            $15,000 initial charge per connection to both the LCN and NMS Network plus $22,000 monthly charge per connection to both the LCN and NMS Network.
                            <LI>For purposes of these charges, the LCN Circuit and NMS Network Circuit are together considered to be one connection, and so Users are not subject to two initial or two monthly charges.</LI>
                        </ENT>
                    </ROW>
                </GPOTABLE>
                <P>OPRA and SIAC have negotiated certain port fee caps applicable to the direct access Connectivity Fees payable to SIAC or third parties working with SIAC, such as NYSE. Under the terms of the Processor Services Agreement (the “Processor Agreement”) between SIAC and OPRA, effective as of January 1, 2021 (which, as amended, runs for a term ending on January 1, 2031), the parties agreed as follows:</P>
                <EXTRACT>
                    <HD SOURCE="HD3">Port Fees</HD>
                    <P>During the Term of the Agreement, SIAC will provide, directly or through a third party, access to OPRA Data to any person authorized by OPRA to receive direct access to OPRA Data for total fees not to exceed $16,000 per month per 10G port and $20,500 per month per 40G port, in each case, inclusive of cross-connect (whether or not such fees also cover direct access to data in addition to the OPRA Data). If and when during the Term, direct access to OPRA Data becomes available via higher capacity ports, SIAC will provide, directly or through a third party, access to OPRA Data to any person authorized by OPRA to receive direct access to OPRA Data for total fees not to exceed an amount approved by OPRA (such approval not to be unreasonably withheld) and not inconsistent with the 10G and 40G port rates.</P>
                </EXTRACT>
                <P>The Connectivity Fees charged by SIAC's affiliate, NYSE, satisfy the port fee caps for recurring monthly charges in the 2021 Processor Agreement because a subscriber can obtain direct access to the NMS Network through a 10 Gb port for less than $16,000 per month (by selecting the IP Network and NMS Network bundle with a cost of $11,000 per month per bundle) and through a 40 Gb port for less than $20,500 per month (by selecting the IP Network and NMS Network bundle with a cost of $18,000 per month per bundle). The port fee caps in the 2021 Processor Agreement do not apply to the one time “initial charge[s]” included in the current NYSE Connectivity Fees.</P>
                <P>
                    Although direct access to OPRA Data is provided only at the Mahwah Data Center, subscribers also can access OPRA Data through other networks and 
                    <PRTPAGE P="55228"/>
                    from other locations using services and connectivity provided by vendors who have executed a Vendor Agreement with OPRA. OPRA does not have any control over the myriad locations where a data recipient might choose to receive OPRA Data and OPRA has no role in setting the connectivity fees that might be charged by the vendors that control access at those locations.
                </P>
                <HD SOURCE="HD3">B. Direct Access Fee Payable to OPRA</HD>
                <P>OPRA also proposes to clarify certain language in the OPRA Fee Schedule regarding the “Direct Access Fee” of $1,000 per month that OPRA charges to every vendor and professional subscriber that has been authorized to directly access OPRA Data. OPRA initially proposes a modification to use the phrase “direct access to OPRA Data” rather than “receiv[ing] OPRA Data directly” to more accurately reflect the description as a Direct Access Fee in light of how OPRA Data is now distributed.</P>
                <P>OPRA proposes to delete the sentence “[a]dditional circuit connections are available at a monthly charge of $100 per connection.” OPRA proposes to delete that sentence because OPRA has never charged an additional $100 fee and the deletion reduces any potential for confusion that “circuit connections” are directly available from OPRA as described above. In addition, the OPRA Fee Schedule currently notes that “[t]his charge includes one primary circuit and one back-up circuit connection at the processor.” OPRA proposes to delete that sentence because it could be read as implying that OPRA, rather than an affiliate of SIAC, provides circuits on the NMS Network. The reference to a “back-up circuit connection” in the current Fee Schedule also is incorrect because a back-up circuit connection is not provided by SIAC and its affiliates when a subscriber purchases either an IP Network and NMS Network bundle or an LCN Network and NMS Network bundle.</P>
                <P>OPRA currently charges, and will continue to charge, each vendor or professional subscriber that obtains direct access to OPRA Data through the NMS Network a single $1,000 monthly Direct Access Fee, regardless of the number of direct access NMS Network ports (whether backup or additional) obtained by that vendor or professional subscriber from SIAC or its affiliates. Therefore, the additions and deletions to the existing language in the “Direct Access Fee” section of OPRA's fee schedule should not increase the amount of the Direct Access Fee that vendors or professional subscribers are paying to OPRA.</P>
                <HD SOURCE="HD3">C. Other Technical Amendments</HD>
                <P>
                    In the “Professional Subscriber Device-Based Fees” section of OPRA's fee schedule, OPRA proposes to change the reference from 
                    <E T="03">www.opradata.com”</E>
                     to “
                    <E T="03">www.opraplan.com.”</E>
                     OPRA's current website address is opraplan.com and the opradata.com domain is no longer active. In the “Monthly Non-Display Use Fees” and the “Television Display Fee” sections of OPRA's fee schedule, OPRA proposes to change the footnote references to reflect the renumbering of footnotes required by the addition of footnote 9, which includes the new definition of direct access to OPRA Data.
                </P>
                <HD SOURCE="HD2">(b) Manner of Implementation of Amendment</HD>
                <P>OPRA proposes to add the proposed Amendment to the OPRA Fee Schedule following Commission approval of the Amendment pursuant to paragraph (b)(1) and (b)(2) of Rule 608 of Regulation NMS under the Act. OPRA states that the 10 Gb and 40 Gb port Direct Access Connectivity Fees have been in effect since May 2020.</P>
                <HD SOURCE="HD2">(c) Phases of Development and Implementation</HD>
                <P>Not applicable.</P>
                <HD SOURCE="HD2">(d) Impact on Competition</HD>
                <P>OPRA believes that the proposed Amendment will impose no burdens on competition that are not justified in light of the purposes of the Act. OPRA states that the proposed Amendment simply clarifies the connectivity fees that purchasers of direct access to OPRA Data pay for such connectivity. OPRA states that the proposed Amendment does not propose any new fees or propose changes to any existing fees. OPRA states that the proposed Amendment also removes obsolete text and replicates on the OPRA Fee Schedule the existing connectivity fees for direct access to OPRA Data that are assessed by SIAC and/or its affiliates.</P>
                <HD SOURCE="HD2">(e) Written Understandings or Agreements Among Plan Members</HD>
                <P>Not applicable.</P>
                <HD SOURCE="HD2">(f) Approval of Proposed Amendment</HD>
                <P>OPRA represents that the proposed Amendment to the OPRA Fee Schedule was approved in accordance with the provisions of the OPRA Plan.</P>
                <HD SOURCE="HD1">II. Solicitation of Comments</HD>
                <P>Interested persons are invited to submit written data, views and arguments concerning the foregoing, including whether the Amendment 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-OPRA-2025-02 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-OPRA-2025-02. 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 filing will be available for inspection and copying at the principal office of the Participants. 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-OPRA-2025-02 and should be submitted on or before December 22, 2025.
                </FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>8</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>8</SU>
                             17 CFR 200.30-3(a)(85).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21642 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Investment Company Act Release No. 35812; File No. 812-15792]</DEPDOC>
                <SUBJECT>Antares Private Credit Fund, et al.</SUBJECT>
                <DATE>November 25, 2025.</DATE>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Securities and Exchange Commission (“Commission” or “SEC”).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <P>
                    Notice of application for an order under sections 17(d) and 57(i) of the Investment Company Act of 1940 (the “Act”) and rule 17d-1 under the Act to permit certain joint transactions otherwise prohibited by sections 17(d) 
                    <PRTPAGE P="55229"/>
                    and 57(a)(4) of the Act and rule 17d-1 under the Act.
                </P>
                <PREAMHD>
                    <HD SOURCE="HED">Summary of Application:</HD>
                    <P> Applicants request an order to permit certain business development companies (“BDCs”) and closed-end management investment companies to co-invest in portfolio companies with each other and with certain affiliated investment entities.</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">Applicants:</HD>
                    <P> Antares Private Credit Fund, Antares Strategic Credit Fund, Antares Strategic Credit Fund II LLC, Antares Capital Credit Advisers LLC, Antares Capital Advisers LLC, Antares Liquid Credit Strategies LLC, Antares Liquidity Solutions LLC, APCF Funding SPV LLC, APCF Masterfund LLC, APCF Equity Holdings LLC, Antares Strategic Credit SPV LLC, A-Star Equity Holdings LLC, ASTII Funding SPV LP, ASTII Master Fund LP, and certain of their affiliated entities as described in Schedule A to the application.</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">Filing Dates:</HD>
                    <P> The application was filed on May 9, 2025, and amended on August 12, 2025, and September 16, 2025.</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">Hearing or Notification of Hearing:</HD>
                    <P>
                         An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing on any application by emailing the SEC's Secretary at 
                        <E T="03">Secretarys-Office@sec.gov</E>
                         and serving the Applicants with a copy of the request by email, if an email address is listed for the relevant Applicant below, or personally or by mail, if a physical address is listed for the relevant Applicant below. Hearing requests should be received by the Commission by 5:30 p.m. on December 22, 2025, and should be accompanied by proof of service on the Applicants, in the form of an affidavit or, for lawyers, a certificate of service. Pursuant to rule 0-5 under the Act, hearing requests should state the nature of the writer's interest, any facts bearing upon the desirability of a hearing on the matter, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by emailing the Commission's Secretary at 
                        <E T="03">Secretarys-Office@sec.gov.</E>
                    </P>
                </PREAMHD>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        The Commission: 
                        <E T="03">Secretarys-Office@sec.gov.</E>
                         Applicants: Malvika Gupta, Associate General Counsel and Deputy Chief Compliance Officer, Antares Capital LP, at 
                        <E T="03">Malvika.Gupta@antares.com;</E>
                         and William Bielefeld and Nadeea Zakaria, Dechert LLP, at 
                        <E T="03">william.bielefeld@dechert.com</E>
                         and 
                        <E T="03">nadeea.zakaria@dechert.com,</E>
                         respectively.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P> Adam Large, Senior Special Counsel, or Kieran G. Brown, Senior Counsel, at (202) 551-6825 (Division of Investment Management, Chief Counsel's Office).</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P> For Applicants' representations, legal analysis, and conditions, please refer to Applicants' second amended application, filed September 16, 2025, which may be obtained via the Commission's website by searching for the file number at the top of this document, or for an Applicant using the Company name search field, on the SEC's EDGAR system.</P>
                <P>
                    The SEC's EDGAR system may be searched at 
                    <E T="03">https://www.sec.gov/edgar/searchedgar/companysearch.html.</E>
                     You may also call the SEC's Office of Investor Education and Advocacy at (202) 551-8090.
                </P>
                <SIG>
                    <P>For the Commission, by the Division of Investment Management, under delegated authority.</P>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21630 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Investment Company Act Release No. 35811; 812-15844]</DEPDOC>
                <SUBJECT>The RBB Fund Trust and Clearbrook Investment Consulting, LLC</SUBJECT>
                <DATE>November 25, 2025.</DATE>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Securities and Exchange Commission (“Commission” or “SEC”).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <P>Notice of an application under section 6(c) of the Investment Company Act of 1940 (“Act”) for an exemption from section 15(a) of the Act, as well as from certain disclosure requirements in rule 20a-1 under the Act, Item 19(a)(3) of Form N-1A, Items 22(c)(1)(ii), 22(c)(1)(iii), 22(c)(8) and 22(c)(9) of Schedule 14A under the Securities Exchange Act of 1934, and sections 6-07(2)(a), (b), and (c) of Regulation S-X (“Disclosure Requirements”).</P>
                <PREAMHD>
                    <HD SOURCE="HED">Summary of Application:</HD>
                    <P> The requested exemption would permit Applicants to enter into and materially amend subadvisory agreements with subadvisers without shareholder approval and would grant relief from the Disclosure Requirements as they relate to fees paid to the subadvisers.</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">Applicants:</HD>
                    <P> The RBB Fund Trust and Clearbrook Investment Consulting, LLC.</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">Filing Dates:</HD>
                    <P> The application was filed on July 1, 2025, with amended applications filed on September 5, 2025, and October 23, 2025.</P>
                </PREAMHD>
                <PREAMHD>
                    <HD SOURCE="HED">Hearing or Notification of Hearing:</HD>
                    <P>
                         An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing on any application by emailing the SEC's Secretary at 
                        <E T="03">Secretarys-Office@sec.gov</E>
                         and serving the Applicants with a copy of the request by email, if an email address is listed for the relevant Applicant below, or personally or by mail, if a physical address is listed for the relevant Applicant below. Hearing requests should be received by the Commission by 5:30 p.m. on December 22, 2025, and should be accompanied by proof of service on the Applicants, in the form of an affidavit, or, for lawyers, a certificate of service. Pursuant to rule 0-5 under the Act, hearing requests should state the nature of the writer's interest, any facts bearing upon the desirability of a hearing on the matter, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by emailing the Commission's Secretary.
                    </P>
                </PREAMHD>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        The Commission: 
                        <E T="03">Secretarys-Office@sec.gov.</E>
                         Applicants: Jillian L. Bosmann, Esq., Faegre Drinker Biddle &amp; Reath LLP, 
                        <E T="03">jillian.bosmann@faegredrinker.com,</E>
                         with a copy to Allison Daly, Clearbrook Investment Consulting, LLC, 
                        <E T="03">Adaly@clrbrk.com.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>Trace W. Rakestraw, Senior Special Counsel, at (202) 551-6825 (Division of Investment Management, Chief Counsel's Office).</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    For Applicants' representations, legal analysis, and conditions, please refer to Applicants' application, dated October 23, 2025, which may be obtained via the Commission's website by searching for the file number at the top of this document, or for an Applicant using the Company name search field on the SEC's EDGAR system. The SEC's EDGAR system may be searched at 
                    <E T="03">https://www.sec.gov/edgar/searchedgar/companysearch.</E>
                     You may also call the SEC's Office of Investor Education and Advocacy at (202) 551-8090.
                </P>
                <SIG>
                    <P>For the Commission, by the Division of Investment Management, under delegated authority.</P>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary. </TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21629 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="55230"/>
                <AGENCY TYPE="S">SECURITIES AND EXCHANGE COMMISSION</AGENCY>
                <DEPDOC>[Release No. 34-104262; File No. SR-ISE-2025-34]</DEPDOC>
                <SUBJECT>Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Modify the Price of a 10Gb Ultra Fiber Connection to the Exchange</SUBJECT>
                <DATE>November 25, 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 November 13, 2025, Nasdaq ISE, LLC (“ISE” or “Exchange”) filed with the Securities and Exchange Commission (“SEC” or “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 modify the price of a 10Gb Ultra fiber connection to the Exchange, as described further below. While these amendments are effective upon filing, the Exchange has designated the proposed amendments to be operative on January 2, 2026.</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/ise/rulefilings,</E>
                     and at the principal office of the Exchange.
                </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. By way of background, a market participant may opt to connect to the Exchange at its data center through various means, including, 
                    <E T="03">inter alia:</E>
                     (1) direct connections and indirect connections through vendors; (2) direct connections via copper and fiber; (3) as to fiber connections, connections with different throughputs (1 gigabit (“Gb”), 1Gb Ultra, 10Gb, 10Gb Ultra, and 40Gb). The Exchange currently assesses a $1,650 installation fee and a $16,500 ongoing monthly fee for a 10Gb Ultra fiber connection. The Exchange proposes to increase this monthly fee to $18,500 per month, while maintaining the existing installation fee.
                </P>
                <P>
                    The Exchange notes the proposed fee change will better enable it to continue to maintain and improve its market technology and services. The Exchange also notes that the proposed fee amount, even as amended, will be lower than the monthly fee assessed by the New York Stock Exchange (“NYSE”) for a similar connection. NYSE offers a 10Gb LX LCN Circuit and 10Gb NMS Network Circuit connection for which it charges a $15,000 installation fee and a monthly fee of $22,000 per month.
                    <SU>3</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         
                        <E T="03">See</E>
                         NYSE et al. Connectivity Fee Schedule, last updated October 21, 2025, at 12, available at 
                        <E T="03">https://www.nyse.com/publicdocs/nyse/Wireless_Connectivity_Fees_and_Charges.pdf.</E>
                    </P>
                </FTNT>
                <P>The Exchange also notes that a market participant can use a single 10 Gb Ultra fiber connection to access all the following affiliated exchanges: the Nasdaq Stock Market, the Nasdaq Options Market, Nasdaq BX, Nasdaq, BX Options, Nasdaq PSX, PHLX Options, Nasdaq ISE, Nasdaq GEMX, Nasdaq MRX, and the Nasdaq Bond Exchange (“Affiliate Exchanges”). Notably, only one monthly fee currently (and will continue) to apply per 10 Gb Ultra fiber connections regardless of how many Affiliate Exchanges are accessed through that one fiber connection.</P>
                <P>The Exchange will implement the proposed rule change beginning on January 2, 2026.</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>4</SU>
                    <FTREF/>
                     in general, and furthers the objectives of Sections 6(b)(4) and 6(b)(5) of the Act,
                    <SU>5</SU>
                    <FTREF/>
                     in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, issuers, brokers, or dealers.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         15 U.S.C. 78f(b).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         15 U.S.C. 78f(b)(4) and (5).
                    </P>
                </FTNT>
                <P>
                    The Commission and the courts have repeatedly expressed their preference for competition over regulatory intervention in determining prices, products, and services in the securities markets. In Regulation NMS, while adopting a series of steps to improve the current market model, 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>6</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         Securities Exchange Act Release No. 51808 (June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) (“Regulation NMS Adopting Release”).
                    </P>
                </FTNT>
                <P>
                    Likewise, in 
                    <E T="03">NetCoalition</E>
                     v. 
                    <E T="03">Securities and Exchange Commission</E>
                     
