Federal Register 60-Day Notice

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Federal Register / Vol. 90, No. 78 / Thursday, April 24, 2025 / Notices
are available at www.prc.gov, Docket
Nos. MC2025–1319, K2025–1319.

POSTAL SERVICE
Product Change—Priority Mail and
USPS Ground Advantage® Negotiated
Service Agreement

Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2025–07045 Filed 4–23–25; 8:45 am]

Postal ServiceTM.
ACTION: Notice.
AGENCY:

BILLING CODE 7710–12–P

The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Date of required notice: April 24,
2025.
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on April 16, 2025,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail & USPS Ground
Advantage® Contract 705 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2025–1313, K2025–1313.
SUMMARY:

Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2025–07039 Filed 4–23–25; 8:45 am]
BILLING CODE 7710–12–P

POSTAL SERVICE
Product Change—Priority Mail and
USPS Ground Advantage® Negotiated
Service Agreement
Postal ServiceTM.
ACTION: Notice.

POSTAL SERVICE
Product Change—Priority Mail and
USPS Ground Advantage® Negotiated
Service Agreement
Postal ServiceTM.
Notice.

ACTION:

The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Date of required notice: April 24,
2025.
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on April 16, 2025,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail & USPS Ground
Advantage® Contract 707 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2025–1315, K2025–1315.
SUMMARY:

Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2025–07041 Filed 4–23–25; 8:45 am]
BILLING CODE 7710–12–P

POSTAL SERVICE

The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Date of required notice: April 24,
2025.
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
3642 and 3632(b)(3), on April 18, 2025,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail & USPS Ground
Advantage® Contract 711 to
Competitive Product List. Documents

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Sean Robinson,
Attorney, Corporate and Postal Business Law.
[FR Doc. 2025–07044 Filed 4–23–25; 8:45 am]
BILLING CODE 7710–12–P

AGENCY:

AGENCY:

SUMMARY:

3642 and 3632(b)(3), on April 17, 2025,
it filed with the Postal Regulatory
Commission a USPS Request to Add
Priority Mail & USPS Ground
Advantage® Contract 710 to
Competitive Product List. Documents
are available at www.prc.gov, Docket
Nos. MC2025–1318, K2025–1318.

Product Change—Priority Mail and
USPS Ground Advantage® Negotiated
Service Agreement
Postal ServiceTM.
ACTION: Notice.
AGENCY:

The Postal Service gives
notice of filing a request with the Postal
Regulatory Commission to add a
domestic shipping services contract to
the list of Negotiated Service
Agreements in the Mail Classification
Schedule’s Competitive Products List.
DATES: Date of required notice: April 24,
2025.
FOR FURTHER INFORMATION CONTACT:
Sean Robinson, 202–268–8405.
SUPPLEMENTARY INFORMATION: The
United States Postal Service® hereby
gives notice that, pursuant to 39 U.S.C.
SUMMARY:

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SECURITIES AND EXCHANGE
COMMISSION
[OMB Control No. 3235–0528]

Proposed Collection; Comment
Request; Extension: Rule 237
Upon Written Request, Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE, Washington, DC
20549–2736
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501–3520), the Securities
and Exchange Commission (the
‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget (‘‘OMB’’) for
extension and approval.
In Canada, as in the United States,
individuals can invest a portion of their
earnings in tax-deferred retirement
savings accounts (‘‘Canadian retirement
accounts’’). These accounts, which
operate in a manner similar to
individual retirement accounts in the
United States, encourage retirement
savings by permitting savings on a taxdeferred basis. Individuals who
establish Canadian retirement accounts
while living and working in Canada and
who later move to the United States
(‘‘Canadian-U.S. Participants’’ or
‘‘participants’’) often continue to hold
their retirement assets in their Canadian
retirement accounts rather than
prematurely withdrawing (or ‘‘cashing
out’’) those assets, which would result
in immediate taxation in Canada.
Once in the United States, however,
these participants historically have been
unable to manage their Canadian
retirement account investments. Most
securities that are ‘‘qualified
investments’’ for Canadian retirement
accounts are not registered under the
U.S. securities laws. Those securities,
therefore, generally cannot be publicly
offered and sold in the United States

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Federal Register / Vol. 90, No. 78 / Thursday, April 24, 2025 / Notices

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without violating the registration
requirement of the Securities Act of
1933 (‘‘Securities Act’’).1 As a result of
this registration requirement, CanadianU.S. Participants previously were not
able to purchase or exchange securities
for their Canadian retirement accounts
as needed to meet their changing
investment goals or income needs.
The Commission issued a rulemaking
in 2000 that enabled Canadian-U.S.
Participants to manage the assets in
their Canadian retirement accounts by
providing relief from the U.S.
registration requirements for offers of
securities of foreign issuers to CanadianU.S. Participants and sales to Canadian
retirement accounts.2 Rule 237 under
the Securities Act 3 permits securities of
foreign issuers, including securities of
foreign funds, to be offered to CanadianU.S. Participants and sold to their
Canadian retirement accounts without
being registered under the Securities
Act.
Rule 237 requires written offering
documents for securities offered and
sold in reliance on the rule to disclose
prominently that the securities are not
registered with the Commission and are
exempt from registration under the U.S.
securities laws. The burden under the
rule associated with adding this
disclosure to written offering documents
is minimal and is non-recurring. The
foreign issuer, underwriter, or brokerdealer can redraft an existing prospectus
or other written offering material to add
this disclosure statement or may draft a
sticker or supplement containing this
disclosure to be added to existing
offering materials. In either case, based
on discussions with representatives of
the Canadian fund industry, the staff
estimates that it would take an average
of 10 minutes per document to draft the
requisite disclosure statement.
The Commission understands that
there are approximately 2,272 Canadian
issuers other than funds that may rely
on Rule 237 to make an initial public
offering of their securities to Canadian1 15 U.S.C. 77; in addition, the offering and
selling of securities of investment companies
(‘‘funds’’) that are not registered pursuant to the
Investment Company Act of 1940 (‘‘Investment
Company Act’’) is generally prohibited by U.S.
securities laws. 15 U.S.C. 80a.
2 See Offer and Sale of Securities to Canadian
Tax-Deferred Retirement Savings Accounts, Release
Nos. 33–7860, 34–42905, IC–24491 (June 7, 2000)
[65 FR 37672 (June 15, 2000)]; this rulemaking also
included new rule 7d–2 under the Investment
Company Act, permitting foreign funds to offer
securities to Canadian-U.S. Participants and sell
securities to Canadian retirement accounts without
registering as investment companies under the
Investment Company Act. 17 CFR 270.7d–2.
3 17 CFR 230.237.

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U.S. Participants.4 The staff estimates
that in any given year approximately 23
(or 1 percent) of those issuers are likely
to rely on Rule 237 to make a public
offering of their securities to
participants, and that each of those 23
issuers, on average, distributes 3
different written offering documents
concerning those securities, for a total of
69 offering documents.
The staff therefore estimates that
during each year that Rule 237 is in
effect, approximately 23 respondents 5
would be required to make 69 responses
by adding the new disclosure statements
to approximately