                    <SU>7</SU>
                    <FTREF/>
                     (“NetCoalition”) the D.C. Circuit upheld the Commission's use of a market-based approach in evaluating the fairness of market data fees against a challenge claiming that Congress mandated a cost-based approach.
                    <SU>8</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         
                        <E T="03">NetCoalition</E>
                         v. 
                        <E T="03">SEC,</E>
                         615 F.3d 525 (D.C. Cir. 2010).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         
                        <E T="03">See</E>
                         NetCoalition, at 534—535.
                    </P>
                </FTNT>
                <P>
                    As the court emphasized, the Commission “intended in Regulation NMS that `market forces, rather than regulatory requirements' play a role in determining the market data . . . to be made available to investors and at what cost.” 
                    <SU>9</SU>
                    <FTREF/>
                </P>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         
                        <E T="03">Id.</E>
                         at 537.
                    </P>
                </FTNT>
                <P>
                    Further, “[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>10</SU>
                    <FTREF/>
                     Although the court and the SEC were discussing the cash equities markets, the Exchange believes that these views apply with equal force to the options markets.
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">Id.</E>
                         at 539 (quoting Securities Exchange Act Release No. 59039 (December 2, 2008), 73 FR 74770, 74782-83 (December 9, 2008) (SR-NYSEArca-2006-21)).
                    </P>
                </FTNT>
                <PRTPAGE P="55231"/>
                <P>The Exchange believes the proposed fee change is reasonable as it will better align the price of this connectivity option to the value it offers to the market participants that utilize it. It will also better enable the Exchange to maintain and improve its connectivity services and facilities. Finally, the proposed fee change is reasonable as the resulting 10Gb Ultra monthly fee will be lower than the amount assessed by NYSE for an analogous market access connection.</P>
                <P>Additionally, the Exchange believes that the proposal will be an equitable allocation of fees and will not discriminate unfairly against market participants. The proposed fee change is an equitable allocation of fees because it reflects the substantial value that the 10Gb Ultra fiber connection option provides to its users. This connectivity option is particularly attractive to customers that desire ultra-low latency connectivity to Nasdaq's Affiliated Exchanges because it provides sufficient capacity to support most of their activities on the Affiliated Exchanges and does so at a reasonable comparative price point. The proposal is not unfairly discriminatory because 10Gb Ultra connectivity will be available to all customers at the same price. Moreover, it is an optional product. As noted above, customers that do not wish to purchase this product, either at the proposed price or otherwise, have ample alternative options to connect to the Exchange, including many options that are less expensive. While the proposed price increase will impact customers which are latency sensitive and require larger capacity connections than others, this is fair because users of 10Gb Ultra fiber connections consume more resources from the network than do other participants.</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.</P>
                <P>
                    The proposed fee change will not impact intramarket competition because it will apply to all similarly situated participants equally (
                    <E T="03">i.e.,</E>
                     all market participants that choose to purchase the 10 Gb Ultra fiber connection). 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 or which are less latency sensitive can continue to buy the less expensive copper or lower throughput or non-ultra fiber options, or they may choose to connect via a third-party vendor.
                </P>
                <P>The proposed fee change also does not impose a burden on intermarket competition that is not necessary or appropriate. As described above, in establishing its proposed fee change the Exchange compared its proposed fee increase to that of competitor exchanges' analogous offerings. As noted above, the proposed monthly fee will be $3,500 per month less than that of NYSE for a comparable product as well as a substantially less costly for installation. NYSE is free to adjust its connectivity offerings to render them more attractive as compared to those of 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>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>
                    The foregoing rule change has become effective pursuant to Section 19(b)(3)(A)(ii) of the Act.
                    <SU>11</SU>
                    <FTREF/>
                     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: (i) necessary or appropriate in the public interest; (ii) for the protection of investors; or (iii) 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>11</SU>
                         15 U.S.C. 78s(b)(3)(A)(ii).
                    </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-ISE-2025-34 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-ISE-2025-34. 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 filing 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.
                </FP>
                <FP>All submissions should refer to file number SR-ISE-2025-34 and should be submitted on or before December 22, 2025.</FP>
                <SIG>
                    <P>
                        For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.
                        <SU>12</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>12</SU>
                             17 CFR 200.30-3(a)(12).
                        </P>
                    </FTNT>
                    <NAME>Sherry R. Haywood,</NAME>
                    <TITLE>Assistant Secretary.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21637 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8011-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF STATE</AGENCY>
                <DEPDOC>[Public Notice: 12876]</DEPDOC>
                <SUBJECT>Revocation of the Designation of Muhammad al-Jawlani as a Specially Designated Global Terrorist</SUBJECT>
                <P>I hereby revoke the designation of the following person as a Specially Designated Global Terrorist, under Executive Order 13224: Muhammad Al-Jawlani, also known as Ahmed al-Sharaa, and his respective aliases.</P>
                <P>
                    This determination shall be published in the 
                    <E T="04">Federal Register</E>
                    .
                </P>
                <SIG>
                    <DATED>Dated: November 7, 2025.</DATED>
                    <NAME>Marco Rubio,</NAME>
                    <TITLE>Secretary of State.</TITLE>
                </SIG>
            </PREAMB>
            <FRDOC>[FR Doc. 2025-21680 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4710-AD-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="55232"/>
                <AGENCY TYPE="S">DEPARTMENT OF STATE</AGENCY>
                <DEPDOC>[Public Notice: 12872]</DEPDOC>
                <SUBJECT>Notice of Determinations; Culturally Significant Objects Being Imported for Exhibition—Determinations: “Edmonia Lewis: Said in Stone” 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 agreements with their foreign owners or custodians for temporary display in the exhibition “Edmonia Lewis: Said in Stone” at the Peabody Essex Museum, Salem, Massachusetts; the Georgia Museum of Art, Athens, Georgia; the North Carolina Museum of Art, Raleigh, North Carolina; 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. 523 of December 22, 2021.
                </P>
                <SIG>
                    <NAME>Stefanie E. Williams,</NAME>
                    <TITLE>Deputy Assistant Secretary for Professional and Cultural Exchanges, Bureau of Educational and Cultural Affairs, Department of State.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21624 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4710-05-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF STATE</AGENCY>
                <DEPDOC>[Public Notice: 12873]</DEPDOC>
                <SUBJECT>Notice of Determinations; Culturally Significant Objects Being Imported for Exhibition—Determinations: “Marcel Duchamp” 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 agreements with their foreign owners or custodians for temporary display in the exhibition “Marcel Duchamp” at The Museum of Modern Art, New York, New York; the Philadelphia Museum of Art, Philadelphia, Pennsylvania; 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. 523 of December 22, 2021.
                </P>
                <SIG>
                    <NAME>Stefanie E. Williams,</NAME>
                    <TITLE>Deputy Assistant Secretary for Professional and Cultural Exchanges, Bureau of Educational and Cultural Affairs, Department of State.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21623 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4710-05-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">OFFICE OF THE UNITED STATES TRADE REPRESENTATIVE</AGENCY>
                <SUBJECT>Notice of Product Exclusion Extensions: China's Acts, Policies, and Practices Related to Technology Transfer, Intellectual Property, and Innovation</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of the United States Trade Representative (USTR).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>In prior notices, the U.S. Trade Representative modified the actions in the Section 301 investigation of China's acts, policies, and practices related to technology transfer, intellectual property, and innovation by excluding from additional duties certain products of China. This notice announces the U.S. Trade Representative's determination to extend the 178 current exclusions.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>The modifications announced in the annexes to this notice extend the exclusions through 11:59 p.m. eastern daylight time on November 9, 2026.</P>
                </DATES>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        For general questions about this notice, contact Senior Associate General Counsel Philip Butler at (202) 395-5725. For specific questions on customs classification or implementation of the product exclusions, contact 
                        <E T="03">traderemedy@cbp.dhs.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">A. Background</HD>
                <P>
                    On December 29, 2023, USTR invited the public to submit comments on whether to extend 352 previously reinstated exclusions and 77 COVID-related exclusions. See 88 FR 90225 (December 29, 2023) (the December 29, 2023 notice). On May 30, 2024, USTR announced the extension of 164 of these exclusions through May 31, 2025. See 89 FR 46948 (May 30, 2024) (the May 30, 2024 notice). In connection with the four-year review, on September 18, 2024, USTR announced fourteen exclusions covering certain solar manufacturing equipment. See 89 FR 76581 (September 18, 2024) (the September 18, 2024 notice). The fourteen exclusions were effective from January 1, 2024 through May 31, 2025. On May 31, 2025, USTR announced the further extension of the 164 exclusions extended in May 2024 and the fourteen exclusions granted in September 2024, through August 31, 2025. See 90 FR 23987 (June 5, 2025). These 178 exclusions were further extended for 90 days, through November 29, 2025. 
                    <E T="03">See</E>
                     90 FR 42500 (September 2, 2025).
                </P>
                <P>
                    On September 16, 2025, USTR invited the public to submit comments on 
                    <PRTPAGE P="55233"/>
                    whether any of the 178 current exclusions warrant further extension beyond November 29, 2025. 
                    <E T="03">See</E>
                     90 FR 44749 (the September 16, 2025 notice). The September 16, 2025 notice provides that the focus of the evaluation would be on the availability of products covered by the exclusion from sources outside of China, efforts undertaken to source products covered by the exclusion from the United States or third countries, why additional time is needed, and whether further extending the exclusion will likely contribute to a shift in sourcing the product outside of China. Additionally, USTR would consider whether further extending the exclusion is consistent with the Administration's priorities and how further extending the exclusion will impact U.S. interests, including the overall impact of the exclusion on the goal of obtaining the elimination of China's acts, policies, and practices covered in the Section 301 investigation.
                </P>
                <P>
                    On November 1, 2025, the White House announced a historic trade and economic deal reached between President Trump and President Xi Jinping of China.
                    <SU>1</SU>
                    <FTREF/>
                     Pursuant to this deal, the United States would further extend the 178 exclusions scheduled to expire on November 29, 2025, until November 10, 2026. Among other actions, China would continue its exclusion process and further extend existing exclusions through December 31, 2026, which would facilitate China's purchases of U.S. goods.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         Fact Sheet, The White House, President Donald J. Trump Strikes Deal on Economic and Trade Relations with China (Nov. 1, 2025), 
                        <E T="03">https://www.whitehouse.gov/fact-sheets/2025/11/fact-sheet-president-donald-j-trump-strikes-deal-on-economic-and-trade-relations-with-china/.</E>
                    </P>
                </FTNT>
                <HD SOURCE="HD1">B. Determination To Extend Exclusions</HD>
                <P>The Section 301 statute, which is set out in Sections 301 to 308 of the Trade Act of 1974 (19 U.S.C. 2411-2418), includes authority for the U.S. Trade Representative to modify the action being taken in an investigation. In particular, Section 307(a)(1) authorizes the U.S. Trade Representative to modify or terminate any action taken under Section 301, subject to the specific direction, if any, of the President, if the burden or restriction on U.S. commerce of the acts, policies, and practices that are the subject of the action has increased or decreased, or the action is being taken under Section 301(b) and is no longer appropriate.</P>
                <P>In light of the trade and economic deal reached between President Trump and President Xi Jinping of China, the direction of the President, and the factors set out in the September 16, 2025 notice, the U.S. Trade Representative has determined to extend the 178 current exclusions until November 10, 2026.</P>
                <P>
                    The U.S. Trade Representative's decision to further extend the 178 current exclusions takes into consideration the public comments received in response to the September 16, 2025 notice. In response to the notice, 147 of the current exclusions received comments supporting extension and claiming, 
                    <E T="03">inter alia,</E>
                     that products covered by the exclusion continue to be available only in limited quantities outside of China and additional time is needed to shift sourcing outside of China. Only ten of these exclusions also received comments opposing extension. Generally, commenters opposing extension claimed that products covered by an exclusion are available outside of China, and some comments asserted an adverse impact to a competing domestic industry. The U.S. Trade Representative's decision to extend these exclusions also takes into consideration public comments previously provided, the advice of the advisory committees, the advice of the interagency Section 301 Committee, and the direction of the President.
                </P>
                <P>As indicated in the May 30, 2024 notice and the September 18, 2024 notice, the exclusion extensions in the annexes to this notice are available for any product that meets the description in the product exclusion. Further, the scope of each exclusion is governed by the scope of the ten-digit Harmonized Tariff Schedule of the United States (HTSUS) statistical reporting numbers and product descriptions set forth in U.S. notes 20(vvv)(i), 20(vvv)(ii), 20(vvv)(iii), and 20(vvv)(iv) and 20(www) to subchapter III of chapter 99 of the HTSUS.</P>
                <P>U.S. Customs and Border Protection will issue instructions on entry guidance and implementation.</P>
                <P>The U.S. Trade Representative may continue to consider further extensions and/or additional modifications as appropriate.</P>
                <HD SOURCE="HD1">Annex A</HD>
                <P>The U.S. Trade Representative has determined to extend all exclusions under heading 9903.88.69 and U.S. notes 20(vvv)(i), 20(vvv)(ii), 20(vvv)(iii), and 20(vvv)(iv) to subchapter III of chapter 99 of the HTSUS. See 89 FR 46948 (May 30, 2024), 90 FR 23987 (June 5, 2025), and 90 FR 42500 (September 2, 2025). The extension is effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern standard time on November 30, 2025, and before 11:59 p.m. eastern daylight time on November 9, 2026. Effective on November 30, 2025, the article description of heading 9903.88.69 of the HTSUS is modified by deleting “November 29, 2025,” and by inserting “November 9, 2026,” in lieu thereof.</P>
                <HD SOURCE="HD1">Annex B</HD>
                <P>The U.S. Trade Representative has determined to extend all exclusions under heading 9903.88.70 and U.S. note 20(www) to subchapter III of chapter 99 of the HTSUS. See 89 FR 76581 (September 18, 2024), 90 FR 23987 (June 5, 2025), and 90 FR 42500 (September 2, 2025). The extension is effective with respect to goods entered for consumption, or withdrawn from warehouse for consumption, on or after 12:01 a.m. eastern standard time on November 30, 2025, and before 11:59 p.m. eastern daylight time on November 9, 2026. Effective on November 30, 2025, the article description of heading 9903.88.70 of the HTSUS is modified by deleting “November 29, 2025,” and by inserting “November 9, 2026,” in lieu thereof.</P>
                <SIG>
                    <NAME>Jennifer Thornton,</NAME>
                    <TITLE>General Counsel, Office of the United States Trade Representative.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21671 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 3390-F4-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF TRANSPORTATION</AGENCY>
                <SUBAGY>Federal Highway Administration</SUBAGY>
                <DEPDOC>[Docket No. FHWA-2024-0400]</DEPDOC>
                <SUBJECT>Agency Information Collection Activities: Agency Information Collection Activity Under OMB Review</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Federal Highway Administration (FHWA), DOT.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice and request for comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        The FHWA has forwarded the information collection request described in this notice to the Office of Management and Budget (OMB) to approve a new information collection. We are required to publish this notice in the 
                        <E T="04">Federal Register</E>
                         by the Paperwork Reduction Act of 1995.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Please submit comments by December 31, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>You may submit comments identified by DOT Docket ID Number 0400 by any of the following methods:</P>
                    <P>
                        <E T="03">Website:</E>
                         For access to the docket to read background documents or 
                        <PRTPAGE P="55234"/>
                        comments received go to the Federal eRulemaking Portal: Go to 
                        <E T="03">http://www.regulations.gov.</E>
                    </P>
                    <P>Follow the online instructions for submitting comments.</P>
                    <P>
                        <E T="03">Fax:</E>
                         1-202-493-2251.
                    </P>
                    <P>
                        <E T="03">Mail:</E>
                         Docket Management Facility, U.S. Department of Transportation, West Building Ground Floor, Room W12-140, 1200 New Jersey Avenue SE, Washington, DC 20590-0001.
                    </P>
                    <P>
                        <E T="03">Hand Delivery or Courier:</E>
                         U.S. Department of Transportation, West Building Ground Floor, Room W12-140, 1200 New Jersey Avenue SE, Washington, DC 20590, between 9 a.m. and 5 p.m. ET, Monday through Friday, except Federal holidays.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Eva Birk, 
                        <E T="03">eva.birk@dot.gov,</E>
                         Office of Natural Environment, Federal Highway Administration, Department of Transportation, 1200 New Jersey Ave. SE, Washington, DC 20590. Office hours are from 7 a.m. to 4 p.m., Monday through Friday, except Federal holidays.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION: </HD>
                <P>
                    FHWA published a 
                    <E T="04">Federal Register</E>
                     Notice with a 60-day public comment period on this information collection on December 3, 2024, at 89 FR 95895. The notice received one comment. This comment called for a clear grant application process in order “to improve trust between local and federal governments.” FHWA has considered this comment and will assess options to streamline the application process during the next round of funding. The burden summary provided below covers the entire 3-year PRA period and has been updated since the publication of the 60-Day 
                    <E T="04">Federal Register</E>
                     Notice to reflect a more accurate estimate of total number of applications and evaluation activities.
                </P>
                <P>
                    <E T="03">Title:</E>
                     Promoting Resilient Operations for Transformative, Efficient, and Cost-Saving Transportation (PROTECT) Competitive Grant Program and Voluntary Resilience Improvement Plans.
                </P>
                <P>
                    <E T="03">Background:</E>
                     The Infrastructure Investment and Jobs Act (IIJA) established the Promoting Resilient Operations for Transformative, Efficient, and Cost-Saving Transportation (PROTECT) Competitive Grant Program to plan for and strengthen surface transportation to be more resilient to current and future weather events, natural disasters, and changing conditions, such as severe storms, flooding, drought, levee and dam failures, wildfire, rockslides, mudslides, sea level rise, extreme weather, including extreme temperature, and earthquakes. The program includes four grant categories: Planning, Resilience Improvement, Community Resilience and Evacuation Routes, and At-Risk Coastal Infrastructure.
                </P>
                <HD SOURCE="HD1">Summary of Information Collection Activities</HD>
                <P>
                    For this competitive grant program, the FHWA issues Notices of Funding Opportunity (NOFO) that describe the requirements of the PROTECT Competitive Grant Program, including the criteria that will be used to evaluate applications. The NOFOs provide a description of the application requirements. Eligible applicants request PROTECT funds in the form of an electronic grant application. Additional information submissions are required for applicants who are selected for a grant (
                    <E T="03">i.e.,</E>
                     the grantees) during the grant agreement, grant implementation and evaluation phases.
                </P>
                <P>Additionally, State DOTs and MPOs may develop Resilience Improvement Plans under the PROTECT Program. A Resilience Improvement Plan is a voluntary, risk-based assessment of vulnerable transportation assets in immediate and long-term transportation planning that demonstrates a systemic approach to surface transportation system resilience (23 U.S.C. 176(e)). A Resilience Improvement Plan can reduce Non-Federal match by up to 10% for both PROTECT Formula and Discretionary Grant projects (23 U.S.C. 176(e)(1)(B)). FHWA's Office of Natural Environment will continue to support ad-hoc resilience and planning technical assistance for State DOTs and MPOs on a variety of topics during the PRA covered time frame. These activities may include voluntary virtual or in-person peer exchanges. Participants choosing to enroll in a peer exchange are asked to submit a pre-event questionnaire.</P>
                <P>Lastly, FHWA is required by 23 U.S.C. 176(f)(1) to establish effectiveness metrics and evaluation procedures for the PROTECT Discretionary Grant Program and select a representative sample of projects to evaluate with these metrics. FHWA will select a representative sample of up to 50 funded projects to evaluate their impact and effectiveness to fulfil this statutory requirement. Projects selected as part of this representative sample will have additional reporting requirements.</P>
                <P>Burden estimates for each of these PROTECT program components are described below:</P>
                <HD SOURCE="HD1">Grant Application, Agreement, Implementation and Evaluation Phase Activities</HD>
                <HD SOURCE="HD2">Grant Application Phase</HD>
                <P>Eligible entities that may apply for PROTECT Discretionary grants vary depending on the type of the competitive grant. Planning Grants, Resilience Improvement Grants, and Community Resilience and Evacuation Route Grants have the same statutory rules for eligible applicants. The At-Risk Coastal Infrastructure Grant category has different statutory rules for eligible applicants. During the application process applicants will provide a project narrative and budget information, Standard Form 424, and Disclosure of Lobbying Activities form (SF-LLL).</P>
                <FP SOURCE="FP-1">
                    —
                    <E T="03">Respondents:</E>
                     PROTECT Grant applicants.
                </FP>
                <FP SOURCE="FP-1">
                    —
                    <E T="03">Frequency:</E>
                     One time per grant application.
                </FP>
                <FP SOURCE="FP-1">
                    —
                    <E T="03">Estimated Average Burden per Response:</E>
                     166 hours for a Planning Grant application activities, 217 hours for a Resilience Improvement Grant application, 217 hours for a Community Resilience and Evacuation Routes Grant application, and 117 hours for an At-Risk Coastal Infrastructure Grant application.
                </FP>
                <FP SOURCE="FP-1">
                    —
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     It is expected that 600 respondents will complete approximately one application during the 3-year PRA period for an estimated total of 107,926 annual burden hours.
                </FP>
                <HD SOURCE="HD2">Grant Agreement Phase</HD>
                <P>All grant recipients must work with FHWA to develop and execute a grant agreement detailing terms and conditions for use of funds.</P>
                <P>
                    <E T="03">Respondents:</E>
                     All Grant Recipients.
                </P>
                <P>
                    <E T="03">Frequency:</E>
                     One time, unless a grant agreement amendment is necessary.
                </P>
                <P>
                    <E T="03">Estimated Burden:</E>
                     Approximately 30 hours per respondent. Some capital projects may need to process amendments to the grant agreement which is expected to take an additional 10-15 hours per amendment.
                </P>
                <HD SOURCE="HD1">Grant Implementation Phase</HD>
                <P>
                    During the grant implementation phase, the grantee completes semi-annual progress and recertification reports to ensure the project budget and schedule are maintained to the maximum extent possible, that compliance with Federal regulations are met, and the project is completed to the highest degree of quality. Post-award reporting responsibilities include Semi-Annual Performance Progress Reports (FHWA-PPR), and a financial status 
                    <PRTPAGE P="55235"/>
                    report called the SF-425 (also known as the Federal Financial Report or SF-FFR). Semi-Annual Project Progress Reports are submitted as an attachment to the SF-425 form. Additionally, grant recipients requesting advance or reimbursement need to provide an SF 270 and an SF 271 form, respectively. After project close and no later than 120 days after the end of the period of performance, grant recipients submit a Final Project Progress Report and Recertification, including a final Federal Financial Report (SF-425).
                </P>
                <P>
                    <E T="03">Respondents:</E>
                     All Grant recipients:
                </P>
                <FP SOURCE="FP-1">
                    —
                    <E T="03">Frequency:</E>
                     Semi-Annually During the period of performance; one Final Progress Report after project close.
                </FP>
                <FP SOURCE="FP-1">
                    —
                    <E T="03">Estimated Burden Hours:</E>
                     Grantees provide a FHWA Project Progress Report (FHWA-PPR) as an attachment to their Federal Financial Report (SF 425). Approximately 1 hour for each form.
                </FP>
                <FP SOURCE="FP-1">—Approximately 1 additional hour each time an SF 270 and an SF 271 are used for an advance or reimbursement.</FP>
                <HD SOURCE="HD1">Grant Evaluation Phase</HD>
                <P>During the evaluation phase, reporting is necessary to comply with 2 CFR 200.301, to assess program effectiveness for the Federal Government, and to provide information regarding how the project is achieving the outcomes that grantees have targeted. Grantees collect both baseline and project performance measure data unique to their project as outlined in their grant agreement, and report on their chosen performance measure(s) via an Annual Performance Report (see Grant Agreement Schedule G—Performance Measurement). Annual Performance Reports are submitted electronically to FHWA for three years post project completion for all project types, followed by a final performance report.</P>
                <P>
                    <E T="03">Respondents:</E>
                     All Grant Recipients:
                </P>
                <FP SOURCE="FP-1">
                    —
                    <E T="03">Frequency:</E>
                     Annually during a 3-year period of performance
                </FP>
                <FP SOURCE="FP-1">
                    —
                    <E T="03">Estimated Burden:</E>
                     Approximately 2 hours per year.
                </FP>
                <P>Total burden hours for PROTECT Competitive Grant agreement, implementation, and evaluation phases (all recipients):</P>
                <FP SOURCE="FP-1">—Over the three-year PRA period, FHWA estimates that it will take approximately 42 hours to complete all the post-award activities outlined above for a Planning Grant, 96 hours to for a Resilience Improvement Grant, 96 hours for a Community Resilience and Evacuation Route Grant, and 96 hours for an At-Risk Coastal Infrastructure Grant. FHWA estimates that 200 award recipients will perform these reporting activities during the 3-year PRA period, which will result in 16,500 total burden hours.</FP>
                <HD SOURCE="HD1">Resilience Improvement Plans and Related Technical Assistance</HD>
                <P>Resilience Improvement Plans, resilience planning peer exchanges, and FHWA on-demand planning and resilience technical assistance are all voluntary activities completed by State DOTs and MPOs that occur on an ad-hoc frequency. Resilience Improvement Plans are estimated to require 250 hours to complete. Resilience Planning Peer Exchange pre-event questionnaires require approximately 1 hour. Information collections to support related FHWA resilience technical assistance activities will vary widely. Generally, these activities may include electronic or in-person submission of project plans and designs, draft technical materials, and PowerPoint materials from a State DOT or MPO to FHWA and a peer group. FHWA may conduct informal interviews, focus groups or additional short electronic questionnaires to support these technical assistance activities and gauge interest in future trainings and assistance offerings.</P>
                <P>
                    <E T="03">Respondents:</E>
                     State Departments of Transportation and Metropolitan Planning Organizations.
                </P>
                <P>
                    <E T="03">Frequency:</E>
                     One time.
                </P>
                <P>
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     It is estimated that 25 State DOTs and 25 MPOs will complete Resilience Improvement Plans during the 3-year PRA period for an estimated total of 12,500 annual burden hours. FHWA estimates that approximately 350 participants will complete a peer exchange pre-event questionnaire for an FHWA peer exchange event, resulting in an estimated total of 350 burden hours.
                </P>
                <HD SOURCE="HD1">PROTECT Metrics and Program Evaluation Activities</HD>
                <P>A smaller number of grantees selected for further monitoring to support an FHWA Evidence Act Program Evaluation and fulfill FHWA's obligations under 23 U.S.C. 176(f)(1)(B) will need to coordinate with FHWA to provide baseline data in the pre-construction phase. These grantees will also assist FHWA in gathering annual post-construction project performance data for 3-5 years. Participants may be asked to attend interviews and focus groups to verify desktop, primary source, or field measurement data collected by FHWA. This selected sample of 50 projects will also be administered a survey via electronic form submittal. The survey is estimated to take 0.5 hours to complete. Since FHWA may allow additional projects to voluntarily participate in the survey, we are estimating a high end of survey participants with up to all 200 grantees electing to participate in the survey.</P>
                <FP SOURCE="FP-1">
                    —
                    <E T="03">Respondents:</E>
                     A representative sample of up to 50 selected grantees are expected to participate in the PROTECT Discretionary Resilience Metrics and Program Evaluation data collection.
                </FP>
                <FP SOURCE="FP-1">
                    —
                    <E T="03">Frequency:</E>
                     One-time baseline data collection followed by annual data project monitoring with FHWA for three to five years after project completion.
                </FP>
                <FP SOURCE="FP-1">
                    —
                    <E T="03">Estimated Average Burden per Response:</E>
                     FHWA estimates 25 hours of burden annually per selected project for data collection and coordination with FHWA for construction projects, and 6 hours of coordination needed annually for planning grants. An additional 15 hours of burden in the first year for notification, initial coordination with FHWA and baseline data collection. The evaluation team will hold quarterly update calls for each project that will take 1 hour. The one-time survey of up to 200 grantees is estimated to take 0.5 hours to complete. Projects selected for metrics monitoring will also be asked to participate in up to 2 in-depth interviews or focus groups.
                </FP>
                <FP SOURCE="FP-1">
                    —
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     These activities are expected to have an estimated total of 2,792 annual burden hours during the PRA period.
                </FP>
                <P>
                    <E T="03">Public Comments Invited:</E>
                     You are asked to comment on any aspect of this information collection, including: (1) Whether the proposed collection of information is necessary for the proper performance of the functions of the Department, including whether the information will have practical utility; the accuracy of the Department's estimate of the burden of the proposed information collection; ways to enhance the quality, utility, and clarity of the information to be collected; and ways to minimize the burden of the collection of information on respondents, including the use of automated collection techniques or other forms of information technology.
                </P>
                <P>
                    A comment to OMB is best assured of having its full effect if OMB receives it within 30 days of publication of this notice in the 
                    <E T="04">Federal Register</E>
                    .
                    <PRTPAGE P="55236"/>
                </P>
                <P>
                    <E T="03">Authority:</E>
                     The Paperwork Reduction Act of 1995; 44 U.S.C. chapter 35, as amended; and 49 CFR 1.48.
                </P>
                <SIG>
                    <DATED>Issued on: November 26, 2025.</DATED>
                    <NAME>Jazmyne Lewis,</NAME>
                    <TITLE>Information Collection Officer.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21681 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4910-22-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF TRANSPORTATION</AGENCY>
                <SUBAGY>Federal Motor Carrier Safety Administration</SUBAGY>
                <DEPDOC>[Docket No. FMCSA-2025-0688]</DEPDOC>
                <SUBJECT>Parts and Accessories Necessary for Safe Operation; Application for Exemption From Intelligent Motorist Alert Messaging Systems</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Federal Motor Carrier Safety Administration (FMCSA), DOT.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice of application for exemption; request for comments.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>FMCSA requests public comment on an application for a 5-year exemption submitted by Intelligent Motorist Alert Messaging Systems (IMAMS). The applicant seeks an exemption for autonomous commercial motor vehicles (CMVs) from the regulation that requires the use of traditional warning devices to alert other vehicles when the CMV has become disabled. The exemption would allow autonomous CMVs to use IMAMS dynamic digital LED messaging platform as an alternative to traditional warning devices. FMCSA requests public comment on IMAMS's application.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments must be received on or before December 31, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>You may submit comments identified by Federal Docket Management System (FDMS) Number FMCSA-2025-0688 by any of the following methods:</P>
                    <P>
                        • 
                        <E T="03">Federal eRulemaking Portal: www.regulations.gov.</E>
                         See the Public Participation and Request for Comments section below for further information.
                    </P>
                    <P>
                        • 
                        <E T="03">Mail:</E>
                         Dockets Operations, U.S. Department of Transportation, 1200 New Jersey Avenue SE, West Building, Ground Floor, Washington, DC 20590-0001.
                    </P>
                    <P>
                        • 
                        <E T="03">Hand Delivery or Courier:</E>
                         West Building, Ground Floor, 1200 New Jersey Avenue SE, between 9 a.m. and 5 p.m. E.T., Monday through Friday, except Federal holidays.
                    </P>
                    <P>
                        • 
                        <E T="03">Fax:</E>
                         (202) 493-2251.
                    </P>
                    <P>
                        Each submission must include the Agency name and the docket number (FMCSA-2025-0688) for this notice. Note that DOT posts all comments received without change to 
                        <E T="03">www.regulations.gov,</E>
                         including any personal information included in a comment. Please see the Privacy Act heading below.
                    </P>
                    <P>
                        <E T="03">Docket:</E>
                         For access to the docket to read background documents or comments, go to 
                        <E T="03">www.regulations.gov</E>
                         at any time or visit the ground level of the West Building, 1200 New Jersey Avenue SE, Washington, DC, between 9 a.m. and 5 p.m., ET, Monday through Friday, except Federal holidays. To be sure someone is there to help you, please call (202) 366-9317 or (202) 366-9826 before visiting Dockets Operations.
                    </P>
                    <P>
                        <E T="03">Privacy Act:</E>
                         In accordance with 49 U.S.C. 31315(b), DOT solicits comments from the public to better inform its regulatory process. DOT posts these comments, including any personal information the commenter provides, to 
                        <E T="03">www.regulations.gov</E>
                         as described in the system of records notice DOT/ALL 14-FDMS, which can be reviewed at 
                        <E T="03">https://www.transportation.gov/individuals/privacy/privacy-act-system-records-notices.</E>
                         The comments are posted without edit and are searchable by the name of the submitter.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        Mr. David Sutula, Chief, Vehicle and Roadside Operations Division, Office of Carrier, Driver, and Vehicle Safety, FMCSA, at (202)-961-1373, or by email at 
                        <E T="03">MCPSV@dot.gov.</E>
                    </P>
                    <P>If you have questions on viewing or submitting material to the docket, contact Dockets Operations at (202) 366-9826.</P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">I. Public Participation and Request for Comments</HD>
                <P>FMCSA encourages you to participate by submitting comments and related materials.</P>
                <HD SOURCE="HD2">Submitting Comments</HD>
                <P>If you submit a comment, please include the docket number for this notice (FMCSA-2025-0688), indicate the specific section of this document to which the comment applies, and provide a reason for suggestions or recommendations. You may submit your comments and material online or by fax, mail, or hand delivery, but please use only one of these means. FMCSA recommends that you include your name and a mailing address, an email address, or a phone number in the body of your document so the Agency can contact you if it has questions regarding your submission.</P>
                <P>
                    To submit your comment online, go to 
                    <E T="03">www.regulations.gov</E>
                     and put the docket number “FMCSA-2025-0688” in the keyword box, and click “Search.” Next, sort the results by “Posted (Newer-Older),” choose the first notice listed, click the “Comment” button, and type your comment into the text box on the following screen. Choose whether you are submitting your comment as an individual or on behalf of a third party and then submit. If you submit your comments by mail or hand delivery, submit them in an unbound format, no larger than 8
                    <FR>1/2</FR>
                     by 11 inches, suitable for copying and electronic filing. If you submit comments by mail and would like to know that they reached the facility, please enclose a stamped, self-addressed postcard or envelope. FMCSA will consider all comments and material received during the comment period.
                </P>
                <HD SOURCE="HD1">II. Legal Basis</HD>
                <P>
                    FMCSA has authority under 49 U.S.C. 31136(e) and 31315(b) to grant exemptions from Federal Motor Carrier Safety Regulations (FMCSRs). FMCSA must publish a notice of each exemption request in the 
                    <E T="04">Federal Register</E>
                     (49 CFR 381.315(a)). The Agency must provide the public an opportunity to inspect the information relevant to the application, including the applicant's safety analysis. The Agency must provide an opportunity for public comment on the request.
                </P>
                <P>
                    The Agency reviews the application, safety analyses, and public comments submitted and determines whether granting the exemption would likely achieve a level of safety equivalent to, or greater than, the level that would be achieved without the exemption, pursuant to the standard set forth in 49 CFR 381.305(a)). The Agency must publish its decision in the 
                    <E T="04">Federal Register</E>
                     (49 CFR 381.315(b)). If granted, the notice will identify the regulatory provision from which the applicant will be exempt, the effective period, and all terms and conditions of the exemption (49 CFR 381.315(c)(1)). If the exemption is denied, the notice will explain the reason for the denial (49 CFR 381.315(c)(2)). The exemption may be renewed (49 CFR 381.300(b)).
                </P>
                <HD SOURCE="HD1">III. Applicant's Request</HD>
                <HD SOURCE="HD2">Current Regulatory Requirements</HD>
                <P>
                    The applicable FMCSRs in 49 CFR 392.22(b) require the driver of a CMV stopped on the traveled portion or the shoulder of a highway for any cause other than a necessary traffic stop to activate hazard warning signal flashers and place required warning devices as soon as possible, but within ten minutes, at specified locations behind and in front of the stopped CMV. The regulations also prescribe placement of 
                    <PRTPAGE P="55237"/>
                    warning devices in certain circumstances, such as during daylight hours, or when the CMV is stopped within 500 feet of a curve, the crest of a hill, or any other obstruction that prevents clear visibility. (49 CFR 392.22(b)(2)).
                </P>
                <P>In addition, the FMCSRs specify the types and number of warning devices that may be used. Specifically, each CMV must be equipped with three bidirectional emergency reflective triangles, or at least six fusees, or three liquid-burning flares. (49 CFR 393.95(f)(1) and (2)). Other devices may be used in addition to the required ones, provided they do not reduce the effectiveness of the required devices. (49 CFR 393.95(f)(3)).</P>
                <HD SOURCE="HD2">Applicant's Request</HD>
                <P>The application requests an exemption from the requirements of 49 CFR 392.22(b)(1) and (2) to allow the use of IMAMS dynamic digital LED messaging platform as an alternative safety system for disabled, autonomous CMVs on the road, which the applicant asserts will enhance motorist awareness and roadway safety. The IMAMS platform is a dynamic digital LED messaging sign that is securely mounted on the rear doors and front dash of semi-trailers and large CMVs.</P>
                <P>The application explains that when an autonomous vehicle activates its emergency flashers, the IMAMS platform will automatically display a series of high-visibility, LED-lit messages to oncoming traffic. These messages cycle through “ALERT-ALERT” (in red), “MOVE OVER” (in amber), “SLOW DOWN” (in amber), and “DISABLED VEHICLE” (in amber), providing clear, immediate warnings.</P>
                <P>The applicant emphasizes that IMAMS is an equivalent or superior alternative to traditional warning devices, as it activates automatically, which eliminates the delay and risks associated with manual placement of triangles or flares.</P>
                <P>Although the application did not specifically request an exemption from 49 CFR 393.95(f)(1) and (2), FMCSA notes that the application would require an exemption from this section as it specifies the types and number of warning devices that are to be equipped on each power unit. These options include 3 bidirectional emergency reflective triangles that conform to the requirements of Federal Motor Vehicle Safety Standard (FMVSS) No. 125, or at least 6 fusees or 3 liquid-burning flares as are necessary to satisfy the requirements of § 392.22. Under the regulations, other warning devices may be used in addition to, but not in lieu of, the required devices provided that they do not reduce the effectiveness of the required devices. Accordingly, if FMCSA were to allow the IMAMS platform as the sole emergency warning device, an exemption from 49 CFR 393.95(f)(1) and (2) would be necessary.</P>
                <P>A copy of IMAMS's application for exemption, and all supporting materials, are available for review in the docket for this notice.</P>
                <HD SOURCE="HD1">IV. Request for Comments</HD>
                <P>In accordance with 49 U.S.C. 31315(b), FMCSA requests public comment from all interested persons on IMAMS's application for a five-year exemption from 49 CFR 392.22(b)(1) and(2) and 49 CFR 393.95(f)(1) and (2).</P>
                <P>All comments received before the close of business on the comment closing date will be considered and will be available for examination in the docket at the location listed under the Addresses section of this notice. Comments received after the comment closing date will be filed in the public docket and may be considered to the extent practicable. In addition to late comments, FMCSA will also continue to file, in the public docket, relevant information that becomes available after the comment closing date. Interested persons should continue to examine the public docket for new material.</P>
                <SIG>
                    <NAME>Larry W. Minor,</NAME>
                    <TITLE>Associate Administrator for Policy.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21619 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4910-EX-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="S">DEPARTMENT OF TRANSPORTATION</AGENCY>
                <SUBAGY>National Highway Traffic Safety Administration</SUBAGY>
                <DEPDOC>[Docket No. NHTSA-2025-0017]</DEPDOC>
                <SUBJECT>Agency Information Collection Activities; Submission to the Office of Management and Budget for Review and Approval; Request for Comment; Assessing the Fit and Comfort of Motorcycle Safety Gear</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>National Highway Traffic Safety Administration (NHTSA), Department of Transportation (DOT).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice and request for public comments on a request for approval of a new information collection.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        In compliance with the Paperwork Reduction Act of 1995 (PRA), this notice announces that the Information Collection Request (ICR) abstracted below will be submitted to the Office of Management and Budget (OMB) for review and approval. The ICR describes the nature of the information collection and its expected burden. NHTSA is seeking approval for a new, one-time information collection from a targeted sample of 625 motorcycle riders (from 1,250 screened for potential participations) about their use and preference for motorcycle protective gear including footwear, gloves, helmets, jackets, and pants. The collection will involve recruiting motorcyclists attending motorcycle events to gather information about their perceptions of the gear in terms of comfort, usability, and protective value, and to obtain objective measures of fit. The study will allow NHTSA to assess the relationship between perceived and objectively measured fit and understand rider beliefs about the protective value of gear that influence the selection and use of protective gear. Participation will be voluntary and anonymous. A 
                        <E T="04">Federal Register</E>
                         notice with a 60-day comment period soliciting comments on the following information collection was published on January 13, 2025. NHTSA received five comments, which we address below.
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments must be received on or before December 31, 2025.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Written comments and recommendations for the proposed information collection, including suggestions for reducing burden, should be submitted to the Office of Management and Budget at 
                        <E T="03">www.reginfo.gov/public/do/PRAMain.</E>
                         To find this particular information collection, select “Currently under Review—Open for Public Comment” or use the search function.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        For additional information or access to background documents, contact Dr. DeReece Smither, Contracting Officer's Representative, Office of Behavioral Safety Research (NPD-310), 
                        <E T="03">DeReece.Smither@dot.gov,</E>
                         (771) 221-0558, National Highway Traffic Safety Administration, 1200 New Jersey Avenue SE, Washington, DC 20590.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>
                    Under the PRA (44 U.S.C. 3501 
                    <E T="03">et seq.</E>
                    ), a Federal agency must receive approval from the Office of Management and Budget (OMB) before it collects certain information from the public and a person is not required to respond to a collection of information by a Federal agency unless the collection displays a valid OMB control number. In compliance with these requirements, this notice announces that the following information collection request will be submitted to OMB.
                </P>
                <P>
                    <E T="03">Title:</E>
                     Assessing the Fit and Comfort of Motorcycle Safety Gear.
                    <PRTPAGE P="55238"/>
                </P>
                <P>
                    <E T="03">OMB Control Number:</E>
                     New.
                </P>
                <P>
                    <E T="03">Form Numbers:</E>
                     NHTSA Forms 2000, 2001, 2002, 2003, 2004, 2005.
                </P>
                <P>
                    <E T="03">Type of Request:</E>
                     Request for approval of a new information collection.
                </P>
                <P>
                    <E T="03">Type of Review Requested:</E>
                     Regular.
                </P>
                <P>
                    <E T="03">Length of Approval Requested:</E>
                     3 years from date of approval.
                </P>
                <P>
                    <E T="03">Summary of the Collection of Information:</E>
                </P>
                <P>NHTSA is seeking approval for a new, one-time information collection from a targeted sample of 625 motorcycle riders (from 1,250 screened for potential participation) about their use and preference for motorcycle protective gear. The information collection will involve recruiting motorcyclists attending motorcycle events to ask them for their perceptions about the protective gear they are wearing (including footwear, gloves, helmets, jackets, pants) and to obtain objective measures of fit. The study will allow NHTSA to assess the relationship between perceived and objectively measured fit, rider beliefs about the protective value of gear, and factors influencing the selection and use of protective gear.</P>
                <P>
                    Potential participants will be recruited at locations where riders gather, such as rallies, training events, and other organized social events. The study protocol calls for the recruitment of an equal number of riders of standard, cruiser, sport and adventure/touring motorcycles, and seated motor scooters. Depending on the venue, the study team will either invite riders to participate at a study tent or conduct the survey near the rider's motorcycle. Study staff will observe gear worn by riders, assess the fit of the gear, and ask riders for their opinions about the fit and comfort of the gear. Data collection will involve the use of a portable tablet for the informed consent process, and to record participant responses and staff observations. Participants will self-administer some portions of the survey, while data collectors will verbally ask the participants about their gear during the gear assessments. Anthropometric measurements (
                    <E T="03">e.g.,</E>
                     head circumference) will be taken using ribbon tape or an anthropometer as appropriate depending on the gear type being assessed.
                </P>
                <P>
                    The study plan is to assess one type of protective gear (
                    <E T="03">e.g.,</E>
                     jackets) per participant. Additionally, to obtain information on participants' perspectives of different types of protective gear, study staff will present images on a tablet of the protective gear (one gear type per participant) that ranges in quality. The images will include product descriptions, but no brand names. Participants will be asked to rate the protection afforded by the gear, its quality, and the likelihood of wearing or purchasing it.
                </P>
                <P>Participation will be voluntary and anonymous. This information collection only requires participants to report their answers; there are no record-keeping costs to the participants. NHTSA will use the information to produce a technical report that will present summary statistics and tables; a de-identified data set will also be made available to the public. Participants will not report personally identifiable information. The study will allow NHTSA to better understand how the fit and comfort of protective gear influences rider choices to use or not use protective gear and provide the means to assess how well gear is fitting riders. This information will aid NHTSA in its efforts to develop successful programs to improve motorcyclist safety. The technical report will be distributed to a variety of audiences interested in improving highway safety.</P>
                <P>
                    <E T="03">Description of the Need for the Information and Proposed Use of the Information:</E>
                </P>
                <P>NHTSA's statutory mandate is to reduce deaths, injuries, and economic losses resulting from motor vehicle crashes on the Nation's highways. The agency develops, promotes, and implements educational, engineering, and enforcement programs with the goal of ending preventable tragedies and reducing economic costs associated with vehicle use and highway travel. As part of its mandate, NHTSA is authorized to conduct research to develop traffic safety programs. Title 23, United States Code, Chapter 4, Section 403 authorizes the Secretary of Transportation to conduct research and development activities. Pursuant to Section 1.95 of Title 49 of the Code of Federal Regulations (CFR), the Secretary has delegated this authority to NHTSA. Current data is essential to develop appropriate approaches to improve traffic safety. This is especially true for information on motorcyclists, where data is much more limited.</P>
                <P>
                    NHTSA and other traffic safety stakeholders have sought to learn about motorcycle safety issues through varied methodological approaches. In 2022, there were 6,218 motorcyclists killed in traffic crashes, comprising 15 percent of all traffic fatalities that year and representing a fatality rate per vehicle miles traveled of 26.16, nearly 22 times that of passenger car occupants (1.20).
                    <SU>1</SU>
                    <FTREF/>
                     These findings demonstrate the inherent risk of motorcycle riding and highlight the importance of wearing personal protective gear, especially a helmet, but including footwear, gloves, jacket, and pants. Nonetheless, not all motorcyclists use gear on every ride.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         National Center for Statistics and Analysis. (2024, July). Motorcycles: 2022 data (Traffic Safety Facts. Report No. DOT HS 813 589). National Highway Traffic Safety Administration.
                    </P>
                </FTNT>
                <P>The proposed study aims to address the pressing need to understand the relationship between the fit and comfort of personal protective gear and the decision to use gear. The results will assist NHTSA in the development of programs aimed at increasing motorcycle safety by providing information on the types of gear being used, how fit and comfortable the gear is, and deterrents to using protective gear.</P>
                <P>
                    <E T="03">60-Day Notice:</E>
                     A 
                    <E T="04">Federal Register</E>
                     notice with a 60-day comment period soliciting public comments on the following information collection was published on January 13, 2025 (90 FR 7, pp. 2779-2781). Five comments were received during the comment period. We address these comments below.
                </P>
                <P>One motorcyclist expressed concern over exclusively collecting data at motorcycle rallies, as the attendance tends to be largely uniform and suggested broadening beyond rallies “to ensure that all riders . . . can be equally protected.” The current recruitment approach does not focus only on motorcycle rallies. The recruitment plan considers recruiting potential participants from locations other than motorcycle rallies such as training events and other organized events. As such, the project scope already intends on collecting data from motorcyclists at locations other than rallies.</P>
                <P>An anonymous commenter expressed support for this project and recommended the study explore how motorcycle protective gear has reduced injuries in motorcycle crashes. NHTSA declines to expand its study to explore crashes because it is beyond the scope of the current study.</P>
                <P>NHTSA received three comments in support of the study. One commenter stated the study will address “one of the most used excuses” to not wear protective gear. Another commenter expressed being “so grateful for this amazing step forward for protecting our motorcyclists.” A last commenter “appreciates the initiative of NHTSA in proposing this study to gain greater insight into the decisions of motorcycle riders to use protective equipment.”</P>
                <P>
                    <E T="03">Affected Public:</E>
                     This study will recruit volunteers who are riders of selected types of motorcycles (standard, 
                    <PRTPAGE P="55239"/>
                    cruiser, sport, adventure/touring and seated motor scooter) at the data collection locations. Motorcyclists passing by the data collection locations will be recruited to voluntarily participate in an assessment of the fit of their current protective gear (if worn). They will also be asked to review images of selected protective gear and provide their opinions on the protective gears' protective capabilities, usability, and perceived quality.
                </P>
                <P>
                    <E T="03">Estimated Number of Respondents:</E>
                     Participation in this study will be voluntary and anonymous. The study expects to contact approximately 1,250 motorcyclists at the data collection locations to obtain responses from 625 motorcyclists (125 from each motorcycle type).
                </P>
                <P>
                    <E T="03">Frequency:</E>
                     This study will be a one-time data collection. Because data collection may occur at multiple events, there is a remote chance an individual could participate more than once. This is not expected, however, as potential participants will not know data collection locations or times.
                </P>
                <P>
                    <E T="03">Estimated Total Annual Burden Hours:</E>
                     The total amount of burden is estimated to be 341 hours. This includes the following estimates: (1) 313 hours for 625 motorcyclists to respond fully to the survey, based on an average completion time of 30 minutes per participant; (2) 19 hours for the estimated 75 motorcyclists who will partially participate, based on spending 15 minutes on a portion of the survey; and (3) nine hours for the estimated 550 people who are screened by study staff, but decline to participate, based on one minute per interaction (see Table 1).
                </P>
                <GPOTABLE COLS="4" OPTS="L2,i1" CDEF="s50,12,12,12">
                    <TTITLE>Table 1—Summary of Total Burden Hours by Type of Participation</TTITLE>
                    <BOXHD>
                        <CHED H="1">Type of participation</CHED>
                        <CHED H="1">
                            Number of
                            <LI>respondents</LI>
                        </CHED>
                        <CHED H="1">
                            Minutes per
                            <LI>respondent</LI>
                        </CHED>
                        <CHED H="1">
                            Total
                            <LI>estimated</LI>
                            <LI>burden</LI>
                            <LI>hours *</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Rider Fully Participates</ENT>
                        <ENT>625</ENT>
                        <ENT>30</ENT>
                        <ENT>313</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="03">Form 2000—Informed Consent/Screener AND</ENT>
                        <ENT>
                            <E T="03">625</E>
                        </ENT>
                        <ENT>
                            <E T="03">1</E>
                        </ENT>
                        <ENT/>
                    </ROW>
                    <ROW>
                        <ENT I="03">Form 2001 (Footwear) OR</ENT>
                        <ENT>
                            <E T="03">125</E>
                        </ENT>
                        <ENT>
                            <E T="03">29</E>
                        </ENT>
                        <ENT/>
                    </ROW>
                    <ROW>
                        <ENT I="03">Form 2002 (Gloves) OR</ENT>
                        <ENT>
                            <E T="03">125</E>
                        </ENT>
                        <ENT>
                            <E T="03">29</E>
                        </ENT>
                        <ENT/>
                    </ROW>
                    <ROW>
                        <ENT I="03">Form 2003 (Helmets) OR</ENT>
                        <ENT>
                            <E T="03">125</E>
                        </ENT>
                        <ENT>
                            <E T="03">29</E>
                        </ENT>
                        <ENT/>
                    </ROW>
                    <ROW>
                        <ENT I="03">Form 2004 (Jackets) OR</ENT>
                        <ENT>
                            <E T="03">125</E>
                        </ENT>
                        <ENT>
                            <E T="03">29</E>
                        </ENT>
                        <ENT/>
                    </ROW>
                    <ROW>
                        <ENT I="03">Form 2005 (Pants)</ENT>
                        <ENT>
                            <E T="03">125</E>
                        </ENT>
                        <ENT>
                            <E T="03">29</E>
                        </ENT>
                        <ENT/>
                    </ROW>
                    <ROW>
                        <ENT I="01">Rider Does Not Fully Participate</ENT>
                        <ENT>75</ENT>
                        <ENT>15</ENT>
                        <ENT>19</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="03">Form 2000—Informed Consent/Screener AND</ENT>
                        <ENT>
                            <E T="03">75</E>
                        </ENT>
                        <ENT>
                            <E T="03">1</E>
                        </ENT>
                        <ENT/>
                    </ROW>
                    <ROW>
                        <ENT I="03">Form 2001 (Footwear) OR</ENT>
                        <ENT>
                            <E T="03">15</E>
                        </ENT>
                        <ENT>
                            <E T="03">14</E>
                        </ENT>
                        <ENT/>
                    </ROW>
                    <ROW>
                        <ENT I="03">Form 2002 (Gloves) OR</ENT>
                        <ENT>
                            <E T="03">15</E>
                        </ENT>
                        <ENT>
                            <E T="03">14</E>
                        </ENT>
                        <ENT/>
                    </ROW>
                    <ROW>
                        <ENT I="03">Form 2003 (Helmets) OR</ENT>
                        <ENT>
                            <E T="03">15</E>
                        </ENT>
                        <ENT>
                            <E T="03">14</E>
                        </ENT>
                        <ENT/>
                    </ROW>
                    <ROW>
                        <ENT I="03">Form 2004 (Jackets) OR</ENT>
                        <ENT>
                            <E T="03">15</E>
                        </ENT>
                        <ENT>
                            <E T="03">14</E>
                        </ENT>
                        <ENT/>
                    </ROW>
                    <ROW>
                        <ENT I="03">Form 2005 (Pants)</ENT>
                        <ENT>
                            <E T="03">15</E>
                        </ENT>
                        <ENT>
                            <E T="03">14</E>
                        </ENT>
                        <ENT/>
                    </ROW>
                    <ROW>
                        <ENT I="01">Rider Screened but Does Not Participate</ENT>
                        <ENT>550</ENT>
                        <ENT>1</ENT>
                        <ENT>9</ENT>
                    </ROW>
                    <ROW RUL="n,s">
                        <ENT I="03">Form 2000—Informed Consent/Screener ONLY</ENT>
                        <ENT>
                            <E T="03">550</E>
                        </ENT>
                        <ENT>
                            <E T="03">1</E>
                        </ENT>
                        <ENT/>
                    </ROW>
                    <ROW>
                        <ENT I="05">Grand Total</ENT>
                        <ENT>1,250</ENT>
                        <ENT/>
                        <ENT>341</ENT>
                    </ROW>
                    <TNOTE>
                        <E T="02">Note:</E>
                         * Rounded to the nearest hour.
                    </TNOTE>
                </GPOTABLE>
                <P>
                    <E T="03">Estimated Total Annual Burden Cost:</E>
                     The total burden cost to participants is estimated to be $14,460 with an annual burden cost of $4,820 (total divided by 3) (see Table 2). Participation in this study is voluntary and there are no costs to respondents beyond the time spent hearing about the study and participating in data collection, if they decide to participate. Participants will incur no burden related to annual reporting or record keeping due to the collection of this new information.
                </P>
                <GPOTABLE COLS="8" OPTS="L2,nj,i1" CDEF="s50,10,12,12,12,12,12,12">
                    <TTITLE>Table 2—Burden Estimates by NHTSA Form for the Data Collection Surveys</TTITLE>
                    <BOXHD>
                        <CHED H="1">
                            Information
                            <LI>collection—</LI>
                            <LI>NHTSA</LI>
                            <LI>form #</LI>
                        </CHED>
                        <CHED H="1">
                            Number of
                            <LI>responses</LI>
                        </CHED>
                        <CHED H="1">
                            Burden per
                            <LI>response *</LI>
                            <LI>(in minutes)</LI>
                        </CHED>
                        <CHED H="1">
                            Burden per
                            <LI>respondent *</LI>
                            <LI>(in minutes)</LI>
                        </CHED>
                        <CHED H="1">
                            Average
                            <LI>hourly</LI>
                            <LI>opportunity</LI>
                            <LI>cost **</LI>
                        </CHED>
                        <CHED H="1">
                            Labor cost
                            <LI>per</LI>
                            <LI>submission</LI>
                        </CHED>
                        <CHED H="1">
                            Total
                            <LI>burden</LI>
                            <LI>hours ***</LI>
                        </CHED>
                        <CHED H="1">
                            Total
                            <LI>opportunity</LI>
                            <LI>costs ***</LI>
                        </CHED>
                    </BOXHD>
                    <ROW>
                        <ENT I="01">Form 2000</ENT>
                        <ENT>1,250</ENT>
                        <ENT>1</ENT>
                        <ENT>1</ENT>
                        <ENT>$42.46</ENT>
                        <ENT>$0.708</ENT>
                        <ENT>21</ENT>
                        <ENT>$885</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Form 2001</ENT>
                        <ENT>140</ENT>
                        <ENT>27.39</ENT>
                        <ENT>27.39</ENT>
                        <ENT>42.46</ENT>
                        <ENT>19.392</ENT>
                        <ENT>64</ENT>
                        <ENT>2,715</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Form 2002</ENT>
                        <ENT>140</ENT>
                        <ENT>27.39</ENT>
                        <ENT>27.39</ENT>
                        <ENT>42.46</ENT>
                        <ENT>19.392</ENT>
                        <ENT>64</ENT>
                        <ENT>2,715</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Form 2003</ENT>
                        <ENT>140</ENT>
                        <ENT>27.39</ENT>
                        <ENT>27.39</ENT>
                        <ENT>42.46</ENT>
                        <ENT>19.392</ENT>
                        <ENT>64</ENT>
                        <ENT>2,715</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="01">Form 2004</ENT>
                        <ENT>140</ENT>
                        <ENT>27.39</ENT>
                        <ENT>27.39</ENT>
                        <ENT>42.46</ENT>
                        <ENT>19.392</ENT>
                        <ENT>64</ENT>
                        <ENT>2,715</ENT>
                    </ROW>
                    <ROW RUL="n,s">
                        <ENT I="01">Form 2005</ENT>
                        <ENT>140</ENT>
                        <ENT>27.39</ENT>
                        <ENT>27.39</ENT>
                        <ENT>42.46</ENT>
                        <ENT>19.392</ENT>
                        <ENT>64</ENT>
                        <ENT>2,715</ENT>
                    </ROW>
                    <ROW>
                        <ENT I="03">Total</ENT>
                        <ENT>1,950</ENT>
                        <ENT/>
                        <ENT/>
                        <ENT/>
                        <ENT/>
                        <ENT>341</ENT>
                        <ENT>14,460</ENT>
                    </ROW>
                    <TNOTE>
                        <E T="02">Notes:</E>
                         * Forms 2001-2005 Burden per Response/Respondent averages both the rider fully and does not fully participate as shown in Table 1.
                    </TNOTE>
                    <TNOTE>
                        ** See May 2024 all occupations cross-industry, private, federal, state, and local government average hourly wage from the U.S. Bureau of Labor Statistics at 
                        <E T="03">https://data.bls.gov/oes/#/industry/000000;</E>
                         Average Hourly Opportunity Cost is inclusive of a 30% addition to the base hourly wage to account for fringe benefits ($42.46 = $32.66 hourly wage + $9.80 fringe).
                    </TNOTE>
                    <TNOTE>*** Rounded up based on individual forms.</TNOTE>
                </GPOTABLE>
                <PRTPAGE P="55240"/>
                <P>
                    <E T="03">Public Comments Invited:</E>
                     You are asked to comment on any aspects of this information collection, including (i) whether the proposed collection of information is necessary for the proper performance of the functions of the Department, including whether the information will have practical utility; (ii) the accuracy of the Department's estimate of the burden of the proposed information collection; (iii) ways to enhance the quality, utility and clarity of the information to be collected; and (iv) ways to minimize the burden of the collection of information on respondents, including the use of automated collection techniques or other forms of information technology.
                </P>
                <EXTRACT>
                    <FP>(Authority: The Paperwork Reduction Act of 1995; 44 U.S.C. Chapter 35, as amended; 49 CFR 1.49; and DOT Order 1351.29A.)</FP>
                </EXTRACT>
                <SIG>
                    <NAME>Jane Terry,</NAME>
                    <TITLE>Acting Associate Administrator, Research and Program Development.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21598 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4910-59-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF THE TREASURY</AGENCY>
                <SUBAGY>Office of the Comptroller of the Currency</SUBAGY>
                <DEPDOC>[Docket ID OCC-2025-0471]</DEPDOC>
                <AGENCY TYPE="O">FEDERAL RESERVE SYSTEM</AGENCY>
                <DEPDOC>[Docket No. OP-1872]</DEPDOC>
                <AGENCY TYPE="O">FEDERAL DEPOSIT INSURANCE CORPORATION</AGENCY>
                <RIN>RIN 3064-ZA51</RIN>
                <SUBJECT>Request for Information: Streamlining the Call Report</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Office of the Comptroller of the Currency (OCC), Treasury; Board of Governors of the Federal Reserve System (Board); and Federal Deposit Insurance Corporation (FDIC).</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Request for information and comment.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>The OCC, the Board, and the FDIC (the agencies) seek public input on sources of regulatory reporting burden for institutions that currently file the Consolidated Reports of Condition and Income (Call Report) (FFIEC 031, FFIEC 041, and FFIEC 051). This request for information (RFI) offers the opportunity for interested stakeholders to identify ways that the agencies could streamline the Call Report forms and instructions while still meeting the purposes of the collection.</P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P>Comments must be submitted on or before January 30, 2026.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>Interested parties are invited to submit written comments to any or all of the agencies. Comments should be directed to:</P>
                    <P>
                        <E T="03">OCC:</E>
                         Commenters are encouraged to submit comments through the Federal eRulemaking Portal. Please use the title “Request for Information: Streamlining the Call Report” to facilitate the organization and distribution of the comments. You may submit comments by any of the following methods:
                    </P>
                    <P>
                        • 
                        <E T="03">Federal eRulemaking Portal—Regulations.gov:</E>
                    </P>
                    <P>
                        Go to 
                        <E T="03">https://regulations.gov/.</E>
                         Enter Docket ID “OCC-2025-0471” in the Search Box and click “Search.” Public comments can be submitted via the “Comment” box below the displayed document information or by clicking on the document title and then clicking the “Comment” box on the top-left side of the screen. For help with submitting effective comments, please click on “Commenter's Checklist.” For assistance with the 
                        <E T="03">Regulations.gov</E>
                         site, please call 1-866-498-2945 (toll free) Monday-Friday, 9 a.m.-5 p.m. EST, or email 
                        <E T="03">regulationshelpdesk@gsa.gov.</E>
                    </P>
                    <P>
                        • 
                        <E T="03">Mail:</E>
                         Chief Counsel's Office, Attention: Comment Processing, Office of the Comptroller of the Currency, 400 7th Street SW, Suite 3E-218, Washington, DC 20219.
                    </P>
                    <P>
                        • 
                        <E T="03">Hand Delivery/Courier:</E>
                         400 7th Street SW, Suite 3E-218, Washington, DC 20219.
                    </P>
                    <P>
                        <E T="03">Instructions:</E>
                         You must include “OCC” as the agency name and Docket ID “OCC-2025-0471” in your comment. In general, the OCC will enter all comments received into the docket and publish the comments on the 
                        <E T="03">Regulations.gov</E>
                         website without change, including any business or personal information provided such as name and address information, email addresses, or phone numbers. Comments received, including attachments and other supporting materials, are part of the public record and subject to public disclosure. Do not include any information in your comment or supporting materials that you consider confidential or inappropriate for public disclosure.
                    </P>
                    <P>You may review comments and other related materials that pertain to this action by the following method:</P>
                    <P>
                        • 
                        <E T="03">Viewing Comments Electronically—Regulations.gov:</E>
                    </P>
                    <P>
                        Go to 
                        <E T="03">https://regulations.gov/.</E>
                         Enter Docket ID “OCC-2025-0471” in the Search Box and click “Search.” Click on the “Dockets” tab and then the document's title. After clicking the document's title, click the “Browse All Comments” tab. Comments can be viewed and filtered by clicking on the “Sort By” drop-down on the right side of the screen or the “Refine Comments Results” options on the left side of the screen. Supporting materials can be viewed by clicking on the “Browse Documents” tab. Click on the “Sort By” drop-down on the right side of the screen or the “Refine Results” options on the left side of the screen checking the “Supporting &amp; Related Material” checkbox. For assistance with the 
                        <E T="03">Regulations.gov</E>
                         site, please call 1-866-498-2945 (toll free) Monday-Friday, 9 a.m.-5 p.m. EST, or email 
                        <E T="03">regulationshelpdesk@gsa.gov.</E>
                    </P>
                    <P>The docket may be viewed after the close of the comment period in the same manner as during the comment period.</P>
                    <P>
                        <E T="03">Board:</E>
                         You may submit comments, which should refer to “Request for Information: Streamlining the Call Report,” by any of the following methods:
                    </P>
                    <P>
                        • 
                        <E T="03">Agency website: http://www.federalreserve.gov.</E>
                         Follow the instructions for submitting comments at: 
                        <E T="03">http://www.federalreserve.gov/generalinfo/foia/ProposedRegs.cfm.</E>
                    </P>
                    <P>
                        • 
                        <E T="03">Email: regs.comments@federalreserve.gov.</E>
                         Include “Request for Information: Streamlining the Call Report” in the subject line of the message.
                    </P>
                    <P>
                        • 
                        <E T="03">Fax:</E>
                         (202) 395-6974.
                    </P>
                    <P>
                        • 
                        <E T="03">Mail:</E>
                         Benjamin W. McDonough, Deputy Secretary of the Board, Board of Governors of the Federal Reserve System, 20th Street and Constitution Avenue NW, Washington, DC 20551.
                    </P>
                    <P>
                        All public comments are available on the Board's website at 
                        <E T="03">https://www.federalreserve.gov/apps/foia/proposedregs.aspx</E>
                         as submitted, unless modified for technical reasons. Accordingly, your comments will not be edited to remove any identifying or contact information.
                    </P>
                    <P>
                        <E T="03">FDIC:</E>
                         You may submit comments, which should refer to “RIN 3064-ZA51,” by any of the following methods:
                    </P>
                    <P>
                        • 
                        <E T="03">Agency Website: https://www.fdic.gov/federal-register-publications.</E>
                         Follow the instructions for submitting comments on the FDIC's website.
                    </P>
                    <P>
                        • 
                        <E T="03">Email: comments@FDIC.gov.</E>
                         Include “RIN 3064-ZA51” in the subject line of the message.
                    </P>
                    <P>
                        • 
                        <E T="03">Mail:</E>
                         Jennifer Jones, Deputy Executive Secretary, Attention: Comments RIN 3064-ZA51, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429.
                    </P>
                    <P>
                        • 
                        <E T="03">Hand Delivery:</E>
                         Comments may be hand delivered to the guard station at the rear of the 550 17th Street NW building (located on F Street NW) on business days between 7 a.m. and 5 p.m.
                        <PRTPAGE P="55241"/>
                    </P>
                    <P>
                        • 
                        <E T="03">Public Inspection:</E>
                         All comments received, including any personal information provided, will be posted without change to 
                        <E T="03">https://www.fdic.gov/federal-register-publications.</E>
                         Commenters should submit only information that the commenter wishes to make available publicly. The FDIC may review, redact, or refrain from posting all or any portion of any comment that it may deem to be inappropriate for publication, such as irrelevant or obscene material. The FDIC may post only a single representative example of identical or substantially identical comments, and in such cases will generally identify the number of identical or substantially identical comments represented by the posted example. All comments that have been redacted, as well as those that have not been posted, that contain comments on the merits of this document will be retained in the public comment file and will be considered as required under all applicable laws. All comments may be accessible under the Freedom of Information Act.
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P>
                        For further information about this request for comment, please contact any of the agency staff whose names appear below. In addition, the report forms and instructions for the Call Reports can be obtained at the FFIEC's website (
                        <E T="03">https://www.ffiec.gov/resources/reporting-forms</E>
                        ).
                    </P>
                    <P>
                        <E T="03">OCC:</E>
                         Cady Codding, (202) 649-6280, or Kevin Korzeniewski, Counsel, (202) 649-5490, Chief Counsel's Office, Office of the Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
                    </P>
                    <P>
                        <E T="03">Board:</E>
                         Michelle Shore, Regulatory Reporting Manager, (202) 577-7918, or Kevin Littler, (202) 997-8325, Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551. Telecommunications Device for the Deaf (TDD) users may call (202) 263-4869.
                    </P>
                    <P>
                        <E T="03">FDIC:</E>
                         Bryan Jonasson, (781) 794-5641, or Kimberly Yeh, Senior Attorney, (202) 898-6514, Legal Division, Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429.
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <HD SOURCE="HD1">I. Call Report Background</HD>
                <P>
                    The Federal Financial Institutions Examination Council (FFIEC), of which the agencies are members, is required to develop uniform reporting systems for Federally-supervised financial institutions.
                    <SU>1</SU>
                    <FTREF/>
                     Current FFIEC information collections include the Consolidated Reports of Condition and Income for a Bank with Domestic and Foreign Offices (FFIEC 031), the Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only (FFIEC 041), and the Consolidated Reports of Condition and Income for a Bank with Domestic Offices Only and Total Assets Less Than $5 Billion (FFIEC 051; collectively, the Call Report).
                    <SU>2</SU>
                    <FTREF/>
                     Banks and savings associations submit Call Report data to the agencies each quarter as required by law.
                    <SU>3</SU>
                    <FTREF/>
                     The agencies use this data in monitoring the condition, performance, and risk profile of individual institutions and the industry as a whole. The collection of Call Report data assists the agencies in fulfilling their shared missions of ensuring the safety and soundness of financial institutions and the financial system and protecting consumer financial rights, as well as agency-specific missions affecting Federal and State-chartered institutions, such as conducting monetary policy, ensuring financial stability, and administering Federal deposit insurance. For many institutions, Call Reports are the source of the most current statistical data available for identifying areas of focus for on-site and off-site examinations. Among other purposes, the agencies use Call Report data in evaluating institutions' corporate applications, including interstate merger and acquisition applications for which the agencies are required by law to determine whether the resulting institution would control more than 10 percent of the total amount of deposits of insured depository institutions in the United States. Call Report data also are used to calculate risk-based assessments for insured depository institutions.
                </P>
                <FTNT>
                    <P>
                        <SU>1</SU>
                         12 U.S.C. 3305.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>2</SU>
                         
                        <E T="03">See https://www.ffiec.gov/resources/reporting-forms.</E>
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>3</SU>
                         12 U.S.C. 161 (national banks), 12 U.S.C. 324 (State member banks), 12 U.S.C. 1464 (Federal and State savings associations), and 12 U.S.C. 1817 (insured State nonmember commercial and savings banks).
                    </P>
                </FTNT>
                <HD SOURCE="HD1">II. Regulatory Reporting Review</HD>
                <HD SOURCE="HD2">A. Background</HD>
                <P>
                    The agencies are required to review the data collected in the Call Report every five years and reduce or eliminate any items (other than those required by law) the agencies determine are no longer necessary or appropriate (statutory review).
                    <SU>4</SU>
                    <FTREF/>
                     The agencies are preparing to conduct their next statutory review, which will consider Call Report data required from respondents of all sizes and complexities. In conjunction with the statutory review, the agencies are seeking input on ways to streamline the Call Report to better align with the size and complexity of the reporting institution. Additionally, the FFIEC and the agencies received comments on potential modifications to the Call Report through a review of their regulations required at least once every ten years under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA).
                    <SU>5</SU>
                    <FTREF/>
                     As part of the EGRPRA review, on February 6, 2024, the agencies requested comments in the 
                    <E T="04">Federal Register</E>
                     on reporting required by regulation (EGRPRA notice).
                    <SU>6</SU>
                    <FTREF/>
                     The comment period for this EGRPRA notice ended May 6, 2024, and the agencies are continuing to review the comments received. In response to the EGRPRA notice, certain commenters stated that the information collected on the Call Report exceeds what is necessary. These commenters recommended additional tailoring of the Call Report and changes to reporting in at least the first and third quarters of the year.
                    <SU>7</SU>
                    <FTREF/>
                     In preparation for the statutory review and to identify opportunities to better align reporting toward monitoring core financial risks, the agencies are using this RFI to seek public feedback on potential ways to streamline the Call Reports.
                </P>
                <FTNT>
                    <P>
                        <SU>4</SU>
                         
                        <E T="03">See</E>
                         12 U.S.C. 1817(a)(11).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>5</SU>
                         
                        <E T="03">See</E>
                         12 U.S.C. 3311.
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>6</SU>
                         89 FR 8084 (February 6, 2024).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>7</SU>
                         Comments are available at 
                        <E T="03">https://egrpra.ffiec.gov/federal-register-notices/fedreg-index.html.</E>
                    </P>
                </FTNT>
                <P>
                    The agencies are interested in identifying which schedules and individual line items require the most resources to complete each quarter and welcome respondent views on whether any data items go beyond monitoring the core financial risks of the filing institution. The agencies are also seeking comments on what changes, if any, to the frequency of reporting schedules and data items could improve the efficiency of the collection and for which categories of respondents. The agencies are interested in learning what data institutions collect and maintain in their loan systems and other automated systems, including outsourced systems, for internal reporting and Call Report purposes. A better understanding of what data institutions currently maintain or calculate solely for Call Report purposes, and items that require manual calculation, may inform the agencies' ability to better align institutions' internal and external reporting, as appropriate. Relatedly, the agencies also are seeking information on changes in respondents' use of reporting technologies and whether current and 
                    <PRTPAGE P="55242"/>
                    emerging technologies could be used to simplify the reporting of Call Report data.
                </P>
                <P>
                    The agencies are also considering whether to further streamline the FFIEC 051 version of the Call Report and expand the availability of that form to institutions with significantly greater than $5 billion in total assets. The agencies are required to permit institutions to submit a short form Call Report in first and third quarters of each year for institutions with less than $5 billion in total consolidated assets and that satisfy other criteria that the agencies determine appropriate.
                    <SU>8</SU>
                    <FTREF/>
                     The agencies have implemented this requirement through the FFIEC 051.
                    <SU>9</SU>
                    <FTREF/>
                     The agencies are not prohibited, however, from expanding the availability of a short form Call Report to larger institutions. Accordingly, the agencies are interested in whether to expand the usage of the FFIEC 051 to larger institutions and how to further streamline the information collected by the FFIEC 051.
                </P>
                <FTNT>
                    <P>
                        <SU>8</SU>
                         12 U.S.C. 1817(a)(12).
                    </P>
                </FTNT>
                <FTNT>
                    <P>
                        <SU>9</SU>
                         The agencies introduced the FFIEC 051 in March 2017 (82 FR 2444, January 9, 2017) and, in September 2019, implemented certain reduced reporting for the first and third quarters of the year for respondents with total assets of less than $5 billion (84 FR 29039, June 21, 2019).
                    </P>
                </FTNT>
                <P>The agencies will use the feedback received in response to this notice to assess what steps they should take to improve the efficiency and effectiveness of the Call Report. If the agencies determine that a change to the existing data collection on the Call Report is warranted, the agencies will seek further comment on a specific proposal to revise the data collection in accordance with the Paperwork Reduction Act.</P>
                <HD SOURCE="HD2">B. Specific Request for Comment</HD>
                <HD SOURCE="HD3">General Questions on the Call Report</HD>
                <P>During previous Call Report reviews conducted by the agencies, some institutions indicated that Call Report preparation is not a fully automated process where data flows directly from core data processing systems to the Call Report software and into the individual Call Report items. To assist in identifying other ways to make Call Report preparation more efficient, commenters are invited to respond to the following questions:</P>
                <P>1. Which specific line items or schedules on the Call Report are the most time-consuming to prepare or require significant manual adjustments (for example, to convert internal data from core data processing, general ledger, or other systems into the form required) to complete the Call Report? Why is this the case?</P>
                <P>2. For institutions that use manual processes to complete the Call Report, is there software available, from core system vendor(s) or elsewhere, to increase automation and efficiency? If so, what are the hurdles, if any, to utilizing such software?</P>
                <P>3. Certain Call Report data items may not be applicable for banking organizations that conduct a narrow range of business activities. To what extent and in what ways does the inclusion of Call Report data items that do not apply to a respondent on an ongoing basis affect data quality and respondent burden?</P>
                <P>The agencies regularly review their requirements for filing the Call Report. In addition to considering respondents' internal data preparation, the agencies are seeking comments on their submission requirements, including through the following questions.</P>
                <P>4. What process changes, if any, should the agencies consider for filing the Call Report?</P>
                <P>5. Are there specific recordkeeping requirements associated with completing the Call Report that the agencies should address?</P>
                <P>6. During the EGRPRA review, respondents suggested the agencies consider adjusting the due dates for the Call Reports, for example, to avoid falling on a weekend or holiday. In what way, if any, would changing due dates for the Call Reports reduce respondent burden?</P>
                <P>7. What technology changes, if any, related to the submission of the Call Report could reduce respondent burden? Would these technology changes have the same impact on small and large respondents alike? Are there different considerations for institutions with complex activities versus those with a more traditional business model?</P>
                <P>8. In what ways, if any, should the agencies consider modifying the Call Report forms or instructions, including their layout, structure, and availability, to improve their usability and reduce the resources required to prepare and file the report?</P>
                <P>9. Are there current or emerging uses of technologies that the agencies should consider when reviewing the structure, content, or publication of the Call Report forms or instructions?</P>
                <P>The Call Report instructions contain eligibility thresholds that determine which version of the Call Report a respondent may submit and, for each version, whether a respondent should report certain schedules or line items. (For example, reporting criteria may be based on the value of the respondent's total consolidated assets reported on June 30th of the prior year).</P>
                <P>10. In what ways, if any, through what mechanisms, and with what frequency should any specific threshold in the Call Report instructions be revised or indexed on an ongoing basis, and why? Relatedly, in what ways, if any, could the agencies further align the content of each version of the Call Report to the risk profiles of applicable filers?</P>
                <HD SOURCE="HD3">Short Form Call Report Eligibility and Content</HD>
                <P>As described in section II.A of this document, most institutions with total assets of less than $5 billion can submit a short form Call Report in the first and third quarters of the calendar year. Commenters are invited to respond to the following related questions:</P>
                <P>11. Are there reasons eligible institutions have or have not chosen to use this option? Are there ways for the agencies to make this option more appealing to currently eligible institutions?</P>
                <P>12. In what ways, if any, could the agencies revise the criteria for institutions to be eligible for reduced reporting while ensuring the safety and soundness of financial institutions and the financial system, and why? For example, should the eligibility for reduced reporting be related to a respondent's capital position or its ability to meet risk-based criteria?</P>
                <P>13. Similarly, in what ways should the eligibility for reduced reporting be related to a respondent's business model and why? What readily available quantitative criteria do commenters consider most indicative of a community banking organization conducting a traditional banking model and why?</P>
                <P>14. In what ways, if any, could the agencies further streamline the content of the short form Call Report in the first and third quarters of the calendar year to reduce burden on community banking organizations while ensuring their safety and soundness? What items other than those required by statute are essential for community banking organizations to report in the short form Call Report? To what subset of Call Report respondents should such revisions apply and why?</P>
                <P>15. Should the agencies set a higher size threshold for the availability of the short form Call Report in the first and third quarters of the calendar year? If so, what should the total asset size be?</P>
                <P>
                    Agencies received comments through the current EGRPRA process indicating the agencies collect information that may exceed what is necessary to effectively monitor banks' safety and soundness.
                    <PRTPAGE P="55243"/>
                </P>
                <P>16. Which specific Call Report data items or schedules, if any, do commenters consider nonessential for agencies to monitor safety and soundness or serve other mission critical needs? In your response, provide an explanation of whether these data items or schedules would relate to all respondents, or a subset of respondents based on specified asset size or risk profile.</P>
                <HD SOURCE="HD3">Data Usage</HD>
                <P>
                    Taken together, the Call Report and the Uniform Bank Performance Report (UBPR) 
                    <SU>10</SU>
                    <FTREF/>
                     contain a considerable amount of data about individual institutions and their peer groups. A significant amount of data in the UBPR originates from bank Call Report filings. Commenters are invited to respond to the following related questions:
                </P>
                <FTNT>
                    <P>
                        <SU>10</SU>
                         
                        <E T="03">See https://www.ffiec.gov/data/ubpr.</E>
                    </P>
                </FTNT>
                <P>17. To what extent and for what purposes do institutions and other stakeholders use Call Report and UBPR data (for example, peer comparison purposes, asset-liability management, shareholder meetings, and incentive compensation)?</P>
                <P>18. In what ways, if any, would removing or reducing the frequency of certain data items or schedules impede these uses?</P>
                <P>19. Are there data items in the Call Report that could be collected less frequently or at a more aggregated level that would have little or no impact to Call Report users?</P>
                <P>20. Conversely, are there data items that are currently reported by institutions for which there is a need for more frequent or more granular collection? Why is this additional frequency or granularity needed?</P>
                <HD SOURCE="HD3">Other Considerations on Regulatory Reporting</HD>
                <P>Federal law requires regular on-site safety-and-soundness examinations of insured depository institutions at least once during each 12-month period (or 18-month period for institutions that meet certain criteria). In between on-site examinations, the agencies conduct offsite monitoring each quarter using data collected in the Call Report. Such monitoring combined with discussions with institution management helps support decisions to maintain extended examination intervals for institutions that continue to be identified as lower risk or to potentially accelerate the timing of examinations or reviews of institutions experiencing adverse trends. These trends may emerge in more granular supervisory data that would not be apparent from high-level financial statements. They may also not be as evident with data that is collected less frequently. Thus, there is potentially a trade-off between the amount of supervisory data reported in the Call Reports and the frequency and content of the on-site examinations and other supervisory interactions with individual institutions necessary to evaluate an institution's ongoing condition.</P>
                <P>21. How can the agencies balance the content and frequency of reporting requirements, on-site examinations, and discussions with management to better achieve the agencies' missions and limit burden for institutions?</P>
                <SIG>
                    <NAME>Jonathan V. Gould,</NAME>
                    <TITLE>Comptroller of the Currency.</TITLE>
                    <NAME>Benjamin W. McDonough,</NAME>
                    <TITLE>Deputy Secretary of the Board.</TITLE>
                    <FP>Federal Deposit Insurance Corporation.</FP>
                    <DATED>Dated at Washington, DC, on November 24, 2025.</DATED>
                    <NAME>Jennifer M. Jones,</NAME>
                    <TITLE>Deputy Executive Secretary.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21621 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 4810-33-6210-01-6714-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <AGENCY TYPE="N">DEPARTMENT OF VETERANS AFFAIRS</AGENCY>
                <DEPDOC>[OMB Control No. 2900-0138]</DEPDOC>
                <SUBJECT>Agency Information Collection Activity: Request for Details of Expenses</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Veterans Benefits Administration, Department of Veterans Affairs.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        Veterans Benefits Administration, Department of Veterans Affairs (VA), is announcing an opportunity for public comment on the proposed collection of certain information by the agency. Under the Paperwork Reduction Act (PRA) of 1995, Federal agencies are required to publish notice in the 
                        <E T="04">Federal Register</E>
                         concerning each proposed collection of information, including each proposed extension of a currently approved collection, and allow 60 days for public comment in response to the notice. 
                    </P>
                </SUM>
                <DATES>
                    <HD SOURCE="HED">DATES:</HD>
                    <P> Comments must be received on or before January 30, 2026.</P>
                </DATES>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Comments must be submitted through 
                        <E T="03">www.regulations.gov.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P/>
                    <P>
                        <E T="03">Program-Specific information:</E>
                         Kendra McCleave, 202-461-9568, 
                        <E T="03">kendra.mccleave@va.gov.</E>
                    </P>
                    <P>
                        <E T="03">VA PRA information:</E>
                         Dorothy Glasgow, 202-461-1084, 
                        <E T="03">VAPRA@va.gov.</E>
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P> Under the PRA of 1995, Federal agencies must obtain approval from the Office of Management and Budget (OMB) for each collection of information they conduct or sponsor. This request for comment is being made pursuant to Section 3506(c)(2)(A) of the PRA.</P>
                <P>With respect to the following collection of information, VBA invites comments on: (1) whether the proposed collection of information is necessary for the proper performance of VBA's functions, including whether the information will have practical utility; (2) the accuracy of VBA's estimate of the burden of the proposed collection of information; (3) ways to enhance the quality, utility, and clarity of the information to be collected; and (4) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or the use of other forms of information technology.</P>
                <P>
                    <E T="03">Title:</E>
                     Request for Details of Expenses.
                </P>
                <P>
                    <E T="03">OMB Control Number:</E>
                     2900-0138 
                    <E T="03">https://www.reginfo.gov/public/do/PRASearch.</E>
                </P>
                <P>
                    <E T="03">Type of Review:</E>
                     Extension without change of a currently approved collection.
                </P>
                <P>
                    <E T="03">Abstract:</E>
                     The primary use of the form is to gather the necessary information to determine eligibility for VA Pension. Without VA Form 21P-8049, VA will not be able to properly evaluate the totality of a claimant's circumstances when considering an application for benefits. VA will also be unable to assess the totality of the claimant's circumstances when VA receives evidence of a significant increase in the corpus of the claimant's estate. The collection is conducted on a one-time basis and cannot be performed less frequently.
                </P>
                <P>
                    <E T="03">Affected Public:</E>
                     Individuals and households.
                </P>
                <P>
                    <E T="03">Estimated Annual Burden:</E>
                     218 hours.
                </P>
                <P>
                    <E T="03">Estimated Average Burden per Respondent:</E>
                     15 minutes.
                </P>
                <P>
                    <E T="03">Frequency of Response:</E>
                     One time.
                </P>
                <P>
                    <E T="03">Estimated Number of Respondents:</E>
                     871 per year.
                </P>
                <EXTRACT>
                    <FP>
                        (Authority: 44 U.S.C. 3501 
                        <E T="03">et seq.</E>
                        )
                    </FP>
                </EXTRACT>
                <SIG>
                    <NAME>Dorothy Glasgow,</NAME>
                    <TITLE>Acting, VA PRA Clearance Officer, Office of Information Technology/Data Governance Analytics, Department of Veterans Affairs.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21667 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8320-01-P</BILCOD>
        </NOTICE>
        <NOTICE>
            <PREAMB>
                <PRTPAGE P="55244"/>
                <AGENCY TYPE="S">DEPARTMENT OF VETERANS AFFAIRS </AGENCY>
                <DEPDOC>[OMB Control No. 2900-0674]</DEPDOC>
                <SUBJECT>Agency Information Collection Activity: Notice of Disagreement: Appeal to the Board of Veterans' Appeals</SUBJECT>
                <AGY>
                    <HD SOURCE="HED">AGENCY:</HD>
                    <P>Board of Veterans' Appeals, Department of Veterans Affairs.</P>
                </AGY>
                <ACT>
                    <HD SOURCE="HED">ACTION:</HD>
                    <P>Notice.</P>
                </ACT>
                <SUM>
                    <HD SOURCE="HED">SUMMARY:</HD>
                    <P>
                        The Board of Veterans' Appeals (Board), Department of Veterans Affairs (VA), is announcing an opportunity for public comment on the proposed collection of certain information by the agency. Under the Paperwork Reduction Act (PRA) of 1995, Federal agencies are required to publish notice in the 
                        <E T="04">Federal Register</E>
                         concerning each proposed collection of information, including each proposed extension of a currently approved collection, and allow 60 days for public comment in response to the notice.  DATES: Comments must be received on or before January 30, 2026.
                    </P>
                </SUM>
                <ADD>
                    <HD SOURCE="HED">ADDRESSES:</HD>
                    <P>
                        Comments must be submitted through 
                        <E T="03">www.regulations.gov.</E>
                    </P>
                </ADD>
                <FURINF>
                    <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                    <P/>
                    <P>
                        <E T="03">Program-Specific information:</E>
                         Michael Nanez, 202-382-2785, 
                        <E T="03">Michael.Nanez@va.gov</E>
                        .
                    </P>
                    <P>
                        <E T="03">VA PRA information:</E>
                         Dorothy Glasgow, 202-461-1084, 
                        <E T="03">VAPRA@va.gov</E>
                        .
                    </P>
                </FURINF>
            </PREAMB>
            <SUPLINF>
                <HD SOURCE="HED">SUPPLEMENTARY INFORMATION:</HD>
                <P>Under the PRA of 1995, Federal agencies must obtain approval from the Office of Management and Budget (OMB) for each collection of information they conduct or sponsor. This request for comment is being made pursuant to Section 3506(c)(2)(A) of the PRA.</P>
                <P>With respect to the following collection of information, the Board invites comments on: (1) whether the proposed collection of information is necessary for the proper performance of the Board's functions, including whether the information will have practical utility; (2) the accuracy of the Board's estimate of the burden of the proposed collection of information; (3) ways to enhance the quality, utility, and clarity of the information to be collected; and (4) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or the use of other forms of information technology.</P>
                <P>
                    <E T="03">Title:</E>
                     Notice of Disagreement (NOD)/Appeal to the Board of Veterans' Appeals, VA Form 10182 and VA Form 9.
                </P>
                <P>
                    <E T="03">OMB Control Number:</E>
                     2900-0674. 
                    <E T="03">https://www.reginfo.gov/public/do/PRASearch</E>
                     (Once at this link, you can enter the OMB Control Number to find the historical versions of this Information Collection).
                </P>
                <P>
                    <E T="03">Type of Review:</E>
                     Revision of a currently approved collection.
                </P>
                <P>
                    <E T="03">Abstract:</E>
                     OMB Control No. 2900-0674 was recently approved on April 30, 2025. The 
                    <E T="03">VA Form 10182 Decision Review Request: Board Appeal (Notice of Disagreement),</E>
                     which is required to initiate Board review of an appeal in the modernized review system as implemented by the Veterans Appeals Improvement and Modernization Act of 2017 (AMA), was one of the forms approved for information collection. The Board is requesting to revise the currently approved VA Form 10182, to include an additional checkbox under Part III, number 11. The proposed checkbox will state: “Check here if you want the Board to issue a decision as soon as possible, even if it is within the period to request a different review option in Part II. By checking this box, you acknowledge that once the Board issues a decision, you will not be permitted to change your Board review option.” The “Overview of Notice of Disagreement Form Sections” on page three will be amended to include further explanation of the checkbox. The Board additionally requests to remove the checkbox from Part III, number 11, which states: “Check here if you are appealing a denial of benefits by the Veterans Health Administration (VHA).” Finally, the Board seeks to amend the VA Form 10182 to clarify that selecting the Evidence Submission or Hearing with a Veterans Law Judge review option may extend the time it takes for the Board to decide an appeal; the VA Form 10182 currently states that selecting those review options will extend the time to receive a Board decision. The Board does not request to revise any of the other items included in the previously approved collection.
                </P>
                <P>
                    The Board is requesting to revise the VA Form 10182, by adding a checkbox to Part III, number 11, in response to a recent case issued by the U.S. Court of Appeals for Veterans Claims (CAVC). When appellants file a 
                    <E T="03">VA Form 10182, Decision Review Request: Board Appeal (Notice of Disagreement),</E>
                     they have the choice of three Board review options, or “dockets.” Pursuant to 38 CFR 20.202(c)(2), appellants may request to modify their Notice of Disagreement and change review options until the later of one year from the date the agency of original jurisdiction mails notice of the decision on appeal, or within 60 days of the date the Board receives the Notice of Disagreement. In 
                    <E T="03">Williams</E>
                     v. 
                    <E T="03">McDonough,</E>
                     37 Vet. App. 305, 310-311 (2024), the CAVC interpreted 38 CFR 20.202(c)(2) as preventing the Board from issuing a decision until the period to request to change Board review options elapses. As a result, the Board has been forced to delay issuing decisions in cases that are otherwise ready for adjudication until that period elapses or sends a letter and ask appellants whether they wish to waive the remaining time, which places additional burdens on appellants and the Board.
                </P>
                <P>The requested revision provides appellants with the option to request that the Board issue a decision prior to the end of the period to request to switch dockets set out in 38 CFR § 20.202(c)(2). By selecting the checkbox on the VA Form 10182, appellants can receive a decision in their appeal as soon as possible based on their place in docket order while also retaining the right to request a different Board review option up until the Board promulgates a decision on the appeal.</P>
                <P>The Board is requesting to remove the checkbox under Part III, number 11, that states: “Check here if you are appealing a denial of benefits by the Veterans Health Administration (VHA),” because it leads to confusion with appellants and provides little benefit to the Board.</P>
                <P>
                    Revising the VA Form 10182 by adding a checkbox is the most Veteran-friendly approach as no new form would be required, and appellants can avoid delays resulting from the 
                    <E T="03">Williams</E>
                     decision by requesting that the Board issue a decision in their appeal using an already-familiar form. Removing the checkbox concerning denial of benefits by the VHA will eliminate the need for appellants to consider which Administration issued the decision they are appealing when completing the VA Form 10182. The explanation that selecting the Evidence Submission or Hearing review option may extend the time it takes for the Board to decide an appeal will help appellants make a fully informed decision on selecting the Board review option that is best for them.
                </P>
                <P>
                    Any appellant who files a VA Form 10182 may utilize the checkbox and review the explanation of the time required for the review options. Therefore, the estimated number of respondents and annual burden are the same estimates as those provided for the number of respondents who may utilize the 
                    <E T="03">VA Form 10182 Decision Review Request: Board Appeal (Notice of Disagreement).</E>
                     Because the Board is seeking to add a checkbox and remove a checkbox, it is estimated that a 
                    <PRTPAGE P="55245"/>
                    respondent's burden would be unchanged by the requested revisions. The estimates are consistent with those provided in the previously approved collection, because the requested changes to the VA Form 10182 do not add any additional burden to the processing of the form. Rather, the checkbox will eliminate the need to delay issuing decisions in appeals that are otherwise ready for adjudication and send appellants letters of clarification, thereby decreasing the overall administrative burden caused by 
                    <E T="03">Williams,</E>
                     supra.
                </P>
                <P>
                    <E T="03">Affected Public:</E>
                     Individuals and households.
                </P>
                <P>
                    <E T="03">Estimated Annual Burden:</E>
                     55,000 hours.
                </P>
                <P>
                    <E T="03">Estimated Average Burden per Respondent:</E>
                     30 minutes.
                </P>
                <P>
                    <E T="03">Frequency of Response:</E>
                     Once.
                </P>
                <P>
                    <E T="03">Estimated Number of Respondents:</E>
                     110,000.
                </P>
                <P>
                    <E T="03">Authority:</E>
                     44 U.S.C. 3501 
                    <E T="03">et seq.</E>
                </P>
                <SIG>
                    <NAME>Dorothy Glasgow,</NAME>
                    <TITLE>Acting, VA PRA Clearance Officer, Office of Information Technology, Data Governance and Analytics, Department of Veterans Affairs.</TITLE>
                </SIG>
            </SUPLINF>
            <FRDOC>[FR Doc. 2025-21703 Filed 11-28-25; 8:45 am]</FRDOC>
            <BILCOD>BILLING CODE 8320-01-P</BILCOD>
        </NOTICE>
    </NOTICES>
    <VOL>90</VOL>
    <NO>228</NO>
    <DATE>Monday, December 1, 2025</DATE>
    <UNITNAME>Rules and Regulations</UNITNAME>
    <NEWPART>
        <PTITLE>
            <PRTPAGE P="55247"/>
            <PARTNO>Part II</PARTNO>
            <AGENCY TYPE="P"> Department of the Treasury</AGENCY>
            <SUBAGY> Office of the Comptroller of the Currency</SUBAGY>
            <HRULE/>
            <CFR>12 CFR Parts 3 and 6</CFR>
            <AGENCY TYPE="P">Federal Reserve System</AGENCY>
            <CFR>12 CFR Parts 208, 217, and 252</CFR>
            <AGENCY TYPE="P"> Federal Deposit Insurance Corporation</AGENCY>
            <CFR>12 CFR Part 34</CFR>
            <TITLE>Regulatory Capital Rule: Modifications to the Enhanced Supplementary Leverage Ratio Standards for U.S. Global Systemically Important Bank Holding Companies and Their Subsidiary Depository Institutions; Total Loss-Absorbing Capacity and Long-Term Debt Requirements for U.S. Global Systemically Important Bank Holding Companies; Final Rule</TITLE>
        </PTITLE>
        <RULES>
            <RULE>
                <PREAMB>
                    <PRTPAGE P="55248"/>
                    <AGENCY TYPE="S">DEPARTMENT OF THE TREASURY</AGENCY>
                    <SUBAGY>Office of the Comptroller of the Currency</SUBAGY>
                    <CFR>12 CFR Parts 3 and 6</CFR>
                    <DEPDOC>[Docket ID OCC—2025-0006]</DEPDOC>
                    <RIN>RIN 1557-AF31</RIN>
                    <AGENCY TYPE="O">FEDERAL RESERVE SYSTEM</AGENCY>
                    <CFR>12 CFR Parts 208, 217, and 252</CFR>
                    <DEPDOC>[Regulations H, Q, and YY; Docket No. R-1867]</DEPDOC>
                    <RIN>RIN 7100-AG96</RIN>
                    <AGENCY TYPE="O">FEDERAL DEPOSIT INSURANCE CORPORATION</AGENCY>
                    <CFR>12 CFR Part 324</CFR>
                    <RIN>RIN 3064-AG11</RIN>
                    <SUBJECT>Regulatory Capital Rule: Modifications to the Enhanced Supplementary Leverage Ratio Standards for U.S. Global Systemically Important Bank Holding Companies and Their Subsidiary Depository Institutions; Total Loss-Absorbing Capacity and Long-Term Debt Requirements for U.S. Global Systemically Important Bank Holding Companies</SUBJECT>
                    <AGY>
                        <HD SOURCE="HED">AGENCY:</HD>
                        <P>Office of the Comptroller of the Currency, Treasury; the Board of Governors of the Federal Reserve System; and the Federal Deposit Insurance Corporation.</P>
                    </AGY>
                    <ACT>
                        <HD SOURCE="HED">ACTION:</HD>
                        <P>Final rule.</P>
                    </ACT>
                    <SUM>
                        <HD SOURCE="HED">SUMMARY:</HD>
                        <P>The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC) are adopting a final rule to modify the enhanced supplementary leverage ratio standards applicable to U.S. bank holding companies identified as global systemically important bank holding companies (GSIBs), their subsidiary depository institutions that are Board- or FDIC-regulated, and national banks and Federal savings associations that are subsidiaries of a U.S. top-tier bank holding company with total consolidated assets of more than $700 billion or assets under custody of more than $10 trillion (together with Board- and FDIC-regulated subsidiary depository institutions of GSIBs, covered depository institutions). These modifications are intended to help ensure that the enhanced supplementary leverage ratio standards serve as a backstop to risk-based capital requirements rather than a frequently binding constraint, thus reducing potential disincentives for GSIBs and covered depository institutions to participate in low-risk, low-return activities. The Board is also finalizing conforming amendments to its total loss-absorbing capacity and long-term debt requirements. In addition, the Board is making conforming amendments to relevant regulatory reporting forms, and the Board and FDIC are making final certain technical corrections to the capital rule and the prompt corrective action framework. Banking organizations subject to the final rule may elect to early adopt the final rule as of January 1, 2026.</P>
                    </SUM>
                    <EFFDATE>
                        <HD SOURCE="HED">DATES:</HD>
                        <P>The final rule is effective April 1, 2026.</P>
                    </EFFDATE>
                    <FURINF>
                        <HD SOURCE="HED">FOR FURTHER INFORMATION CONTACT:</HD>
                        <P/>
                        <P>
                            <E T="03">OCC:</E>
                             Venus Fan, Risk Expert, Benjamin Pegg, Technical Expert, Capital Policy, (202) 649-6370; Carl Kaminski, Assistant Director, Ron Shimabukuro, Senior Counsel, Scott Burnett, Counsel, Chief Counsel's Office, (202) 649-5490, Office of the Comptroller of the Currency, 400 7th Street SW, Washington, DC 20219. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.
                        </P>
                        <P>
                            <E T="03">Board:</E>
                             Juan Climent, Deputy Associate Director, (202) 872-7526; Brian Chernoff, Manager, (202) 731-8914; Missaka Nuwan Warusawitharana, Manager, (202) 452-3461; Akos Horvath, Principal Economist, (202) 452-3048; Nadya Zeltser, Lead Financial Institution Policy Analyst, (202) 452-3164; Anthony Sarver, Senior Financial Institution Policy Analyst, (202) 475-6317, Division of Supervision and Regulation; or Jay Schwarz, Deputy Associate General Counsel, (202) 731-8852; Mark Buresh, Senior Special Counsel, (202) 499-0261; Ryan Rossner, Counsel, (202) 430-1368; Isabel Echarte, Senior Attorney, (202) 945-2412, Legal Division, Board of Governors of the Federal Reserve System, 20th and C Streets NW, Washington, DC 20551. For the hearing impaired only, Telecommunication Device for the Deaf (TDD), (202) 263-4869.
                        </P>
                        <P>
                            <E T="03">FDIC:</E>
                             Benedetto Bosco, Chief, Capital Policy Section; Michael Maloney, Senior Policy Analyst; Kyle McCormick, Senior Policy Analyst; Keith Bergstresser, Senior Policy Analyst; Eric Schatten, Senior Policy Analyst; Soo Jeong Kim, Policy Analyst; Matthew Park, Financial Analyst; Capital Markets and Accounting Policy Branch, Division of Risk Management Supervision; Catherine Wood, Counsel; Merritt Pardini, Counsel; Kevin Zhao, Senior Attorney; Nicholas Soyer, Attorney, Legal Division; 
                            <E T="03">regulatorycapital@fdic.gov,</E>
                             (202) 898-6888; Federal Deposit Insurance Corporation, 550 17th Street NW, Washington, DC 20429.
                        </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="FP1-2">A. Overview of Leverage Capital Requirements for Large Banking Organizations</FP>
                        <FP SOURCE="FP1-2">B. Objective of Rulemaking</FP>
                        <FP SOURCE="FP1-2">C. Overview of the Proposed Rule and Summary of Comments</FP>
                        <FP SOURCE="FP1-2">D. Overview of the Final Rule</FP>
                        <FP SOURCE="FP-2">II. Final Rule</FP>
                        <FP SOURCE="FP1-2">A. Changes to the Enhanced Supplementary Leverage Ratio Standards</FP>
                        <FP SOURCE="FP1-2">1. Proposed Calibration and Comments Received</FP>
                        <FP SOURCE="FP1-2">2. Calibration of the Holding Company Standard</FP>
                        <FP SOURCE="FP1-2">3. Calibration of the Depository Institution Standard</FP>
                        <FP SOURCE="FP1-2">4. Modification to the Form of the Depository Institution Standard</FP>
                        <FP SOURCE="FP1-2">B. Amendments to Total Loss-Absorbing Capacity and Long-Term Debt Requirements</FP>
                        <FP SOURCE="FP1-2">C. Applicability Thresholds of the eSLR Standard for OCC-Supervised Institutions</FP>
                        <FP SOURCE="FP1-2">D. Comments on Other Potential Modifications to the Supplementary Leverage Ratio Requirement and Other Elements of the Agencies' Regulatory Framework</FP>
                        <FP SOURCE="FP1-2">E. Technical Corrections</FP>
                        <FP SOURCE="FP-2">III. Effective Date</FP>
                        <FP SOURCE="FP-2">IV. Economic Analysis</FP>
                        <FP SOURCE="FP1-2">A. Introduction</FP>
                        <FP SOURCE="FP1-2">B. Baseline</FP>
                        <FP SOURCE="FP1-2">1. Role of Banking Organizations as Investors in U.S. Treasury Securities</FP>
                        <FP SOURCE="FP1-2">2. Treasury Securities Held by Banking Organizations Subject to Category I to III Standards</FP>
                        <FP SOURCE="FP1-2">C. Policy Change</FP>
                        <FP SOURCE="FP1-2">D. Reasonable Alternatives</FP>
                        <FP SOURCE="FP1-2">E. Changes in the Supplementary Leverage Ratio and Tier 1 Capital Requirements</FP>
                        <FP SOURCE="FP1-2">F. Benefits</FP>
                        <FP SOURCE="FP1-2">G. Costs</FP>
                        <FP SOURCE="FP1-2">H. Additional Comments on the Economic Analysis</FP>
                        <FP SOURCE="FP1-2">1. Requests To Consider Potential Future Developments</FP>
                        <FP SOURCE="FP1-2">2. Requests To Consider Potential Interaction Effects</FP>
                        <FP SOURCE="FP1-2">3. Requests To Consider Further Benefits and Costs</FP>
                        <FP SOURCE="FP1-2">I. Analysis of TLAC and Long-Term Debt Requirement Changes</FP>
                        <FP SOURCE="FP1-2">1. Baseline</FP>
                        <FP SOURCE="FP1-2">2. Changes in Requirements</FP>
                        <FP SOURCE="FP1-2">3. Anticipated Economic Effects</FP>
                        <FP SOURCE="FP1-2">J. Conclusion</FP>
                        <FP SOURCE="FP1-2">K. Appendix</FP>
                        <FP SOURCE="FP1-2">
                            1. Estimating the Available Capacity of Holding Companies for Additional Reserves and U.S. Treasury Securities Held as Investment Securities at Depository Institution Subsidiaries
                            <PRTPAGE P="55249"/>
                        </FP>
                        <FP SOURCE="FP1-2">2. Estimating the Available Capacity of Holding Companies for Additional U.S. Treasury Securities Held at Broker-Dealer Subsidiaries, Assuming Perfect Hedging</FP>
                        <FP SOURCE="FP-2">V. Administrative Law Matters</FP>
                        <FP SOURCE="FP1-2">A. Paperwork Reduction Act</FP>
                        <FP SOURCE="FP1-2">B. Regulatory Flexibility Act Analysis</FP>
                        <FP SOURCE="FP1-2">C. Plain Language</FP>
                        <FP SOURCE="FP1-2">D. Riegle Community Development and Regulatory Improvement Act of 1994</FP>
                        <FP SOURCE="FP1-2">E. Executive Orders 12866, 13563, and 14192</FP>
                        <FP SOURCE="FP1-2">F. OCC Unfunded Mandates Reform Act of 1995</FP>
                        <FP SOURCE="FP1-2">G. Congressional Review Act</FP>
                    </EXTRACT>
                    <HD SOURCE="HD1">I. Introduction</HD>
                    <P>
                        On July 10, 2025, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC) (collectively, the agencies) published in the 
                        <E T="04">Federal Register</E>
                         a notice of proposed rulemaking (the proposal) 
                        <SU>1</SU>
                        <FTREF/>
                         that would modify the enhanced supplementary leverage ratio (eSLR) standards that apply to U.S. bank holding companies identified as global systemically important bank holding companies (GSIBs) 
                        <SU>2</SU>
                        <FTREF/>
                         and their subsidiary depository institutions (covered depository institutions).
                        <SU>3</SU>
                        <FTREF/>
                         Following review of the comments received on the proposal, the agencies are finalizing the proposed changes, with certain adjustments discussed below.
                    </P>
                    <FTNT>
                        <P>
                            <SU>1</SU>
                             
                            <E T="03">See</E>
                             “Regulatory Capital Rule: Modifications to the Enhanced Supplementary Leverage Ratio Standards for U.S. Global Systemically Important Bank Holding Companies and Their Subsidiary Depository Institutions; Total Loss-Absorbing Capacity and Long-Term Debt Requirements for U.S. Global Systemically Important Bank Holding Companies,” 90 FR 30780 (July 10, 2025).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>2</SU>
                             
                            <E T="03">See</E>
                             12 CFR part 217, subpart H (GSIB surcharge framework). A bank holding company subject to the GSIB surcharge framework must determine whether it is a GSIB by applying a multifactor methodology based on size, interconnectedness, substitutability, complexity, and cross-jurisdictional activity. 
                            <E T="03">See</E>
                             12 CFR 217.402.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>3</SU>
                             This 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                             uses the term “covered depository institutions” to refer to depository institutions that are subject to the eSLR standard under the current rule or final rule, as applicable. Under the current rule, the eSLR standard is made applicable to depository institutions under the prompt corrective action framework and therefore applies only to depository institutions the deposits of which are federally insured. The final rule changes the form of the eSLR standard applicable to depository institutions, as discussed in greater detail in section II.A.4 of this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                            , and as a result of this change, certain national bank subsidiaries, specifically, uninsured national banks chartered pursuant to 12 U.S.C. 27(a), are subject to the eSLR standard under the final rule. This change in scope is a result of the prompt corrective action framework's applicability to insured depository institutions and the capital rule's applicability to certain uninsured depository institutions.
                        </P>
                    </FTNT>
                    <HD SOURCE="HD2">A. Overview of Leverage Capital Requirements for Large Banking Organizations</HD>
                    <P>
                        Congress has authorized the agencies to establish leverage capital requirements and standards for banking organizations subject to this final rule. Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act),
                        <SU>4</SU>
                        <FTREF/>
                         as amended by section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act,
                        <SU>5</SU>
                        <FTREF/>
                         requires the Board to establish leverage limits for bank holding companies with $250 billion or more in total consolidated assets.
                        <SU>6</SU>
                        <FTREF/>
                         The prompt corrective action framework in section 38 of the Federal Deposit Insurance Act (FDI Act) requires the agencies to prescribe capital standards for insured depository institutions that include a leverage limit and provides that the agencies may establish any additional relevant capital measures to carry out the purpose of that section.
                        <SU>7</SU>
                        <FTREF/>
                         Various statutory authorities provide the agencies with broad discretionary authority to set capital requirements and standards for banking organizations supervised by the agencies, including national banking associations, state-chartered banks, savings associations, and depository institution holding companies.
                        <SU>8</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>4</SU>
                             Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. 1376 (2010).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>5</SU>
                             Economic Growth, Regulatory Relief, and Consumer Protection Act, Public Law 115-174, 132 Stat. 1296 (2018).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>6</SU>
                             
                            <E T="03">See</E>
                             12 U.S.C. 5365(a)(1), (b)(1)(A)(i). Section 165 of the Dodd-Frank Act also provides that the Board may apply any prudential standard established under section 165 to any bank holding company with $100 billion or more in total consolidated assets to which the prudential standard does not otherwise apply, under certain circumstances. 12 U.S.C. 5365(a)(2)(C). Section 165, in relevant part, also applies to foreign banks or companies that are treated as a bank holding company for purposes of the Bank Holding Company Act. 
                            <E T="03">See</E>
                             12 U.S.C. 3106(a), 5311(a)(1). 
                            <E T="03">See also</E>
                             section 401(g) of the Economic Growth, Regulatory Relief, and Consumer Protection Act (regarding the Board's authority to establish enhanced prudential standards for foreign banking organizations with total consolidated assets of $100 billion or more). 12 U.S.C. 5365 note.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>7</SU>
                             
                            <E T="03">See</E>
                             12 U.S.C. 1831o(c)(1)(A), (c)(1)(B)(i).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>8</SU>
                             
                            <E T="03">See</E>
                             12 U.S.C. 93a (national banking associations); 12 U.S.C. 248(i), 324, 327, 329 (state member banks); 12 U.S.C. 1463 (savings associations); 12 U.S.C. 1467a(g)(1) (savings and loan holding companies); 12 U.S.C. 1844(b) (bank holding companies); 12 U.S.C. 3106 (certain U.S. operations of foreign banking organizations); 12 U.S.C. 3902(1)-(2), 3907(a), 3909(a), (c)(1)-(2) (depository institutions; affiliates of depository institutions, including holding companies; and certain U.S. operations of foreign banking organizations); 12 U.S.C. 5371 (insured depository institutions, depository institution holding companies, and nonbank financial companies supervised by the Board).
                        </P>
                    </FTNT>
                    <P>
                        In 2013, the agencies adopted a revised regulatory capital rule to address weaknesses that became apparent during the financial crisis of 2007-09,
                        <SU>9</SU>
                        <FTREF/>
                         which includes two leverage-based requirements for large banking organizations.
                        <SU>10</SU>
                        <FTREF/>
                         The tier 1 leverage ratio, measured as the ratio of a banking organization's tier 1 capital to average total consolidated assets, applies to all banking organizations subject to the capital rule. Under this requirement, a banking organization is required to maintain a minimum leverage ratio of at least four percent; moreover, an insured depository institution is required to maintain a leverage ratio of at least five percent to be considered “well capitalized” under the prompt corrective action framework.
                        <SU>11</SU>
                        <FTREF/>
                         The supplementary leverage ratio, measured as the ratio of a banking organization's tier 1 capital to its total leverage exposure, applies only to banking organizations subject to Category I-III capital standards.
                        <SU>12</SU>
                        <FTREF/>
                         Each of these 
                        <PRTPAGE P="55250"/>
                        banking organizations must maintain a supplementary leverage ratio of at least three percent. Total leverage exposure includes certain off-balance sheet exposures in addition to all on-balance sheet assets.
                        <SU>13</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>9</SU>
                             The Board and the OCC issued a joint final rule on October 11, 2013 (78 FR 62018), and the FDIC issued a substantially identical interim final rule on September 10, 2013 (78 FR 55340). The FDIC adopted the interim final rule as a final rule with no substantive changes on April 14, 2014 (79 FR 20754). 
                            <E T="03">See</E>
                             12 CFR part 3 (OCC); 12 CFR part 217 (Board); 12 CFR part 324 (FDIC).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>10</SU>
                             
                            <E T="03">See</E>
                             12 CFR 3.10(a) (OCC); 12 CFR 217.10(a) (Board); 12 CFR 324.10(a) (FDIC). The term “banking organizations,” as used in this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                            , includes national banks; state member banks; state nonmember banks; Federal savings associations; state savings associations; top-tier bank holding companies domiciled in the United States not subject to the Board's Small Bank Holding Company and Savings and Loan Holding Company Policy Statement (12 CFR part 225 app'x C); U.S. intermediate holding companies of foreign banking organizations; and top-tier savings and loan holding companies domiciled in the United States, except for certain savings and loan holding companies that are significantly engaged in commercial activities and certain savings and loan holding companies that are subject to the Small Bank Holding Company and Savings and Loan Holding Company Policy Statement.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>11</SU>
                             
                            <E T="03">See</E>
                             12 CFR 3.10(a)(1)(iv), 6.4(b)(1)(i)(D) (OCC); 12 CFR 208.43(b)(1)(i)(D), 217.10(a)(1)(iv) (Board); 12 CFR 324.10(a)(1)(iv), 324.403(b)(1)(i)(D) (FDIC); 
                            <E T="03">see also</E>
                             12 CFR 3.12 (OCC); 12 CFR 217.12 (Board); 12 CFR 324.12 (FDIC).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>12</SU>
                             In 2019, the agencies adopted rules establishing four categories of capital standards for U.S. banking organizations with $100 billion or more in total consolidated assets and foreign banking organizations with $100 billion or more in combined U.S. assets. Under this framework, Category I standards apply to GSIBs and their depository institution subsidiaries. Category II standards apply to banking organizations with at least $700 billion in total consolidated assets or at least $75 billion in cross-jurisdictional activity and their depository institution subsidiaries. Category III standards apply to banking organizations with total consolidated assets of at least $250 billion or at least $75 billion in weighted short-term wholesale funding, nonbank assets, or off-balance sheet exposure and their depository institution 
                            <PRTPAGE/>
                            subsidiaries. Category IV standards apply to banking organizations with total consolidated assets of at least $100 billion that do not meet the thresholds for a higher category and their depository institution subsidiaries. 
                            <E T="03">See</E>
                             12 CFR 3.2 (OCC); 12 CFR 238.10, 252.5, (Board); 12 CFR 324.2 (FDIC); “Prudential Standards for Large Bank Holding Companies, Savings and Loan Holding Companies, and Foreign Banking Organizations,” 84 FR 59032 (Nov. 1, 2019); “Changes to Applicability Thresholds for Regulatory Capital and Liquidity Requirements,” 84 FR 59230 (Nov. 1, 2019).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>13</SU>
                             
                            <E T="03">See</E>
                             12 CFR 3.10(c) (OCC); 12 CFR 217.10(c) (Board); 12 CFR 324.10(c) (FDIC).
                        </P>
                    </FTNT>
                    <P>
                        In 2014, the agencies adopted a final rule that required GSIBs and covered depository institutions to meet enhanced supplementary leverage ratio standards.
                        <SU>14</SU>
                        <FTREF/>
                         Specifically, this framework requires each GSIB to maintain a supplementary leverage ratio of at least three percent plus a leverage buffer greater than two percent to avoid limitations on the GSIB's capital distributions and certain discretionary bonus payments.
                        <SU>15</SU>
                        <FTREF/>
                         In addition, any insured depository institution subsidiary of a GSIB must maintain a supplementary leverage ratio of at least six percent to be “well capitalized” under the prompt corrective action framework of the Board, OCC, or FDIC, as applicable.
                        <SU>16</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>14</SU>
                             
                            <E T="03">See</E>
                             “Regulatory Capital Rules: Regulatory Capital, Enhanced Supplementary Leverage Ratio Standards for Certain Bank Holding Companies and Their Subsidiary Insured Depository Institutions,” 79 FR 24528 (May 1, 2014). The eSLR standards were originally applicable to bank holding companies with more than $700 billion in total consolidated assets or $10 trillion in assets under custody and their subsidiary depository institutions. The Board revised the applicability of the eSLR standards in its rules to apply to GSIBs and their subsidiary depository institutions in connection with the GSIB surcharge rule. 
                            <E T="03">See</E>
                             80 FR 49082 (Aug. 14, 2015). The FDIC made an equivalent change in 2020, while the OCC retained the original applicability thresholds. 
                            <E T="03">See</E>
                             85 FR 74257 (Nov. 20, 2020).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>15</SU>
                             The leverage buffer requirement follows the same general mechanics and structure as the capital conservation buffer requirement that applies to all banking organizations subject to the capital rule, though the capital conservation buffer requirement is calibrated differently. Specifically, a GSIB that maintains a leverage buffer of more than two percent of its total leverage exposure would not be subject to limitations on its distributions and certain discretionary bonus payments. A GSIB that maintains a leverage buffer of two percent or less would be subject to increasingly strict limitations on such payouts. 
                            <E T="03">See</E>
                             12 CFR 217.11.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>16</SU>
                             
                            <E T="03">See</E>
                             12 CFR 6.4(b)(1)(i)(D)(2) (OCC); 12 CFR 208.43(b)(1)(i)(D)(2) (Board); 12 CFR 324.403(b)(1)(ii) (FDIC).
                        </P>
                    </FTNT>
                    <HD SOURCE="HD2">B. Objective of Rulemaking</HD>
                    <P>
                        Within the regulatory capital framework, leverage and risk-based capital requirements play complementary roles, with each addressing potential risks not addressed by the other.
                        <SU>17</SU>
                        <FTREF/>
                         Risk-based capital requirements that are commensurate with the risk profile of a banking organization's exposures help to encourage prudent behavior by requiring a banking organization to maintain higher levels of capital for activities and exposures that present greater risk. Historical experience, however, has demonstrated that risk-based measures alone may be insufficient to support loss-absorbing capacity at banking organizations through economic cycles. Leverage capital requirements, which do not take into account the risks of a banking organization's exposures, can help to mitigate underestimations of those risks by both banking organizations and risk-based capital requirements.
                        <SU>18</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>17</SU>
                             The regulatory capital framework is designed to help ensure that banking organizations maintain sufficient resources to absorb losses and prevent the distress or failure of a banking organization. 
                            <E T="03">See</E>
                             12 CFR 3.1 (OCC); 12 CFR 217.1 (Board); 12 CFR 324.1 (FDIC). The regulatory capital framework consists of both risk-based and leverage capital requirements. Risk-based capital requirements establish a minimum amount of regulatory capital a banking organization must maintain based on the risk profile of its on- and off-balance sheet exposures, whereas leverage capital requirements establish minimum risk-insensitive capital requirements. 
                            <E T="03">See</E>
                             12 CFR 3.10 (OCC); 12 CFR 217.10 (Board); 12 CFR 324.10 (FDIC).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>18</SU>
                             Risk-based and leverage capital measures can also contain complementary information about a banking organization's condition. 
                            <E T="03">See, e.g.,</E>
                             Arturo Estrella, Sangkyun Park, and Stavros Peristiani, “Capital Ratios as Predictors of Bank Failure,” 
                            <E T="03">Federal Reserve Bank of New York Economic Policy Review</E>
                             (2000).
                        </P>
                    </FTNT>
                    <P>
                        As discussed in the proposal, an appropriately calibrated leverage capital requirement sets a simple and transparent limit on a banking organization's leverage. In addition, leverage capital requirements can be useful to address cases where the level of risk at a particular banking organization or across the financial system is difficult to measure. However, when a leverage capital requirement is calibrated too high and becomes a banking organization's regularly binding capital requirement, it can create incentives for the banking organization to engage in higher-risk activities in search of higher returns and to reduce participation in lower-risk, lower-return activities. A banking organization that has a leverage capital requirement as its binding capital requirement can, on the margin, replace a lower-risk asset with a higher-risk asset without a corresponding increase in its overall regulatory capital requirement.
                        <SU>19</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>19</SU>
                             See section IV of this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                             for further discussion of the incentive effects of a binding leverage capital requirement.
                        </P>
                    </FTNT>
                    <P>
                        The proposal discussed, as an example, concerns that a regularly binding leverage capital requirement could disincentivize large banking organizations from intermediating in the U.S. Treasury market. Market participants have suggested that such disincentives could, under certain circumstances, impede the orderly functioning of the U.S. Treasury market and of U.S. and global financial markets more broadly.
                        <SU>20</SU>
                        <FTREF/>
                         As discussed further below, some commenters on the proposal echoed this concern. The U.S. Treasury market is one of the deepest and most liquid markets in the world and serves as a source of safe and liquid assets that are used for a variety of purposes in the financial markets.
                        <SU>21</SU>
                        <FTREF/>
                         Confidence in the efficient functioning of the U.S. Treasury market, including during times of stress, is critical to the stability of the domestic and global banking and financial systems.
                    </P>
                    <FTNT>
                        <P>
                            <SU>20</SU>
                             
                            <E T="03">See, e.g.,</E>
                             Zhiguo He, Stefan Nagel, and Zhaogang Song, Treasury Inconvenience Yields During the COVID-19 Crisis. 143 J. Fin. Econ. 57-79 (2022).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>21</SU>
                             
                            <E T="03">See</E>
                             U.S. Department of the Treasury, Board of Governors of the Federal Reserve System, Federal Reserve Bank of New York, U.S. Securities and Exchange Commission, and U.S. Commodity Futures Trading Commission, Enhancing the Resilience of the U.S. Treasury Market: 2023 Staff Progress Report (Nov. 6, 2023).
                        </P>
                    </FTNT>
                    <P>
                        As discussed in the proposal, appropriate calibration of regulatory capital requirements involves a balancing of considerations. A banking organization should maintain sufficient capital to absorb losses and continue to serve as a financial intermediary over a range of conditions. In addition, it is important that the capital framework not create potential disincentives for a banking organization to prudently engage in low-risk activities or important market functions. The agencies regularly review the regulatory capital framework to help ensure requirements are appropriate in view of evolving risks and financial innovation and that the framework is functioning as intended. In reviewing the eSLR standards, the agencies considered factors such as alignment of requirements with risks; incentives for banking organizations to perform critical financial services over a range of economic conditions; and ways to enhance the efficiency of the framework.
                        <PRTPAGE P="55251"/>
                    </P>
                    <HD SOURCE="HD2">C. Overview of the Proposed Rule and Summary of Comments</HD>
                    <P>
                        In light of the agencies' review of the eSLR standards and experience gained since their initial adoption, on July 10, 2025, the agencies published the proposal. The proposal would recalibrate the eSLR standards to reduce the likelihood and frequency of the eSLR standards becoming a binding capital requirement for GSIBs and covered depository institutions. The proposed recalibration of the eSLR standards sought to reduce disincentives for banking organizations to engage in lower-risk, lower-return activities, such as U.S. Treasury market intermediation, and reduce the need for temporary adjustments in the event of severe market stress, as occurred in 2020.
                        <SU>22</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>22</SU>
                              During the March 2020 economic turmoil, U.S. Treasury market liquidity rapidly deteriorated as a result of supply-demand imbalance, while primary dealers were reluctant to increase their holdings of U.S. Treasury securities, prompting market participants and regulators to consider enhancements to the resilience of the U.S. Treasury market. On April 1, 2020, the Board provided holding companies a temporary exclusion for U.S. Treasury securities and deposits at the Federal Reserve from the denominator of the supplementary leverage ratio through March 31, 2021. On May 15, 2020, the Board, OCC, and FDIC extended comparable treatment to depository institutions, which could elect this exclusion subject to capital action preapproval. Both interim final rules expired as scheduled on March 31, 2021. 
                            <E T="03">See</E>
                             “Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks from the Supplementary Leverage Ratio,” 85 FR 20578 (April 14, 2020) and “Regulatory Capital Rule: Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks from the Supplementary Leverage Ratio for Depository Institutions,” 85 FR 32980 (June 1, 2020).
                        </P>
                    </FTNT>
                    <P>
                        Under the proposal, the Board proposed to recalibrate the eSLR buffer standard for GSIBs to equal 50 percent of a GSIB's method 1 surcharge calculated under the Board's GSIB surcharge framework, rather than the current leverage buffer standard of two percent.
                        <SU>23</SU>
                        <FTREF/>
                         Similarly, the agencies proposed to modify the eSLR standard for covered depository institutions from the current six percent “well capitalized” threshold under the prompt corrective action framework to an eSLR buffer standard equal to 50 percent of the parent GSIB's method 1 surcharge calculation, above the minimum supplementary leverage ratio requirement of three percent. The proposal also included conforming amendments to the leverage-based components of the Board's total loss-absorbing capacity and long-term debt requirements, and the OCC proposed changes to the criteria it uses to identify which national banks and Federal savings associations are subject to the eSLR standards. In addition, the Board and FDIC proposed to make certain technical corrections to the capital rule and prompt corrective action framework, and the Board proposed to make conforming amendments to relevant regulatory reporting forms.
                    </P>
                    <FTNT>
                        <P>
                            <SU>23</SU>
                             The Board's capital rule requires a GSIB to calculate its GSIB risk-based surcharge in two ways, known as method 1 and method 2, and apply the higher of the two results. 
                            <E T="03">See</E>
                             12 CFR 217.403(a). The first method (method 1) is based on five categories that are correlated with systemic importance—size, interconnectedness, cross-jurisdictional activity, substitutability, and complexity. The second method (method 2) uses similar inputs but replaces substitutability with the use of short-term wholesale funding and is calibrated in a manner that generally will result in surcharge levels for GSIBs that are higher than those calculated under method 1.
                        </P>
                    </FTNT>
                    <P>The proposal also requested comment on potential additional or alternative approaches that could help to achieve the objectives of the proposal, including a potential exclusion of Treasury securities held for trading at broker-dealer subsidiaries (and foreign equivalents thereof) of depository institution holding companies from the denominator of the supplementary leverage ratio (the narrow exclusion approach).</P>
                    <P>The agencies received approximately 40 comments on the proposal from a range of parties, including policy advocacy groups, banking organizations, banking and financial industry trade associations, other financial market participants, academics, members of Congress, research organizations, and individuals.</P>
                    <P>Some commenters, including nearly all trade associations, large banking organizations, and other financial market participants, along with some academics and other individuals, were broadly supportive of the proposal. These commenters stated that the current eSLR standards disincentivize banking organizations from participating in a range of low-risk activities, including U.S. Treasury market intermediation and holding customer deposits. These commenters stated that the proposed modifications to the eSLR standards would increase the capacity of banking organizations to serve their clients and the broader economy across a range of low-risk activities. Some of these commenters also stated that the proposed modifications may prove especially beneficial to U.S. Treasury market intermediation and other low-risk activities during episodes of financial stress, when, these commenters stated, supplementary leverage ratio requirements are more likely to become a binding capital constraint. Some of these commenters urged the agencies to promptly finalize and implement the proposal.</P>
                    <P>Other commenters, including advocacy groups, members of Congress, a trade group for community banking organizations, academics, and individuals, objected to the proposal. These commenters generally asserted that the proposal would significantly weaken the existing capital framework for GSIBs and covered depository institutions and increase risks to the safety and soundness of banking organizations, the banking system, and overall financial stability. Some of these commenters also asserted that the agencies should not adopt the proposal because, in these commenters' view, the proposed changes would not aid U.S. Treasury market intermediation. Instead, these commenters asserted that banking organizations would choose to allocate extra capital capacity created by the proposal to other higher-risk activities or to distribute extra capital to shareholders, thereby putting banking organizations and the Deposit Insurance Fund at greater risk while not improving Treasury market intermediation. Additionally, one commenter argued that the proposal would give preferential treatment to GSIBs relative to other banking organizations and undermine the competitive position of smaller banking organizations.</P>
                    <P>The agencies also received comments regarding specific aspects of the proposal discussed further below.</P>
                    <HD SOURCE="HD2">D. Overview of the Final Rule</HD>
                    <P>The agencies are finalizing the proposal, with some modifications. The final rule recalibrates the eSLR standard for GSIBs as proposed. For covered depository institutions, the final rule includes a change from the proposal based on comments received. Specifically, the final rule adopts an eSLR buffer standard equal to 50 percent of a covered depository institution's parent GSIB's method 1 surcharge, capped at 1 percent. The eSLR buffer standard will apply in addition to the three percent supplementary leverage ratio minimum requirement.</P>
                    <P>
                        The final rule also implements the proposed changes to the leverage-based components of the total loss-absorbing capacity and long-term debt requirements for GSIBs without modification. The final rule does not adopt the proposed criteria that the OCC would have used to determine applicability of the eSLR standard for OCC-supervised institutions. Further, the agencies are not including in the final rule any additional modifications to the supplementary leverage ratio 
                        <PRTPAGE P="55252"/>
                        requirement, such as the narrow exclusion approach discussed in the proposal, or changes to other elements of the agencies' regulatory framework requested by some commenters. The final rule adopts technical corrections to the capital rule and changes to the prompt corrective action framework consistent with the proposal. The final rule includes an effective date of April 1, 2026, with the optional early adoption of the final rule's modified eSLR standards beginning January 1, 2026. This 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                         also presents the economic analysis of the final rule's changes and discusses administrative law matters.
                    </P>
                    <HD SOURCE="HD1">II. Final Rule</HD>
                    <HD SOURCE="HD2">A. Changes to the Enhanced Supplementary Leverage Ratio Standards</HD>
                    <HD SOURCE="HD3">1. Proposed Calibration and Comments Received</HD>
                    <P>
                        The proposal would have recalibrated the eSLR buffer standard for GSIBs to equal 50 percent of a GSIB's method 1 surcharge calculated under the Board's GSIB surcharge framework, rather than the current leverage buffer standard of two percent. Similarly, the proposal would have modified the eSLR standard for covered depository institutions from the current six percent “well capitalized” threshold under the prompt corrective action framework to an eSLR buffer standard equal to 50 percent of the parent GSIB's method 1 surcharge calculation.
                        <SU>24</SU>
                        <FTREF/>
                         As a result, the eSLR standards would have been the same in both form and calibration at the bank holding company and subsidiary depository institution levels.
                    </P>
                    <FTNT>
                        <P>
                            <SU>24</SU>
                             As a result of this change, certain national bank subsidiaries, specifically, uninsured national banks chartered pursuant to 12 U.S.C. 27(a), would have become subject to the eSLR standard. 
                            <E T="03">See supra</E>
                             n. 3.
                        </P>
                    </FTNT>
                    <P>The agencies received a number of comments on the proposed modifications to the eSLR standards. Many commenters strongly supported recalibrating the eSLR standards to help ensure that this requirement serves as a backstop to risk-based capital requirements, rather than a frequently binding constraint. These commenters stated that a regularly binding leverage ratio requirement disincentivizes banking organizations from participating in low-risk, low-return activities, such as intermediation in the U.S. Treasury market, and more broadly decreases the capacity of banking organizations to perform critically important functions across a range of low-risk activities, particularly in periods of stress. Some of these commenters further stated that recalibrating the current eSLR buffer of two percent to a buffer that is equal to 50 percent of a GSIB's method 1 surcharge would help ensure that the eSLR standards serve as a backstop to risk-based capital requirements and increase the capacity of GSIBs to engage in low-risk activities, including U.S. Treasury market intermediation. Some of these commenters also asserted that GSIBs would continue to have strong levels of capital, while being more capable of effectively allocating capital within their organizations.</P>
                    <P>Conversely, many commenters opposed the proposed modifications to the calibration of the eSLR standards, with some commenters stating the agencies should withdraw the proposal. Some of these commenters argued that the proposal did not provide sufficient justification or rationale for the recalibration. Some commenters also asserted that the proposed changes would reduce the eSLR standards by too much relative to risk-based capital requirements, such that supplementary leverage ratio requirements would not serve as a meaningful backstop to risk-based requirements, or disagreed with the idea that the eSLR standards should serve as a backstop rather than a regularly binding constraint. In these commenters' views, the eSLR standards should serve a more primary or equal role relative to risk-based capital requirements, in order to better address risks not well addressed by risk-based capital requirements. For example, some commenters asserted that the risk-based capital framework has many shortcomings and does not sufficiently capture credit and interest rate risks of U.S. Treasury securities or risks related to off-balance sheet exposures. Therefore, in these commenters' view, the supplementary leverage ratio requirement serves as a simple and important requirement to help mitigate such risks, which, in turn, promotes the safety and soundness of the banking system and the financial system more broadly. Additionally, one commenter asserted that leverage capital requirements must be binding in some cases to ensure such requirements are effective.</P>
                    <P>Some commenters asserted that declines in capital requirements resulting from the proposed changes to the eSLR standards would undermine banking organizations' ability to lend during economic downturns or periods of financial stress, particularly if the agencies also reduce risk-based capital requirements in the future. Some commenters also stated that reductions in capital at GSIBs as a result of the proposal would increase the risks of bank failures and financial crises. Several commenters expressed concerns that the proposal would advantage the largest banking organizations over community and regional banking organizations.</P>
                    <P>Some commenters suggested alternative approaches to the proposal that the agencies should consider that, in these commenters' views, would help ensure the safety and soundness of banking organizations, alter the incentives arising from capital requirements, or achieve other objectives of the proposal. One commenter suggested that agencies should increase risk-based capital requirements to address the incentive concerns, rather than lowering the eSLR standards, and some commenters stated that the agencies should generally increase capital requirements, including leverage capital requirements. Some commenters suggested that the agencies could make the eSLR buffer standards more countercyclical, such as by adopting a mechanism that would temporarily lower the eSLR buffer standards in periods of stress.</P>
                    <P>
                        Several commenters supported the proposal because, in these commenters' view, it would reduce regulatory disincentives for GSIBs to participate in low-risk, low-return businesses, such as U.S. Treasury market intermediation, and welcomed the agencies' proposed modifications to the eSLR standards as a change that would reduce costs of intermediating in the U.S. Treasury market. These commenters expressed concerns with the current bindingness of the eSLR standards and its effects on U.S. Treasury market intermediation, other low-risk activities, and the broader financial system. Commenters supportive of the proposal stated that a binding supplementary leverage ratio requirement has an adverse impact on intermediation in the U.S. Treasury market by constraining the activities of GSIBs' broker-dealers, particularly during periods of stress, when GSIBs may face additional balance sheet constraints due to such factors as deposit inflows, increased demand for Treasury market intermediation, and changes in the aggregate level of deposits at Federal Reserve Banks.
                        <SU>25</SU>
                        <FTREF/>
                         Some commenters stated that lower-risk assets have increased proportionally with banking organizations' balance sheets over the past decade, driven in 
                        <PRTPAGE P="55253"/>
                        part by increased overall levels of Treasury security issuance and deposits at Federal Reserve Banks; these commenters stated these developments have caused the supplementary leverage ratio requirement to become more binding over time. One commenter asserted that, when the agencies originally calibrated the eSLR standards, the agencies underestimated growth in the supply of these assets, resulting in supplementary leverage ratio requirements becoming regularly binding in a manner that was not intended.
                    </P>
                    <FTNT>
                        <P>
                            <SU>25</SU>
                             These commenters cited research in support of their statements on the adverse incentives of a regularly binding supplementary leverage ratio requirement on U.S. Treasury markets functioning, discussed in section IV.F of this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                            .
                        </P>
                    </FTNT>
                    <P>In contrast, some commenters asserted that the agencies should not adopt the proposed changes because, in the view of these commenters, there is not sufficient evidence that the supplementary leverage ratio is a binding requirement that constrains GSIBs' U.S. Treasury market intermediation or that the proposal would support U.S. Treasury market intermediation. These commenters asserted that banking organizations have sufficient capacity under the current supplementary leverage ratio requirement to engage in Treasury market intermediation and can, in periods of stress, use their buffers to absorb any increased demand for Treasury market intermediation. One commenter stated that insured depository institutions and primary dealers have more than doubled their exposure to U.S. Treasury securities relative to other assets in the last decade, which, in the view of this commenter, indicates that the proposed changes to the eSLR standards are not necessary.</P>
                    <P>Some commenters asserted that the agencies should not adopt the proposed changes because other measures could help promote Treasury market intermediation, such as increased central clearing of U.S. Treasury security-related transactions, improvements to data quality, enhancements to market transparency, and examination of the effects of risk management practices. Some commenters also asserted that increased central clearing of U.S. Treasury security-related transactions could provide additional balance sheet capacity for banking organizations due to netting benefits, which some of these commenters asserted would reduce the need for the proposal, whereas another commenter saw the proposal as beneficial to Treasury market intermediation notwithstanding developments in central clearing. Several commenters asserted that large holdings of U.S. Treasury securities could pose risks to banking organizations because the risks of these assets may not be sufficiently captured by risk-based capital requirements. Another commenter suggested that recent issues in U.S. Treasury markets relate primarily to the sustainability of fiscal deficits rather than the capital framework for banking organizations. Certain commenters expressed concern that the objective of the proposal was to reduce government borrowing costs, rather than the objectives stated in the proposal. Some commenters expressed concerns that banking organizations would elect not to use available capital to facilitate Treasury market intermediation, and some asserted that banking organizations would instead increase capital distributions to shareholders or engage in riskier activities, such as lending to hedge funds.</P>
                    <P>
                        The agencies also received comments on the proposed use of the Board's GSIB surcharge framework to determine eSLR buffer standards. Several commenters supported using the GSIB surcharge framework to calibrate the eSLR buffer standard and more specifically supported the use of a GSIB's method 1 surcharge. These commenters stated that this calibration methodology would appropriately achieve the proposal's objective to help ensure that the supplementary leverage ratio requirement serves as a backstop to risk-based capital requirements, rather than a binding constraint. Some commenters also noted the benefit of consistency in the eSLR standards for GSIBs with the leverage ratio framework published by the Basel Committee on Banking Supervision (Basel Committee) and with the implementation of these requirements in other jurisdictions.
                        <SU>26</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>26</SU>
                             
                            <E T="03">See</E>
                             Basel Committee, “Basel III: Finalising post-crisis reforms” (Dec. 2017), available at: 
                            <E T="03">https://www.bis.org/bcbs/publ/d424.pdf;</E>
                             Basel Committee, “Basel III leverage ratio framework and disclosure requirements” (Jan. 2014) available at 
                            <E T="03">http://www.bis.org/publ/bcbs270.htm.</E>
                             The Basel Committee is an international coordinating committee of banking supervisory authorities, established by the central bank governors of the G-10 countries in 1975, and comprised of representatives from supervisory authorities of 28 jurisdictions. More information regarding the Basel Committee and its membership is available at 
                            <E T="03">https://www.bis.org/bcbs/about.htm.</E>
                             Documents issued by the Basel Committee are available through the Bank for International Settlements website at 
                            <E T="03">https://www.bis.org.</E>
                        </P>
                    </FTNT>
                    <P>Several commenters supportive of the proposed recalibration also recommended capping the eSLR buffer at the current level of two percent to help ensure that the supplementary leverage ratio requirement continues to appropriately function as a backstop to risk-based capital requirements should a banking organization's method 1 surcharge increase in the future. Specifically, these commenters asserted that the proposed approach might result in an eSLR buffer standard that, in the view of these commenters, could be inappropriately high, which these commenters stated would be contrary to the intent of the proposed recalibration. According to these commenters, capping the eSLR buffer standard at a fixed amount, such as two percent, would mitigate the potential for constraints in U.S. Treasury market and other intermediation activities if increases over time in the method 1 surcharge calculation flow through to the eSLR calibration. Conversely, one commenter asserted that it is important that GSIBs with surcharges above four percent would be subject to the eSLR buffers above two percent to reflect their higher risk profiles.</P>
                    <P>Other commenters opposed the proposed use of the Board's GSIB surcharge framework to calculate the eSLR buffer standards. Some of these commenters asserted that using the GSIB surcharge framework to establish a firm's eSLR buffer standard would undermine key features of the eSLR standard as a leverage requirement, such as its relative simplicity and its insensitivity to risk. In these commenters' view, leverage capital requirements are designed to operate independently of risk assessments and therefore integrating the risk-based GSIB surcharge methodology into a risk-insensitive leverage capital requirement would not be prudent. Some commenters also asserted that the proposed calibration based on a GSIB's method 1 surcharge would introduce unnecessary complexity because this approach would differ from the Board's GSIB risk-based surcharge framework, which uses the higher of a GSIB's method 1 or method 2 surcharges. One commenter asserted that use of a GSIB's method 1 surcharge would not be appropriate because potential variations in the method 1 surcharge could be driven by changes to aggregate global indicator amounts used in the method 1 calculation, which incorporate data provided to the Basel Committee by foreign banking organizations. This commenter stated that the relevance of certain foreign banking organization indicators in measuring the riskiness of U.S. banking organizations is unclear.</P>
                    <P>
                        One commenter asserted that setting the eSLR buffer annually based on a GSIB's most recent GSIB surcharge could introduce unnecessary volatility. This commenter suggested calculating simple averages for the last two years and phasing in any change equally over two consecutive quarters to mitigate any 
                        <PRTPAGE P="55254"/>
                        volatility in the GSIB surcharges. Some commenters suggested alternative methodologies for the calibration of the eSLR buffer, such as using the higher of a GSIB's method 1 or method 2 surcharge, only using a method 2 surcharge with a multiplier, developing a new methodology, or establishing a one percent minimum floor to ensure that the eSLR buffer would not fall below one percent of total leverage exposure. One commenter suggested that the agencies should apply a distinct calibration to GSIBs that are heavily involved in custody activities, to reflect the exclusions applicable for deposits at the Federal Reserve and certain other central banks that are linked to fiduciary or custodial and safekeeping accounts from the denominator of the supplementary leverage ratio.
                        <SU>27</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>27</SU>
                             These exclusions were added to the capital rule to implement section 402 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. 
                            <E T="03">See</E>
                             Public Law 115-174, at section 402(b)(2)(B), 132 Stat. 1359 (codified as amended at 12 U.S.C. 1831o note).
                        </P>
                    </FTNT>
                    <P>Some commenters raised concerns regarding the agencies' statutory authority to implement the proposed changes, including assertions that the agencies were not permitted to consider burden, efficiency, or U.S. Treasury market functioning when establishing capital requirements. In addition, another commenter asserted that the proposed changes would result in the eSLR standards becoming less stringent than requirements applicable to banking organizations with a lesser systemic risk profile, which the commenter asserted was not permitted under provisions of the Dodd-Frank Act. Another commenter asserted that provisions of the Dodd-Frank Act and FDI Act require the agencies to ensure that their risk-based and leverage capital requirements are both binding and effective.</P>
                    <P>
                        As discussed in section I.A of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        , Congress has granted the agencies with authority to establish leverage capital requirements and standards for banking organizations subject to this final rule. The agencies regularly review and may implement changes to improve the effectiveness of their regulations, including to minimize unintended, adverse consequences or interactions, while continuing to achieve the intended effects. The agencies note that the eSLR standards exceed leverage capital requirements applicable to less systemically important firms, as the eSLR buffer standard is additive to the supplementary leverage ratio minimum requirement of three percent that also applies to banking organizations subject to Category II and III capital standards. Moreover, GSIBs and covered depository institutions will remain subject to tier 1 leverage ratio requirements. Both risk-based and leverage requirements will continue to have an impact on decision making. For example, there are business models and market conditions that could result in the eSLR standards and supplementary leverage ratio, along with the tier 1 leverage ratio, becoming binding constraints for certain banking organizations. Indeed, as discussed in section IV.E of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        , the agencies estimate that some covered depository institution subsidiaries are still expected to have higher supplementary leverage ratio requirements than risk-based requirements.
                    </P>
                    <P>
                        In addition to the comments discussed above, the agencies also received comments that specifically discuss proposed changes to covered depository institutions, as discussed in more details in section II.A.3 of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        .
                    </P>
                    <P>As discussed below, the agencies are finalizing the proposal with some modifications to the calibration of the eSLR standards for covered depository institutions.</P>
                    <HD SOURCE="HD3">2. Calibration of the Holding Company Standard</HD>
                    <P>
                        After reviewing the comments, the Board is adopting as final the recalibration of the eSLR buffer standard for GSIBs to equal 50 percent of a GSIB's method 1 surcharge. This recalibration is important to help mitigate potential disincentives for GSIBs to engage in low-risk, low-return, balance-sheet-intensive activities, such as intermediation by GSIBs' broker-dealer subsidiaries in markets for Treasury securities, and from holding low-risk assets in general. As many commenters observed, a regularly binding supplementary leverage ratio requirement can create disincentives for banking organizations to engage in low-risk, low-return activities and may contribute to increased volatility and reduced liquidity in U.S. Treasury markets during periods of stress. GSIBs play a key role in supporting market liquidity and providing financing in Treasury markets, as discussed in section IV of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        .
                        <SU>28</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>28</SU>
                             Section IV.F of this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                             discusses the expected impact of the final rule on U.S. Treasury market activities.
                        </P>
                    </FTNT>
                    <P>
                        As noted above, many commenters stated that the agencies should not change the eSLR standards to create additional demand for U.S. Treasury securities, or that the agencies should not adopt the proposed changes to enhance U.S. Treasury market functioning when, in the view of the commenters, other regulatory changes or measures could directly achieve such an outcome. While the agencies expect the final rule to reduce unintended disincentives for GSIBs to intermediate in the U.S. Treasury market,
                        <SU>29</SU>
                        <FTREF/>
                         the primary purpose of the final rule is not to support increased U.S. Treasury market issuance or substitute for other regulatory or private sector efforts that more directly seek to target U.S. Treasury market structure or functioning, as some commenters suggested. Rather, the final rule seeks to calibrate the eSLR standards such that they serve as a backstop to risk-based capital requirements, rather than a regularly binding capital constraint, to address the potential negative incentive effects that can occur when a leverage requirement is too frequently binding or near-binding. Furthermore, and importantly, while the final rule seeks to reduce regulatory disincentives for low-risk activities, the final rule does not create preferences for certain low-risk activities over others.
                    </P>
                    <FTNT>
                        <P>
                            <SU>29</SU>
                             
                            <E T="03">See</E>
                             Section IV.F of this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                            .
                        </P>
                    </FTNT>
                    <P>
                        As some commenters noted, the use of method 1 to calculate the eSLR buffer standard for GSIBs would incorporate the use of a risk-based indicator methodology to determine the calibration of a risk-insensitive leverage requirement. Such an approach, however, results in the application of more stringent requirements to banking organizations that present the greatest systemic risks. It is also consistent with the methodology used in the Board's existing regulatory framework to determine whether a bank holding company is a GSIB, and therefore whether it is subject to the eSLR standards under both the current and final rule.
                        <SU>30</SU>
                        <FTREF/>
                         The use of a risk-based measure to determine application of a leverage requirement is also consistent with other parts of the agencies' regulatory tailoring framework, which, for example, uses indicators of risk to determine the application of the supplementary leverage ratio requirement.
                        <SU>31</SU>
                        <FTREF/>
                         Importantly, the GSIB surcharge is risk-based in the sense that it is based on the risks that the failure of a systemically important bank 
                        <PRTPAGE P="55255"/>
                        holding company could present to the stability of the financial system, which is different from the risk-based capital requirements' differentiation of exposures by risk presented to the banking organization by each exposure.
                        <SU>32</SU>
                        <FTREF/>
                         The final rule determines a GSIB's eSLR buffer standard based on its systemic footprint and therefore subjects such systemically important banking organizations to more stringent capital requirements.
                    </P>
                    <FTNT>
                        <P>
                            <SU>30</SU>
                             
                            <E T="03">See</E>
                             12 CFR 217.402.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>31</SU>
                             Under the regulatory tailoring framework, banking organizations subject to Category I-III capital standards are subject to the supplementary leverage ratio requirement. 12 CFR 3.2, 3.10(c) (OCC); 12 CFR 217.10(c), 252.5 (Board); 12 CFR 324.2, 324.10(c) (FDIC).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>32</SU>
                             80 FR 49082, at 49083 (Aug. 14, 2015).
                        </P>
                    </FTNT>
                    <P>
                        The final rule's calibration of the eSLR standard based on the GSIB surcharge framework also helps promote consistency in the eSLR standards for large, complex, and internationally active banking organizations across jurisdictions, as it is consistent with the leverage ratio framework published by the Basel Committee. International consistency can enhance the resilience of the U.S. financial system by limiting the potential for a global “race to the bottom” on prudential standards and reduce the likelihood of financial distress in foreign jurisdictions having negative effects in the United States.
                        <SU>33</SU>
                        <FTREF/>
                         In addition, international consistency of banking regulations, in general and where appropriate, can help to reduce compliance costs and barriers to market entry for banking organizations that operate across jurisdictions.
                    </P>
                    <FTNT>
                        <P>
                            <SU>33</SU>
                             For example, the Basel Committee was originally formed after the failure of Herstatt Bank in Germany in 1974, which contributed to serious disruptions to foreign currency and banking markets within and beyond Germany, demonstrating the need for better coordination among bank regulators in different jurisdictions. 
                            <E T="03">See</E>
                             History of the Basel Committee, available at 
                            <E T="03">https://www.bis.org/bcbs/history.htm. See also, e.g.,</E>
                             12 U.S.C. 1828 note, 3901, 3907, 3911, and 5373; 22 U.S.C. 9522 note; Federal Deposit Insurance Corporation Improvement Act of 1991 section 305(b)(2), Public Law 102-242, 105 Stat. 2236, 2355.
                        </P>
                    </FTNT>
                    <P>The final rule does not base the calibration of a GSIB's eSLR buffer standard on the higher of its method 1 or method 2 surcharge as some commenters advocated. As discussed in the proposal, using a GSIB's method 1 surcharge produces a generally lower calibration that meets the objective for leverage capital requirements to act as a backstop to risk-based capital requirements, and it is consistent with the leverage ratio framework published by the Basel Committee.</P>
                    <P>The final rule's calibration of the eSLR standard for GSIBs does not include a cap, as suggested by some commenters. The Board considers the final rule's calibration of the eSLR standard to be appropriate, as it correlates with the systemic footprint of a GSIB at the consolidated level and achieves the goals of the rule.</P>
                    <P>
                        The Board does not consider it appropriate to apply, as one commenter suggested, a different eSLR standard calibration for GSIBs with significant custodial activity than would apply to other GSIBs. Under the current rule, uniform calibrations of the eSLR standards apply to GSIBs and covered depository institutions, respectively. No adjustment to the calibration of the eSLR standards applies for banking organizations that are predominantly engaged in custody, safekeeping, and asset servicing activities (custodial banking organizations), which are subject to a modified supplementary leverage ratio calculation as required by section 402 of the Economic Growth, Regulatory Relief, and Consumer Protection Act. The final rule would not change this aspect of the current rule.
                        <SU>34</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>34</SU>
                             The cumulative impact of changes to the capital rule to implement section 402 of the Economic Growth, Regulatory Relief, and Consumer Protection Act and the final rule are reflected in the analysis discussed in section IV of this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                            .
                        </P>
                    </FTNT>
                    <P>
                        The Board expects the final rule's recalibration of the eSLR standard for GSIBs will reduce disincentives for these banking organizations to participate in low-risk, balance sheet-intensive activities that are important for the functioning of the banking system and the financial system more broadly, while generally not materially changing the amount of capital in the banking system.
                        <SU>35</SU>
                        <FTREF/>
                         However, because GSIB risk-based capital requirements and buffers fluctuate over time in response to changes in stress test results and other factors, the effect of recalibrating the eSLR standard on capital requirements will vary over time and may result in more or less material changes in overall capital requirements. Additionally, although the final rule is intended to calibrate the eSLR standards to serve as a backstop to risk-based capital requirements rather than as a constraint that is frequently binding, the eSLR standards may nonetheless, in certain circumstances, serve as the binding constraint. As discussed in section IV of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        , the supplementary leverage ratio is currently the binding tier 1 capital requirement for almost all GSIBs, creating unintended incentives and rendering tier 1 capital requirements less risk sensitive. The agencies estimate that the final rule will achieve the objective of making the supplementary leverage ratio requirement a backstop to risk-based capital requirements for all GSIBs.
                    </P>
                    <FTNT>
                        <P>
                            <SU>35</SU>
                             The expected impacts of the proposal are further discussed in section IV.F of this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                            .
                        </P>
                    </FTNT>
                    <P>
                        The Board is not adopting modifications to the eSLR standards that would cause them to automatically change over economic cycles or specifically during periods of stress, as recommended by some commenters. As discussed in section IV.F of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        , the final rule's approach would provide significant capacity for banking organizations to engage in low-risk, balance-sheet intensive activities, including during periods of economic or financial market stress. Moreover, as the agencies have previously emphasized, capital buffers are designed to be used in times of stress.
                        <SU>36</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>36</SU>
                             For example, during the COVID economic event, the agencies issued a statement and a letter emphasizing that capital and liquidity buffers have been designed to provide banking organizations with the means to support the economy in adverse situations and allow banking organizations to continue to support households and businesses. 
                            <E T="03">See</E>
                             Joint Release: Statement on the Use of Capital and Liquidity Buffers (Mar. 17, 2020), available at 
                            <E T="03">https://www.federalreserve.gov/newsevents/pressreleases/files/bcreg20200317a1.pdf;</E>
                             Supervisory Letter: Questions and Answers (Q&amp;As) on Statement regarding the Use of Capital and Liquidity Buffers (SR 20-5), (Mar. 19, 2020), available at 
                            <E T="03">https://www.federalreserve.gov/supervisionreg/srletters/SR2005.pdf.</E>
                        </P>
                    </FTNT>
                    <HD SOURCE="HD3">3. Calibration of the Depository Institution Standard</HD>
                    <P>The proposal would have modified the six percent eSLR standard applicable to a covered depository institution to instead be an eSLR buffer standard equal to 50 percent of its parent GSIB's method 1 surcharge as determined under the Board's GSIB surcharge framework in addition to the minimum supplementary leverage ratio requirement of three percent. As described in the proposal, this approach would have resulted in a lower eSLR standard for most covered depository institutions. It also would have produced a dynamic standard that could change from year-to-year for each banking organization subject to the eSLR standard.</P>
                    <P>
                        Commenters expressed a range of views on the proposed eSLR calibration for covered depository institutions, in addition to the comments discussed in section II.A.1 of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        . Commenters supportive of the proposal mostly supported the proposed modification to the eSLR standard for covered depository institutions, as it would support the objective of an eSLR standard that generally serves as a backstop to risk-based capital requirements and reduce disincentives for low-risk activities, similar to the views on the proposed 
                        <PRTPAGE P="55256"/>
                        modification to the eSLR standard for GSIBs. These commenters also generally supported aligning the proposed eSLR standard for covered depository institutions with the proposed GSIB eSLR standard because, in their view, having a consistent standard at the parent and bank-subsidiary levels would allow GSIBs to more flexibly manage capital allocation throughout their organizations. One commenter supportive of the proposal noted that banking organization affiliates other than broker-dealers also engage in activities related to U.S. Treasury market intermediation, including depository institutions that hold Treasury securities for investment, liquidity, or risk management, and engage in repurchase and reverse repurchase agreements collateralized by Treasury securities, such as inter-affiliate transactions for funding and collateral. This commenter stated that custodian and trust affiliates also provide services related to U.S. Treasury markets, such as safekeeping, settlement, collateral management, and facilitation with central counterparties. This commenter further stated that the proposal would help reduce constraints on these entities' capacity to conduct such activities.
                    </P>
                    <P>As discussed above, some commenters that were generally supportive of the proposal also asserted that the variable standard that could result from using the risk-based surcharge applicable to GSIBs might result in inappropriately high eSLR standards in certain cases, which would be contrary to the intent of the proposed recalibration. To avoid such an outcome, these commenters suggested capping the eSLR standard at a fixed amount. According to these commenters, capping the eSLR standard would mitigate the potential for constraints in U.S. Treasury market and other intermediation activities that could result if increases in the GSIB risk-based surcharge calculation over time flow through to the eSLR calibration.</P>
                    <P>Other commenters asserted that the proposed eSLR standard for covered depository institutions would undermine such institutions' safety and soundness and increase the risk of bank failure, especially in light of the expected decrease in required tier 1 capital levels at covered depository institutions. Some of these commenters expressed concerns that the decrease in capital could pose risks to the Deposit Insurance Fund and would reduce loss-absorbing capacity of GSIBs and covered depository institutions. Some of these commenters also asserted that such concerns would not be mitigated by smaller changes in tier 1 capital requirements for GSIBs because, these commenters asserted, GSIBs may not be well positioned to support the financial condition of their depository institution subsidiaries in the event of stress. Some of these commenters also noted that depository institutions facing a capital shortfall in a downturn are less able or likely to continue lending to customers over the course of the economic cycle. Certain commenters expressed concern that the proposal would increase the risks arising from insured depository institutions holding more U.S. Treasury securities, asserting that this increase would pose risks similar to those that impacted banking organizations and financial markets during the 2010-12 Eurozone sovereign debt crisis. Other commenters stated that the proposal to reduce the eSLR standards for covered depository institutions would not improve Treasury market intermediation because that activity is conducted through broker-dealers.</P>
                    <P>Some commenters criticized the use of the method 1 GSIB surcharge in the proposed eSLR standard for covered depository institutions. One commenter asserted that the agencies should not adopt this approach because it would calibrate the eSLR standard based on factors measured at the holding company level that may diverge substantially from the measurement of such risk factors for depository institutions, especially where such depository institutions have limited direct international activities. As such, in this commenter's view, the proposed eSLR buffer standard may not appropriately reflect the risks and business models of covered depository institutions. The same commenter also asserted that using a systemic risk measure, such as a GSIB's method 1 surcharge, for the leverage capital requirements but not the risk-based capital requirements of covered depository institutions would create inconsistency in the regulatory capital framework.</P>
                    <P>
                        After reviewing the comments and considering the potential impact of reducing the eSLR standard for covered depository institutions, the agencies have decided to adopt an eSLR buffer standard applicable to covered depository institutions equal to 50 percent of a covered depository institution's parent GSIB's method 1 surcharge, capped at one percent.
                        <SU>37</SU>
                        <FTREF/>
                         The cap recognizes that the method 1 surcharge of a parent GSIB may be in part driven by activities outside of the covered depository institution. As such, the agencies consider it appropriate to limit the role that a depository institution's affiliates play in sizing capital requirements applicable to the depository institution itself.
                    </P>
                    <FTNT>
                        <P>
                            <SU>37</SU>
                             The eSLR buffer standard applicable to a national bank or Federal savings association that is a subsidiary of a U.S. top-tier bank holding company with total consolidated assets of more than $700 billion or assets under custody of more than $10 trillion that does not have a parent GSIB method 1 surcharge is one percent.
                        </P>
                    </FTNT>
                    <P>In addition, because covered depository institutions, unlike GSIBs, are not subject to the GSIB risk-based capital surcharge or the stress capital buffer requirement, the final rule's capped approach helps to better ensure that the eSLR standard serves as a backstop to risk-based capital requirements for covered depository institutions, as compared to an uncapped approach. Moreover, compared to the proposal, imposing a cap of one percent would have a similar aggregate impact on capital requirements based on covered depository institutions' current assets and exposures. Therefore, this approach supports the objectives of establishing the eSLR standard for covered depository institutions that serves as a backstop to risk-based capital requirements, rather than as a frequently binding requirement.</P>
                    <P>
                        Under the final rule, covered depository institutions must maintain the eSLR buffer in addition to the minimum supplementary leverage ratio of three percent to avoid restrictions on capital distributions and certain discretionary bonus payments. In addition, insured depository institutions must maintain the three percent minimum supplementary leverage ratio to be considered “adequately capitalized” under the prompt corrective action framework, as discussed further in section II.A.4 of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        .
                    </P>
                    <P>The final rule does not adopt an adjustment to the eSLR standard calibration for covered depository institutions that are custodial banking organizations, as suggested by one commenter. As discussed above for the eSLR standard for GSIBs, no such adjustment to the eSLR standards applies under the current rule, and the final rule does not change this approach for covered depository institutions.</P>
                    <P>
                        As discussed in section IV of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        , the agencies estimate that the final rule will set the level of the supplementary leverage ratio requirement below the level of the risk-based tier 1 capital requirement for the majority of major 
                        <PRTPAGE P="55257"/>
                        covered depository institutions.
                        <SU>38</SU>
                        <FTREF/>
                         Accordingly, the recalibrated eSLR buffer standard under the final rule generally achieves the objective of adjusting the eSLR standard so that it better serves as a backstop to risk-based capital requirements for covered depository institutions. As discussed above and consistent with the objective of the proposal, reducing the eSLR buffer for covered depository institutions reduces disincentives for these banking organizations to participate in low-risk, low-return activities.
                    </P>
                    <FTNT>
                        <P>
                            <SU>38</SU>
                             In the economic analysis, a “major covered depository institution” refers to a GSIB's largest depository institution subsidiary as well as any of its depository institution subsidiaries with total assets greater than $50 billion at the end of any quarter in 2024.
                        </P>
                    </FTNT>
                    <P>
                        The final rule's calibration would result in a reduction in the level of covered depository institutions' tier 1 capital requirements.
                        <SU>39</SU>
                        <FTREF/>
                         Under the agencies' current prompt corrective action framework, covered depository institutions must maintain a level of tier 1 capital to be considered “well capitalized” that is higher than the level required by the risk-based capital framework for these depository institutions. The final rule would improve the alignment of the eSLR standards for covered depository institutions with their risk-based capital requirements, which take into account these entities' risk profiles. In so doing, the final rule would help to reduce the negative incentive effects that can result when leverage requirements, rather than risk-based capital requirements, are too frequently binding. The final rule would not change the risk-based capital requirements of covered depository institutions.
                    </P>
                    <FTNT>
                        <P>
                            <SU>39</SU>
                             
                            <E T="03">See</E>
                             section IV of this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                            .
                        </P>
                    </FTNT>
                    <P>
                        In addition, although the capital requirements of covered depository institutions would decrease, the capital requirements applicable to GSIBs generally would remain near their present level, with better incentive effects from leverage-based requirements declining below risk-based requirements.
                        <SU>40</SU>
                        <FTREF/>
                         As a consequence, the final rule would not materially alter the ability of these consolidated banking organizations to distribute capital to shareholders. Under the final rule, GSIBs would have greater flexibility in allocating capital among different subsidiaries and would continue to be required to act as a source of strength for their depository institution subsidiaries, including in the event of financial stress.
                    </P>
                    <FTNT>
                        <P>
                            <SU>40</SU>
                             As discussed in Section IV.E this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                            , the new calibration of the eSLR standard would reduce the aggregate tier 1 capital required by the eSLR for the major covered depository institutions by about 37 percent.
                        </P>
                    </FTNT>
                    <HD SOURCE="HD3">4. Modification to the Form of the Depository Institution Standard</HD>
                    <P>The proposal would have removed the eSLR threshold for a covered depository institution to be considered “well capitalized” under the prompt corrective action framework and instead implemented the eSLR as a buffer standard for covered depository institutions.</P>
                    <P>
                        The prompt corrective action framework establishes capital categories at which an insured depository institution will become subject to increasingly stringent limitations on its activities.
                        <SU>41</SU>
                        <FTREF/>
                         Among other measures, the prompt corrective action framework includes a three percent supplementary leverage ratio threshold for any insured depository institution subject to Category I-III capital standards to be considered “adequately capitalized.” Until the adoption of the eSLR standards in 2014, the prompt corrective action framework did not specify a corresponding supplementary leverage ratio threshold at which such an insured depository institution subsidiary would be considered “well capitalized.” The 2014 eSLR standards established a six percent supplementary leverage ratio threshold at which covered insured depository institution subsidiaries of the largest and most complex banking organizations would be considered “well capitalized.”
                    </P>
                    <FTNT>
                        <P>
                            <SU>41</SU>
                             Each of the agencies have issued regulations to implement the statutory prompt corrective action framework, set forth at 12 U.S.C. 1831o, which codifies section 131 of the Federal Deposit Insurance Corporation Improvements Act of 1991 (FDICIA), Public Law 102-242, 105 Stat. 2253 (Dec. 19, 1991). The prompt corrective action capital categories are critically undercapitalized, significantly undercapitalized, undercapitalized, adequately capitalized, and well capitalized. 
                            <E T="03">See</E>
                             12 CFR part 6 (national banks and Federal savings associations) (OCC); 12 CFR part 208, subpart D (state member banks) (Board); 12 CFR part 324, subpart H (state nonmember banks and state savings associations) (FDIC).
                        </P>
                    </FTNT>
                    <P>The proposal would have removed the six percent supplementary leverage ratio threshold from the definition of “well capitalized” in the prompt corrective action framework and instead would have implemented the eSLR standard for covered depository institutions as a regulatory capital buffer. If a covered depository institution's supplementary leverage ratio dropped below the buffer amount, under the proposal, the institution would become subject to increasingly strict limitations on its ability to make certain capital distributions, including the issuance of dividends, and to pay certain discretionary bonuses. This approach would have aligned the form of the depository institution eSLR standard with that of the holding company eSLR standard.</P>
                    <P>Some commenters expressed strong support for the proposal to remove the eSLR standard from the prompt corrective action framework. These commenters noted that implementing the eSLR as a regulatory capital buffer at both the holding company and covered depository institution levels would better harmonize the standards and promote more coherent capital management across consolidated GSIB organizations. These commenters also stated that the buffer approach would ensure that regulators maintain flexibility necessary for dealing with a depository institution with decreasing capital. The commenters stated a buffer would act as an early warning and trigger changes in a banking organization's capital management before more severe consequences of the prompt corrective action framework apply.</P>
                    <P>One commenter supported the proposed change and advocated for removing all leverage-based thresholds from the prompt corrective action framework, based on a view that the prompt corrective action framework should be based only on risk-based capital measures. This commenter stated that adopting a buffer approach that would only impose limits on distributions, rather than the more severe limitations included in the prompt corrective action framework, would help ensure the eSLR standard serves as a backstop to the risk-based capital rules.</P>
                    <P>
                        After reviewing the comments and considering the potential impact of applying the eSLR standard to covered depository institutions as a regulatory capital buffer, rather than as part of the definition of “well capitalized” in the prompt corrective action framework, the agencies have decided to finalize this aspect of the proposal as proposed. The agencies are retaining the minimum supplementary leverage ratio threshold of three percent to be considered “adequately capitalized” under the prompt corrective action framework.
                        <SU>42</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>42</SU>
                             Under section 38 of the FDI Act, the agencies are required to prescribe relevant capital measures for the prompt corrective action framework that incorporate leverage-based requirements. 
                            <E T="03">See</E>
                             12 U.S.C. 1831o(c)(1)(A)(i).
                        </P>
                    </FTNT>
                    <P>
                        The agencies continue to expect that a buffer approach will enhance effective capital management across a banking organization, have fewer pro-cyclical effects as it would provide “early warning” benefits relative to the prompt 
                        <PRTPAGE P="55258"/>
                        corrective action-based approach, and lessen the likelihood that a covered depository institution will reduce lending and other activities during times of economic stress.
                    </P>
                    <P>At the same time, the payout restrictions of a leverage buffer framework will provide an incentive for covered depository institutions to maintain sufficient capital and reduce the risk that their capital levels may fall below their minimum requirements during economic downturns.</P>
                    <P>Consistent with the proposal, the final rule implements a leverage buffer framework that follows the same general mechanics and structure as the capital conservation buffer and the leverage buffer applicable to GSIBs currently contained in the agencies' respective capital rules. A covered depository institution will need to have a supplementary leverage ratio equal to three percent minimum supplementary leverage ratio requirement plus the eSLR buffer standard to avoid limitations on capital distributions and certain discretionary bonus payments. If the covered depository institution maintains a leverage buffer that is less than or equal to 100 percent of its leverage buffer standard, a payout limitation will apply in accordance with Table 1 below. The limitations on distributions and discretionary bonus payments will be applied to a covered depository institution alongside any limitations imposed by the capital conservation buffer or any other supervisory or regulatory measures. If the depository institution is constrained by either the capital conservation buffer or the leverage buffer, or both, the depository institution will be required to apply the more binding payout ratio.</P>
                    <GPH SPAN="3" DEEP="429">
                        <GID>ER01DE25.011</GID>
                    </GPH>
                    <HD SOURCE="HD2">B. Amendments to Total Loss-Absorbing Capacity and Long-Term Debt Requirements</HD>
                    <P>
                        The proposal would have made conforming amendments to the leverage-based components of the Board's TLAC and long-term debt requirements to maintain alignment of these components with the eSLR buffer standard for GSIBs. Under the TLAC framework, GSIBs must maintain outstanding minimum levels of TLAC based on risk-based and leverage-based measures. GSIBs must also maintain TLAC levels sufficient to meet buffers on top of both the risk-weighted asset and leverage components of the TLAC requirements in order to avoid 
                        <PRTPAGE P="55259"/>
                        limitations on their capital distributions and certain discretionary bonus payments.
                        <SU>43</SU>
                        <FTREF/>
                         The leverage-based TLAC buffer is equal to two percent, above the 7.5 percent minimum leverage component of a GSIB's external TLAC requirement.
                        <SU>44</SU>
                        <FTREF/>
                         This buffer amount was expressly designed to align with the eSLR buffer standard applicable to these firms.
                        <SU>45</SU>
                        <FTREF/>
                         Accordingly, the Board proposed to replace the two percent TLAC leverage buffer with a new TLAC leverage buffer equal to the eSLR buffer standard under the proposal.
                    </P>
                    <FTNT>
                        <P>
                            <SU>43</SU>
                             
                            <E T="03">See</E>
                             12 CFR part 252, subpart G.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>44</SU>
                             
                            <E T="03">See</E>
                             12 CFR 252.63. There is no buffer requirement over the leverage-based minimum total loss-absorbing capacity requirement for a U.S. intermediate holding company of a foreign banking organization subject to TLAC requirements. The TLAC requirement based on total leverage exposure for a U.S. intermediate holding company of a foreign banking organization subject to the TLAC framework is either 6.75 percent or six percent, depending on the planned resolution strategy of the company's parent global systemically important foreign banking organization. 12 CFR 252.165.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>45</SU>
                             
                            <E T="03">See</E>
                             “Total Loss-Absorbing Capacity, Long-Term Debt, and Clean Holding Company Requirements for Systemically Important U.S. Bank Holding Companies and Intermediate Holding Companies of Systemically Important Foreign Banking Organizations,” 82 FR 8266, at 8276 (Jan. 24, 2017).
                        </P>
                    </FTNT>
                    <P>
                        The Board also requires GSIBs to maintain a minimum leverage-based external long-term debt amount equal to a GSIB's total leverage exposure multiplied by 4.5 percent. As described in the preamble to the final rule that established the long-term debt requirement, the requirement was calibrated primarily on the basis of a “capital refill” framework.
                        <SU>46</SU>
                        <FTREF/>
                         According to the capital refill framework, the objective of the external long-term debt requirement is to ensure that each GSIB has a minimum amount of eligible external long-term debt such that, if the GSIB's going-concern capital is depleted and the covered bank holding company fails and enters resolution, the eligible external long-term debt can be used to replenish the GSIB's going-concern capital to at least the amount required to meet the minimum leverage capital requirement and buffer applicable to GSIBs. Therefore, the Board proposed to revise the minimum leverage-based external long-term debt requirement to reflect the proposed change to the eSLR standard. The proposed minimum leverage-based external long-term debt requirement would have been total leverage exposure multiplied by 2.5 percent (the minimum supplementary leverage ratio of three percent minus 0.5 percentage points to allow for balance sheet depletion) plus the eSLR buffer standard under the proposal.
                    </P>
                    <FTNT>
                        <P>
                            <SU>46</SU>
                              82 FR 8266, at 8275 (Jan. 24, 2017).
                        </P>
                    </FTNT>
                    <P>The Board also requested comments on other potential adjustments to the TLAC and long-term debt framework that it should consider, including whether the Board should apply a 50 percent haircut on the amount of long-term debt principal that is due to be paid in one year or more but less than two years that can be considered for purposes of the minimum TLAC requirements and buffers. In addition, the Board requested comment on the advantages and disadvantages of adjusting the amount of balance sheet run-off embedded in the minimum long-term debt requirement or of removing the assumption of balance sheet run-off entirely from the minimum long-term debt requirement.</P>
                    <P>The Board received several comments on the proposed changes to the TLAC and long-term debt requirements. Many commenters supported the proposed changes, seeing them as necessary to maintain the internal consistency of the Board's regulatory framework. Some commenters opposed the proposed modifications to TLAC and long-term debt requirements, asserting that they would undermine the orderly resolution of GSIBs and weaken the safety and soundness of the U.S. banking system, particularly given these commenters' concerns with declines in capital requirements resulting from the proposal. One commenter suggested that the Board clarify how the proposed changes would interact with the resolution planning process.</P>
                    <P>In response to a question asking whether the Board should apply a 50 percent haircut on certain long-term debt used to satisfy the TLAC requirement and buffers, some trade association and banking organization commenters recommended that the Board not do so, arguing that the 50 percent haircut would add significant costs for issuers without material benefits. Some commenters also recommended that the Board eliminate, or reduce, the long-term debt requirement and thereby allow firms greater flexibility to determine the composition of their TLAC. Some trade association and banking organization commenters also recommended that the Board eliminate the existing 50 percent haircut on long-term debt that is due to be paid in one year or more but less than two years and which is used to satisfy the long-term debt requirement as well as the assumption of balance sheet run-off. Several commenters recommended that the agencies rescind the 2023 long-term debt proposal applicable to certain non-GSIBs. One commenter suggested that the TLAC requirement applicable to U.S. intermediate holding companies of foreign banking organizations be recalibrated to account for their risk profiles, local supervisory frameworks, and particular structural considerations.</P>
                    <P>The final rule revises the TLAC and long-term debt requirements as proposed. As discussed in the proposal, these changes maintain alignment between the TLAC and long-term debt requirements and the enhanced supplementary leverage ratio standard for GSIBs, in accordance with the manner in which these requirements were originally calibrated. Consistent with the proposal, the final rule does not change the minimum level of TLAC that a GSIB is required to maintain or change the general structure of the TLAC and long-term debt frameworks.</P>
                    <P>
                        As discussed in section IV.I of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        , the final rule results in a reduction in the overall level of TLAC for some GSIBs and in the levels of long-term debt necessary to comply with the long-term debt requirement for all GSIBs. However, GSIBs will continue to be subject to robust TLAC and long-term debt requirements.
                    </P>
                    <P>The Board considered commenters' views on other potential modifications it could make to the TLAC and long-term debt frameworks. Consistent with the proposal, the Board is not making any further changes to the TLAC and long-term debt frameworks at this time and is amending these requirements only to maintain alignment with the eSLR standards.</P>
                    <HD SOURCE="HD2">C. Applicability Thresholds of the eSLR Standard for OCC-Supervised Institutions</HD>
                    <P>The OCC's eSLR standard applies to national banks and Federal savings associations that are subsidiaries of holding companies with more than $700 billion in total consolidated assets or more than $10 trillion in total assets under custody.</P>
                    <P>
                        In the proposal, the OCC proposed to revise the applicability thresholds of its eSLR standard to be consistent with the Board's regulations for identifying GSIBs and applying the eSLR standard only to national banks and federal savings associations that are subsidiaries of bank holding companies identified as GSIBs. In the proposal, the OCC further noted that the asset thresholds the OCC uses to determine applicability of the eSLR standard scope in all the national bank and federal savings association subsidiaries of GSIBs, but no other institutions. Therefore, this proposed change would not have had any practical impact on the current application of the eSLR 
                        <PRTPAGE P="55260"/>
                        standard to national banks and federal savings associations.
                    </P>
                    <P>Some commenters supported the proposal to revise the scope of the OCC's eSLR standard and asserted that it would be appropriate to remove the thresholds based on asset size and custody activities and instead reference the GSIB determinations made under the Board's rules. The commenters asserted this revision would have harmonized the OCC, FDIC, and Board rules and would not result in unintended consequences.</P>
                    <P>One commenter, on the other hand, argued against adopting this aspect of the proposal. This commenter acknowledged that the proposed change would not have any immediate impact, but it noted that the OCC's standard was potentially broader than the Board's and FDIC's and may capture different banking organizations at some point in the future. The commenter further suggested expanding the application of the eSLR standard to scope in even more organizations, including those with well below $700 billion in total consolidated assets because, according to the commenter, the failure of large regional banking organizations can pose systemic risks.</P>
                    <P>The OCC has decided not to finalize this aspect of the proposal. The asset thresholds the OCC currently uses to determine the applicability of the eSLR standard scope in all the national bank and federal savings association subsidiaries of GSIBs, but no other institutions. Therefore, the decision not to finalize this aspect of the proposal will have no impact on which entities will currently be subject to the eSLR standard.</P>
                    <P>Regardless of whether their parent holding companies are identified as GSIBs by the Board, the OCC believes the eSLR standard should apply to those national banks and federal savings associations that the OCC determines pose the greatest risks to public and private stakeholders in the event of adverse performance, disruption, or failure of the national banks or federal savings associations or the activities they engage in. The OCC will continue to monitor the national banks and federal savings associations under its supervision and as the banking industry grows, the OCC will consider whether changes are needed to ensure the continued appropriate application of the eSLR standard through a future rulemaking action, if necessary.</P>
                    <HD SOURCE="HD2">D. Comments on Other Potential Modifications to the Supplementary Leverage Ratio Requirement and Other Elements of the Agencies' Regulatory Framework</HD>
                    <P>In addition to the proposed changes to the eSLR standards, the proposal requested comment on potential additional or alternative changes the agencies could make that would achieve the objectives of the proposal. The Board requested comment on a specific potential additional change, the narrow exclusion approach described above. The proposal also requested comment on other changes to the bank regulatory framework that the agencies should consider to reduce regulatory impediments to well-functioning U.S. Treasury markets.</P>
                    <P>Many commenters opposed any exclusions from the supplementary leverage ratio denominator, including the narrow exclusion approach. Some commenters asserted that the narrow exclusion approach would diminish the effectiveness of the supplementary leverage ratio requirement, which broadly treats assets and exposures in a risk-insensitive manner, and that the narrow exclusion approach would prompt requests for additional exclusions that would further erode the risk-insensitive nature of the requirement. Other commenters asserted that the narrow exclusion approach—and other approaches that exclude assets or exposures from the supplementary leverage ratio denominator—would represent a departure from the Basel Committee's leverage ratio framework and could invite a “race to the bottom” in the international regulatory treatment of sovereign exposures. Additionally, some commenters expressed concern that the narrow exclusion approach would lead banking organizations to increase holdings of Treasury securities, including longer-dated securities that carry greater interest rate risk, a scenario which, in these commenters' view, could lead to banks having inadequate capital to absorb losses from shifts in market interest rates. Finally, one commenter expressed doubt that the narrow exclusion would result in a meaningful increase of U.S. Treasury market intermediation.</P>
                    <P>A few commenters supported including the narrow exclusion approach in a final rule, and some additional commenters expressed openness to this concept but supported finalizing the proposal without the narrow exclusion. One commenter stated that the narrow exclusion approach may aid market intermediation while limiting additional exposure to interest rate risk, since the securities excluded from total leverage exposure would be trading securities measured at fair value and would be subject to the market risk capital requirements of the risk-based capital framework. Another commenter asserted that the narrow exclusion approach would provide some incremental support for Treasury market intermediation, but the approach's benefit would be limited by the current method 2 GSIB surcharge calculation in the risk-based capital framework.</P>
                    <P>
                        Other commenters suggested broader exclusions from the supplementary leverage ratio denominator. Some commenters suggested excluding banking organizations' deposits held at central banks (reserves); reserves and short-term Treasury securities; or reserves and all Treasury security holdings. In addition, one commenter supported excluding from the denominator of the supplementary leverage ratio all reserves, Treasury securities, and repurchase and reverse repurchase agreements backed by Treasury security collateral across all entities within a banking organization. A few commenters called for applying some of these exclusions to all leverage capital requirements applicable to banking organizations. Some commenters requested that the agencies state that they may exclude certain assets from total leverage exposure during exceptional macroeconomic circumstances, as the agencies did on a temporary basis through interim final rules in 2020, as the onset of the COVID-19 pandemic significantly and adversely affected global financial markets.
                        <SU>47</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>47</SU>
                             
                            <E T="03">See</E>
                             “Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks from the Supplementary Leverage Ratio,” 85 FR 20578 (Apr. 14, 2020); “Regulatory Capital Rule: Temporary Exclusion of U.S. Treasury Securities and Deposits at Federal Reserve Banks from the Supplementary Leverage Ratio for Depository Institutions,” 85 FR 32980 (June 1, 2020).
                        </P>
                    </FTNT>
                    <P>
                        The final rule does not adopt the narrow exclusion approach or other exclusions requested by commenters. As discussed in the proposal and in section IV of this 
                        <E T="02">SUPPLEMENTARY INFORMATION,</E>
                         and as observed by many of the commenters, the final rule's changes to the eSLR standards achieve the objectives of the rulemaking and continues to broadly treat exposures equally under the supplementary leverage ratio framework.
                    </P>
                    <P>
                        The proposal also included a question about potential additional modifications to the regulatory capital framework that the agencies should consider to reduce 
                        <PRTPAGE P="55261"/>
                        regulatory impediments to well-functioning U.S. Treasury markets. Many commenters recommended several additional changes to the regulatory capital framework for the agencies to consider in potential future rulemakings. Specifically, some commenters suggested modifying the GSIB surcharge framework by, for example, removing U.S. Treasury security holdings or other assets or exposures from the GSIB surcharge calculation and recognizing the risk-mitigation effects of cross-product master netting agreements in the standardized approach for counterparty credit risk.
                        <SU>48</SU>
                        <FTREF/>
                         Some commenters advocated for changes to the tier 1 leverage ratio requirement, such as a reduction in the level of the requirement at the holding company and depository institution levels or exclusion of certain assets, such as reserves, Treasury securities, and certain other Treasury-collateralized exposures, from the denominator of the ratio.
                    </P>
                    <FTNT>
                        <P>
                            <SU>48</SU>
                             12 CFR 3.132(c) (OCC); 12 CFR 217.132(c) (Board); 12 CFR 324.132(c) (FDIC).
                        </P>
                    </FTNT>
                    <P>Some commenters suggested removing supplementary leverage ratio requirements for certain banking organizations, such as Category III banking organizations and U.S. intermediate holding companies of foreign banking organizations with less than $250 billion in total assets. Some other commenters recommended modifications to the calibration of the community bank leverage ratio requirement to a level lower than the current nine percent calibration.</P>
                    <P>Some commenters advocated for changes to elements of the agencies' regulatory frameworks that are not related to leverage requirements. For example, some commenters advocated that the agencies should adjust certain regulatory thresholds based on factors such as economic growth or inflation. A few commenters suggested changes to the Board's method 2 GSIB surcharge calculation, the Board's supervisory stress tests, the applicability of the global market shock component of the stress test, and the stress capital buffer requirement. Some commenters also expressed concerns that the method 1 GSIB surcharge calculation incorporates global data to compute aggregate global indicator amounts. Other commenters suggested specific changes to the risk-based capital framework. One commenter suggested removing Treasury security cash-market and repurchase agreement positions from certain risk-based indicators of the agencies' regulatory tailoring framework for large banking organizations and removing from the off-balance sheet exposure risk-based indicator exposures that arise in connection with central clearing services for U.S. Treasury security-related transactions provided by a clearing member banking organization to another firm. One commenter called for mandating equity issuance or retention of capital to avoid what the commenter viewed as inefficiencies in changing ratio-based capital requirements, and another commenter called for inclusion of weather- and climate-related risks in the capital framework. One commenter expressed concern that the Board has not yet adopted a countercyclical capital buffer requirement greater than zero and has not yet responded to a petition for rulemaking related to the boards of directors of holding companies and their subsidiary depository institutions.</P>
                    <P>The final rule does not address these requests, as they are beyond the scope of the proposal. As noted previously, the agencies monitor the effectiveness of their rules for potential improvements and may make changes in the future as appropriate.</P>
                    <HD SOURCE="HD2">E. Technical Corrections</HD>
                    <P>The proposal would have implemented certain technical corrections. The Board proposed to revise 12 CFR 217.11(c)(3)(ii)(A) through (C) to correct certain cross-references. Those paragraphs had erroneously referred to 12 CFR 217.10(c)(1)(ii), (c)(2)(ii), and (c)(3)(ii), respectively; the proposed technical correction would have replaced those references with the appropriate references to 12 CFR 217.10(d)(1)(ii), (d)(2)(ii), and (d)(3)(ii), respectively. Second, the FDIC proposed to remove outdated references in its prompt corrective action regulation to the supplementary leverage ratio's effective date of January 1, 2018. The Board and FDIC did not receive comments on the proposed technical corrections. The Board and FDIC are finalizing the technical corrections as proposed.</P>
                    <P>Additionally, the Board is finalizing additional technical corrections that were not included in the proposal but are related to the same incorrect cross-reference. First, the Board is revising 12 CFR 208.41(d), (m), and (p). Those paragraphs had erroneously referred to 12 CFR 217.10(c)(1), (c)(2), and (c)(3), respectively; the Board is replacing those references with appropriate references to 12 CFR 217.10(d)(1), (d)(2), and (d)(3), respectively. Second, the Board is revising the definition of “common equity tier 1 capital ratio” in both 12 CFR 252.61 (“common equity tier 1 capital ratio”) and 12 CFR 252.161 (“common equity tier 1 capital ratio”). Those definitions had erroneously referred to 12 CFR 217.10(c); the Board is replacing those references with appropriate references to 12 CFR 217.10(d). Additionally, the Board is removing paragraph 12 CFR 208.43(a)(1)(iv)(C), which is now unnecessary.</P>
                    <HD SOURCE="HD1">III. Effective Date</HD>
                    <P>The agencies received several comments relating to the length of the comment period on the proposal, timing of adoption of a final rule, and the effective date of a final rule.</P>
                    <P>Several commenters asked the agencies to withdraw the proposal or delay adoption of the final rule and, instead, prioritize changes to risk-based capital requirements. Specifically, these commenters asserted that the agencies should delay adoption of the proposed modifications of the eSLR standards until completion of a further study and additional public comment on the effect of other potential changes to the regulatory capital framework on the proposal. Other commenters requested an extension of the comment period before finalizing the proposal. In these commenters' view, the proposal has significant implications and warrants a longer comment period than 60 days to ensure meaningful public participation.</P>
                    <P>Several other commenters asked the agencies to adopt the proposal as a final rule without delay. Of these, some commenters suggested that the effective date for implementation of the final rule should be no later than January 1, 2026, or as promptly as possible. One commenter noted that prompt adoption is particularly important, given the implementation of mandatory clearing for certain U.S. Treasury security transactions.</P>
                    <P>
                        The agencies received approximately 40 comments on the proposal. The comments received by the agencies represent a broad range of views and included thoughtful engagement with the proposal.
                        <SU>49</SU>
                        <FTREF/>
                         The agencies do not consider an extension of the comment period to be warranted, given the volume, depth, and diversity of comments submitted.
                    </P>
                    <FTNT>
                        <P>
                            <SU>49</SU>
                             In addition, on July 22, 2025, the Board held a conference on the capital framework for large banking organizations, which was publicly streamed and available on the Board's website. 
                            <E T="03">See</E>
                             Integrated Review of the Capital Framework for Large Banks Conference (July 22, 2025), 
                            <E T="03">https://www.federalreserve.gov/conferences/integrated-review-of-the-capital-framework-for-large-banks.htm.</E>
                        </P>
                    </FTNT>
                    <P>
                        The final rule includes an effective date of April 1, 2026, for the modified eSLR standard applicable to GSIBs and 
                        <PRTPAGE P="55262"/>
                        covered depository institutions. This effective date is intended to provide banking organizations subject to the rule with time to comply with the modified eSLR standards. The agencies will permit GSIBs and covered depository institutions subject to the eSLR standards to elect to voluntarily adopt the final rule's modified eSLR standards as of January 1, 2026, prior to the mandatory compliance date.
                    </P>
                    <HD SOURCE="HD1">IV. Economic Analysis</HD>
                    <HD SOURCE="HD2">A. Introduction</HD>
                    <P>
                        As discussed in section I.B of this 
                        <E T="02">SUPPLEMENTARY INFORMATION,</E>
                         the final rule aims generally for the supplementary leverage ratio requirement to be a backstop to risk-based tier 1 capital requirements for GSIBs and covered depository institutions.
                        <SU>50</SU>
                        <FTREF/>
                         The final rule's changes reduce the likelihood and frequency of the supplementary leverage ratio requirement being a binding tier 1 capital requirement for these banking organizations. As a consequence, the changes reduce disincentives for these organizations to participate in low-risk, low-return activities, such as U.S. Treasury market intermediation.
                    </P>
                    <FTNT>
                        <P>
                            <SU>50</SU>
                             Throughout the economic analysis section, the agencies use the term “supplementary leverage ratio requirement” to refer to the combination of the supplementary leverage ratio minimum requirement, which is three percent for all banking organizations subject to Category I-III standards, plus the eSLR standards, which are an additional two percent for GSIBs and an additional three percent for covered depository institutions. 
                            <E T="03">See</E>
                             Section I.A of this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                             for a detailed description of the eSLR standards.
                        </P>
                    </FTNT>
                    <P>In recent years, the supplementary leverage ratio requirement has regularly been the binding tier 1 capital requirement for many GSIBs and most covered depository institutions. This can create unintended incentives for these banking organizations to engage in higher-risk activities and to reduce their participation in low-risk, low-return activities. The final rule will address these incentives by reducing the calibration of the eSLR standards. As a consequence, the final rule increases the balance sheet capacity of most GSIBs for low-risk activities, which can reduce the need for temporary policy adjustments in the event of severe market stress.</P>
                    <P>The agencies estimate that, in the period from the second quarter of 2021 to the fourth quarter of 2024, the supplementary leverage ratio requirement was the binding tier 1 capital requirement 60 percent of the time, on average, for seven out of the eight GSIBs. In the same period, the supplementary leverage ratio requirement was the binding tier 1 capital requirement 87 percent of the time, on average, for major covered depository institutions.</P>
                    <P>When the binding capital requirement for a banking organization is a leverage ratio requirement, it can discourage the banking organization from engaging in low-risk activities, especially in high-volume, low-return activities, while creating incentives for the organization to conduct higher-risk activities. These incentives are due to what may be called the “level effect” and the “marginal effect” of a binding leverage ratio requirement. Specifically, for a given amount of tier 1 capital, the level effect of a binding leverage ratio requirement restricts the growth of the banking organization because it cannot engage in even low-risk activities without further increasing its tier 1 capital requirement. Additionally, the marginal effect of a binding leverage ratio requirement makes the banking organization prefer higher-risk activities to low-risk activities because both activities need to be financed by the same amount of tier 1 capital under the supplementary leverage ratio requirement, while higher-risk activities typically have higher expected returns. This marginal effect could incentivize the banking organization to forego investments in low-risk activities or substitute its existing low-risk exposures with higher-risk ones. Such unintended incentives are further amplified by the fact that low-risk activities tend to be balance sheet intensive because their typically low expected returns make them profitable only if they are conducted in large volumes. Hence, general economic theory predicts that a binding leverage ratio requirement can discourage banking organizations from engaging in low-risk activities, which might reduce social welfare.</P>
                    <P>
                        A prime example of such low-risk, low-return, high-volume activities conducted by banking organizations is intermediation in the U.S. Treasury market, a key financial market.
                        <SU>51</SU>
                        <FTREF/>
                         Acting as intermediaries in this market, banking organizations enter into temporary positions in U.S. Treasury securities, classified as trading assets on their balance sheets. Most of these trading assets are held by the broker-dealer subsidiaries of banking organizations to facilitate transactions across different participants and segments in the U.S. Treasury market.
                        <SU>52</SU>
                        <FTREF/>
                         These broker-dealers play a critical role in the U.S. Treasury market by providing liquidity to market participants through both market making and securities financing activities; 
                        <SU>53</SU>
                        <FTREF/>
                         in particular, GSIBs' primary dealer subsidiaries are the largest U.S. Treasury securities dealers.
                        <SU>54</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>51</SU>
                             The U.S. Treasury market is a key financial market because it (i) constitutes an important channel through which the Federal Reserve can conduct its monetary policy; (ii) enables the U.S. government to obtain financing at a low and stable cost; (iii) provides the yield curve widely used as a risk-free benchmark in the valuation of other financial assets and derivatives; and (iv) offers a large supply of safe and liquid assets for global investors.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>52</SU>
                             See the discussion related to Table 5 in section IV.B of this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                            .
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>53</SU>
                             The activities of U.S. Treasury securities dealers extend well beyond buying and selling U.S. Treasury securities outright in the primary and secondary markets. In particular, these entities also act as key counterparties in secured financing and derivatives transactions. For a detailed analysis of how the activities and positions of the broker-dealer subsidiaries of GSIBs evolved over time, 
                            <E T="03">see</E>
                             P. Cochran et al., Dealers' Treasury Market Intermediation and the Supplementary Leverage Ratio, FEDS Notes, Board of Governors of the Federal Reserve System (Aug. 3, 2023).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>54</SU>
                             One commenter requested that the agencies further explain why GSIBs are important for U.S. Treasury market intermediation. While all primary dealers in general play a critical role as intermediaries in the U.S. Treasury market and dedicated counterparties of the Federal Reserve Bank of New York, as described at 
                            <E T="03">https://www.newyorkfed.org/markets/primarydealers</E>
                             in more detail, the broker-dealers of GSIBs are particularly important market participants. Indeed, the six largest U.S. Treasury securities dealers are all subsidiaries of GSIBs, whose activities therefore have an outsized influence on the liquidity and price dynamics in the U.S. Treasury market. 
                            <E T="03">See, e.g.,</E>
                             P. Cochran et al., Dealers' Treasury Market Intermediation and the Supplementary Leverage Ratio, FEDS Notes, Board of Governors of the Federal Reserve System (Aug. 3, 2023) and J. Goldberg, Liquidity Supply by Broker-Dealers and Real Activity, Journal of Financial Economics, 136(3) (Apr. 14, 2020).
                        </P>
                    </FTNT>
                    <P>
                        As discussed in the proposal, both the U.S. Treasury market and primary dealers' U.S. Treasury securities positions have grown rapidly over the last decade. As Table 2 shows, the amount of U.S. Treasury securities outstanding, excluding holdings of the Federal Reserve System Open Market Account (SOMA), has expanded by 139 percent, from $10 trillion to $24 trillion, since 2014.
                        <SU>55</SU>
                        <FTREF/>
                         Meanwhile, the U.S. Treasury securities positions of primary dealers have grown by 155 percent, reaching $0.6 trillion in aggregate. This expansion in primary dealers' U.S. Treasury securities positions reflects both the abundant supply of these securities and the central role of these broker-dealer subsidiaries of banking organizations as intermediaries in this market. Notably, despite the rapid increase in primary dealers' U.S. 
                        <PRTPAGE P="55263"/>
                        Treasury securities positions, measured in dollar terms, the size of these positions relative to the size of the market has been stable over time. Specifically, relative to the amount of U.S. Treasury securities outstanding, excluding holdings of the Federal Reserve System Open Market Account, the U.S. Treasury securities positions of primary dealers stayed at about 2.5 percent over the last decade, which indicates the strong connection between the size of the U.S. Treasury market and the magnitude of market intermediation activities by these broker-dealers.
                        <SU>56</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>55</SU>
                             To assess the size of the U.S. Treasury market from the perspective of broker-dealers, the agencies exclude the U.S. Treasury securities holdings in the Federal Reserve's SOMA because broker-dealers' market intermediation activity is closely related to U.S. Treasury securities held by the public sector.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>56</SU>
                             The positive empirical relationship between the size of the U.S. Treasury market and primary dealers' U.S. Treasury securities positions is also documented in P. Cochran et al., Assessment of Dealer Capacity to Intermediate in Treasury and Agency MBS Markets, FEDS Notes, Board of Governors of the Federal Reserve System (Oct. 22, 2024).
                        </P>
                    </FTNT>
                    <GPH SPAN="3" DEEP="215">
                        <GID>ER01DE25.012</GID>
                    </GPH>
                    <P>
                        The
                        <FTREF/>
                         rapid growth of the U.S. Treasury market has raised concerns about its liquidity and resiliency, especially considering that the balance sheets of primary dealers, key intermediaries in this market, have grown at a more moderate pace (by 29 percent, in aggregate, since 2014).
                        <SU>58</SU>
                        <FTREF/>
                         These concerns partly drove the agencies' decision to temporarily exclude deposits at Federal Reserve Banks and U.S. Treasury securities holdings from the calculation of total leverage exposure for banking organizations subject to Category I-III standards in the wake of the COVID-19 market stress.
                        <SU>59</SU>
                        <FTREF/>
                         Empirical evidence in BCBS (2021) suggests that the exclusions enabled these banking organizations, and especially GSIBs, which had smaller supplementary leverage ratio management buffers than banking organizations subject to Category II and III standards, to significantly expand their U.S. Treasury securities holdings.
                        <SU>60</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>57</SU>
                             In this table, the agencies use publicly available data reported in field FL313161105 of the Financial Accounts of the United States (Z.1) for the amount of U.S. Treasury securities outstanding; the Federal Reserve Bank of New York's public reports for the amount of U.S. Treasury securities holdings in the Federal Reserve's SOMA, 
                            <E T="03">see https://www.newyorkfed.org/markets/soma-holdings;</E>
                             publicly available data reported in SEC Form X-14A-5 Part IIA filings for the total assets of primary dealers; and the sum of the values reported in fields GSWA M438, N749, M440, M442, M444, M446, M448, M450, LF56, LF58, M452, M454, M456, M458 of the confidential FR 2004A filings for the amount of long U.S. Treasury securities positions of primary dealers, measured at the end of 2014 and 2024.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>58</SU>
                             
                            <E T="03">See, e.g.,</E>
                             the discussion of concerns about U.S. Treasury market functioning and proposed solutions in D. Duffie, Still the World's Safe Haven? Redesigning the U.S. Treasury Market After the COVID-19 Crisis, Hutchins Center on Fiscal and Monetary Policy, Brookings (June 22, 2020) and N. Liang and P. Parkinson, Enhancing Liquidity of the U.S. Treasury Market Under Stress, Hutchins Center on Fiscal and Monetary Policy, Brookings (Dec. 16, 2020).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>59</SU>
                             See the Board's and the agencies' interim final rules temporarily excluding these assets from the calculation of total leverage exposure for holding companies subject to Category I-III standards, as well as their depository institution subsidiaries, effective April 14, 2020, and June 1, 2020. 85 FR 20578 (Apr. 14, 2020); 85 FR 32980 (June 1, 2020).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>60</SU>
                             Basel Committee, Early Lessons from the Covid-19 Pandemic on the Basel Reforms, Bank for International Settlements (July 2021) (“BCBS (2021)”). Throughout the economic analysis section, the agencies use the term “management buffer” to refer to the amount of regulatory capital that a company has in excess of the sum of its minimum regulatory capital requirements and any regulatory capital buffer requirements.
                        </P>
                    </FTNT>
                    <P>
                        There are several factors that influence broker-dealers' decisions to engage in financial market intermediation.
                        <SU>61</SU>
                        <FTREF/>
                         As discussed in the proposal, academic studies also provide support for the concern that the supplementary leverage ratio requirement could potentially discourage U.S. Treasury market intermediation by the broker-dealer subsidiaries of large banking organizations. Favara, Infante, Rezende (2022) find that large and unexpected increases to GSIBs' balance sheets discourage GSIBs' broker-dealer subsidiaries from participating in the U.S. Treasury market, with the estimated effect being stronger for GSIBs with smaller supplementary leverage ratio management buffers.
                        <SU>62</SU>
                        <FTREF/>
                         Duffie et al. (2023) show that U.S. Treasury market liquidity measures deteriorate as primary dealers face capacity constraints, suggesting that a lack of ability by broker-dealers to participate in U.S. Treasury markets can have a detrimental effect on market liquidity.
                        <SU>63</SU>
                        <FTREF/>
                         The empirical findings in Bräuning and Stein (2024) indicate that the primary dealer subsidiaries of banking organizations subject to Category I-III standards that face relatively more 
                        <PRTPAGE P="55264"/>
                        binding supplementary leverage ratio requirements or internal risk limits reduce their U.S. Treasury securities positions relative to less constrained primary dealers, which in turn leads to a decrease in market liquidity in the form of lower aggregate turnover and wider bid-ask spreads.
                        <SU>64</SU>
                        <FTREF/>
                         Overall, the academic literature suggests that reducing the supplementary leverage ratio requirement's bindingness could improve the functioning of the U.S. Treasury market.
                    </P>
                    <FTNT>
                        <P>
                            <SU>61</SU>
                             For example, Li, Petrasek, Tian (2024) find that internal risk limits are important determinants of broker-dealers' capacity and willingness to intermediate financial markets. D. Li, L. Petrasek and M. H. Tian, Risk-Averse Dealers in a Risk-Free Market—The Role of Internal Risk Limits, SSRN (Mar. 1, 2024) (“Li, Petrasek, Tian (2024)”).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>62</SU>
                             G. Favara, S. Infante, and M. Rezende, Leverage Regulations and Treasury Market Participation: Evidence from Credit Line Drawdowns, SSRN (Aug. 4, 2022) (“Favara, Infante, Rezende (2022)”).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>63</SU>
                             D. Duffie et al., Dealer Capacity and U.S. Treasury Market Functionality, Federal Reserve Bank of New York Staff Report (Aug. 2023, 
                            <E T="03">rev.</E>
                             Oct. 2023) (“Duffie et al. (2023)”).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>64</SU>
                             F. Bräuning and H. Stein, The Effect of Primary Dealer Constraints on Intermediation in the Treasury Market, Federal Reserve Bank of Boston Research Department Working Papers (2024) (“Bräuning and Stein (2024)”).
                        </P>
                    </FTNT>
                    <P>Several commenters requested evidence that the eSLR standard is currently acting as a constraint to U.S. Treasury market intermediation, with some commenters noting that internal risk limits could also constrain such activities. One commenter noted that GSIBs may not purchase more U.S. Treasury securities under the proposal. Meanwhile, several commenters supported the agencies' assessment that the eSLR is currently a binding capital constraint, which can create unintended disincentives for GSIBs.</P>
                    <P>
                        As discussed in section II.A of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        , the final rule's objective is to set the supplementary leverage ratio requirement as a backstop to risk-based tier 1 capital requirements for GSIBs and covered depository institutions, rather than creating incentives for these banking organizations to hold more U.S. Treasury securities. Accordingly, as discussed in section IV.F of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        , the agencies anticipate that the final rule will reduce unintended disincentives for GSIBs to engage in low-risk activities through both its marginal and level effect. In particular, the level effect of the final rule will create additional capacity for these banking organizations to hold low-risk assets on their balance sheets. One notable example where this benefit may manifest is the U.S. Treasury market intermediation activity of GSIBs, which could be affected by balance sheet constraints, as evidenced by the empirical studies cited above. The findings in these studies indicate that the supplementary leverage ratio requirement could pose a potential constraint to the intermediation activity of primary dealers, although, as discussed in the proposal and earlier in this subsection, other factors, such as internal risk limits can also influence broker-dealers' decisions to participate in the U.S. Treasury market.
                    </P>
                    <P>The structure of the economic analysis is as follows. Section IV.B describes the baseline for the impact assessment, which is the current regulatory framework, and the data sources used. Sections IV.C and IV.D present the policy change and four reasonable alternatives. Section IV.E estimates the change in the supplementary leverage ratio requirement and the binding tier 1 capital requirement for banking organizations subject to Category I-III standards under the final rule and the policy alternatives, relative to the baseline. Sections IV.F and IV.G evaluate the economic benefits and costs, respectively, of the final rule and the policy alternatives. Section IV.H addresses further comments received on the analysis in the proposal. Section IV.I analyzes the impact of the changes to the long-term debt and total loss-absorbing capacity buffer requirements under the final rule. Section IV.J concludes the analysis.</P>
                    <HD SOURCE="HD2">B. Baseline</HD>
                    <P>
                        The economic analysis uses the current regulatory framework as a baseline, which includes the current supplementary leverage ratio requirement, described in section I.A of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        . The baseline represents the state of banking organizations subject to Category I-III standards in the absence of a policy change. Accordingly, throughout the analysis, the agencies assess the economic impact of the final rule and the policy alternatives considered, described in sections IV.C and IV.D of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        , respectively, by comparing outcomes estimated under the final rule and the alternatives to the outcome estimated under the baseline.
                    </P>
                    <P>
                        The analysis uses the year 2024 as the sample period to produce quantitative estimates, which reflects a recent state of banking organizations subject to Category I-III standards. Unless stated otherwise, the calculations and estimates in the analysis take the average values of balance sheet quantities and ratios measured at the end of each quarter in 2024. A review of balance sheets of banking organizations subject to Category I-III standards from 2021 to 2024 indicates that using a longer sample period yields similar estimates.
                        <SU>65</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>65</SU>
                             In response to comments, the agencies also calculate the main impact estimates using the most recent quarter of balance sheet data in section IV.H.1 of this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                            .
                        </P>
                    </FTNT>
                    <P>
                        Unless stated otherwise, the analysis uses publicly available data reported in FR Y-9C filings for holding companies and the Federal Financial Institutions Examination Council (FFIEC) Call Reports for depository institutions.
                        <SU>66</SU>
                        <FTREF/>
                         In certain calculations related to the total leverage exposure of holding companies, the agencies use publicly available data reported in FFIEC 101 filings.
                        <SU>67</SU>
                        <FTREF/>
                         The agencies calculate method 1 and method 2 surcharges by using publicly available data from FR Y-15 filings as well as the aggregate global systemic indicator amounts published annually by the Board.
                        <SU>68</SU>
                        <FTREF/>
                         The agencies calculate the amount of U.S. Treasury securities holdings of primary dealers by using confidential data from FR 2004A filings.
                        <SU>69</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>66</SU>
                             From FR Y-9C filings, the agencies use the fields BHCA8274, BHCAA223, BHCWA223, BHCAA224, BHCK2170, BHCK3368, BHCM3531, BHCK0211, BHCK0213, BHCK1286, BHCK1287, BHCALE85. From FFIEC Call Reports, the agencies use the fields RCFA8274, RCFAA223, RCFWA223, RCFAA224, RCFD2170, RCFAH015, RCFD3531, RCFD0211, RCFD0213, RCFD1286, RCFD1287, RCFD0090, RCON0090.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>67</SU>
                             From FFIEC 101 filings, the agencies use the field AAABH015.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>68</SU>
                             From FR Y-15 filings, the agencies use the fields RISK Y832, M362, M370, M376, M390, M405, M408, M411, N255, G506, M422, M426, Y896. Additionally, in method 1 surcharge calculations, the agencies use the aggregate global indicator amounts published by the Board at 
                            <E T="03">https://www.federalreserve.gov/supervisionreg/basel/denominators.htm</E>
                            .
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>69</SU>
                             From FR 2004A filings, the agencies use the sum of the values reported in fields GSWA M438, N749, M440, M442, M444, M446, M448, M450, LF56, LF58, M452, M454, M456, M458 to calculate the amount of long U.S. Treasury securities positions of primary dealers.
                        </P>
                    </FTNT>
                    <P>
                        In calculations involving the depository institution subsidiaries of holding companies subject to Category I-III standards, the agencies focus on each holding company's major depository institution subsidiaries (
                        <E T="03">i.e.,</E>
                         the largest depository institution subsidiary as well as any of its depository institution subsidiaries with total assets greater than $50 billion at the end of any quarter in 2024). The rest of their depository institution subsidiaries, with total assets less than $50 billion in 2024, account for 0.7 percent of the consolidated total assets of these holding companies, in aggregate.
                        <SU>70</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>70</SU>
                             These depository institution subsidiaries include the uninsured national bank subsidiaries of GSIBs that are subject to the eSLR standard under the final rule, as discussed in section II.A of this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                            . There are six such uninsured national bank subsidiaries, which account for 0.01 percent of the total assets of GSIBs, in aggregate.
                        </P>
                    </FTNT>
                    <P>
                        Table 3 compares the baseline levels of the different tier 1 capital requirements, inclusive of buffer requirements, for banking organizations subject to Category I-III standards in 
                        <PRTPAGE P="55265"/>
                        2024.
                        <SU>71</SU>
                        <FTREF/>
                         On average, for GSIBs, the supplementary leverage ratio requirement is at a similar level to the risk-based tier 1 capital requirement. On average, for major covered depository institutions, the supplementary leverage ratio requirement is higher than the risk-based tier 1 capital requirement. On average, for banking organizations subject to Category II and III standards, the risk-based tier 1 capital requirement is higher than the tier 1 leverage ratio requirement, which in turn is higher than the supplementary leverage ratio requirement.
                    </P>
                    <FTNT>
                        <P>
                            <SU>71</SU>
                             The agencies calculated tier 1 capital requirements for banking organizations subject to Category I-III standards as per the applicable rules. 
                            <E T="03">See</E>
                             12 CFR 3.10 and 3.11, 12 CFR 6.4 (OCC); 12 CFR 208.43, 12 CFR 217.10 and 217.11 (Board); 12 CFR 324.10, 324.11, and 324.403 (FDIC).
                        </P>
                    </FTNT>
                    <GPH SPAN="3" DEEP="249">
                        <GID>ER01DE25.013</GID>
                    </GPH>
                    <P>
                        The agencies estimate that the supplementary leverage ratio requirement is the highest tier 1 capital requirement for five out of the eight GSIBs and eight out of the nine major covered depository institutions under the baseline.
                        <SU>72</SU>
                        <FTREF/>
                         By contrast, for almost all holding companies subject to Category II and III standards, as well as for nine out of their 12 major depository institution subsidiaries, the risk-based tier 1 capital requirement is the highest tier 1 capital requirement.
                    </P>
                    <FTNT>
                        <P>
                            <SU>72</SU>
                             One commenter raised questions about the need for adjusting the eSLR standard for GSIBs predominantly engaged in custody, safekeeping, and asset servicing activities. The agencies' baseline calculations show that the supplementary leverage ratio requirement was often the highest tier 1 capital requirement for these GSIBs and their covered depository institutions.
                        </P>
                    </FTNT>
                    <P>
                        Table 3 also shows that, compared to the risk-based tier 1 requirement, the relative level of the supplementary leverage ratio requirement is significantly lower for GSIBs than for their major covered depository institutions under the baseline. For GSIBs, the relative level of the supplementary leverage ratio requirement ranges from 87 to 111 percent of the risk-based tier 1 capital requirement, whereas for major covered depository institutions, the relative level of the supplementary leverage ratio requirement ranges from 128 to 244 percent of the risk-based tier 1 capital requirement. This difference between GSIBs and major covered depository institutions in the level of the supplementary leverage ratio requirement is due to the lower risk-based capital buffer requirements and the higher eSLR standard at the depository institutions.
                        <SU>73</SU>
                        <FTREF/>
                         Therefore, any adjustment to the eSLR standards that aims for the supplementary leverage ratio requirement to be a backstop to risk-based capital requirements would lead to a larger reduction in tier 1 capital requirements for covered depository institutions than for GSIBs.
                    </P>
                    <FTNT>
                        <P>
                            <SU>73</SU>
                             Risk-based capital buffer requirements are higher for GSIBs than for covered depository institutions because of the GSIB surcharge and the stress capital buffer requirement.
                        </P>
                    </FTNT>
                    <P>
                        The final rule also affects requirements and buffer standards for TLAC and long-term debt. The agencies present a baseline analysis for these standards in section IV.I of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        .
                    </P>
                    <HD SOURCE="HD3">1. Role of Banking Organizations as Investors in U.S. Treasury Securities</HD>
                    <P>
                        In addition to their critical role as intermediaries in the U.S. Treasury market, banking organizations also act as investors. Specifically, in addition to U.S. Treasury securities held as trading assets, banking organizations also hold such securities as investment securities on their balance sheets, typically for longer periods, and sometimes until maturity.
                        <SU>74</SU>
                        <FTREF/>
                         Most of these investment securities are held by depository institution subsidiaries.
                        <SU>75</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>74</SU>
                             Under U.S. Generally Accepted Accounting Principles, investment securities holdings can be classified as “available-for-sale” or “held-to-maturity” securities on banking organizations' balance sheets.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>75</SU>
                             See the discussion related to Table 5 in Section IV.B of this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                            .
                        </P>
                    </FTNT>
                    <P>
                        Over the last decade, banking organizations have increased their market share as investors in the U.S. Treasury market, with the growth of U.S. Treasury securities held by depository institutions outpacing the expansion of the market. Indeed, Table 4 shows that the amount of U.S. Treasury securities outstanding has expanded by 125 percent, from $12.5 trillion to $28.1 trillion, whereas the U.S. Treasury securities holdings of U.S. 
                        <PRTPAGE P="55266"/>
                        depository institutions have grown by 264 percent, reaching $1.54 trillion in aggregate. Hence, the aggregate market share of depository institutions has increased from 3.4 percent to 5.5 percent.
                    </P>
                    <GPH SPAN="3" DEEP="222">
                        <GID>ER01DE25.014</GID>
                    </GPH>
                    <P>Table 4 shows that while the U.S. Treasury securities holdings of U.S. depository institutions have grown significantly, their balance sheets have grown at a more moderate pace, by 60 percent, in aggregate, since 2014. Consequently, the aggregate share of U.S. Treasury securities held on their balance sheets has more than doubled, from 3.0 percent to 6.8 percent, which indicates that the relative importance of U.S. Treasury securities as investment assets has increased for banking organizations over the last decade. These developments contribute to the increased bindingness of leverage ratio requirements because U.S. Treasury securities held on the balance sheet of a depository institution have zero risk weight under the risk-based capital framework; hence, increases in such securities holdings can increase leverage ratio requirements relative to risk-based capital requirements.</P>
                    <HD SOURCE="HD3">
                        2. Treasury Securities Held by Banking Organizations Subject to Category I to III Standards
                        <FTREF/>
                    </HD>
                    <FTNT>
                        <P>
                            <SU>76</SU>
                             In this table, the agencies use publicly available data reported in the Financial Accounts of the United States (Z.1): field FL313161105 for the amount of U.S. Treasury securities outstanding; field FL764194005 for the total assets of U.S. depository institutions; and field LM763061100 for the U.S. Treasury securities holdings of U.S. depository institutions, measured at the end of 2014 and 2024.
                        </P>
                    </FTNT>
                    <P>Banking organizations subject to Category I-III standards had large U.S. Treasury holdings, in both nominal and relative terms, in 2024. As Table 5 shows, measured at fair value at the consolidated holding company level, these banking organizations held $1.9 trillion of U.S. Treasury securities, in aggregate, which was almost 7 percent of the total amount of U.S. Treasury securities outstanding. On average, these securities holdings constituted 9 percent of GSIBs' total leverage exposures and 5 percent of the total leverage exposures of holding companies subject to Category II and III standards.</P>
                    <GPH SPAN="3" DEEP="312">
                        <PRTPAGE P="55267"/>
                        <GID>ER01DE25.015</GID>
                    </GPH>
                    <P>
                        Table 5 also shows the two distinct roles of banking organizations subject to Category I-III standards as both intermediaries and investors in the U.S. Treasury market. On average across these banking organizations, about two thirds of U.S. Treasury securities held on consolidated holding company balance sheets are classified as investment assets, with the remaining one third classified as trading assets. In aggregate, the depository institution subsidiaries of these banking organizations hold the majority of the U.S. Treasury securities classified as investment assets and a minor share of U.S. Treasury securities classified as trading assets on the consolidated balance sheets of their parent holding companies. As noted earlier, most of the U.S. Treasury holdings classified as trading assets are held by the broker-dealer subsidiaries of these banking organizations.
                        <SU>77</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>77</SU>
                             Using confidential FR 2004 data for GSIBs' primary dealer subsidiaries, the agencies confirm that, on average, 92 percent of the U.S. Treasury securities holdings classified as trading assets on GSIBs' consolidated balance sheets and not held by their depository institution subsidiaries are indeed held by their primary dealer subsidiaries. Section IV.B of this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                             describes the data used in this calculation.
                        </P>
                    </FTNT>
                    <HD SOURCE="HD2">C. Policy Change</HD>
                    <P>The final rule sets the eSLR buffer standard for GSIBs to 50 percent of their method 1 surcharge, instead of the two percent eSLR buffer standard applicable under the baseline. Additionally, for covered depository institutions, the final rule sets the eSLR buffer standard to 50 percent of their parent GSIB's method 1 surcharge, capped at one percent. This eSLR buffer standard applies in addition to the three percent supplementary leverage ratio minimum requirement. This requirement for covered depository institutions replaces the six percent “well-capitalized” prompt corrective action threshold applicable under the baseline.</P>
                    <P>The final rule does not change the three percent supplementary leverage ratio minimum requirement or the calculation of total leverage exposure for banking organizations subject to Category I-III standards.</P>
                    <HD SOURCE="HD2">D. Reasonable Alternatives</HD>
                    <P>The analysis considered four reasonable alternatives to the final rule. The agencies assess the expected benefits and costs of these alternatives relative to the baseline and compare them to the expected benefits and costs of the final rule.</P>
                    <P>Alternative 1 is the “narrow exclusion” approach, which includes all changes for GSIBs and covered depository institutions under the final rule and additionally excludes from the calculation of total leverage exposure for holding companies subject to Category I-III standards U.S. Treasury securities reported as trading assets on the holding companies' balance sheets and held at broker-dealer subsidiaries (and foreign equivalents thereof) that are not subsidiaries of a depository institution.</P>
                    <P>
                        Alternative 2 is the “broader exclusion” approach, which does not change the eSLR standards like the final rule but instead excludes deposits held at Federal Reserve Banks (reserves) and all U.S. Treasury securities holdings from the calculation of total leverage exposure for all banking organizations subject to Category I-III standards. This policy alternative is similar to the temporary exclusion of these assets from the calculation of total leverage exposure implemented by the agencies in 2020.
                        <SU>78</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>78</SU>
                             See the Board's and the agencies' interim final rules temporarily excluding these assets from the calculation of total leverage exposure for holding companies subject to Category I-III standards, as well as their depository institution subsidiaries, effective April 14, 2020, and June 1, 2020. 85 FR 20578 (Apr. 14, 2020); 85 FR 32980 (June 1, 2020).
                        </P>
                    </FTNT>
                    <P>
                        Alternative 3 (“2018 proposal”) sets the eSLR standards for both GSIBs and covered depository institutions equal to 
                        <PRTPAGE P="55268"/>
                        50 percent of the higher of method 1 and method 2 surcharges. This policy alternative is similar to the notice of proposed rulemaking published in the 
                        <E T="04">Federal Register</E>
                         by the Board and OCC on April 19, 2018, which would have recalibrated the eSLR standards for these banking organizations.
                        <SU>79</SU>
                        <FTREF/>
                         This proposed rule was not finalized.
                    </P>
                    <FTNT>
                        <P>
                            <SU>79</SU>
                             
                            <E T="03">See</E>
                             “Regulatory Capital Rules: Regulatory Capital, Enhanced Supplementary Leverage Ratio Standards for U.S. Global Systemically Important Bank Holding Companies and Certain of Their Subsidiary Insured Depository Institutions; Total Loss-Absorbing Capacity Requirements for U.S. Global Systemically Important Bank Holding Companies.” 83 FR 17317 (Apr. 19, 2018).
                        </P>
                    </FTNT>
                    <P>Alternative 4 (“combined”) is a combination of the final rule and Alternative 2. As such, this policy alternative both sets the eSLR standards for GSIBs as well as covered depository institutions like the final rule and excludes reserves as well as U.S. Treasury securities holdings from the calculation of total leverage ratio exposure for all banking organizations subject to Category I-III standards.</P>
                    <HD SOURCE="HD2">E. Changes in the Supplementary Leverage Ratio and Tier 1 Capital Requirements</HD>
                    <P>The agencies estimate that the final rule will substantially reduce the supplementary leverage ratio requirement for GSIBs and covered depository institutions relative to the baseline. As Table 6 shows, the final rule reduces the requirement by 23 percent, on average, for the holding companies and by 37 percent for major covered depository institutions. The final rule does not change the supplementary leverage ratio requirement for banking organizations subject to Category II and III standards.</P>
                    <GPH SPAN="3" DEEP="331">
                        <GID>ER01DE25.016</GID>
                    </GPH>
                    <P>
                        Alternative 1 (“narrow exclusion”) has a similar effect to that of the final rule, reducing the supplementary leverage ratio requirement slightly more, by 25 percent, on average, for GSIBs and by the same amount, 37 percent for major covered depository institutions. Relative to the baseline, this alternative slightly reduces the supplementary leverage ratio requirement for holding companies subject to Category II and III standards.
                        <SU>80</SU>
                        <FTREF/>
                         This small incremental reduction in the supplementary leverage ratio requirement for holding companies is due to the exclusion of U.S. Treasury securities held by their broker-dealer subsidiaries from the calculation of total leverage exposure for these holding companies.
                        <SU>81</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>80</SU>
                             Under Alternative 1, the estimated reduction in the supplementary leverage ratio requirement for holding companies subject to Category II and III is modest because it is solely driven by the exclusion of U.S. Treasury securities held by their broker-dealer subsidiaries from the calculation of total leverage exposure for these holding companies, while their minimum supplementary leverage ratio requirement remains unchanged.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>81</SU>
                             Throughout the economic analysis, for each holding company subject to Category I to III standards, the agencies approximate the amount of U.S. Treasury securities classified as trading assets and held by its broker-dealer subsidiaries by taking the amount of U.S. Treasury securities reported as trading assets by the consolidated holding company and subtracting the amount of U.S. Treasury securities reported as trading assets by its depository institution subsidiaries.
                        </P>
                    </FTNT>
                    <P>
                        Alternative 2 (“broader exclusion”) leads to a much smaller reduction in the supplementary leverage ratio requirement for GSIBs and covered depository institutions than the final rule. This policy alternative affects GSIBs and banking organizations subject 
                        <PRTPAGE P="55269"/>
                        to Category II and III standards to a similar extent because it excludes reserves and all U.S. Treasury securities holdings from the calculation of total leverage exposure for all of these banking organizations. Specifically, this alternative reduces the supplementary leverage ratio requirement for these banking organizations by 14 percent, on average. The reduction in the requirement is similar between holding companies and depository institution subsidiaries because most of the excluded assets are held at the depository institution subsidiaries.
                    </P>
                    <P>
                        Alternative 3 (“2018 proposal”) leads to a smaller reduction in the supplementary leverage ratio requirement for GSIBs and covered depository institutions than the final rule. This is because this policy alternative sets the eSLR standards to 50 percent of the higher of the method 1 and method 2 surcharges. Specifically, Alternative 3 reduces the supplementary leverage ratio requirement by 8 percent, on average, for GSIBs and by 23 percent, on average, for major covered depository institutions. Like the final rule, this alternative leads to a much larger reduction in the supplementary leverage ratio requirement for the depository institutions than for the holding companies because, as described in section IV.D of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        , it sets eSLR standards to the same percentage amount for both GSIBs and their major depository institution subsidiaries, whereas the eSLR standard is one percentage point higher for covered depository institutions under the baseline. Like the final rule, this alternative does not change the supplementary leverage ratio requirement for banking organizations subject to Category II and III standards.
                    </P>
                    <P>
                        Alternative 4 (“combined”) combines the effects of the final rule and the “broader exclusion” alternative, reducing the supplementary leverage ratio requirement by 35 percent and 46 percent, on average, for GSIBs and major covered depository institutions, respectively, and by a little more than 10 percent, on average, for banking organizations subject to Category II and III standards.
                        <SU>82</SU>
                        <FTREF/>
                         Similar to the “narrow exclusion” alternative, the “combined” alternative reduces tier 1 capital requirements for GSIBs and covered depository institutions much more than for banking organizations subject to Category II and III standards. This greater reduction is due to GSIBs and covered depository institutions being affected by both the reduced calibration of the eSLR standards and the exclusion of reserves and U.S. Treasury securities holdings from the calculation of total leverage exposure, whereas banking organizations subject to Category II and III standards are only affected by the exclusion.
                    </P>
                    <FTNT>
                        <P>
                            <SU>82</SU>
                             The effect of Alternative 4 is less than the sum of the final rule's effect and the effect of Alternative 2 because the exclusion of reserves and U.S. Treasury securities holdings from the supplementary leverage ratio's denominator reduces the effect of the reduced calibration of the eSLR standards under this combined policy alternative.
                        </P>
                    </FTNT>
                    <P>The final rule will meaningfully reduce the supplementary leverage ratio requirement relative to the risk-based tier 1 capital requirements for GSIBs and covered depository institutions, thereby achieving the goal of making the supplementary leverage ratio requirement a backstop for these banking organizations. As Table 7 shows, the final rule will reduce the relative level of the supplementary leverage ratio requirement from about 100 percent and 155 percent of the risk-based tier 1 capital requirement to about 75 percent and 100 percent of it, on average, for GSIBs and major covered depository institutions, respectively. Under the final rule, the level of the supplementary leverage ratio requirement will range from 61 percent to 86 percent of the risk-based tier 1 requirement for GSIBs and from 75 percent to 143 percent of the risk-based tier 1 requirement for major covered depository institutions. Therefore, the final rule sets the supplementary leverage ratio requirement below the level of the risk-based tier 1 capital requirement for all GSIBs, making it a backstop to risk-based tier 1 capital requirements. The final rule also sets the level of the supplementary leverage ratio requirement below the level of the risk-based tier 1 capital requirement for six out of the nine major covered depository institutions. The final rule does not change the supplementary leverage ratio requirement for banking organizations subject to Category II and III standards. The supplementary leverage ratio requirement is already well below (about 65 percent of) the risk-based tier 1 capital requirement for these banking organizations under the baseline.</P>
                    <GPH SPAN="3" DEEP="359">
                        <PRTPAGE P="55270"/>
                        <GID>ER01DE25.017</GID>
                    </GPH>
                    <P>The estimated changes in the relative level of the supplementary leverage ratio requirement under the policy alternatives are consistent with the estimated percentage changes in the supplementary leverage ratio requirement discussed earlier. The effect of Alternative 1 (“narrow exclusion”) is similar to that of the final rule. Alternative 2 (“broader exclusion”) reduces the relative level of the leverage ratio requirement for GSIBs and covered depository institutions by less than the final rule. For banking organizations subject to Category II and III standards, the reduction is larger than under the final rule. Alternative 3 (“2018 proposal”) reduces the relative level of the leverage ratio requirement less for GSIBs and covered depository institutions than the final rule. Notably, under Alternatives 2 and 3, the supplementary leverage ratio requirement remains above the risk-based tier 1 capital requirement for some GSIBs. Alternative 4 reduces the relative level of the leverage ratio requirement the most of all policy alternatives. The supplementary leverage ratio requirement still exceeds the risk-based tier 1 capital requirement for one major covered depository institution under this alternative.</P>
                    <P>
                        Turning to changes in tier 1 capital requirements, the agencies estimate that the final rule will reduce tier 1 capital requirements for most GSIBs and covered depository institutions. Table 8 shows that the estimated aggregate reduction in tier 1 capital requirement under the final rule is $13 billion for GSIBs and $219 billion for major covered depository institutions. For GSIBs, the estimated reduction in tier 1 capital requirement relative to the baseline is small, less than 2 percent, in aggregate. This is because the baseline levels of the supplementary leverage ratio requirement and the risk-based tier 1 capital requirement, expressed in dollar terms, are similar for GSIBs, and thus lowering the supplementary leverage ratio requirement reduces the tier 1 capital requirement only up to the point that other tier 1 capital requirements become binding.
                        <SU>83</SU>
                        <FTREF/>
                         By contrast, for major covered depository institutions, the estimated reduction in tier 1 capital requirement relative to the baseline is sizable, about 28 percent, in aggregate. This is because, for these depository institutions, the baseline level of the supplementary leverage ratio requirement, in dollar terms, is significantly higher than the baseline levels of the other tier 1 capital requirements.
                    </P>
                    <FTNT>
                        <P>
                            <SU>83</SU>
                             More precisely, lowering the supplementary leverage ratio requirement reduces the tier 1 capital requirement only up to the point that the risk-based tier 1 capital requirement 
                            <E T="03">or</E>
                             the tier 1 leverage ratio requirement becomes the binding tier 1 capital requirement. One commenter requested more information regarding the relative bindingness of the tier 1 leverage ratio requirement compared to other tier 1 capital requirements. Under the baseline, the risk-based tier 1 capital requirement exceeds the tier 1 leverage ratio requirement for all except one GSIB.
                        </P>
                    </FTNT>
                    <GPH SPAN="3" DEEP="387">
                        <PRTPAGE P="55271"/>
                        <GID>ER01DE25.018</GID>
                    </GPH>
                    <P>Alternatives 1, 2, and 4 lead to the same reduction in the tier 1 capital requirement for GSIBs as the final rule because all of these policy alternatives reduce the supplementary leverage ratio requirement below the other (risk-based and leverage) tier 1 capital requirements for all GSIBs. By contrast, Alternative 3 leads to a small, less than $2 billion, aggregate increase in the tier 1 capital requirement for GSIBs, as one GSIB faces an increase in its tier 1 capital requirement under this policy alternative.</P>
                    <P>For major covered depository institutions, the estimated dollar reduction in tier 1 capital requirements is in line with the estimated percentage reduction in the supplementary leverage ratio requirement across policy alternatives, with the exception of Alternative 4. Specifically, even though this alternative combines the effects of the final rule and the “broader exclusion” alternative, the estimated aggregate reduction in tier 1 capital requirement under Alternative 4 is the same as the reduction under the final rule. This is because the final rule already sets the supplementary leverage ratio requirement for all major covered depository institutions below at least one of the other (risk-based and leverage) tier 1 capital requirements, and therefore the additional effect of excluding assets from the calculation of total leverage exposures under the “combined” alternative for these depository institutions does not lead to a further reduction in their tier 1 capital requirements.</P>
                    <P>Similar to the final rule, the policy alternatives considered do not reduce the tier 1 capital requirements for banking organizations subject to Category II and III standards because the supplementary leverage ratio requirement is not the binding tier 1 capital requirement for these banking organizations under the baseline.</P>
                    <P>
                        For major covered depository institutions, the final rule's estimated impact is slightly different from the proposal's estimated impact.
                        <SU>84</SU>
                        <FTREF/>
                         This small change is due to the difference in the eSLR standard for covered depository institutions under the final rule and the proposal. In particular, as explained in section II.A of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        , the proposal would have set the eSLR standard for covered depository institutions equal to 50 percent of their parent GSIB's method 1 surcharge, whereas the final rule sets the eSLR standard for covered depository institutions equal to 50 percent of their parent GSIB's method 1 surcharge, capped at one percent. Even though this change relative to the proposal does not meaningfully change the estimated aggregate impact on tier 1 capital requirements and the related economic implications, it leads to a somewhat lower supplementary leverage ratio requirement for some covered 
                        <PRTPAGE P="55272"/>
                        depository institutions whose parent GSIBs have method 1 surcharges above two percent. Nevertheless, this change does not affect the estimated reduction in the tier 1 capital requirements for most of these depository institutions because both the proposal and the final rule achieve the objective of setting the supplementary leverage ratio requirement as a backstop for these depository institutions, as other (risk-based and leverage) tier 1 capital requirements become binding.
                    </P>
                    <FTNT>
                        <P>
                            <SU>84</SU>
                             The estimated aggregate reduction in the tier 1 capital requirement for these covered depository institutions was $213 billion under the proposal and is $219 billion under the final rule.
                        </P>
                    </FTNT>
                    <P>
                        One commenter requested that the agencies provide public, reliable data supporting the estimated aggregate reduction in the tier 1 capital requirements of GSIBs and covered depository institutions, respectively. As discussed in section IV.B of this 
                        <E T="02">SUPPLEMENTARY INFORMATION,</E>
                         the agencies use publicly available data reported in FR Y-9C and FFIEC Call Report filings in their calculations. The section also describes how the agencies use these data to calculate their impact estimates, with the relevant data fields specified in the corresponding footnotes.
                    </P>
                    <P>Notably, the estimated changes in tier 1 capital requirements discussed above in Table 8 do not reflect potential short-run transition effects due to risk-based total capital requirements. So far, the analysis has only considered the risk-based tier 1 capital requirements, the tier 1 leverage ratio requirement, and the supplementary leverage ratio requirement. However, banking organizations also have to meet risk-based total capital requirements, where total capital comprises tier 1 and tier 2 capital, which includes a limited allowance for credit losses on loans and leases as well as subordinated debt. Therefore, if the baseline tier 2 capital amounts ($76 billion, in aggregate) of covered depository institutions remain unchanged in the short run, they would likely continue to use their existing tier 1 capital amounts to satisfy the rest of their total capital requirements. Taking this effect into account, the agencies estimate that the aggregate reduction in tier 1 requirements for covered depository institutions would be $197 billion. However, over time, or in anticipation of the policy change, these depository institutions could increase their tier 2 capital such that the aggregate reduction in their tier 1 capital requirements would be closer to the $219 billion estimate in Table 8.</P>
                    <P>Up to this point, the analysis has focused on the major depository institution subsidiaries of holding companies subject to Category I-III standards. The rest of the insured depository institution subsidiaries of holding companies subject to Category I-III standards account for 0.7 percent of the consolidated total assets of these holding companies, in aggregate. These smaller subsidiaries will slightly add to the aggregate reduction in the supplementary leverage ratio and the tier 1 capital requirements estimated above.</P>
                    <P>
                        Finally, the final rule will impose an enhanced supplementary leverage ratio requirement on the uninsured national bank subsidiaries of GSIBs. As noted in section IV.B of this 
                        <E T="02">SUPPLEMENTARY INFORMATION,</E>
                         there are six such subsidiaries, which account for 0.01 percent of the consolidated total assets of GSIBs, in aggregate. Under the baseline, these small subsidiaries have a supplementary leverage ratio above 90 percent, on average, well in excess of the requirement that they will be subject to under the final rule. Hence, the agencies expect that the final rule will generally have little impact on the uninsured national bank subsidiaries of GSIBs.
                    </P>
                    <HD SOURCE="HD2">F. Benefits</HD>
                    <P>The agencies expect that the reduced calibration of the eSLR standards for GSIBs and covered depository institutions under the final rule will have two main economic benefits: (1) it will reduce unintended disincentives for these banking organizations to engage in low-risk activities as well as unintended incentives to engage in higher-risk activities; and (2) it could enhance the functioning of financial markets, including the U.S. Treasury market, by creating additional capacity for GSIBs to engage in market intermediation. In the rest of this section, the agencies discuss these benefits in more detail.</P>
                    <P>
                        The first benefit is due to the significant reduction in the supplementary leverage ratio requirement for these banking organizations under the final rule, estimated in section IV.E, which has both a level effect and a marginal effect, as discussed in section IV.A of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        . The level effect manifests because the reduced calibration of the eSLR standards will enable these banking organizations to substantially increase low-risk asset holdings without raising their tier 1 capital requirements. The marginal effect manifests as the final rule sets the supplementary leverage ratio requirement, in dollar terms, below risk-based tier 1 capital requirements for all GSIBs and most covered depository institutions. By doing so, the final rule will make the binding tier 1 capital requirement for these banking organizations more risk sensitive because risk-based requirements are more closely aligned with the underlying risks of different asset classes. In particular, under the final rule, increasing low-risk-weight activities will not lead to a significant increase in tier 1 capital requirements for these banking organizations, because the risk-based tier 1 capital requirement will be their binding tier 1 capital requirement. Moreover, this marginal effect will reduce unintended incentives for these banking organizations to engage excessively in higher-risk activities because such activities are required to be backed by more tier 1 capital under the risk-based capital framework than under the supplementary leverage ratio requirement.
                        <SU>85</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>85</SU>
                             For example, for each dollar of an asset with 100 percent risk weight, GSIBs are required to maintain 5 cents of tier 1 capital under the baseline supplementary leverage ratio requirement and, on average, 12.3 cents of tier 1 capital under the risk-based capital framework.
                        </P>
                    </FTNT>
                    <P>Similar to the final rule, the “narrow exclusion” Alternative 1 and the “combined” Alternative 4 reduce these unintended marginal incentives for GSIBs and covered depository institutions. By contrast, this economic benefit does not fully manifest under the “broader exclusion” Alternative 2 and the “2018 proposal” Alternative 3, as the supplementary leverage ratio requirement remains above the risk-based tier 1 capital requirement for one GSIB under “the 2018 proposal” alternative and for most covered depository institutions under both alternatives. However, the “broader exclusion” alternative still reduces unintended marginal incentives for these banking organizations to hold reserves and U.S. Treasury securities, as this alternative excludes such assets from the calculation of total leverage exposure.</P>
                    <P>
                        The level effect of the final rule will enable these banking organizations to add certain low-risk assets to their balance sheets without increasing their tier 1 capital requirements as long as their leverage-based tier 1 capital requirements remain below their risk-based tier 1 capital requirements.
                        <SU>86</SU>
                        <FTREF/>
                         The agencies do not predict the type and dollar amount of low-risk assets that banking organizations subject to Category I-III standards may add to their balance sheets under the final rule and the policy alternatives considered 
                        <PRTPAGE P="55273"/>
                        because such predictions are both highly uncertain and depend on various macroeconomic factors, such as the market and economic environment. However, the agencies provide a simple measure for the potential magnitude of this effect by estimating the available capacity of GSIBs to increase reserves or U.S. Treasury securities held as investment securities at covered depository institutions and assessing how the final rule will increase this capacity estimate.
                        <SU>87</SU>
                        <FTREF/>
                         Specifically, for each GSIB, the agencies define “available capacity” as the dollar amount of such assets that its depository institution subsidiaries can add to their balance sheets without raising their or their consolidated holding company's tier 1 capital requirements above baseline levels.
                        <SU>88</SU>
                        <FTREF/>
                         For a comprehensive assessment of the policy alternatives considered, the agencies also estimate this available capacity for holding companies subject to Category II and III standards. Additionally, further below in this subsection, the agencies also estimate GSIBs' available capacity to hold U.S. Treasury securities at their broker-dealer subsidiaries, which is more closely tied to U.S. Treasury market intermediation.
                    </P>
                    <FTNT>
                        <P>
                            <SU>86</SU>
                             In particular, banking organizations will be able to increase their asset holdings that do not increase their total risk weighted assets. Such asset holdings include reserves, U.S. Treasury securities, and Ginnie Mae mortgage-backed securities held as investment securities.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>87</SU>
                             Notably, the agencies use this capacity estimate to illustrate the magnitude of the final rule's effect on the ability of banking organizations to hold additional low-risk assets. The capacity estimates are not meant to suggest how or to what extent any additional capacity may be used.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>88</SU>
                             Reserves and U.S. Treasury securities held as investment securities have a zero percent risk weight under the risk-based capital framework. Accordingly, the agencies estimate the capacity of holding companies to increase such asset holdings at their depository institution subsidiaries by calculating how this would increase supplementary leverage ratio and tier 1 leverage ratio requirements for both the depository institutions and their consolidated holdings companies. The calculation also incorporates the effect on the “size” systemic indicator, which could lead to higher method 1 and method 2 surcharges, which in turn could increase risk-based tier 1 capital requirements for GSIBs. This methodology is consistent with one commenter's suggestion that the agencies also consider the effect of increasing U.S. Treasury securities holdings on GSIB surcharges. In particular, due to this GSIB surcharge element in the calculation, the capacity estimate is zero for GSIBs with binding risk-based tier 1 capital requirements. Section IV.K.1 of this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                             describes the capacity estimation in detail.
                        </P>
                    </FTNT>
                    <P>
                        Table 9 compares the aggregate estimated amounts of the available capacity of GSIBs and holding companies subject to Category II and III standards for reserves and U.S. Treasury securities held as investment securities at their depository institution subsidiaries under the baseline, the final rule, and the policy alternatives considered. Under the final rule, the agencies estimate that GSIBs' available capacity for such assets will increase from nearly zero to $1.1 trillion, in aggregate, which is about 6 percent of their aggregate total leverage exposures or about the size of their aggregate U.S. Treasury securities held as investment securities under the baseline.
                        <SU>89</SU>
                        <FTREF/>
                         Under both the final rule and the policy alternatives considered, the primary limiting factors to the estimated increase in GSIBs' available capacity are the effect of increasing reserves or U.S. Treasury securities holdings on their GSIB surcharge and on the tier 1 leverage ratio requirements of their depository institution subsidiaries.
                    </P>
                    <FTNT>
                        <P>
                            <SU>89</SU>
                             The estimate for GSIBs' available capacity is close to zero under the baseline because the supplementary leverage ratio requirement is the binding tier 1 capital requirement for most GSIBs and covered depository institutions.
                        </P>
                    </FTNT>
                    <GPH SPAN="3" DEEP="305">
                        <GID>ER01DE25.019</GID>
                    </GPH>
                    <P>
                        Alternative 1 (“narrow exclusion”) leads to a similar estimated increase in GSIBs' available capacity for reserves and U.S. Treasury securities held as investment securities at their depository institution subsidiaries as the final rule, consistent with the similar quantitative effect of this alternative on the supplementary leverage ratio 
                        <PRTPAGE P="55274"/>
                        requirement. The agencies estimate that, of all the alternatives considered, the “broader exclusion” and the “combined” alternatives lead to the largest estimated increase in GSIBs' available capacity for such assets. The estimated increase is $1.4 trillion, in aggregate, which is about 8 percent of their aggregate total leverage exposures or about 125 percent of their aggregate U.S. Treasury securities held as investment securities under the baseline. This is because these alternatives exclude reserves and all U.S. Treasury securities holdings from the calculation of total leverage exposure.
                        <SU>90</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>90</SU>
                             Notably, under the “broader exclusion” and the “combined” alternatives, increases in reserves or U.S. Treasury securities holdings increase tier 1 leverage ratio requirements, as well as GSIB method 1 and method 2 scores, which limits the respective available capacity estimates.
                        </P>
                    </FTNT>
                    <P>Of the policy alternatives considered, Alternative 3 (“2018 proposal”) leads to the least estimated increase in GSIBs' available capacity for such assets. The estimated increase is $0.2 trillion, in aggregate, which is less than 1 percent of their aggregate total leverage exposures under the baseline. This is because this policy alternative reduces the calibration of the eSLR standards for GSIBs and their depository institution subsidiaries less than the final rule. Finally, the alternatives considered do not meaningfully increase the available capacity of holding companies subject to Category II and III standards for reserves and U.S. Treasury securities held as investment securities at their depository institution subsidiaries. However, these banking organizations have ample available capacity (14 percent of their total leverage exposures, in aggregate) for such zero-risk-weight assets at their depository institution subsidiaries under the baseline because leverage-based requirements are not the highest tier 1 capital requirements for most of these banking organizations.</P>
                    <P>
                        One commenter queried why the U.S. banking system, financial markets, and economy would benefit from removing potential disincentives for GSIBs to hold more low-risk assets. Because GSIBs are key participants in critical financial markets, such as the money market, the U.S. Treasury market, and the agency-backed mortgage securities market, their reluctance to hold low-risk assets transacted in these markets and to act as counterparties and intermediaries could have negative implications for the functioning, liquidity, and stability of these markets.
                        <SU>91</SU>
                        <FTREF/>
                         Additionally, by creating significant additional capacity for GSIBs and covered depository institutions to hold low-risk assets, the final rule will enhance the ability of these banking organizations to absorb surges in the demand for their services and liquidity provision, especially during stress periods. These positive changes due to the final rule can have broader economic benefits, including improving the stability of financial markets and the financial system, as well as facilitating the effective intermediation of monetary policy to businesses and households.
                    </P>
                    <FTNT>
                        <P>
                            <SU>91</SU>
                             Also see the discussion in Section IV.A in this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                            .
                        </P>
                    </FTNT>
                    <P>
                        Beyond reducing disincentives to holding low-risk assets in general, the final rule could improve GSIBs' ability to perform their role as key intermediaries in the U.S. Treasury market, through the marginal and level effects discussed above. In particular, the marginal effect can reduce the amount of tier 1 capital required per each dollar of U.S. Treasury securities held by GSIBs' primary dealer subsidiaries. This is because, under the final rule, the risk-based tier 1 capital requirement will be the binding tier 1 capital requirement for all GSIBs with primary dealer subsidiaries, and the amount of tier 1 capital that GSIBs are required to have against the U.S. Treasury securities holdings of their broker-dealer subsidiaries can be lower under the risk-based capital framework than under the supplementary leverage ratio requirement.
                        <SU>92</SU>
                        <FTREF/>
                         A reduction in GSIBs' marginal tier 1 capital requirement would lower the marginal funding cost of holding U.S. Treasury securities in their primary dealer subsidiaries, which could reduce potential disincentives for these primary dealers to engage in U.S. Treasury market intermediation and improve their competitiveness as intermediaries in this market.
                    </P>
                    <FTNT>
                        <P>
                            <SU>92</SU>
                             Under the market risk capital framework, the risk-based tier 1 capital requirement for the U.S. Treasury securities holdings of GSIBs' broker-dealer subsidiaries can be lower than the tier 1 capital requirement under the supplementary leverage ratio requirement if such securities holdings are sufficiently hedged. As U.S. Treasury market intermediation inherently involves providing liquidity to both buyers and sellers in the market and thus taking opposing (that is, long and short) positions, the net market risk exposures of such positions are likely small.
                        </P>
                    </FTNT>
                    <P>
                        In addition to the marginal effect, the level effect of the final rule will enable GSIBs to increase their market intermediation activities more flexibly in response to short- and long-run changes in market participants' demand for liquidity. The level effect manifests as the final rule reduces the calibration of the eSLR standard for GSIBs, thereby increasing the capacity of their broker-dealer subsidiaries to hold additional U.S. Treasury securities without raising the tier 1 capital requirements of GSIBs above baseline levels. The agencies provide a simple measure for the magnitude of this effect under the final rule and the policy alternatives considered by estimating the available capacity of GSIBs to increase U.S. Treasury securities held at their broker-dealer subsidiaries and assess how the final rule will increase this capacity estimate. Specifically, for each GSIB, the agencies define “available capacity” as the dollar amount of U.S. Treasury securities that their broker-dealer institution subsidiaries could add to their balance sheets without raising their consolidated holding company's tier 1 capital requirements above baseline levels, assuming that such securities holdings are perfectly hedged.
                        <SU>93</SU>
                        <FTREF/>
                         Notably, the capacity estimates would be meaningfully lower if the securities holdings are not fully hedged.
                        <SU>94</SU>
                        <FTREF/>
                         For a comprehensive assessment of the policy alternatives, the agencies also estimate this available capacity for holding companies subject to Category II and III standards.
                    </P>
                    <FTNT>
                        <P>
                            <SU>93</SU>
                             Even though U.S. Treasury securities generally have zero risk weight under the risk-based capital framework, increasing U.S. Treasury securities held at broker-dealer subsidiaries can increase the risk-weighted asset amounts of their consolidated holding companies because such securities holdings are classified as trading assets, which are subject to market risk capital requirements. However, as explained in the previous footnote, if such U.S. Treasury securities are perfectly hedged, then they do not add to risk-weighted asset amounts. With the understanding that much of broker-dealers' securities holdings related to market intermediation are hedged, the agencies create a simple estimate for the capacity of holding companies for such assets by assuming that they would be perfectly hedged. Hence, in the calculation, the agencies consider how increasing U.S. Treasury securities holdings at broker-dealer subsidiaries would increase the supplementary leverage ratio and tier 1 leverage ratio requirements for their consolidated holdings companies. The calculation incorporates the related effect on method 1 and method 2 surcharges, increasing because of the increase in “size” systemic indicators, which in turn would increase risk-based tier 1 capital requirements for GSIBs. Section IV.K.2 of this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                             describes the capacity estimation in detail.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>94</SU>
                             The estimates for available capacity would be meaningfully lower for U.S. Treasury securities that are not fully hedged because increasing such securities holdings on broker-dealers' balance sheets can increase the risk-weighted asset amounts for consolidated holding companies, thereby raising their risk-based capital requirements. This effect would reduce the capacity estimates because risk-based tier 1 capital requirements are either the binding tier 1 capital requirement or lie closely below the binding tier 1 capital requirement for GSIBs under the baseline.
                        </P>
                    </FTNT>
                    <P>
                        Table 10 compares the aggregate estimated amounts of the available capacity of GSIBs and holding companies subject to Category II and III standards for U.S. Treasury securities held at their broker-dealer subsidiaries 
                        <PRTPAGE P="55275"/>
                        under the baseline, the final rule, and the policy alternatives. Under the final rule, the agencies estimate that the available capacity of GSIBs' broker-dealers to hold U.S. Treasury securities will increase from nearly zero to $2.1 trillion, in aggregate, which is about 12 percent of GSIBs' aggregate total leverage exposures or about 350 percent of GSIBs' aggregate U.S. Treasury securities reported as trading assets under the baseline. Under both the final rule and the policy alternatives, the primary limiting factor to the estimated increase in the available capacity of GSIBs' broker-dealers is the effect of increasing U.S. Treasury securities holdings on the GSIB surcharge and the tier 1 leverage ratio requirement of their consolidated holding companies. The capacity estimates in Table 10 are about twice as much as the capacity estimates for reserves and U.S. Treasury securities held at covered depository institutions, shown in Table 9, because the latter estimates also take into account leverage-based capital requirements at covered depository institutions.
                    </P>
                    <GPH SPAN="3" DEEP="305">
                        <GID>ER01DE25.020</GID>
                    </GPH>
                    <P>Alternatives 1, 2, and 4 (“exclusion” alternatives) lead to a larger estimated increase in the available capacity of GSIBs' broker-dealers for U.S. Treasury securities than the final rule. The estimated increase is $2.5 trillion, in aggregate, which is about 14 percent of GSIBs' aggregate total leverage exposures or about 420 percent of GSIBs' aggregate U.S. Treasury securities reported as trading assets under the baseline. The estimated increase in available capacity is larger because all of these policy alternatives exclude U.S. Treasury securities held at broker-dealer subsidiaries from the calculation of total leverage exposure for both GSIBs and holding companies subject to Category II and III standards. Therefore, beyond meaningfully reducing the likelihood that the supplementary leverage ratio requirement becomes a binding tier 1 capital requirement for these holding companies, these alternatives could further mitigate potential constraints to their U.S. Treasury market intermediation activities, in the event that the supplementary leverage ratio requirement does become binding in the future.</P>
                    <P>Of the policy alternatives considered, Alternative 3 (“2018 proposal”) leads to the least estimated increase in the available capacity of GSIBs' broker-dealers for U.S. Treasury securities. The estimated increase is $0.2 trillion in aggregate, which is less than 1 percent of their aggregate total leverage exposures under the baseline. Finally, the alternatives considered do not meaningfully increase the available capacity of holding companies subject to Category II and III standards for U.S. Treasury securities held at their broker-dealer subsidiaries. However, these banking organizations already have ample available capacity (47 percent of their total leverage exposures, in aggregate) for such asset holdings under the baseline because leverage ratio requirements are not the highest tier 1 capital requirements for most of these organizations.</P>
                    <P>
                        By facilitating the U.S. Treasury market intermediation activity of GSIBs' broker-dealers, the final rule and the “exclusion” alternatives could improve the functioning of this market, in both normal and stressed times. This is because, as discussed in section IV.A of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        , these large broker-dealers play a central role in the U.S. Treasury market, and constraints to their capacity to act as intermediaries can affect market liquidity. U.S. Treasury market liquidity is important because it supports the market's critical economic functions. Indeed, as Goldberg (2020) shows, decreases in liquidity supplied by dealers in U.S. Treasury markets are 
                        <PRTPAGE P="55276"/>
                        related to declines in the liquidity of corporate bonds and other asset classes, which in turn are associated with declines in debt issuance and investment by non-financial firms, with potential real economic repercussions.
                        <SU>95</SU>
                        <FTREF/>
                         More broadly, by reducing regulatory constraints for broker-dealer subsidiaries of GSIBs, the final rule and the “exclusion” alternatives could support these entities in providing liquidity (for example, in the form of securities financing transactions) to other market participants, which could in turn reduce the propagation of liquidity shocks across financial markets and thus prevent or mitigate “liquidity spirals,” discussed in Brunnermeier and Pedersen (2009).
                        <SU>96</SU>
                        <FTREF/>
                         Notably, this economic benefit is stronger under the “exclusion” alternatives because these policy alternatives exclude the U.S. Treasury securities holdings of broker-dealer subsidiaries from the calculation of total leverage exposure for their consolidated holding companies. This exclusion could further enhance the ability of banking organizations subject to Category I to III standards to flexibly adjust their U.S. Treasury market intermediation activities in response to short- and long-run changes in market participants' demand for liquidity.
                    </P>
                    <FTNT>
                        <P>
                            <SU>95</SU>
                             J. Goldberg, Liquidity Supply by Broker-Dealers and Real Activity, Journal of Financial Economics, 136(3) (Apr. 14, 2020) (“Goldberg (2020)”).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>96</SU>
                             M.K. Brunnermeier and L.H. Pedersen, Market Liquidity and Funding Liquidity, The Review of Financial Studies, 22(6) (June 2009) (“Brunnermeier and Pedersen (2009)”).
                        </P>
                    </FTNT>
                    <P>
                        Several commenters requested evidence that the proposal would facilitate trading in U.S. Treasury securities, in both normal and stressed times, by reducing the eSLR standard. As discussed in this subsection, the agencies anticipate that the final rule will reduce unintended disincentives for GSIBs to participate in U.S. Treasury markets due to binding supplementary leverage ratio requirements through its marginal and level effects.
                        <SU>97</SU>
                        <FTREF/>
                         In particular, as estimated in Table 10, the level effect of the final rule will create significant additional capacity for GSIBs' broker-dealers to hold U.S. Treasury securities and intermediate in this market. The agencies assess that this benefit will manifest in both normal and stressed times, as the additional capacity is large enough to enable GSIBs' broker-dealers to absorb even major fluctuations in the demand for liquidity by other market participants. In section IV.A of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        , the agencies cite multiple pieces of evidence from the academic literature suggesting that balance sheet constraints could indeed reduce broker-dealers' ability and willingness to participate in the U.S. Treasury market. Specifically, the empirical studies of Favara, Infante, Rezende (2022), Duffie et al. (2023), and Bräuning and Stein (2024) examine the negative relationship between primary dealer balance sheet constraints and their U.S. Treasury market participation.
                    </P>
                    <FTNT>
                        <P>
                            <SU>97</SU>
                             Notably, U.S. Treasury market participation is just one example for low-risk, low-return activities that could be constrained by a binding supplementary leverage ratio requirement.
                        </P>
                    </FTNT>
                    <P>One commenter requested a quantitative assessment of the proposal's positive impact on broker-dealer intermediation, bid-ask spreads, market depth, trade size, and trading volume in the U.S. Treasury market. This subsection of the economic analysis provides multiple quantitative estimates for the additional capacity of GSIBs and their subsidiaries for holding additional U.S. Treasury securities. The estimates indicate that the additional capacity will be significant relative to the baseline total leverage exposures of these banking organizations. Although it is challenging to predict with sufficient accuracy to what extent GSIBs and their subsidiaries will use this additional capacity, the estimates indicate that the final rule will greatly alleviate the balance sheet constraints on the U.S. Treasury market participation of GSIBs' broker-dealers due to potentially binding supplementary leverage ratio requirements. The empirical studies cited above suggest that relaxing primary dealers' balance sheet constraints can improve the liquidity of the U.S. Treasury markets in various dimensions, including the liquidity metrics mentioned by the commenter.</P>
                    <P>
                        The agencies present the anticipated benefits of the changes to TLAC and long-term debt requirements and buffer standards under the final rule in section IV.I of this 
                        <E T="02">SUPPLEMENTARY INFORMATION.</E>
                    </P>
                    <HD SOURCE="HD2">G. Costs</HD>
                    <P>The economic costs of the final rule and the policy alternatives considered can be attributed to three main factors: (1) a potential increase in the leverage of GSIBs and covered depository institutions due to the reduction in their tier 1 capital requirements; (2) a potential increase in the costs associated with the failure of insured covered depository institutions; and (3) a potential increase in risk exposures not fully captured by the risk-based capital framework. In the rest of this section, the agencies discuss these potential costs in more detail. The agencies anticipate that the economic costs resulting from the final rule and the policy alternatives for banking organizations subject to Category II and III standards will be negligible because tier 1 capital requirements for these organizations will remain essentially unchanged.</P>
                    <P>
                        The agencies anticipate that the final rule, through the reduction in the supplementary leverage ratio and tier 1 capital requirements for GSIBs, will enable GSIBs to increase their leverage by increasing the share of debt financing on their balance sheets. Even though the aggregate reduction in their tier 1 capital requirement will be small, and GSIBs will be required to retain most of their existing tier 1 capital, the aggregate reduction in their supplementary leverage ratio requirement will be significant (23 percent), which will enable GSIBs to increase their leverage in two likely ways. First, their increased capacity for low-risk assets will enable GSIBs to expand their balance sheets by increasing such asset holdings, financing them with new debt, such as deposits.
                        <SU>98</SU>
                        <FTREF/>
                         Such potential balance sheet growth could reduce the risk-weighted asset densities of GSIBs, which would be consistent with the observed growth of these companies and the gradual decline in their risk-weighted asset densities over the past decade.
                        <SU>99</SU>
                        <FTREF/>
                         Second, GSIBs could also distribute some of their equity capital to external shareholders and replace it with new debt, while keeping the size of their balance sheets, as well as their tier 1 capital management buffers, unchanged relative to the baseline.
                        <SU>100</SU>
                        <FTREF/>
                         A potential increase in leverage could render GSIBs riskier because the economic value of their equity capital would become more sensitive to asset value shocks and therefore more volatile. However, in the case that GSIBs grow by adding more low-risk assets, the effect of increased leverage on equity volatility would be mitigated by the relative stability in the values of the newly added low-risk assets. Therefore, the agencies expect 
                        <PRTPAGE P="55277"/>
                        that the economic costs due to potential changes in GSIBs' balance sheets would be small under the final rule.
                    </P>
                    <FTNT>
                        <P>
                            <SU>98</SU>
                             More specifically, through reducing the tier 1 capital requirement for GSIBs, the final rule will create room for GSIBs to increase any asset holdings on their balance sheets, not just the ones with low risk weights. However, because risk-based tier 1 capital requirements will become the binding tier 1 capital requirement for most GSIBs under the final rule, and the reduction in their tier 1 capital requirement will be small, GSIBs will have limited additional capacity to increase asset holdings with higher risk weights.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>99</SU>
                             Risk-weighted asset density, expressed as a percentage, is the ratio of risk-weighted assets to total assets multiplied by 100. From 2015 to 2024, the aggregate total consolidated assets of GSIBs grew by almost 50 percent, from $10.5 trillion to $15.5 trillion, while their average risk-weighted asset density declined from 58 percent to about 45 percent.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>100</SU>
                             GSIBs' ability to distribute their equity capital to external shareholders is also limited by common equity tier 1 capital requirements.
                        </P>
                    </FTNT>
                    <P>
                        Several commenters raised concerns about the potential increase in the leverage of GSIBs and a related potential increase in their probability of failure. The agencies anticipate that such potential increase in GSIBs' probability of failure will be minimal, mainly because the aggregate reduction in their tier 1 capital requirements is small. The final rule also does not change common equity tier 1 capital requirements, standardized liquidity requirements, or other enhanced prudential standards applicable to GSIBs, which further help ensure that GSIBs operate in a safe and sound manner.
                        <SU>101</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>101</SU>
                             
                            <E T="03">See, e.g.,</E>
                             12 CFR part 217; 12 CFR part 249; 12 CFR part 252.
                        </P>
                    </FTNT>
                    <P>Several commenters expressed concerns about the potential increase in GSIBs' capital distributions under the proposal, with one commenter requesting upper and lower bounds for the estimated change in capital distributions. Another commenter argued that elevated capital distributions of GSIBs in normal times could lead to their increased need for and reliance on government support during times of stress. One commenter requested that the agencies assess the financial stability implications of a potential increase in GSIBs' capital distributions.</P>
                    <P>The agencies expect that the final rule will likely not lead to a material increase in GSIBs' capital distributions, mainly because the estimated reduction in their tier 1 capital requirements is small. Additionally, the final rule will not change common equity tier 1 capital requirements, which will continue to limit GSIBs' capital distributions. Furthermore, as discussed above, rather than increasing capital distributions, GSIBs could also respond to the reduction in their leverage capital requirements by using their existing capital to grow, especially by increasing their low-risk asset holdings. As such, the estimated reduction in tier 1 capital requirements constitutes a high-end estimate for the potential increase in capital distributions. Overall, the agencies expect that GSIBs will generally retain their existing capital under the final rule and anticipate no meaningful change in the resilience of these banking organizations.</P>
                    <P>
                        The agencies also anticipate that the final rule, through the estimated reduction in aggregate tier 1 capital requirements for covered depository institutions by $219 billion (28 percent), will enable these depository institutions to increase their leverage by relying more on debt financing. Furthermore, in addition to reducing the tier 1 capital requirements for covered depository institutions, the final rule may lead to a reduction in their tier 1 capital management buffers by changing their eSLR standard from a more stringent, “well-capitalized” prompt corrective action standard to a buffer standard.
                        <SU>102</SU>
                        <FTREF/>
                         Similar to GSIBs, covered depository institutions may use new debt financing to either grow by increasing their holdings of low-risk assets or replace some of their equity capital. However, the potential balance sheet changes at these depository institutions differ from those at their holding companies in two important ways. First, covered depository institutions could increase their leverage in a more flexible way than GSIBs because they could use both external debt financing (for example, in the form of deposits or wholesale funding) and internal debt financing. Second, in the case that covered depository institutions increase their leverage by distributing some of their equity capital and replacing it with new debt, most of this capital would be distributed to their parent GSIBs, which would not be able to make large distributions to external shareholders because the final rule will reduce their tier 1 capital requirement only modestly. Rather, GSIBs could use such potential capital distributions from their depository institution subsidiaries either for financing activities at other subsidiaries, such as market intermediation activity in their broker-dealer subsidiaries, or for paying down some of their external debt outstanding.
                    </P>
                    <FTNT>
                        <P>
                            <SU>102</SU>
                             Depository institutions typically maintain a management buffer above their binding capital requirements. Management buffers offer depository institutions flexibility to allow capital levels to fluctuate without realizing the consequences of dropping below the binding requirement. As the consequences of dropping below a prompt corrective action standard are more severe than the consequences of dropping below a buffer standard, covered depository institutions may prefer to maintain a larger management buffer above a prompt corrective action standard, and a smaller one under the final rule.
                        </P>
                    </FTNT>
                    <P>Some commenters expressed concerns that the proposal could increase the risk of failure of covered insured depository institutions and thus the risk of losses to the Deposit Insurance Fund, which could in turn lead to higher future assessments charged to insured depository institutions. To the extent that the final rule reduces capital requirements for insured covered depository institutions, the final rule may increase costs in the event of certain types of failure. Specifically, reducing capital requirements could increase the size and likelihood of losses, thereby shifting losses from shareholders to creditors and the Deposit Insurance Fund in the event that the FDIC is required to resolve the insured depository institution. Under the final rule, covered depository institutions remain subject to heightened supervisory and regulatory standards, including robust capital and leverage requirements. Additionally, the parent GSIBs of covered depository institutions remain subject to resolution planning requirements, designed to facilitate rapid and orderly resolution under the U.S. Bankruptcy Code. The resolution plans of GSIBs envision a single-point-of entry strategy, under which parent GSIBs would enter resolution while material subsidiaries, including covered insured depository institutions, continue to operate on a going-concern basis and therefore would not enter FDIC receivership requiring the use of Deposit Insurance Fund resources. Furthermore, GSIBs are expected to be a source of strength for their subsidiaries, providing them with equity financing and liquidity as needed.</P>
                    <P>
                        Importantly, the effect of a potential increase in the leverage of covered depository institutions will be mitigated by risk-based capital requirements for GSIBs. In particular, if covered depository institutions increase their leverage through growth, they will likely do so by mainly increasing their low-risk-weight asset holdings because the tier 1 capital requirements of their parent GSIBs will increase if covered depository institutions significantly increase their risk-weighted asset amounts. Additionally, the capital rule will continue to require covered depository institutions, notwithstanding their minimum capital requirements under the capital rule, to maintain capital commensurate with the level and nature of their risk exposures, to have a process for assessing their overall capital adequacy in relation to their risk profile, and to have a comprehensive strategy for maintaining an appropriate level of capital.
                        <SU>103</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>103</SU>
                             12 CFR 3.10(e) (OCC); 12 CFR 217.10(e) (Board); 12 CFR 324.10(e) (FDIC).
                        </P>
                    </FTNT>
                    <P>
                        Some commenters requested evidence that GSIBs would continue to act as a source of strength for their depository institutions under the proposal. The Board's Regulation Y requires each GSIB to include in its capital plan a detailed description of how it will serve as a source of strength to its subsidiary institutions under expected and 
                        <PRTPAGE P="55278"/>
                        stressful conditions.
                        <SU>104</SU>
                        <FTREF/>
                         Additionally, financially strong GSIBs have a business interest to provide capital and liquidity support to their depository institution subsidiaries because these subsidiaries constitute a major part of the franchise values of these banking organizations.
                        <SU>105</SU>
                        <FTREF/>
                         Because the estimated reduction in tier 1 capital requirements for GSIBs is small under the final rule, the agencies expect that these incentives for GSIBs to act as a source of strength will remain unchanged.
                    </P>
                    <FTNT>
                        <P>
                            <SU>104</SU>
                             12 CFR 225.8(e).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>105</SU>
                             
                            <E T="03">See, e.g.,</E>
                             I. Drechsler, A. Savov, and P. Schnabl, Banking on Deposits: Maturity Transformation without Interest Rate Risk, The Journal of Finance, 76(3) (Feb. 15, 2021).
                        </P>
                    </FTNT>
                    <P>
                        Similar to the final rule, the policy alternatives considered also create potential for GSIBs and covered depository institutions to increase their leverage, albeit to varying extents. In line with the differences in the estimated reduction in the supplementary leverage ratio requirement and the estimated aggregate changes in tier 1 capital requirements, discussed in section IV.E of this 
                        <E T="02">SUPPLEMENTARY INFORMATION,</E>
                         Alternative 1 (“narrow exclusion”) creates similar, Alternative 2 (“broader exclusion”) and Alternative 3 (“2018 proposal”) create smaller, and Alternative 4 (“combined”) creates much greater potential for these banking organizations to increase their leverage than the final rule.
                    </P>
                    <P>
                        Finally, by reducing the supplementary leverage ratio requirement from above to below risk-based tier 1 capital requirements for GSIBs and covered depository institutions, the final rule will enable these banking organizations to increase their risk exposures that are not fully captured by the risk-based capital framework but are somewhat captured by leverage-based capital requirements in their backstop role. For example, under the final rule, GSIBs could increase their interest rate risk exposures by adding zero-risk-weight securities, such as U.S. Treasury securities and Ginnie Mae mortgage-backed securities, to their investment securities holdings.
                        <SU>106</SU>
                        <FTREF/>
                         As discussed in relation to Table 9, the final rule will significantly increase GSIBs' capacity for such zero-risk-weight asset holdings. However, zero-risk-weight securities holdings can have substantial interest rate risk.
                        <SU>107</SU>
                        <FTREF/>
                         Moreover, Greenwald, Krainer, Paul (2024) find that the majority of available-for-sale securities holdings are not fair-value hedged by large banking organizations, leaving such positions prone to yield curve shifts.
                        <SU>108</SU>
                        <FTREF/>
                         GSIBs are required to reflect unrealized gains and losses on such positions in their regulatory capital calculations.
                        <SU>109</SU>
                        <FTREF/>
                         Although the fair value fluctuations of held-to-maturity securities are not reflected in regulatory capital and book equity calculations, they can still affect the economic value of a company's equity. Hence, such interest rate risk exposures, if not backed by sufficient capital, could render a company less stable and raise public concerns about its solvency. A potential mitigant to these exposures is that GSIBs may reflect them in capital and liquidity management buffer decisions.
                    </P>
                    <FTNT>
                        <P>
                            <SU>106</SU>
                             In 2024, U.S. Treasury securities and Ginnie Mae mortgage-backed securities made up, on average, about 80 percent and 20 percent of GSIBs' investment securities holdings with zero risk weight, respectively. These investment securities holdings accounted for about 11 percent of GSIBs' total leverage exposures.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>107</SU>
                             Using confidential data on GSIBs' individual securities positions reported on Schedule B of their FR Y-14Q filings as of the fourth quarter of 2024, the agencies calculate that the average duration of GSIBs' U.S. Treasury securities holdings classified as available-for-sale and held-to-maturity assets was 2.8 years and 3.6 years, respectively, with 16 percent of such U.S. Treasury securities holdings having durations longer than 5 years, on average across GSIBs.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>108</SU>
                             D. Greenwald, J. Krainer, and P. Paul, Monetary Transmission Through Bank Securities Portfolios, National Bureau of Economic Research, Working Paper No. 32449 (May 2024) (“Greenwald, Krainer, Paul (2024)”).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>109</SU>
                             Specifically, unrealized gains and losses on available-for-sale securities holdings are included in Accumulated Other Comprehensive Income, which in turn is included in book equity as well as regulatory capital calculations for GSIBs under the current capital framework.
                        </P>
                    </FTNT>
                    <P>
                        Noting that U.S. Treasury securities are not riskless assets, several commenters requested a quantitative analysis of the potential increase in the interest rate risk exposures of GSIBs due to the potential increase in their holdings of such securities under the proposal. One commenter pointed out that GSIBs may not want to increase their interest rate risk exposures by holding more U.S. Treasury securities. While one benefit of the final rule will be to reduce balance sheet constraints that may limit the ability of GSIBs to engage in U.S. Treasury market intermediation and other low-risk activities, the final rule's objective is not to create incentives for GSIBs and covered depository institutions to hold more U.S. Treasury securities. The final rule does not require these banking organizations to increase such securities holdings. Some of these banking organizations may indeed use the additional capacity for low-risk assets created by the final rule to increase their U.S. Treasury securities holdings, which could have implications for their interest rate risk exposures. Nevertheless, as discussed above, GSIBs and covered depository institutions have economic and regulatory incentives to adequately manage such risk exposures. Moreover, the agencies' safety and soundness standards require that these banking organizations manage their interest rate risk in a manner that is appropriate to their size and the complexity of their balance sheets.
                        <SU>110</SU>
                        <FTREF/>
                         In 2010, the agencies published an advisory on how banking organizations can accomplish that objective, describing supervisory expectations and sound practices for managing interest rate risk.
                        <SU>111</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>110</SU>
                             12 CFR part 30 (OCC); 12 CFR part 208, app'x D-1 (Board); 12 CFR part 364 (FDIC).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>111</SU>
                             
                            <E T="03">See</E>
                             “Advisory on Interest Rate Risk Management,” Federal Financial Institutions Examination Council (Jan. 6, 2010).
                        </P>
                    </FTNT>
                    <P>
                        Furthermore, potential changes in interest rate risk exposures will be reflected in risk-based capital requirements if GSIBs increase their U.S. Treasury securities holdings to facilitate the market intermediation activities of their broker-dealer subsidiaries. This is because, as also discussed in section IV.F of this 
                        <E T="02">SUPPLEMENTARY INFORMATION,</E>
                         such U.S. Treasury securities holdings are classified as trading assets and thus subject to the market risk capital framework, which takes interest rate risk into account in risk-weighted asset calculations.
                    </P>
                    <P>
                        Relative to the final rule, some of the policy alternatives considered could attenuate or exacerbate the potential increase in the risk exposures of GSIBs and covered depository institutions that are not fully captured by the risk-based capital framework. Alternative 1 (“narrow exclusion”) would have a similar effect on GSIBs as the final rule because it only excludes U.S. Treasury securities held by the broker-dealer subsidiaries of GSIBs from the calculation of total leverage exposure for their parent GSIBs, and the interest rate risk of such securities holdings is captured by the market risk component of the risk-based capital framework. By contrast, Alternative 2 (“broader exclusion”) and Alternative 4 (“combined”) could lead to a larger increase in interest rate risk exposures than the final rule because these policy alternatives exclude all U.S. Treasury securities holdings from the calculation of total leverage exposure for GSIBs, which may create additional incentives for GSIBs to increase their holdings of such securities.
                        <SU>112</SU>
                        <FTREF/>
                         The potential 
                        <PRTPAGE P="55279"/>
                        increase in such risk exposures would be much smaller under Alternative 3 (“2018 proposal”) than under the final rule because, as discussed in section IV.F of this 
                        <E T="02">SUPPLEMENTARY INFORMATION,</E>
                         this policy alternative creates little additional capacity for GSIBs to hold zero-risk-weight assets.
                    </P>
                    <FTNT>
                        <P>
                            <SU>112</SU>
                             Notably, as discussed in section IV.B.2 of this 
                            <E T="02">SUPPLEMENTARY INFORMATION,</E>
                             about two thirds of U.S. Treasury securities held by GSIBs are 
                            <PRTPAGE/>
                            investment securities, whose interest rate risk is not captured in the risk-based framework.
                        </P>
                    </FTNT>
                    <P>
                        The agencies present the anticipated costs of the changes to TLAC and long-term debt requirements and buffer standards under the final rule in section IV.I of this 
                        <E T="02">Supplementary INFORMATION.</E>
                    </P>
                    <HD SOURCE="HD2">H. Additional Comments on the Economic Analysis</HD>
                    <HD SOURCE="HD3">1. Requests To Consider Potential Future Developments</HD>
                    <P>One commenter requested estimates for the reduction in tier 1 capital requirements that reflect more recent risk-based capital requirements than those considered in the proposal's economic analysis. Other commenters requested that such updated estimates reflect the results of the stress tests conducted in 2025.</P>
                    <P>
                        Recognizing that changes in balance sheet and capital conservation buffer requirements over time can generate a range of quantitative impact estimates, this subsection utilizes more recent data to produce two additional sets of estimates for the final rule's impact. Specifically, in this exercise, the agencies adopt a forward-looking approach, using the most recent balance sheet information available (from the second quarter of 2025) and combining this balance sheet information with two potential versions of the capital conservation buffer requirement applicable to GSIBs in early 2026. The first potential version of the capital conservation buffer requirement is the sum of the GSIB surcharge applicable in 2026 and the stress capital buffer requirement that would be applicable under the stress capital buffer requirement averaging proposal published by the Board in April 2025.
                        <SU>113</SU>
                        <FTREF/>
                         The second potential version of the capital conservation buffer requirement is the GSIB surcharge applicable in 2026 plus the stress capital buffer requirement announced by the Board in August 2024.
                        <SU>114</SU>
                        <FTREF/>
                         For covered depository institutions, the updated impact estimates only reflect balance sheet changes because the capital conservation buffer is set at 2.5 percent of risk-weighted assets for these institutions.
                    </P>
                    <FTNT>
                        <P>
                            <SU>113</SU>
                             For the proposed rulemaking that would reduce the volatility of the capital requirements stemming from the Board's annual stress test results (“stress capital buffer requirement averaging proposal”), 
                            <E T="03">see</E>
                             90 FR 16843 (Apr. 22, 2025).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>114</SU>
                             
                            <E T="03">See</E>
                             Federal Reserve Board Announces Final Individual Capital Requirements for All Large Banks, Effective on October 1 (Aug. 14, 2024), available at 
                            <E T="03">https://www.federalreserve.gov/newsevents/pressreleases/bcreg20240828a.htm.</E>
                        </P>
                    </FTNT>
                    <P>
                        For GSIBs, the updated estimates show that the final rule reduces the aggregate tier 1 capital requirements for GSIBs by $23 billion under the first scenario and by $49 billion under the second scenario. These amounts correspond to 2.3 percent and 5.1 percent of their aggregate tier 1 capital requirement under the baseline, respectively. For covered depository institutions, the updated estimates show that the final rule reduces aggregate tier 1 capital requirements by $231 billion, which is about 28 percent of their aggregate tier 1 capital requirement under the baseline. Overall, although the updated impact estimates for covered depository institutions are similar to the estimates presented in the proposal and section IV.E of this 
                        <E T="02">SUPPLEMENTARY INFORMATION,</E>
                         the updated impact estimates for GSIBs are moderately higher, which suggests that the final rule's expected benefits and costs may be somewhat higher than assessed in the economic analysis.
                    </P>
                    <P>
                        Notably, stress capital buffer requirements show significant year-over-year variability, and the latest stress test results led to stress capital buffer requirements near the lower end of their historical range. For this reason, the agencies' estimation methodology, described in section IV.B of this 
                        <E T="02">SUPPLEMENTARY INFORMATION,</E>
                         relies on a whole year of data from 2024, which yields an impact estimate that is more robust to annual swings in stress capital buffer requirements. Overall, the forward-looking estimates do not change the main conclusions of the economic analysis.
                    </P>
                    <P>
                        Several commenters asserted that the economic analysis did not sufficiently consider how firms could adjust their balance sheets over time. In particular, some commenters noted that GSIBs and covered depository institutions may adjust their balance sheets so as to reduce their risk-based capital requirements, which could lead to a capital release that is greater than the agencies' impact estimates. In the proposal, the agencies conducted the economic analysis using current, publicly available information on the balance sheets of these banking organizations. If the balance sheet composition of these banking organizations changes over time, that could indeed create future impacts that are different from the final rule's estimates. For example, if the risk-weighted asset densities of GSIBs and covered depository institutions decrease in the long run, that would mechanically reduce their dollar risk-based tier 1 capital requirements, which would in turn increase the reduction in tier 1 capital requirements for these banking organizations under the final rule. However, as discussed in section IV.G of this 
                        <E T="02">SUPPLEMENTARY INFORMATION,</E>
                         a decrease in risk-weighted asset densities would be an indication of banking organizations' adopting a less risky asset allocation, which would in turn improve their safety and soundness through reducing the volatility of their equity capital. Hence, the agencies believe that the potential for such long-run changes in the asset allocation of GSIBs and covered depository institutions does not meaningfully change the main takeaways from the economic analysis.
                    </P>
                    <P>
                        Several commenters stated that the agencies may be contemplating other regulatory changes, which would potentially modify risk-based and leverage capital requirements, total loss absorbing capacity and long-term debt requirements, or the Board's stress testing framework. These commenters requested a holistic assessment of the effect of all such potential regulatory changes, alongside the proposed changes to the eSLR standard. The agencies believe that the economic analysis of the eSLR final rule duly considers all relevant interactions with effective rules and outstanding proposed rulemakings.
                        <SU>115</SU>
                        <FTREF/>
                         If the agencies propose other rulemakings in the future, the economic analysis of those proposed rulemakings would seek to identify and consider all relevant interactions with effective rules and any outstanding proposed rulemakings at the time, including this final rule. Regarding the stress capital buffer requirement averaging proposal, the agencies anticipate that it could modestly amplify both the benefits and the costs of the final rule. Specifically, by decreasing the volatility of risk-based capital requirements, the stress capital buffer requirement averaging proposal could enable GSIBs to operate with somewhat smaller voluntary capital buffers. This effect could in turn increase banking organizations' 
                        <PRTPAGE P="55280"/>
                        willingness to use the additional capacity for low-risk assets created by the final rule, estimated in section IV.F of this 
                        <E T="02">SUPPLEMENTARY INFORMATION.</E>
                    </P>
                    <FTNT>
                        <P>
                            <SU>115</SU>
                             The agencies released a proposal to amend risk-based capital requirements for large banking organizations, including GSIBs, in 2023. 
                            <E T="03">See</E>
                             “Regulatory Capital Rule: Large Banking Organizations and Banking Organizations with Significant Trading Activity,” 88 FR 64028 (Sep. 18, 2023). Because the agencies do not anticipate finalizing the 2023 proposal without broad and material changes, the economic analysis of the eSLR final rule does not consider potential interaction effects with that proposal.
                        </P>
                    </FTNT>
                    <HD SOURCE="HD3">2. Requests To Consider Potential Interaction Effects</HD>
                    <P>
                        Some commenters requested that the agencies assess how the Securities and Exchange Commission's rule mandating central clearing for certain secondary market transactions in U.S. Treasury securities would interact with the proposal, and whether the netting benefits of the central clearing rule could increase broker-dealers' capacity for U.S. Treasury securities positions, which may in turn obviate the need for the proposed changes to the eSLR standard.
                        <SU>116</SU>
                        <FTREF/>
                         As discussed by commenters and noted in Liang and Zhu (2025), the central clearing rule will likely reduce the balance sheet footprint of certain U.S. Treasury security positions by extending the netting of offsetting positions in financial statements.
                        <SU>117</SU>
                        <FTREF/>
                         Even though this effect could help GSIBs' broker-dealers to use their existing balance sheet capacity more efficiently, it will not eliminate the final rule's expected benefits, discussed in section IV.F of this 
                        <E T="02">SUPPLEMENTARY INFORMATION,</E>
                         for three reasons. First, the additional capacity for GSIBs' broker-dealers to hold U.S. Treasury securities created by the final rule could still enhance the ability and willingness of these broker-dealers to participate in the U.S. Treasury market. Specifically, the increased efficiency of broker-dealers' use of their balance sheet capacity under the central clearing rule may in fact make the additional capacity created by the final rule more valuable for GSIBs' broker-dealers. Second, the additional capacity created by the final rule will also enable GSIBs' broker-dealers to enter into non-offsetting (and thus non-nettable) U.S. Treasury security positions, which can improve their ability to function as market intermediaries, especially during stress periods, when order flows may be more asymmetric due to one-sided liquidity demand from market participants. Finally, the increased netting of U.S. Treasury positions does not obviate the need for the final rule because the final rule's objective is to set the supplementary leverage ratio requirement as a backstop to risk-based tier 1 capital requirements for GSIBs and covered depository institutions.
                    </P>
                    <FTNT>
                        <P>
                            <SU>116</SU>
                             
                            <E T="03">See</E>
                             “Standards for Covered Clearing Agencies for U.S. Treasury Securities and Application of the Broker-Dealer Customer Protection Rule with Respect to U.S. Treasury Securities,” 89 FR 2714 (Jan. 16, 2024).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>117</SU>
                             
                            <E T="03">See, e.g.,</E>
                             the analysis in N. Liang and H. Zhu, Clearing the Path for Treasury Market Resilience, Hutchins Center on Fiscal and Monetary Policy, Brookings (July 29, 2025).
                        </P>
                    </FTNT>
                    <P>
                        One commenter requested that the agencies assess how the proposal would interact with the liquidity coverage ratio and the net stable funding ratio requirements by creating additional balance sheet capacity for U.S. Treasury securities holdings. Liquidity standards require GSIBs and covered depository institutions to hold sufficient liquid assets to cover their potential liquidity needs. By contrast, as discussed in section IV.A in this 
                        <E T="02">SUPPLEMENTARY INFORMATION,</E>
                         a binding supplementary leverage ratio requirement creates a disincentive for these banking organizations to hold assets with low risk weights. Because liquid assets, such as reserves and U.S. Treasury securities, have low (even zero) risk weights, there is an inherent tension between liquidity and leverage capital requirements. The eSLR final rule will substantially reduce this tension by setting the supplementary leverage ratio requirement as a backstop to risk-based tier 1 capital requirements for GSIBs and covered depository institutions.
                    </P>
                    <HD SOURCE="HD3">3. Requests To Consider Further Benefits and Costs</HD>
                    <P>
                        Some commenters requested that the agencies assess the proposal's potential impact on GSIBs' funding costs. The agencies anticipate that GSIBs' funding costs may slightly decrease because of the level and marginal effects of the final rule, discussed in sections IV.A and IV.F of this 
                        <E T="02">SUPPLEMENTARY INFORMATION.</E>
                         Specifically, under the final rule, the agencies estimate a small reduction in tier 1 capital requirements for GSIBs. This effect will enable GSIBs to slightly increase their leverage and thus use their capital more efficiently, which could reduce their average funding cost and thus improve their productivity.
                        <SU>118</SU>
                        <FTREF/>
                         Additionally, as the proposal will set the supplementary leverage ratio as a backstop to risk-based tier 1 capital requirements for GSIBs, they will be required to have less capital for low-risk asset holdings on the margin. This reduction in marginal capital requirements will create one of the final rule's main benefits, that is, removing unintended disincentives for GSIBs to engage in low-risk activities, such as U.S. Treasury market intermediation.
                    </P>
                    <FTNT>
                        <P>
                            <SU>118</SU>
                             This derivation assumes an imperfect Miller-Modigliani offset; that is, the funding cost effect of a potential increase in GSIBs' leverage would not be completely offset by increases in GSIBs' unit cost of capital. 
                            <E T="03">See</E>
                             F. Modigliani and M. H. Miller, The Cost of Capital, Corporation Finance, and the Theory of Investment. The American Economic Review, 48(3) (June 1958).
                        </P>
                    </FTNT>
                    <P>Several commenters argued that a potential reduction in GSIBs' costs of funding under the proposal could have implications for their competitiveness and systemic risk. In particular, commenters raised concerns that the proposal could increase the competitiveness of GSIBs relative to smaller banking organizations, which may in turn lead to more concentrated markets and reduce systemic stability. Some commenters also asserted that this potential effect of the proposal could be exacerbated by GSIBs' lower funding costs, which such commenters believe are due to the perception that these banking organizations are “too big to fail.”</P>
                    <P>As discussed above, the agencies expect that the final rule will only have a modest effect on GSIBs' average funding costs, which implies that it will likely have little effect on GSIBs' competitiveness in general. Additionally, the agencies expect no meaningful change in the systemic risk of GSIBs, partly because the reduction in tier 1 capital requirements for GSIBs will be small under the final rule, and also because the GSIB surcharge framework will continue to require GSIBs to have capital commensurate with their systemic footprint. These expectations notwithstanding, the final rule will reduce GSIBs' marginal funding costs for low-risk assets, which could improve their competitiveness in related financial markets, such as the money market and the U.S. Treasury market. This potential change would likely not have a significant effect on smaller banking organizations because GSIBs are already important participants in these financial markets for reasons other than the final rule.</P>
                    <P>
                        Some commenters requested that the agencies assess the proposal's potential impact on lending, with one commenter expressing concerns that the proposal may lead to a reduction in GSIBs' lending activity. The agencies expect that the changes to the eSLR standards under the final rule will create little additional capacity for GSIBs and covered depository institutions to hold assets with non-zero risk weights because the reduction in tier 1 capital requirements for GSIBs will be small in aggregate. However, as also noted by commenters, to the extent these banking organizations use this reduction in their tier 1 capital requirements to grow their loan portfolios, the changes to the eSLR standards could have a small positive impact on lending activity. Additionally, as discussed in section IV.I.3, the changes to TLAC and long-
                        <PRTPAGE P="55281"/>
                        term debt requirements under the final rule could facilitate additional lending by potentially lowering GSIBs' funding costs.
                    </P>
                    <P>
                        Some commenters requested a quantitative assessment of the benefits of a strong leverage requirement, which they assert reduces the likelihood of a financial crisis. Relatedly, some commenters raised concerns that the proposal would put depositors, the financial system, and the broader economy at risk by reducing regulatory capital requirements. The final rule's objective is to set the supplementary leverage ratio requirement as a backstop because, as discussed in section IV.A of this 
                        <E T="02">SUPPLEMENTARY INFORMATION,</E>
                         a binding leverage capital requirement creates unintended incentives for GSIBs and covered depository institutions to engage in more high-risk activities and less low-risk activities. By creating additional capacity for these banking organizations to hold low-risk assets, the final rule will enable them to adopt a lower-risk asset allocation, which in turn may improve their stability. Importantly, the final rule will not change risk-based tier 1 capital requirements, and thus the estimated reduction in tier 1 capital requirements for GSIBs is small. Hence, under the final rule, GSIBs will be required to retain most of their existing capital, and the risk-based capital framework will continue to require both GSIBs and covered depository institutions to have capital that is commensurate with their risk exposures. Therefore, the agencies expect that the final rule will not meaningfully affect the resilience of these banking organizations, while it will reduce unintended disincentives for them to engage in low-risk activities.
                    </P>
                    <HD SOURCE="HD2">I. Analysis of TLAC and Long-Term Debt Requirement Changes</HD>
                    <P>The Board's TLAC and long-term debt requirements for U.S. GSIBs each consist of a risk-based and a leverage-based requirement. Holding companies subject to these requirements must maintain a minimum quantity of eligible equity and long-term debt instruments equal to the greater of the risk-based and leverage-based requirements. In addition, companies must also meet minimum TLAC buffer standards to avoid restrictions on distributions to shareholders. In the description of the Board's TLAC analysis that follows, the term “requirement” is inclusive of buffer standards unless otherwise indicated.</P>
                    <P>
                        Under the final rule, risk-based requirements remain unchanged whereas leverage-based requirements are revised. If a firm currently has leverage-based requirements as its binding TLAC and long-term debt requirements, then these requirements will decline because the final rule reduces leverage requirements as a percentage of total leverage exposure.
                        <SU>119</SU>
                        <FTREF/>
                         See section II.B of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                         for the details of the calculations under current framework and the final rule.
                    </P>
                    <FTNT>
                        <P>
                            <SU>119</SU>
                             During 2024, all U.S. GSIBs had the leverage-based requirements as their binding long-term debt requirement. Three U.S. GSIBs had leverage-based requirements as their binding TLAC requirement.
                        </P>
                    </FTNT>
                    <P>This subsection consists of three parts. First, a baseline analysis summarizes average TLAC and long-term debt requirements in 2024. This is followed by a discussion of estimated requirements under the final rule. Finally, the Board discusses some of the anticipated economic effects of these changes in requirements.</P>
                    <HD SOURCE="HD3">1. Baseline</HD>
                    <P>
                        The Board estimates that aggregate risk-based and leverage-based TLAC requirements are $1.635 and $1.708 trillion, respectively.
                        <SU>120</SU>
                        <FTREF/>
                         In aggregate, baseline leverage-based requirements are $73 billion, or 5 percent, higher than risk-based requirements and, at the firm level, are the most binding requirements for three of the eight GSIBs, with risk-based requirements binding for the other five. The overall TLAC requirement, the greater of the risk- and leverage-based requirements, is $1.777 trillion in aggregate.
                    </P>
                    <FTNT>
                        <P>
                            <SU>120</SU>
                             The analysis of the changes to the TLAC and long-term debt requirements under the final rule uses consolidated holding company data from FR Y-9C filings, in addition to the data sources used by the agencies to estimate changes in the method 1 and method 2 surcharges as well as the total leverage exposures of GSIBs under the final rule, described earlier.
                        </P>
                    </FTNT>
                    <P>The Board estimates that aggregate risk-based long-term debt requirements are $674 billion and aggregate leverage-based requirements are $809 billion. In aggregate, leverage-based long-term debt requirements are $135 billion, or 20 percent, higher than risk-based requirements and, at the firm level, are in all cases the most binding long-term debt requirement for domestic GSIBs. The overall long-term debt requirement is $809 billion in aggregate.</P>
                    <HD SOURCE="HD3">2. Changes in Requirements</HD>
                    <P>This subsection presents estimates of changes in TLAC and long-term debt requirements stemming from the final rule. The analysis takes GSIBs' existing asset mix and their mix of off-balance sheet activities as given and does not consider the possibility that firms may adjust their investments in response to the final rule. Therefore, in the analysis, the final rule only affects TLAC and long-term debt requirements through the changes to the formulas for the leverage-based requirements.</P>
                    <P>These changes reduce leverage-based requirements. Because the method 1 surcharges of GSIBs range from 1.0 to 2.5 percent, the TLAC and long-term debt leverage requirements decrease by between 0.75 to 1.50 percentage points.</P>
                    <P>The Board estimates that, under the final rule, aggregate leverage-based TLAC requirements will be $1.498 trillion and aggregate TLAC requirements will be $1.687 trillion. In aggregate, overall TLAC requirements decrease by $90 billion, or 5 percent. The estimated decrease is concentrated in the three GSIBs bound by leverage-based requirements in 2024.</P>
                    <P>Long-term debt requirements are relatively more leverage bound and therefore more affected by the final rule. The Board estimates that, under the final rule, aggregate leverage-based long-term debt requirements will be $599 billion and aggregate long-term debt requirements will be $677 billion. Risk-based requirements become more binding than leverage-based requirements for all but two firms. In aggregate, overall long-term debt requirements decrease by $132 billion, or 16 percent. The largest estimated percentage reductions occur in the GSIBs firms for which leverage requirements remain higher than risk-based ones.</P>
                    <P>
                        Table 11 presents the estimated change in aggregate TLAC and long-term debt requirements for the four policy alternatives under consideration. The estimated changes in requirements under the alternatives mirror the patterns discussed in section IV.E of this 
                        <E T="02">SUPPLEMENTARY INFORMATION</E>
                        . Alternative 1 (“narrow exclusion”) changes requirements similarly to the final rule, Alternative 2 (“broader exclusion”) changes requirements less than the final rule, whereas Alternative 3 (“2018 proposal”) changes requirements the least. Alternative 4 (“combined”) changes requirements the most, but it does not lead to further reductions in long-term debt requirements because the risk-based requirements become binding for all GSIBs.
                    </P>
                    <GPH SPAN="3" DEEP="230">
                        <PRTPAGE P="55282"/>
                        <GID>ER01DE25.021</GID>
                    </GPH>
                    <HD SOURCE="HD3">3. Anticipated Economic Effects</HD>
                    <P>
                        As explained above, the final rule leads to moderate expected reductions in TLAC requirements and somewhat greater reductions in long-term debt requirements. The academic and policy literature finds that reducing capital requirements can boost bank lending and economic activity.
                        <SU>121</SU>
                        <FTREF/>
                         This suggests that the changes to TLAC requirements under the final rule may provide macroeconomic benefits. That same literature finds that reducing capital requirements can increase risks to safety and soundness and financial stability, with associated expected costs.
                    </P>
                    <FTNT>
                        <P>
                            <SU>121</SU>
                             Simon Firestone, Amy Lorenc &amp; Ben Ranish, An Empirical Economic Assessment of the Costs and Benefits of Bank Capital in the United States, 101 Federal Reserve Bank of St. Louis Rev. 203, 203-30 (2018); Martin Brooke, Oliver Bush, Robert Edwards, Jas Ellis, Bill Francis, Rashmi Harimohan, Katharine Neiss &amp; Caspar Siegert, Measuring the Macroeconomic Costs and Benefits of Higher UK Bank Capital Requirements, Bank of England, Financial Stability Paper No. 35, (Dec. 2015); David Miles, Jing Yand, &amp; Gilberto Marcheggiano, Optimal Bank Capital, 123 Econ. J. 1, 29 &amp; Table 10 (Mar. 2013); Financial Stability Board, Assessing the Economic Costs and Benefits of TLAC Implementation (Nov. 2015) (“FSB (2015)”).
                        </P>
                    </FTNT>
                    <P>
                        These changes will likely result in lower funding costs for GSIBs, enhancing their overall competitiveness relative to both bank and non-bank entities not subject to TLAC requirements. Increased competition in lending and capital markets could lead to more favorable terms for consumers and businesses, representing a potential benefit of the rule. However, this effect is uncertain, as funding costs are just one of many factors affecting competition in these markets. The final rule maintains alignment of the TLAC leverage buffer requirement with leverage capital requirements and, specifically, with the supplementary leverage ratio requirement, and is consistent with the international TLAC standard.
                        <SU>122</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>122</SU>
                             The international standard established by the Financial Stability Board in November 2015 specifies that GSIBs should be subject to a minimum TLAC requirement equal to the higher of 18 percent of risk-weighted assets and 6.75 percent of the Basel III leverage ratio denominator, plus any applicable Basel III regulatory capital buffers, which must be met in addition to the TLAC minimum. Although the Financial Stability Board standard expresses an expectation that at least one-third of the TLAC requirement be met with long-term debt, it does not establish a long-term debt minimum. 
                            <E T="03">See</E>
                             Financial Stability Board, “Principles on Loss-absorbing and Recapitalization Capacity of G-SIBs in Resolution: Total Loss-absorbing Capacity Term Sheet,” (Nov. 2015), available at 
                            <E T="03">https://www.fsb.org/uploads/TLAC-Principles-and-Term-Sheet-for-publication-final.pdf.</E>
                        </P>
                    </FTNT>
                    <P>TLAC and long-term debt requirements mandate the use of more expensive capital and long-term debt instead of less expensive short-term debt financing, including deposits. The reduction of these requirements may allow for substantial cost savings to holding companies subject to the rule. However, if the reduction in funding costs occurs because firms deduct more interest expenses, or shift greater risks to taxpayers, insurers, or other creditors, these are private economic transfers from those parties to bank shareholders, not economic benefits. On the other hand, if the relaxation of these funding constraints allows for a lower risk-adjusted cost of funds without shifting the costs to others, then those savings are benefits of the rule. In practice, these savings are likely to be a mix of transfers and economic benefits.</P>
                    <P>
                        The reduction in long-term debt requirements under the final rule will provide firms with more flexibility over the composition of their TLAC. Keeping TLAC requirements fixed, any reduction in long-term debt used to meet TLAC requirements 
                        <SU>123</SU>
                        <FTREF/>
                         must be replaced with tier 1 capital.
                        <SU>124</SU>
                        <FTREF/>
                         On a going-concern basis, as tier 1 capital provides greater loss absorbency and resilience than long-term debt, giving firms flexibility to use more tier 1 capital instead of long-term debt can be beneficial.
                        <SU>125</SU>
                        <FTREF/>
                         As such, the reduction in long-term debt requirements is unlikely to increase financial stability risks. However, the reduction in long-term debt requirements could reduce the potential 
                        <PRTPAGE P="55283"/>
                        benefits of long-term debt to an orderly resolution procedure for a firm once it has failed, as described in the TLAC rulemaking.
                        <SU>126</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>123</SU>
                             The amount of eligible long-term debt that can be counted for purposes of the long-term debt and TLAC requirements is different. The long-term debt requirement imposes a 50 percent haircut on debt maturing between one and two years whereas the TLAC requirement incorporates no such haircut. 
                            <E T="03">See</E>
                             12 CFR 252.62(b) and 12 CFR 252.63(b). Hence, the changes to long-term debt requirements under the final rule could result in covered firms reducing the average maturity of their eligible long-term debt.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>124</SU>
                             The minimum long-term debt requirement seeks to balance the costs and benefits of the net equity position for the going-concern capital with the costs and benefits of dischargeable debt under the capital refill framework described in section II.B of this 
                            <E T="02">SUPPLEMENTARY INFORMATION</E>
                            .
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>125</SU>
                             
                            <E T="03">See, e.g.,</E>
                             Anat Admati, Peter M. DeMarzo, Martin Hellwig, and Paul Pfleiderer, Fallacies, Irrelevant Facts, and Myths in the Discussion of Capital Regulation: Why Bank Equity is Not Socially Expensive, Preprints of the Max Planck Institute for Research on Collective Goods, No. 2013/23, (2013); Anat Admati &amp; Martin Hellwig. The Bankers' New Clothes: What's Wrong with Banking and What to Do about It (2023 Ed.); Luca Leanza, Alessandro Sbuelz, and Andrea Tarelli, Bail-in vs. Bail-out: Bank Resolution and Liability Structure, 73 International Review of Financial Analysis 1 (Jan. 2021); Federal Reserve Bank of Minneapolis, The Minneapolis Plan to End Too Big to Fail (Dec. 2017).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>126</SU>
                             
                            <E T="03">See</E>
                             80 FR 74926, 74932 (Nov. 30, 2015); 82 FR 8266, 8270 (Jan. 24, 2017).
                        </P>
                    </FTNT>
                    <P>The Board expects that GSIBs will likely reduce their actual levels of long-term debt outstanding by less than the reduction in their long-term debt requirement because some GSIBs may use long-term debt funding for business purposes beyond meeting long-term debt regulatory requirements. Moreover, the expected funding cost advantages will likely incentivize GSIBs to continue to use long-term debt to meet TLAC requirements, even under a reduced requirement. Finally, because the changes to long-term debt requirements are conforming to changes in the eSLR standard, the ability to recapitalize a firm whose capital is depleted to a level consistent with regulatory minimums and buffers in a resolution will be unchanged by the final rule.</P>
                    <P>Several commenters supported the conforming changes to TLAC and long-term debt requirements. Some other commenters expressed concern that these changes could increase certain risks. A decline in loss-absorbing capacity at GSIBs, a few commenters argued, could increase the likelihood of a disorderly GSIB resolution and heighten taxpayers' exposure to bailout risk. One commenter argued that changes in TLAC and long-term debt requirements at GSIBs could undermine the resilience of covered depository institutions. By contrast, a few commenters questioned the benefits of the long-term debt requirement, noting that it could be counterproductive to prohibit GSIBs from exchanging debt for equity capital.</P>
                    <P>
                        Changes to TLAC and long-term debt requirements can have benefits and costs. However, as discussed above and in the proposal, GSIBs will continue to be subject to robust TLAC and long-term debt requirements to help ensure their resiliency and resolvability. Moreover, the reduction in requirements lowers the funding costs of covered organizations, which could facilitate additional lending.
                        <SU>127</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>127</SU>
                             
                            <E T="03">See, e.g.,</E>
                             M. Plosser and J.A.C. Santos, The Cost of Bank Regulatory Capital, The Review of Financial Studies, 37(3) (Mar. 2024).
                        </P>
                    </FTNT>
                    <HD SOURCE="HD2">J. Conclusion</HD>
                    <P>The final rule adjusts the supplementary leverage ratio requirement such that it is below risk-based tier 1 capital requirements for all GSIBs and most covered depository institutions. Thereby, the final rule reduces unintended disincentives for these banking organizations to engage in low-risk activities, such as U.S. Treasury market intermediation, and reduces unintended incentives for these banking organizations to engage in higher-risk activities. The changes to the TLAC framework in the final rule maintain alignment with capital requirements and are expected to reduce the funding costs of GSIBs, which may support economic activity.</P>
                    <P>The costs of the final rule include enabling GSIBs and their depository institution subsidiaries to increase their leverage as well as to increase risk exposures that are not fully captured by the risk-based capital framework. For example, the standardized risk-weighted assets framework does not include an explicit consideration of interest rate risk. The reduction in TLAC requirements under the final rule could lower GSIBs' overall resources available in bankruptcy or resolution.</P>
                    <P>Some commenters supported the changes in the proposal and agreed with the agencies' economic analysis, whereas others disagreed, raised concerns, or requested further information. Taken together, considering the comments received and the analysis of policy alternatives, the agencies assess that the benefits of the final rule justify its costs.</P>
                    <HD SOURCE="HD2">K. Appendix</HD>
                    <P>
                        In this appendix to the economic analysis, the agencies describe their methodology for estimating the available capacity of holding companies for additional reserves and U.S. Treasury securities held as investment securities at their depository institution subsidiaries, as well as the available capacity of holding companies for additional U.S. Treasury securities held at their broker-dealer subsidiaries, respectively shown in Tables 9 and 10 of section IV.F of this 
                        <E T="02">SUPPLEMENTARY INFORMATION.</E>
                    </P>
                    <HD SOURCE="HD3">1. Estimating the Available Capacity of Holding Companies for Additional Reserves and U.S. Treasury Securities Held as Investment Securities at Depository Institution Subsidiaries</HD>
                    <P>For each holding company subject to Category I-III standards, the agencies define “available capacity” as the dollar amount of reserves and U.S. Treasury securities classified as investment securities that their depository institution subsidiaries could add to their balance sheets without raising their or their consolidated holding company's tier 1 capital requirements above baseline levels. The agencies estimate this capacity as follows.</P>
                    <P>
                        First, the agencies calculate the highest tier 1 capital requirement for each holding company and its major depository institution subsidiaries under the baseline.
                        <SU>128</SU>
                        <FTREF/>
                         Specifically, the four tier 1 capital requirements considered are the standardized approach risk-based tier 1 requirement, the advanced approaches risk-based tier 1 requirement, the tier 1 leverage ratio requirement, and the supplementary leverage ratio requirement.
                    </P>
                    <FTNT>
                        <P>
                            <SU>128</SU>
                             If a holding company has multiple major depository institution subsidiaries, the agencies use the aggregate of such major depository institution subsidiaries in the calculations.
                        </P>
                    </FTNT>
                    <P>Second, for each holding company and its major depository institution subsidiaries, and for each of the tier 1 capital requirements mentioned above, the agencies calculate the dollar amount of reserves and U.S. Treasury securities classified as investment securities that the major depository institution subsidiaries could add to their balance sheets (and therefore to the balance sheet of their consolidated holding companies) under the baseline, the final rule, and the policy alternatives considered so that the given tier 1 capital requirement becomes equal to the banking organization's highest tier 1 capital requirement, as calculated under the baseline in the first step. In the following, the agencies describe these eight capacity calculations (four tier 1 capital requirements for the holding companies and four tier 1 capital requirements for their major depository institution subsidiaries) in more detail.</P>
                    <P>Finally, the agencies estimate “available capacity” by taking the smallest of these eight capacity calculations.</P>
                    <HD SOURCE="HD3">Tier 1 Leverage Ratio Requirement</HD>
                    <P>
                        For each holding company and its major depository institution subsidiaries, the agencies calculate the average total consolidated asset amount that would make the tier 1 leverage ratio requirement for these banking organizations equal to their highest tier 1 capital requirement, as calculated under the baseline. The agencies then subtract this average total consolidated asset amount from the baseline average total consolidated asset amount to calculate the capacity with respect to this capital requirement. This calculation is the same under the baseline, the final rule, and the policy alternatives considered because the final rule and the alternatives do not modify the tier 1 leverage ratio requirement.
                        <PRTPAGE P="55284"/>
                    </P>
                    <HD SOURCE="HD3">Supplementary Leverage Ratio Requirement</HD>
                    <P>For each holding company and its major depository institution subsidiaries, the agencies calculate the total leverage exposure amount that would make the supplementary leverage ratio requirement for these banking organizations equal to their highest tier 1 capital requirement, as calculated under the baseline. The agencies then subtract this total leverage exposure amount from the baseline total leverage exposure amount. This calculation varies under the baseline, the final rule, and the alternatives considered because the final rule and the alternatives modify the supplementary leverage ratio requirement.</P>
                    <P>Under the final rule, as well as Alternatives 1, 3, and 4, which make the eSLR standards a function of the method 1 or method 2 surcharge, the calculations incorporate the effect of increasing total leverage exposures on these surcharges. The agencies describe how they calculate expected changes in method 1 and method 2 surcharges further below.</P>
                    <P>Under Alternatives 2 and 4, this capacity calculation is not applicable because these policy alternatives exclude reserves and all U.S. Treasury securities holdings from the calculation of total leverage exposure.</P>
                    <HD SOURCE="HD3">Standardized Approach and Advanced Approaches Risk-Based Requirements</HD>
                    <P>Reserves and U.S. Treasury securities held as investment securities have zero risk weight under the risk-based capital framework, and therefore, do not contribute to risk-weighted assets. However, increasing such asset holdings can result in an increase in the GSIB surcharge, which is a component of risk-based capital requirements. Specifically, such asset holdings are reflected in the “size” systemic risk indicator used in the calculation of a GSIB's method 1 and method 2 scores, which in turn determine method 1 and method 2 surcharges, respectively. The higher of these surcharges is the GSIB surcharge. Hence, for each GSIB, the agencies calculate the “size” systemic risk indicator amount that would result in a GSIB surcharge that would make the risk-based tier 1 capital requirement for the GSIB equal to its highest tier 1 capital requirement, as measured under the baseline. The agencies then subtract this “size” systemic risk indicator amount from the baseline “size” systemic risk indicator amount. This calculation is the same under the baseline, the final rule, and the alternatives considered because the final rule and the alternatives do not modify the method 1 and method 2 surcharge calculation.</P>
                    <P>
                        In the calculations above, the agencies estimate the 
                        <E T="03">expected</E>
                         impact of increasing the “size” systemic indicator on method 1 and method 2 surcharges by first calculating the changes in method 1 and method 2 scores and then dividing these score changes by two, respectively. The divisor corresponds to the slope of the continuous function underlying the method 1 and method 2 surcharge schedules used in the GSIB surcharge framework.
                        <SU>129</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>129</SU>
                             
                            <E T="03">See</E>
                             12 CFR 217.403.
                        </P>
                    </FTNT>
                    <P>Finally, this capacity calculation is not applicable to depository institution subsidiaries because the GSIB surcharge only applies to holding companies.</P>
                    <HD SOURCE="HD3">2. Estimating the Available Capacity of Holding Companies for Additional U.S. Treasury Securities Held at Broker-Dealer Subsidiaries, Assuming Perfect Hedging</HD>
                    <P>For holding companies subject to Category I-III standards, the agencies define “available capacity” as the dollar amount of U.S. Treasury securities that their broker-dealer institution subsidiaries could add to their balance sheets without raising their consolidated holding company's tier 1 capital requirements above baseline levels, assuming that such securities holdings would be perfectly hedged.</P>
                    <P>
                        This capacity estimation methodology is the same as described in section IV.K.1 of this 
                        <E T="02">SUPPLEMENTARY INFORMATION,</E>
                         with two modifications. First, only the capacity calculations related to the tier 1 capital requirements of holding companies are applicable. Second, the capacity calculations related to the supplementary leverage ratio requirement are not applicable under Alternatives 1, 2, and 4 because these policy alternatives exclude U.S. Treasury securities held by at broker-dealer subsidiaries from the calculation of total leverage exposure.
                    </P>
                    <P>Under the assumption that additional U.S. Treasury securities held at broker-dealers would be fully hedged, there would be no increase in risk-weighted assets under the market risk capital framework. Therefore, in addition to the effect on GSIB surcharges described earlier, there would be no incremental increase in risk-based capital requirements.</P>
                    <HD SOURCE="HD1">V. Administrative Law Matters</HD>
                    <HD SOURCE="HD2">A. Paperwork Reduction Act</HD>
                    <P>
                        In connection with the final rule, the Board is revising certain “collections of information” within the meaning of the Paperwork Reduction Act of 1995 (PRA).
                        <SU>130</SU>
                        <FTREF/>
                         In accordance with the requirements of the PRA, the agencies may not conduct or sponsor, and a respondent is not required to respond to, an information collection unless it displays a currently valid Office of Management and Budget (OMB) control number. The Board reviewed the final rule under the authority delegated to the Board by OMB. The agencies did not receive any specific comments on the PRA.
                    </P>
                    <FTNT>
                        <P>
                            <SU>130</SU>
                             44 U.S.C. 3501 
                            <E T="03">et seq.</E>
                        </P>
                    </FTNT>
                    <P>Consistent with the final rule, the Board is revising and extending for three years the Financial Statements for Holding Companies (FR Y-9; OMB No. 7100-0128), a current information collection subject to the PRA.</P>
                    <P>Additionally, the agencies, under the auspices of the Federal Financial Institutions Examination Council (FFIEC), may finalize, in a separate notice, related revisions to the Consolidated Reports of Condition and Income (Call Report) (FFIEC 031, FFIEC 041, and FFIEC 051; OMB Nos. 1557-0081; 3064-0052, and 7100-0036).</P>
                    <HD SOURCE="HD3">Adopted Revisions, With Extension, of the Following Information Collection (Board Only)</HD>
                    <P>
                        <E T="03">Collection title:</E>
                         Financial Statements for Holding Companies.
                    </P>
                    <P>
                        <E T="03">Collection identifier:</E>
                         FR Y-9C, FR Y-9LP, FR Y-9SP, FR Y-9ES, and FR Y-9CS.
                    </P>
                    <P>
                        <E T="03">OMB control number:</E>
                         7100-0128.
                    </P>
                    <P>
                        <E T="03">General description of report:</E>
                         The FR Y-9 family of reporting forms continues to be the primary source of financial data on holding companies on which examiners rely between on-site inspections. Financial data from these reporting forms is used to detect emerging financial problems, review performance, conduct pre-inspection analysis, monitor and evaluate capital adequacy, evaluate holding company mergers and acquisitions, and analyze a holding company's overall financial condition to ensure the safety and soundness of its operations. The FRY-9C, FRY-9LP, and FRY-9SP serve as standardized financial statements for the consolidated holding company. The Board requires holding companies to provide standardized financial statements to fulfill the Board's statutory obligation to supervise these organizations. The FR Y-9ES is a financial statement for holding companies that are Employee Stock Ownership Plans. The Board uses the FR Y-9CS (a free-form supplement) to collect additional information deemed 
                        <PRTPAGE P="55285"/>
                        to be critical and needed in an expedited manner. Holding companies file the FR Y-9C and FR Y-9LP on a quarterly basis, the FR Y-9SP semiannually, the FR Y-9ES annually, and the FR Y-9CS on a schedule that is determined when this supplement is used.
                    </P>
                    <P>
                        <E T="03">Frequency:</E>
                         Quarterly, semiannually, and annually.
                    </P>
                    <P>
                        <E T="03">Affected Public:</E>
                         Businesses or other for-profit.
                    </P>
                    <P>
                        <E T="03">Respondents:</E>
                         Bank holding companies, savings and loan holding companies, securities holding companies, and U.S. intermediate holding companies (collectively, holding companies).
                    </P>
                    <P>
                        <E T="03">Total estimated number of respondents:</E>
                    </P>
                    <P>
                        <E T="03">Reporting:</E>
                         FR Y-9C (non-advanced approaches holding companies with less than $5 billion in total assets): 107; FR Y-9C (non-advanced approaches with $5 billion or more in total assets): 236; FR Y-9C (advanced approaches holding companies): 9; FRY-9LP: 411; FRY-9SP: 3,596; FR Y-9ES: 73; FR Y-9CS: 236.
                    </P>
                    <P>
                        <E T="03">Recordkeeping:</E>
                         FR Y-9C: 352; FR Y-9LP: 411; FR Y-9SP: 3,596; FR Y-9ES: 73; FR Y-9CS: 236.
                    </P>
                    <P>
                        <E T="03">Total estimated average hours per response:</E>
                    </P>
                    <P>
                        <E T="03">Reporting:</E>
                         FR Y-9C (non-advanced approaches holding companies with less than $5 billion in total assets): 35.59; FR Y-9C (non-advanced approaches holding companies with $5 billion or more in total assets): 44.23, FR Y-9C (advanced approaches holding companies): 50.76; FR Y-9LP: 5.27; FR Y-9SP: 5.45; FR Y-9ES: 0.50; FR Y-9CS: 0.50.
                    </P>
                    <P>
                        <E T="03">Recordkeeping:</E>
                         FR Y-9C: 1; FR Y-9LP: 1; FR Y-9SP: 0.50; FR Y-9ES: 0.50; FR Y-9CS: 0.50.
                    </P>
                    <P>
                        <E T="03">Total estimated annual burden hours:</E>
                         115,283.
                    </P>
                    <P>
                        <E T="03">Current Actions:</E>
                         The Board has approved certain revisions to the FR Y-9C, Schedule HC-R, Part I, Regulatory Capital Components and Ratios, to calibrate supplementary leverage ratio requirements. Specifically, the instructions for Schedule HC-R, Part I, line item 64, “Leverage buffer requirement (if applicable),” will be updated to reflect the change to the leverage buffer requirement to an amount equal to 50 percent of a holding company's most recent method 1 surcharge, calculated in accordance with the capital rule. Additionally, the instructions for Schedule HC-R, Part I, line item 62(b), “TLAC leverage buffer,” will be amended in accordance with the revisions to the Board's TLAC framework to replace the two percent TLAC leverage buffer with a buffer equal to the enhanced supplementary leverage ratio buffer under the capital rule as well as an additional revision to update the instructions to be consistent with the TLAC framework. The revisions to the FR Y-9C instructions will become effective with the first report date following the effective date of the final rule. Consistent with the final rule, if a holding company elects to adopt the modified eSLR standard as of January 1, 2026, such holding company should elect early adoption for the March 31, 2026 reporting as-of date.
                    </P>
                    <P>
                        The Board anticipates that there would be no increase in burden associated with these revisions to the FR Y-9C. The draft reporting forms and instructions are available on the Board's public website at 
                        <E T="03">https://www.federalreserve.gov/apps/reportingforms.</E>
                    </P>
                    <HD SOURCE="HD2">B. Regulatory Flexibility Act Analysis</HD>
                    <HD SOURCE="HD3">OCC</HD>
                    <P>
                        The Regulatory Flexibility Act (RFA), 5 U.S.C. 601 
                        <E T="03">et seq.,</E>
                         requires an agency, in connection with a final rule, to prepare a final Regulatory Flexibility Analysis describing the impact of the rule on small entities (defined by the Small Business Administration (SBA) for purposes of the RFA to include commercial banks and savings institutions with total assets of $850 million or less and trust companies with total assets of $47 million or less) or to certify that the rule will not have a significant economic impact on a substantial number of small entities. The OCC currently supervises approximately 609 small entities.
                        <SU>131</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>131</SU>
                             The OCC bases the estimate of the number of small entities on the Small Business Administration's size thresholds for commercial banks and savings institutions (NAICS Code: 522110), and trust companies (NAICS Code: 523991), which are $850 million and $47 million, respectively. Consistent with the General Principles of Affiliation 13 CFR 121.103(a), the OCC counts the assets of affiliated financial institutions when determining whether to classify an OCC-supervised institution as a small entity. The OCC uses December 31, 2024, to determine size because a “financial institution's assets are determined by averaging the assets reported on its four quarterly financial statements for the preceding year.” 
                            <E T="03">See</E>
                             footnote 8 of the U.S. Small Business Administration's 
                            <E T="03">Table of Size Standards.</E>
                        </P>
                    </FTNT>
                    <P>The OCC estimates that the rule would impact none of these small entities, as the scope of the rule will only apply to depository institution subsidiaries of top-tier U.S. bank holding companies identified as GSIB holding companies. Therefore, the OCC certifies that the rule will not have a significant economic impact on a substantial number of small entities.</P>
                    <HD SOURCE="HD3">Board</HD>
                    <P>
                        The RFA generally requires that, in connection with a final rulemaking, an agency prepare and make available a final regulatory flexibility analysis describing the impact of the final rule on small entities.
                        <SU>132</SU>
                        <FTREF/>
                         However, a final regulatory flexibility analysis is not required if the agency certifies that the final rule will not have a significant economic impact on a substantial number of small entities.
                    </P>
                    <FTNT>
                        <P>
                            <SU>132</SU>
                             5 U.S.C. 601 
                            <E T="03">et seq.</E>
                        </P>
                    </FTNT>
                    <P>
                        Under regulations issued by the SBA, a small entity includes a depository institution, bank holding company, or savings and loan holding company with total assets of $850 million or less.
                        <SU>133</SU>
                        <FTREF/>
                         Consistent with the SBA's General Principles of Affiliation, the Board includes the assets of all domestic and foreign affiliates toward the applicable size threshold when determining whether to classify a particular entity as a small entity.
                        <SU>134</SU>
                        <FTREF/>
                         For the reasons described below and under section 605(b) of the RFA, the Board certifies that the final rule will not have a significant economic impact on a substantial number of small entities.
                        <SU>135</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>133</SU>
                             
                            <E T="03">See</E>
                             13 CFR 121.201.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>134</SU>
                             
                            <E T="03">See</E>
                             13 CFR 121.103.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>135</SU>
                             5 U.S.C. 605(b).
                        </P>
                    </FTNT>
                    <P>In connection with the proposed rule, the Board stated that it believed that the proposal would not have a significant economic impact on a substantial number of small entities. Nevertheless, the Board published and invited comment on an initial regulatory flexibility analysis of the proposal. No comments were received on the initial regulatory flexibility analysis.</P>
                    <P>
                        The Board is finalizing the amendments to the eSLR standards in the Board's capital rule and prompt corrective action framework and corresponding revisions to the Board's TLAC framework. The final rule helps to ensure that leverage requirements applicable to GSIBs generally serve as a backstop to risk-based requirements. The final rule also makes corresponding changes to the Board's reporting forms. The reasons and justification for the final rule are described above in more detail in the 
                        <E T="02">SUPPLEMENTARY INFORMATION.</E>
                    </P>
                    <P>
                        The Board has considered whether to conduct a final regulatory flexibility analysis in connection with the final rule. However, the final rule amends the eSLR standards applicable to GSIBs and their depository institution subsidiaries, and the only companies subject to these rules, and thus potentially impacted by the final rule's amendments, are GSIBs or subsidiaries within consolidated 
                        <PRTPAGE P="55286"/>
                        GSIB organizations. Companies that would be impacted by the final rule therefore substantially exceed the $850 million asset threshold at which a banking entity is considered a “small entity” under SBA regulations. Because the final rule does not apply to any company with total assets of $850 million or less, it is not expected to apply to any small entity for purposes of the RFA. In light of the foregoing, the Board certifies that the final rule does not have a significant economic impact on a substantial number of small entities.
                    </P>
                    <HD SOURCE="HD3">FDIC</HD>
                    <P>
                        The RFA generally requires an agency, in connection with a final rule, to prepare and make available for public comment a final regulatory flexibility analysis that describes the impact of the final rule on small entities.
                        <SU>136</SU>
                        <FTREF/>
                         However, a final regulatory flexibility analysis is not required if the agency certifies that the final rule will not, if promulgated, have a significant economic impact on a substantial number of small entities. The SBA has defined “small entities” to include banking organizations with total assets of less than or equal to $850 million.
                        <SU>137</SU>
                        <FTREF/>
                         Generally, the FDIC considers a significant economic impact to be a quantified effect in excess of 5 percent of total annual salaries and benefits or 2.5 percent of total noninterest expenses. The FDIC believes that effects in excess of one or more of these thresholds typically represent significant economic impacts for FDIC-supervised institutions.
                    </P>
                    <FTNT>
                        <P>
                            <SU>136</SU>
                             5 U.S.C. 601 
                            <E T="03">et seq.</E>
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>137</SU>
                             The SBA defines a small banking organization as having $850 million or less in assets, where an organization's “assets are determined by averaging the assets reported on its four quarterly financial statements for the preceding year.” 
                            <E T="03">See</E>
                             13 CFR 121.201 (as amended by 87 FR 69118, effective Dec. 19, 2022). In its determination, the “SBA counts the receipts, employees, or other measure of size of the concern whose size is at issue and all of its domestic and foreign affiliates.” 
                            <E T="03">See</E>
                             13 CFR 121.103. Following these regulations, the FDIC uses an insured depository institution's affiliated and acquired assets, averaged over the preceding four quarters, to determine whether the insured depository institution is “small” for the purposes of RFA.
                        </P>
                    </FTNT>
                    <P>
                        The final rule would only apply to FDIC-supervised depository institution subsidiaries of a GSIB. As of the quarter ending June 30, 2025, the FDIC supervised 2,808 insured depository institutions, of which 2,085 are considered “small” for the purposes of RFA.
                        <SU>138</SU>
                        <FTREF/>
                         As of the same time period, each of the eight U.S. GSIBs reported holding total consolidated assets in excess of $350 billion.
                        <SU>139</SU>
                        <FTREF/>
                         As of the quarter ending June 30, 2025, the FDIC-supervised one depository institution that is a subsidiary of a GSIB.
                        <SU>140</SU>
                        <FTREF/>
                         Given that this insured depository institution is affiliated with a GSIB, a banking organization with assets far in excess of $850 million, it is not considered to be “small” in accordance with RFA. In light of the foregoing, the FDIC certifies that the final rule would not have a significant economic impact on a substantial number of small entities. Accordingly, a final regulatory flexibility analysis is not required.
                    </P>
                    <FTNT>
                        <P>
                            <SU>138</SU>
                             FDIC Call Report data, June 30, 2025.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>139</SU>
                             Federal Reserve Y-9C data as of June 30, 2025.
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>140</SU>
                             FDIC Call Report data, June 30, 2025.
                        </P>
                    </FTNT>
                    <HD SOURCE="HD2">C. Plain Language</HD>
                    <P>
                        Section 722 of the Gramm-Leach Bliley Act 
                        <SU>141</SU>
                        <FTREF/>
                         requires the Federal banking agencies to use plain language in all proposed and final rules published after January 1, 2000. The agencies invited comment on the use of plain language and have sought to present the final rule in a simple and straightforward manner.
                    </P>
                    <FTNT>
                        <P>
                            <SU>141</SU>
                             Public. Law 106-102, section 722, 113 Stat. 1338, 1471 (1999); 12 U.S.C. 4809.
                        </P>
                    </FTNT>
                    <HD SOURCE="HD2">D. Riegle Community Development and Regulatory Improvement Act of 1994</HD>
                    <P>
                        Pursuant to section 302(a) of the Riegle Community Development and Regulatory Improvement Act (RCDRIA), in determining the effective date and administrative compliance requirements for new regulations that impose additional reporting, disclosure, or other requirements on insured depository institutions, each Federal banking agency must consider, consistent with the principle of safety and soundness and the public interest, any administrative burdens that such regulations would place on depository institutions, including small depository institutions, and customers of depository institutions, as well as the benefits of such regulations.
                        <SU>142</SU>
                        <FTREF/>
                         In addition, section 302(b) of RCDRIA requires new regulations and amendments to regulations that impose additional reporting, disclosures, or other new requirements on insured depository institutions generally to take effect on the first day of a calendar quarter that begins on or after the date on which the regulations are published in final form, with certain exceptions, including for good cause.
                        <SU>143</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>142</SU>
                             12 U.S.C. 4802(a).
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>143</SU>
                             12 U.S.C. 4802(b).
                        </P>
                    </FTNT>
                    <P>The agencies solicited comment on the requirements of RCDRIA, including on any administrative burdens that the proposal would place on depository institutions, including small depository institutions, and their customers, and the benefits of the proposal that should be considered in determining the effective date and administrative compliance requirements for the final rule.</P>
                    <P>In accordance with section 302 of RCDRIA, the agencies considered any administrative burdens, as well as benefits, that the final rule would place on depository institutions and their customers in determining the effective date and administrative compliance required of the final rule. Consistent with the requirements of section 302 of RCDRIA, the final rule is effective on April 1, 2026; however, banking organizations subject to this final rule may elect to voluntarily adopt the final rule beginning January 1, 2026.</P>
                    <HD SOURCE="HD2">E. Executive Orders 12866, 13563, and 14192</HD>
                    <P>
                        Executive Order 12866 (Regulatory Planning and Review) and Executive Order 13563 (Improving Regulation and Regulatory Review) 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 was drafted and reviewed in accordance with Executive Order 12866 and Executive Order 13563. Within OMB, the Office of Information and Regulatory Affairs (OIRA) has determined that this rulemaking is a “significant regulatory action” under Executive Order 12866. Accordingly, an assessment was submitted to OIRA. As noted in other sections of the 
                        <E T="02">SUPPLEMENTARY INFORMATION,</E>
                         the agencies have assessed the costs and benefits of this rulemaking and have made a reasoned determination that the benefits of this rulemaking justify its costs. This final rule is considered to be an Executive Order 14192 deregulatory action.
                    </P>
                    <HD SOURCE="HD2">F. OCC Unfunded Mandates Reform Act of 1995</HD>
                    <P>
                        The OCC has analyzed the final rule under the factors in the Unfunded Mandates Reform Act of 1995 (UMRA) (2 U.S.C. 1532). Under this analysis, the OCC considered whether the final rule includes a Federal mandate that may result in the expenditure by State, local, and tribal governments, in the aggregate, or by the private sector, of $100 million or more in any one year (adjusted annually for inflation). The OCC has determined this final rule would not result in the expenditure by state, local, and tribal governments, or the private sector, of $100 million or more in any one year (adjusted annually for inflation).
                        <PRTPAGE P="55287"/>
                    </P>
                    <HD SOURCE="HD2">G. Congressional Review Act</HD>
                    <P>
                        For purposes of the Congressional Review Act, OMB makes a determination as to whether a final rule constitutes a “major” rule.
                        <SU>144</SU>
                        <FTREF/>
                         If a rule is deemed a “major rule” by OMB, the Congressional Review Act generally provides that the rule may not take effect until at least 60 days following its publication.
                        <SU>145</SU>
                        <FTREF/>
                    </P>
                    <FTNT>
                        <P>
                            <SU>144</SU>
                             5 U.S.C. 801 
                            <E T="03">et seq.</E>
                        </P>
                    </FTNT>
                    <FTNT>
                        <P>
                            <SU>145</SU>
                             5 U.S.C. 801(a)(3); 5 U.S.C. 804(2).
                        </P>
                    </FTNT>
                    <P>
                        The Congressional Review Act defines a “major rule” as any rule that the Administrator of the Office of Information and Regulatory Affairs of the OMB finds has resulted in or is likely to result in—(A) an annual effect on the economy of $100,000,000 or more; (B) a major increase in costs or prices for consumers; individual industries; Federal, State, or local government agencies; or geographic regions, or (C) significant adverse effects on competition, employment, investment, productivity, innovation, or on the ability of United States-based enterprises to compete with foreign-based enterprises in domestic and export markets.
                        <SU>146</SU>
                        <FTREF/>
                         OMB has determined that the final rule is a major rule for purposes of the Congressional Review Act. As required, the agencies will submit the final rule and other appropriate reports to Congress and the Government Accountability Office for review.
                    </P>
                    <FTNT>
                        <P>
                            <SU>146</SU>
                             5 U.S.C. 801(a)(3).
                        </P>
                    </FTNT>
                    <LSTSUB>
                        <HD SOURCE="HED">List of Subjects</HD>
                        <CFR>12 CFR Part 3</CFR>
                        <P>Administrative practice and procedure, Banks, banking, Federal Reserve System, Federal savings associations, Investments, National banks, Reporting and recordkeeping requirements.</P>
                        <CFR>12 CFR Part 6</CFR>
                        <P>Federal Reserve System, Federal savings associations, National banks, Penalties.</P>
                        <CFR>12 CFR Part 208</CFR>
                        <P>Confidential business information, Crime, Currency, Federal Reserve System, Mortgages, Reporting and recordkeeping requirements, Securities.</P>
                        <CFR>12 CFR Part 217</CFR>
                        <P>Administrative practice and procedure, Banks, Banking, Capital, Federal Reserve System, Holding companies, Reporting and recordkeeping requirements, Risk, Securities.</P>
                        <CFR>12 CFR Part 252</CFR>
                        <P>Administrative practice and procedure, Banks, banking, Federal Reserve System, Holding companies, Investments, Qualified financial contracts, Reporting and recordkeeping requirements, Securities.</P>
                        <CFR>12 CFR Part 324</CFR>
                        <P>Administrative practice and procedure, Banks, banking, Capital adequacy, Confidential business information, Investments, Reporting and recordkeeping requirements, Savings associations, State non-member banks.</P>
                    </LSTSUB>
                    <HD SOURCE="HD1">Department of the Treasury</HD>
                    <HD SOURCE="HD1">Office of the Comptroller of the Currency</HD>
                    <P>12 CFR Chapter I</P>
                    <HD SOURCE="HD1">Authority and Issuance</HD>
                    <P>For the reasons set forth in the joint preamble, the OCC amends parts 3 and 6 of chapter I of title 12 of the Code of Federal Regulations as follows:</P>
                    <PART>
                        <HD SOURCE="HED">PART 3—CAPITAL ADEQUACY STANDARDS</HD>
                    </PART>
                    <REGTEXT TITLE="12" PART="3">
                        <AMDPAR>1. The authority citation for part 3 continues to read as follows:</AMDPAR>
                        <AUTH>
                            <HD SOURCE="HED">Authority:</HD>
                            <P> 12 U.S.C. 93a; 161, 1462, 1462a, 1463, 1464, 1818, 1828(n), 1828 note, 1831n note, 1835, 3907, 3909, 5412(b)(2)(B), and Pub. L. 116-136, 134 Stat. 281.</P>
                        </AUTH>
                    </REGTEXT>
                    <REGTEXT TITLE="12" PART="3">
                        <AMDPAR>2. In § 3.11:</AMDPAR>
                        <AMDPAR>a. Revise paragraphs (a)(2)(ii) and (iii) and add paragraph (a)(2)(v);</AMDPAR>
                        <AMDPAR>b. Revise paragraphs (a)(3)(i), (a)(4)(ii) and (iii); and</AMDPAR>
                        <AMDPAR>c. Add paragraph (c) and table 2 to § 3.11.</AMDPAR>
                        <P>The revisions and additions read as follows:</P>
                        <SECTION>
                            <SECTNO>§ 3.11 </SECTNO>
                            <SUBJECT>Capital conservation buffer and countercyclical capital buffer amount.</SUBJECT>
                            <P>(a) * * *</P>
                            <P>(2) * * *</P>
                            <P>
                                (ii) 
                                <E T="03">Maximum payout ratio.</E>
                                 The maximum payout ratio is the percentage of eligible retained income that a national bank or Federal savings association can pay out in the form of distributions and discretionary bonus payments during the current calendar quarter. For a national bank or Federal savings association that is not a subsidiary of a U.S. top-tier bank holding company that has more than $700 billion in total assets as reported on the company's most recent Consolidated Financial Statement for Bank Holding Companies (Form FR Y-9C) or more than $10 trillion in assets under custody as reported on the company's most recent Banking Organization Systemic Risk Report (Form FR Y-15), the maximum payout ratio is based on the national bank's or Federal savings association's capital conservation buffer, calculated as of the last day of the previous calendar quarter, as set forth in Table 1 to § 3.11. For a national bank or Federal savings association that is a subsidiary of a U.S. top-tier bank holding company that has more than $700 billion in total assets as reported on the company's most recent Consolidated Financial Statement for Bank Holding Companies (Form FR Y-9C) or more than $10 trillion in assets under custody as reported on the company's most recent Banking Organization Systemic Risk Report (Form FR Y-15), the maximum payout ratio is determined under paragraph (c)(1) of this section.
                            </P>
                            <P>
                                (iii) 
                                <E T="03">Maximum payout amount.</E>
                                 A national bank's or Federal savings association's maximum payout amount for the current calendar quarter is equal to the national bank's or Federal savings association's eligible retained income, multiplied by the applicable maximum payout ratio.
                            </P>
                            <STARS/>
                            <P>
                                (v) 
                                <E T="03">Leverage buffer standard.</E>
                                 For a national bank or Federal savings association that is a subsidiary of a U.S. top-tier bank holding company that has more than $700 billion in total assets as reported on the company's most recent Consolidated Financial Statement for Bank Holding Companies (Form FR Y-9C) or more than $10 trillion in assets under custody as reported on the company's most recent Banking Organization Systemic Risk Report (Form FR Y-15), the leverage buffer standard is equal to the lesser of 1.0 percent or, if applicable, 50 percent of the most recent method 1 surcharge (expressed as a percentage) that the global systemically important BHC that controls the national bank or Federal savings association was required to calculate pursuant to § 217.403(b), subject to the effective date provisions of § 217.403(d).
                            </P>
                            <STARS/>
                            <P>(3) * * *</P>
                            <P>(i) The capital conservation buffer for a national bank or Federal savings association is equal to the lowest of the following ratios, calculated as of the last day of the previous calendar quarter:</P>
                            <STARS/>
                            <P>
                                (4) 
                                <E T="03">* * *</E>
                            </P>
                            <P>
                                (ii) A national bank or Federal savings association, with a capital conservation buffer that is greater than 2.5 percent plus 100 percent of its applicable countercyclical capital buffer, in accordance with paragraph (b) of this section and, if applicable, a leverage 
                                <PRTPAGE P="55288"/>
                                buffer greater than its leverage buffer standard is not subject to a maximum payout amount under this section.
                            </P>
                            <P>
                                (iii) 
                                <E T="03">Negative eligible retained income.</E>
                                 Except as provided in paragraph (a)(4)(iv) of this section, a national bank or Federal savings association may not make distributions or discretionary bonus payments during the current calendar quarter if the national bank's or Federal savings association's:
                            </P>
                            <P>(A) Eligible retained income is negative;</P>
                            <P>(B) Capital conservation buffer was less than 2.5 percent as of the end of the previous calendar quarter; and</P>
                            <P>(C) If applicable, leverage buffer, calculated as of the last day of the previous calendar quarter, was less than its leverage buffer standard.</P>
                            <STARS/>
                            <P>
                                (c) 
                                <E T="03">Calculation of maximum payout ratio for a national bank or Federal savings association that is a subsidiary of a U.S. top-tier bank holding company that has more than $700 billion in total assets as reported on the company's most recent Consolidated Financial Statement for Bank Holding Companies (Form FR Y-9C) or more than $10 trillion in assets under custody as reported on the company's most recent Banking Organization Systemic Risk Report (Form FR Y-15)</E>
                                —(1) 
                                <E T="03">Maximum Payout Ratio.</E>
                                 The maximum payout ratio of a national bank or Federal savings association that is a subsidiary of a U.S. top-tier bank holding company that has more than $700 billion in total assets as reported on the company's most recent Consolidated Financial Statement for Bank Holding Companies (Form FR Y-9C) or more than $10 trillion in assets under custody as reported on the company's most recent Banking Organization Systemic Risk Report (Form FR Y-15) is the lowest of the payout ratios determined by its capital conservation buffer, calculated as of the last day of the previous calendar quarter, as set forth in table 1 to § 3.11 and leverage buffer as set forth in table 2 to this section.
                            </P>
                            <P>
                                (2) 
                                <E T="03">Leverage buffer.</E>
                                 (i) The leverage buffer is composed solely of tier 1 capital.
                            </P>
                            <P>(ii) A national bank or Federal savings association that is a subsidiary of a U.S. top-tier bank holding company that has more than $700 billion in total assets as reported on the company's most recent Consolidated Financial Statement for Bank Holding Companies (Form FR Y-9C) or more than $10 trillion in assets under custody as reported on the company's most recent Banking Organization Systemic Risk Report (Form FR Y-15) has a leverage buffer that is equal to the national bank's or Federal savings association's supplementary leverage ratio minus 3 percent, calculated as of the last day of the previous calendar quarter.</P>
                            <P>(iii) Notwithstanding paragraph (c)(2)(ii) of this section, if the supplementary leverage ratio of the national bank or Federal savings association that is a subsidiary of a U.S. top-tier bank holding company that has more than $700 billion in total assets as reported on the company's most recent Consolidated Financial Statement for Bank Holding Companies (Form FR Y-9C) or more than $10 trillion in assets under custody as reported on the company's most recent Banking Organization Systemic Risk Report (Form FR Y-15) is less than or equal to 3 percent, the national bank's or Federal savings association's leverage buffer is zero.</P>
                            <GPOTABLE COLS="2" OPTS="L2,nj,i1" CDEF="s150,r50">
                                <TTITLE>Table 2 to § 3.11—Calculation of Maximum Payout</TTITLE>
                                <BOXHD>
                                    <CHED H="1">Leverage buffer</CHED>
                                    <CHED H="1">Maximum payout</CHED>
                                </BOXHD>
                                <ROW>
                                    <ENT I="01">Greater than the national bank's or Federal savings association's leverage buffer standard</ENT>
                                    <ENT>No payout ratio limitation applies.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">
                                        Less than or equal to 100 percent of the national bank's or Federal savings association's leverage buffer standard, 
                                        <E T="03">and</E>
                                         greater than 75 percent of the national bank's or Federal savings association's leverage buffer standard
                                    </ENT>
                                    <ENT>60 percent.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">
                                        Less than or equal to 75 percent of the national bank's or Federal savings association's leverage buffer standard, 
                                        <E T="03">and</E>
                                         greater than 50 percent of the national bank's or Federal savings association's leverage buffer standard
                                    </ENT>
                                    <ENT>40 percent.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">
                                        Less than or equal to 50 percent of national bank's or Federal savings association's leverage buffer standard, 
                                        <E T="03">and</E>
                                         greater than 25 percent of the national bank's or Federal savings association's leverage buffer standard
                                    </ENT>
                                    <ENT>20 percent.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">Less than or equal to 25 percent of the national bank's or Federal savings association's leverage buffer standard</ENT>
                                    <ENT>0 percent.</ENT>
                                </ROW>
                            </GPOTABLE>
                        </SECTION>
                    </REGTEXT>
                    <PART>
                        <HD SOURCE="HED">PART 6—PROMPT CORRECTIVE ACTION</HD>
                    </PART>
                    <REGTEXT TITLE="12" PART="6">
                        <AMDPAR>3. The authority citation for part 6 continues to read as follows:</AMDPAR>
                        <AUTH>
                            <HD SOURCE="HED">Authority: </HD>
                            <P>12 U.S.C. 93a, 1831o, 5412(b)(2)(B).</P>
                        </AUTH>
                    </REGTEXT>
                    <REGTEXT TITLE="12" PART="6">
                        <AMDPAR>4. In § 6.4 revise paragraphs (a)(1)(iv)(B) and (b)(1)(i)(D) to read as follows:</AMDPAR>
                        <SECTION>
                            <SECTNO>§ 6.4</SECTNO>
                            <SUBJECT>Capital measures and capital categories.</SUBJECT>
                            <P>(a) * * *</P>
                            <P>(1) * * *</P>
                            <P>(iv) * * *</P>
                            <P>(B) With respect to an advanced approaches national bank or Federal Savings association, or a Category III OCC-regulated institution, the supplementary leverage ratio; and</P>
                            <STARS/>
                            <P>(b) * * *</P>
                            <P>(1) * * *</P>
                            <P>(i) * * *</P>
                            <P>(D) Leverage Measure: The national bank or Federal savings association has a leverage ratio of 5.0 percent or greater; and</P>
                            <STARS/>
                        </SECTION>
                    </REGTEXT>
                    <HD SOURCE="HD1">Federal Reserve System</HD>
                    <P>12 CFR Chapter II</P>
                    <HD SOURCE="HD1">Authority and Issuance</HD>
                    <P>For the reasons set forth in the joint preamble, the Board of Governors of the Federal Reserve System amends chapter II of title 12 of the Code of Federal Regulations as follows:</P>
                    <PART>
                        <HD SOURCE="HED">PART 208—MEMBERSHIP OF STATE BANKING INSTITUTIONS IN THE FEDERAL RESERVE SYSTEM (REGULATION H)</HD>
                    </PART>
                    <REGTEXT TITLE="12" PART="208">
                        <AMDPAR>5. The authority citation for part 208 continues to read as follows:</AMDPAR>
                        <AUTH>
                            <HD SOURCE="HED">Authority: </HD>
                            <P> 12 U.S.C. 24, 36, 92a, 93a, 248(a), 248(c), 321-338a, 371d, 461, 481-486, 601, 611, 1814, 1816, 1817(a)(3), 1817(a)(12), 1818, 1820(d)(9), 1833(j), 1828(o), 1831, 1831o, 1831p-1, 1831r-1, 1831w, 1831x, 1835a, 1882, 2901-2907, 3105, 3310, 3331-3351, 3905-3909, 5371, and 5371 note; 15 U.S.C. 78b, 78I(b), 78l(i), 780-4(c)(5), 78q, 78q-1, 78w, 1681s, 1681w, 6801, and 6805; 31 U.S.C. 5318; 42 U.S.C. 4012a, 4104a, 4104b, 4106, and 4128.</P>
                        </AUTH>
                    </REGTEXT>
                    <REGTEXT TITLE="12" PART="208">
                        <PRTPAGE P="55289"/>
                        <AMDPAR>6. In § 208.41, revise paragraphs (d), (m), and (p) to read as follows:</AMDPAR>
                        <SECTION>
                            <SECTNO>§ 208.41</SECTNO>
                            <SUBJECT>Definitions for purposes of this subpart.</SUBJECT>
                            <STARS/>
                            <P>
                                (d) 
                                <E T="03">Common equity tier 1 risk-based capital ratio</E>
                                 means the ratio of common equity tier 1 capital to total risk-weighted assets, as calculated in accordance with § 217.10(b)(1) or § 217.10(d)(1) of Regulation Q (12 CFR 217.10(b)(1), 12 CFR 217.10(d)(1)), as applicable.
                            </P>
                            <STARS/>
                            <P>
                                (m) 
                                <E T="03">Tier 1 risk-based capital ratio</E>
                                 means the ratio of tier 1 capital to total risk-weighted assets, as calculated in accordance with § 217.10(b)(2) or § 217.10(d)(2) of Regulation Q (12 CFR 217.10(b)(2), 12 CFR 217.10(d)(2)), as applicable.
                            </P>
                            <STARS/>
                            <P>
                                (p) 
                                <E T="03">Total risk-based capital ratio</E>
                                 means the ratio of total capital to total risk-weighted assets, as calculated in accordance with § 217.10(b)(3) or § 217.10(d)(3) of Regulation Q (12 CFR 217.10(b)(3), 12 CFR 217.10(d)(3)), as applicable.
                            </P>
                            <STARS/>
                        </SECTION>
                    </REGTEXT>
                    <REGTEXT TITLE="12" PART="208">
                        <AMDPAR>7. In § 208.43:</AMDPAR>
                        <AMDPAR>a. Revise paragraph (a)(1)(iv)(B);</AMDPAR>
                        <AMDPAR>b. Remove paragraph (a)(1)(iv)(C); and,</AMDPAR>
                        <AMDPAR>b. Revise paragraph (b)(1)(i)(D).</AMDPAR>
                        <P>The revisions read as follows:</P>
                        <SECTION>
                            <SECTNO>§ 208.43 </SECTNO>
                            <SUBJECT>Capital measures and capital category definitions.</SUBJECT>
                            <P>(a) * * *</P>
                            <P>(1) * * *</P>
                            <P>(iv) * * *</P>
                            <P>(B) With respect to an advanced approaches bank or, if applicable, a bank that is a Category III Board-regulated institution (as defined in § 217.2 of this chapter), the supplementary leverage ratio.</P>
                            <STARS/>
                            <P>(b) * * *</P>
                            <P>(1) * * *</P>
                            <P>(i) * * *</P>
                            <P>(D) Leverage Measure: The bank has a leverage ratio of 5.0 percent or greater; and</P>
                            <STARS/>
                        </SECTION>
                    </REGTEXT>
                    <PART>
                        <HD SOURCE="HED">PART 217—CAPITAL ADEQUACY OF BANK HOLDING COMPANIES, SAVINGS AND LOAN HOLDING COMPANIES, AND STATE MEMBER BANKS (REGULATION Q)</HD>
                    </PART>
                    <REGTEXT TITLE="12" PART="217">
                        <AMDPAR>8. The authority citation for part 217 continues to read as follows:</AMDPAR>
                        <AUTH>
                            <HD SOURCE="HED">Authority:</HD>
                            <P> 12 U.S.C. 248(a), 321-338a, 481-486, 1462a, 1467a, 1818, 1828, 1831n, 1831o, 1831p-1, 1831w, 1835, 1844(b), 1851, 3904, 3906-3909, 4808, 5365, 5368, 5371, 5371 note, and sec. 4012, Pub. L. 116-136, 134 Stat. 281.</P>
                        </AUTH>
                    </REGTEXT>
                    <REGTEXT TITLE="12" PART="217">
                        <AMDPAR>9. In § 217.11:</AMDPAR>
                        <AMDPAR>a. Revise paragraphs (a)(2)(iii), (a)(2)(v), (b)(1) introductory text, (c)(1)(ii), (c)(2)(ii)(A), (B), and (C);</AMDPAR>
                        <AMDPAR>b. Add paragraph (f) and table 3 to § 217.11(f).</AMDPAR>
                        <P>The revisions and addition read as follows:</P>
                        <SECTION>
                            <SECTNO>§ 217.11</SECTNO>
                            <SUBJECT>Capital conservation buffer, countercyclical capital buffer amount, and GSIB surcharge.</SUBJECT>
                            <P>(a) * * *</P>
                            <P>(2) * * *</P>
                            <P>
                                (iii) 
                                <E T="03">Maximum payout ratio.</E>
                                 The maximum payout ratio is the percentage of eligible retained income that a Board-regulated institution can pay out in the form of distributions and discretionary bonus payments during the current calendar quarter. For a Board-regulated institution that is not subject to 12 CFR 225.8 or 238.170 and that is not a state member bank subsidiary of a global systemically important BHC, the maximum payout ratio is determined by the Board-regulated institution's capital conservation buffer, calculated as of the last day of the previous calendar quarter, as set forth in table 1 to paragraph (a)(4)(iv) of this section. For a Board-regulated institution that is subject to 12 CFR 225.8 or 238.170, the maximum payout ratio is determined under paragraph (c)(1)(ii) of this section. For a state member bank that is a subsidiary of a global systemically important BHC, the maximum payout ratio is determined under paragraph (f) of this section.
                            </P>
                            <STARS/>
                            <P>
                                (v) 
                                <E T="03">Leverage buffer requirement.</E>
                                 (A) A global systemically important BHC's leverage buffer requirement is 50 percent of the most recent method 1 surcharge (expressed as a percentage) that the Board-regulated institution was required to calculate pursuant to § 217.403(b), subject to the effective date provisions of § 217.403(d).
                            </P>
                            <P>(B) The leverage buffer requirement of a state member bank that is a subsidiary of a global systemically important BHC is equal to the lesser of 1.0 percent or 50 percent of the most recent method 1 surcharge (expressed as a percentage) that the global systemically important BHC that controls the state member bank was required to calculate pursuant to § 217.403(b), subject to the effective date provisions of § 217.403(d).</P>
                            <STARS/>
                            <P>(b) * * *</P>
                            <P>
                                (1) 
                                <E T="03">General.</E>
                                 An advanced approaches Board-regulated institution or a Category III Board-regulated institution must calculate a countercyclical capital buffer amount in accordance with this paragraph (b) for purposes of determining its maximum payout ratio under table 1 to § 217.11(a)(4)(iv) and, if applicable, table 2 to § 217.11(c)(4)(iii) or table 3 to § 217.11(f).
                            </P>
                            <STARS/>
                            <P>(c) * * *</P>
                            <P>(1) * * *</P>
                            <P>
                                (ii) 
                                <E T="03">Maximum payout ratio.</E>
                                 The maximum payout ratio of a Board-regulated institution that is subject to 12 CFR 225.8 or 238.170 is the lowest of the payout ratios determined by its standardized approach capital conservation buffer, calculated as of the last day of the previous calendar quarter; if applicable, advanced approaches capital conservation buffer, calculated as of the last day of the previous calendar quarter; and, if applicable, leverage buffer, as set forth in table 2 to § 217.11(c)(4)(iii), calculated as of the last day of the previous calendar quarter.
                            </P>
                            <STARS/>
                            <P>(2) * * *</P>
                            <P>(ii) * * *</P>
                            <P>(A) The ratio calculated by the Board-regulated institution under § 217.10(b)(1) or (d)(1)(i), as applicable, minus the Board-regulated institution's minimum common equity tier 1 capital ratio requirement under § 217.10(a);</P>
                            <P>(B) The ratio calculated by the Board-regulated institution under § 217.10(d)(2)(ii) minus the Board-regulated institution's minimum tier 1 capital ratio requirement under § 217.10(a); and</P>
                            <P>(C) The ratio calculated by the Board-regulated institution under § 217.10(d)(3)(ii) minus the Board-regulated institution's minimum total capital ratio requirement under § 217.10(a).</P>
                            <STARS/>
                            <P>
                                (f) 
                                <E T="03">Leverage buffer for a state member bank that is a subsidiary of a global systemically important BHC</E>
                                —(1) 
                                <E T="03">Maximum payout ratio.</E>
                                 The maximum payout ratio of a state member bank that is a subsidiary of a global systemically important BHC is the lowest of the payout ratios determined by its capital conservation buffer, calculated as of the last day of the previous calendar quarter, as set forth in table 1 to § 217.11(a)(4)(iv), and leverage buffer, calculated as of the last day of the previous calendar quarter, as set forth in table 3 to § 217.11(f).
                            </P>
                            <PRTPAGE P="55290"/>
                            <P>
                                (2) 
                                <E T="03">Limits on distributions and discretionary bonus payments.</E>
                                 Except as provided in paragraph (a)(4)(iv) of this section, a state member bank that is a subsidiary of a global systemically important BHC may not make distributions or discretionary bonus payments during the current calendar quarter if the Board regulated institution's leverage buffer, calculated as of the last day of the previous calendar quarter, is less than its leverage buffer requirement as calculated under paragraph (a)(2)(v) of this section.
                            </P>
                            <P>
                                (3) 
                                <E T="03">Leverage buffer.</E>
                                 (i) The leverage buffer is composed solely of tier 1 capital.
                            </P>
                            <P>(ii) A state member bank that is a subsidiary of a global systemically important BHC has a leverage buffer that is equal to the state member bank's supplementary leverage ratio minus 3 percent, calculated as of the last day of the previous calendar quarter.</P>
                            <P>(iii) Notwithstanding paragraph (f)(3)(ii) of this section, if the state member bank's supplementary leverage ratio is less than or equal to 3 percent, the state member bank's leverage buffer is zero.</P>
                            <GPOTABLE COLS="2" OPTS="L2,nj,i1" CDEF="s150,r50">
                                <TTITLE>Table 3 to § 217.11(f)—Calculation of Maximum Payout Amount</TTITLE>
                                <BOXHD>
                                    <CHED H="1">Leverage buffer</CHED>
                                    <CHED H="1">Maximum payout ratio</CHED>
                                </BOXHD>
                                <ROW>
                                    <ENT I="01">Greater than the state member bank's leverage buffer requirement</ENT>
                                    <ENT>No payout ratio limitation applies.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">
                                        Less than or equal to 100 percent of the state member bank's leverage buffer requirement, 
                                        <E T="03">and</E>
                                         greater than 75 percent of the state member bank's leverage buffer requirement
                                    </ENT>
                                    <ENT>60 percent.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">
                                        Less than or equal to 75 percent of the state member bank's leverage buffer requirement, 
                                        <E T="03">and</E>
                                         greater than 50 percent of the state member bank's leverage buffer requirement
                                    </ENT>
                                    <ENT>40 percent.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">
                                        Less than or equal to 50 percent of the state member bank's leverage buffer requirement, 
                                        <E T="03">and</E>
                                         greater than 25 percent of the state member bank's leverage buffer requirement
                                    </ENT>
                                    <ENT>20 percent.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">Less than or equal to 25 percent of the state member bank's leverage buffer requirement</ENT>
                                    <ENT>0 percent.</ENT>
                                </ROW>
                            </GPOTABLE>
                        </SECTION>
                    </REGTEXT>
                    <PART>
                        <HD SOURCE="HED">PART 252—ENHANCED PRUDENTIAL STANDARDS (REGULATION YY)</HD>
                    </PART>
                    <REGTEXT TITLE="12" PART="252">
                        <AMDPAR>10. The authority citation for part 252 continues to read as follows:</AMDPAR>
                        <AUTH>
                            <HD SOURCE="HED">Authority: </HD>
                            <P>
                                12 U.S.C. 321-338a, 481-486, 1467a, 1818, 1828, 1831n, 1831o, 1831p-l, 1831w, 1835, 1844(b), 1844(c), 3101 
                                <E T="03">et seq.,</E>
                                 3101 note, 3904, 3906-3909, 4808, 5361, 5362, 5365, 5366, 5367, 5368, 5371.
                            </P>
                        </AUTH>
                    </REGTEXT>
                    <REGTEXT TITLE="12" PART="252">
                        <AMDPAR>11. In § 252.61, revise the definition of “Common equity tier 1 capital ratio” to read as follows:</AMDPAR>
                        <SECTION>
                            <SECTNO>§ 252.61 </SECTNO>
                            <SUBJECT>Definitions.</SUBJECT>
                            <STARS/>
                            <P>
                                <E T="03">Common equity tier 1 capital ratio</E>
                                 has the same meaning as in 12 CFR 217.10(b)(1) and 12 CFR 217.10(d), as applicable.
                            </P>
                            <STARS/>
                        </SECTION>
                    </REGTEXT>
                    <REGTEXT TITLE="12" PART="252">
                        <AMDPAR>12. In § 252.62, revise paragraph (a)(2) to read as follows:</AMDPAR>
                        <SECTION>
                            <SECTNO>§ 252.62 </SECTNO>
                            <SUBJECT>External long-term debt requirement.</SUBJECT>
                            <P>(a) * * *</P>
                            <P>(2) The global systemically important BHC's total leverage exposure multiplied by the sum of 2.5 percent plus the global systemically important BHC's leverage buffer requirement under 12 CFR 217.11 (expressed as a percentage).</P>
                            <STARS/>
                        </SECTION>
                    </REGTEXT>
                    <REGTEXT TITLE="12" PART="252">
                        <AMDPAR>13. In § 252.63, revise paragraphs (c)(4)(ii) and (c)(4)(iii)(B), and table 2 to § 252.63 to read as follows:</AMDPAR>
                        <SECTION>
                            <SECTNO>§ 252.63 </SECTNO>
                            <SUBJECT>External total loss-absorbing capacity requirement and buffer.</SUBJECT>
                            <STARS/>
                            <P>(c) * * *</P>
                            <P>(4) * * *</P>
                            <P>(ii) A global systemically important BHC with an external TLAC risk-weighted buffer level that is greater than the external TLAC risk-weighted buffer and an external TLAC leverage buffer level that is greater than the global systemically important BHC's leverage buffer requirement under 12 CFR 217.11, in accordance with paragraph (c)(5) of this section, is not subject to a maximum external TLAC risk-weighted payout amount or a maximum external TLAC leverage payout amount.</P>
                            <P>(iii) * * *</P>
                            <P>(B) External TLAC risk-weighted buffer level was less than the external TLAC risk-weighted buffer as of the end of the previous calendar quarter or external TLAC leverage buffer level was less than the global systemically important BHC's leverage buffer requirement under 12 CFR 217.11 as of the end of the previous calendar quarter.</P>
                            <STARS/>
                            <GPOTABLE COLS="2" OPTS="L2,nj,p8,8/8,i1" CDEF="s150,r50">
                                <TTITLE>Table 2 to § 252.63—Calculation of Maximum External TLAC Leverage Payout Amount</TTITLE>
                                <BOXHD>
                                    <CHED H="1">External TLAC leverage buffer level</CHED>
                                    <CHED H="1">
                                        Maximum external TLAC leverage payout ratio 
                                        <LI>(as a percentage of eligible retained income)</LI>
                                    </CHED>
                                </BOXHD>
                                <ROW>
                                    <ENT I="01">Greater than 100 percent of the global systemically important BHC's leverage buffer requirement under 12 CFR 217.11</ENT>
                                    <ENT>No payout ratio limitation applies.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">
                                        Less than or equal to 100 percent of the global systemically important BHC's leverage buffer requirement under 12 CFR 217.11, 
                                        <E T="03">and</E>
                                         greater than 75 percent of the global systemically important BHC's leverage buffer requirement under 12 CFR 217.11
                                    </ENT>
                                    <ENT>60 percent.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">
                                        Less than or equal to 75 percent of the global systemically important BHC's leverage buffer requirement under 12 CFR 217.11, 
                                        <E T="03">and</E>
                                         greater than 50 percent of the global systemically important BHC's leverage buffer requirement under 12 CFR 217.11
                                    </ENT>
                                    <ENT>40 percent.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">
                                        Less than or equal to 50 percent of the global systemically important BHC's leverage buffer requirement under 12 CFR 217.11, 
                                        <E T="03">and</E>
                                         greater than 25 percent of the global systemically important BHC's leverage buffer requirement under 12 CFR 217.11
                                    </ENT>
                                    <ENT>20 percent.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">Less than or equal to 25 percent of global systemically important BHC's leverage buffer requirement under 12 CFR 217.11</ENT>
                                    <ENT>0 percent.</ENT>
                                </ROW>
                            </GPOTABLE>
                            <PRTPAGE P="55291"/>
                            <STARS/>
                        </SECTION>
                    </REGTEXT>
                    <REGTEXT TITLE="12" PART="252">
                        <AMDPAR>14. In § 252.161, revise the definition of “Common equity tier 1 capital ratio” as follows:</AMDPAR>
                        <SECTION>
                            <SECTNO>§ 252.161 </SECTNO>
                            <SUBJECT>Definitions.</SUBJECT>
                            <STARS/>
                            <P>
                                <E T="03">Common equity tier 1 capital ratio</E>
                                 has the same meaning as in 12 CFR 217.10(b) and 12 CFR 217.10(d), as applicable.
                            </P>
                            <STARS/>
                        </SECTION>
                    </REGTEXT>
                    <HD SOURCE="HD1">Federal Deposit Insurance Corporation</HD>
                    <P>
                        <E T="02">12 CFR CHAPTER III</E>
                    </P>
                    <SUBCHAP>
                        <HD SOURCE="HED">SUBCHAPTER B</HD>
                    </SUBCHAP>
                    <HD SOURCE="HD1">Authority and Issuance</HD>
                    <P>For the reasons stated in the common preamble, the Board of Directors of the Federal Deposit Insurance Corporation amends 12 CFR part 324 as follows:</P>
                    <PART>
                        <HD SOURCE="HED">PART 324—CAPITAL ADEQUACY OF FDIC-SUPERVISED INSTITUTIONS</HD>
                    </PART>
                    <REGTEXT TITLE="12" PART="324">
                        <AMDPAR>15. The authority citation for part 324 continues to read as follows:</AMDPAR>
                        <AUTH>
                            <HD SOURCE="HED">Authority:</HD>
                            <P> 12 U.S.C. 1815(a), 1815(b), 1816, 1818(a), 1818(b), 1818(c), 1818(t), 1819(Tenth), 1828(c), 1828(d), 1828(i), 1828(n), 1828(o), 1831o, 1835, 3907, 3909, 4808; 5371; 5412; Pub. L. 102-233, 105 Stat. 1761, 1789, 1790 (12 U.S.C. 1831n note); Pub. L. 102-242, 105 Stat. 2236, 2355, as amended by Pub. L. 103-325, 108 Stat. 2160, 2233 (12 U.S.C. 1828 note); Pub. L. 102-242, 105 Stat. 2236, 2386, as amended by Pub. L. 102-550, 106 Stat. 3672, 4089 (12 U.S.C. 1828 note); Pub. L. 111-203, 124 Stat. 1376, 1887 (15 U.S.C. 78o-7 note), Pub. L. 115-174; section 4014 § 201, Pub. L. 116-136, 134 Stat. 281 (15 U.S.C. 9052).</P>
                        </AUTH>
                    </REGTEXT>
                    <REGTEXT TITLE="12" PART="324">
                        <AMDPAR>16. Amend § 324.11 by:</AMDPAR>
                        <AMDPAR>a. Revising paragraphs (a)(2)(ii) and (iii);</AMDPAR>
                        <AMDPAR>b. Adding paragraph (a)(2)(v);</AMDPAR>
                        <AMDPAR>c. Revising paragraph (a)(4)(ii);</AMDPAR>
                        <AMDPAR>d. Removing the word “and” at the end of paragraph (a)(4)(iii)(A);</AMDPAR>
                        <AMDPAR>e. Revising paragraph (a)(4)(iii)(B);</AMDPAR>
                        <AMDPAR>f. Adding paragraph (a)(4)(iii)(C);</AMDPAR>
                        <AMDPAR>g. Removing table 1 to § 324.11 from paragraph (a)(4)(iv);</AMDPAR>
                        <AMDPAR>h. In paragraph (b)(2)(ii), redesignating footnote 11 as footnote 1;</AMDPAR>
                        <AMDPAR>i. Adding paragraph (c); and</AMDPAR>
                        <AMDPAR>j. Adding tables 1 and 2 to § 324.11.</AMDPAR>
                        <P>The revisions and additions read as follows:</P>
                        <SECTION>
                            <SECTNO>§ 324.11 </SECTNO>
                            <SUBJECT>Capital conservation buffer and countercyclical capital buffer amount.</SUBJECT>
                            <P>(a) * * *</P>
                            <P>(2) * * *</P>
                            <P>
                                (ii) 
                                <E T="03">Maximum payout ratio.</E>
                                 The maximum payout ratio is the percentage of eligible retained income that an FDIC-supervised institution can pay out in the form of distributions and discretionary bonus payments during the current calendar quarter. For an FDIC-supervised institution that is not a subsidiary of a bank holding company designated as a global systemically important BHC pursuant to 12 CFR 217.402, the maximum payout ratio is based on the FDIC-supervised institution's capital conservation buffer, calculated as of the last day of the previous calendar quarter, as set forth in Table 1 to § 324.11. For an FDIC-supervised institution that is a subsidiary of a global systemically important BHC, as identified pursuant to 12 CFR 217.402, the maximum payout ratio is determined under paragraph (c)(1) of this section.
                            </P>
                            <P>
                                (iii) 
                                <E T="03">Maximum payout amount.</E>
                                 An FDIC-supervised institution's maximum payout amount for the current calendar quarter is equal to the FDIC-supervised institution's eligible retained income, multiplied by the applicable maximum payout ratio.
                            </P>
                            <STARS/>
                            <P>
                                (v) 
                                <E T="03">Leverage buffer standard.</E>
                                 For an FDIC-supervised institution that is a subsidiary of a bank holding company designated as a global systemically important BHC pursuant to 12 CFR 217.402, the leverage buffer standard is equal to the lesser of 1.0 percent or 50 percent of the most recent method 1 surcharge (expressed as a percentage) that the global systemically important BHC that controls the FDIC-supervised institution, was required to calculate pursuant to § 217.403(b), subject to the effective date provisions of § 217.403(d).
                            </P>
                            <STARS/>
                            <P>(4) * * *</P>
                            <P>(ii) An FDIC-supervised institution, with a capital conservation buffer that is greater than 2.5 percent plus 100 percent of its applicable countercyclical capital buffer, in accordance with paragraph (b) of this section and, if applicable, a leverage buffer greater than its leverage buffer standard is not subject to a maximum payout amount under this section.</P>
                            <P>(iii) * * *</P>
                            <P>(B) Capital conservation buffer was less than 2.5 percent as of the end of the previous calendar quarter; and</P>
                            <P>(C) If applicable, leverage buffer was less than its leverage buffer standard as of the end of the previous calendar quarter.</P>
                            <STARS/>
                            <P>
                                (c) 
                                <E T="03">Calculation of maximum payout ratio for an FDIC-supervised institution that is a subsidiary of a bank holding company designated as a global systemically important BHC pursuant to 12 CFR 217.402</E>
                                —(1) 
                                <E T="03">Maximum payout ratio.</E>
                                 The maximum payout ratio of an FDIC-supervised institution that is a subsidiary of a bank holding company designated as a global systemically important BHC pursuant to 12 CFR 217.402 is the lowest of the payout ratios determined by its capital conservation buffer as set forth in table 1 to § 324.11 and leverage buffer as set forth in table 2 to § 324.11.
                            </P>
                            <P>
                                (2) 
                                <E T="03">Leverage buffer.</E>
                                 (i) The leverage buffer is composed solely of tier 1 capital.
                            </P>
                            <P>(ii) An FDIC-supervised institution that is a subsidiary of a global systemically important BHC designated pursuant to 12 CFR 217.402 has a leverage buffer that is equal to its supplementary leverage ratio minus 3.0 percent, calculated as of the last day of the previous calendar quarter.</P>
                            <P>(iii) Notwithstanding paragraph (c)(2)(ii) of this section, if the supplementary leverage ratio of the FDIC-supervised institution that is a subsidiary of a global systemically important BHC designated pursuant to 12 CFR 217.402 is less than or equal to 3.0 percent, the FDIC-supervised institution's leverage buffer is zero.</P>
                            <GPOTABLE COLS="2" OPTS="L2,nj,p8,8/8,i1" CDEF="s150,r50">
                                <TTITLE>Table 1 to § 324.11—Calculation of Maximum Payout Ratio</TTITLE>
                                <TDESC>[Capital conservation buffer]</TDESC>
                                <BOXHD>
                                    <CHED H="1">Capital conservation buffer</CHED>
                                    <CHED H="1">Maximum payout ratio</CHED>
                                </BOXHD>
                                <ROW>
                                    <ENT I="01">Greater than 2.5 percent plus 100 percent of the FDIC-supervised institution's applicable countercyclical capital buffer amount</ENT>
                                    <ENT>No payout ratio limitation applies.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">Less than or equal to 2.5 percent plus 100 percent of the FDIC-supervised institution's applicable countercyclical capital buffer amount, and greater than 1.875 percent plus 75 percent of the FDIC-supervised institution's applicable countercyclical capital buffer amount</ENT>
                                    <ENT>60 percent.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">Less than or equal to 1.875 percent plus 75 percent of the FDIC-supervised institution's applicable countercyclical capital buffer amount, and greater than 1.25 percent plus 50 percent of the FDIC-supervised institution's applicable countercyclical capital buffer amount</ENT>
                                    <ENT>40 percent.</ENT>
                                </ROW>
                                <ROW>
                                    <PRTPAGE P="55292"/>
                                    <ENT I="01">Less than or equal to 1.25 percent plus 50 percent of the FDIC-supervised institution's applicable countercyclical capital buffer amount, and greater than 0.625 percent plus 25 percent of the FDIC-supervised institution's applicable countercyclical capital buffer amount</ENT>
                                    <ENT>20 percent.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">Less than or equal to 0.625 percent plus 25 percent of the FDIC-supervised institution's applicable countercyclical capital buffer amount</ENT>
                                    <ENT>0 percent.</ENT>
                                </ROW>
                            </GPOTABLE>
                            <GPOTABLE COLS="2" OPTS="L2,nj,p8,8/8,i1" CDEF="s150,r50">
                                <TTITLE>Table 2 to § 324.11—Calculation of Maximum Payout Ratio </TTITLE>
                                <TDESC>[Leverage buffer]</TDESC>
                                <BOXHD>
                                    <CHED H="1">Leverage buffer</CHED>
                                    <CHED H="1">Maximum payout ratio</CHED>
                                </BOXHD>
                                <ROW>
                                    <ENT I="01">Greater than the FDIC-supervised institution's leverage buffer standard</ENT>
                                    <ENT>No payout ratio limitation applies.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">
                                        Less than or equal to 100 percent of the FDIC-supervised institution's leverage buffer standard, 
                                        <E T="03">and</E>
                                         greater than 75 percent of the FDI-supervised institution's leverage buffer standard
                                    </ENT>
                                    <ENT>60 percent.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">
                                        Less than or equal to 75 percent of the FDIC-supervised institution's leverage buffer standard, 
                                        <E T="03">and</E>
                                         greater than 50 percent of the FDI-supervised institution's leverage buffer standard
                                    </ENT>
                                    <ENT>40 percent.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">
                                        Less than or equal to 50 percent of the FDIC-supervised institution's leverage buffer standard, 
                                        <E T="03">and</E>
                                         greater than 25 percent of the FDI-supervised institution's leverage buffer standard
                                    </ENT>
                                    <ENT>20 percent.</ENT>
                                </ROW>
                                <ROW>
                                    <ENT I="01">Less than or equal to 25 percent of the FDIC-supervised institution's leverage buffer standard</ENT>
                                    <ENT>0 percent.</ENT>
                                </ROW>
                            </GPOTABLE>
                        </SECTION>
                    </REGTEXT>
                    <REGTEXT TITLE="12" PART="324">
                        <AMDPAR>17. Amend § 324.403 by:</AMDPAR>
                        <AMDPAR>a. Revising paragraphs (a)(1)(iv)(B) and (b)(1)(ii);</AMDPAR>
                        <AMDPAR>b. Removing paragraph (b)(1)(iii); and</AMDPAR>
                        <AMDPAR>c. Revising paragraphs (b)(2)(vi) and (b)(3)(v).</AMDPAR>
                        <P>The revisions read as follows:</P>
                        <SECTION>
                            <SECTNO>§ 324.403 </SECTNO>
                            <SUBJECT>Capital measures and capital category definitions.</SUBJECT>
                            <P>(a) * * *</P>
                            <P>(1) * * *</P>
                            <P>(iv) * * *</P>
                            <P>(B) With respect to an advanced approaches FDIC-supervised institutions or Category III FDIC-supervised institution, the supplementary leverage ratio.</P>
                            <STARS/>
                            <P>(b) * * *</P>
                            <P>(1) * * *</P>
                            <P>(ii) A qualifying community banking organization, as defined under § 324.12, that has elected to use the community bank leverage ratio framework under § 324.12 shall be considered to have met the capital ratio requirements for the well capitalized capital category in paragraphs (b)(1)(i)(A) through (D) of this section.</P>
                            <P>(2) * * *</P>
                            <P>(vi) An advanced approaches or Category III FDIC-supervised institution will be deemed to be “adequately capitalized” if it satisfies paragraphs (b)(2)(i) through (v) of this section and has a supplementary leverage ratio of 3.0 percent or greater, as calculated in accordance with § 324.10.</P>
                            <P>(3) * * *</P>
                            <P>(v) An advanced approaches or Category III FDIC-supervised institution will be deemed to be “undercapitalized” if it has a supplementary leverage ratio of less than 3.0 percent, as calculated in accordance with § 324.10.</P>
                            <STARS/>
                        </SECTION>
                    </REGTEXT>
                    <SIG>
                        <NAME>Jonathan V. Gould,</NAME>
                        <TITLE>Comptroller of the Currency.</TITLE>
                        <P>By order of the Board of Governors of the Federal Reserve System.</P>
                        <NAME>Benjamin W. McDonough,</NAME>
                        <TITLE>Deputy Secretary of the Board.</TITLE>
                        <FP>Federal Deposit Insurance Corporation.</FP>
                        <P>By order of the Board of Directors.</P>
                        <DATED>Dated at Washington, DC, on November 25, 2025.</DATED>
                        <NAME>Jennifer M. Jones,</NAME>
                        <TITLE>Deputy Executive Secretary.</TITLE>
                    </SIG>
                </SUPLINF>
                <FRDOC>[FR Doc. 2025-21626 Filed 11-28-25; 8:45 am]</FRDOC>
                <BILCOD>BILLING CODE 4810-33-P; 6210-01-P; 6714-01-P</BILCOD>
            </RULE>
        </RULES>
    </NEWPART>
</FEDREG>
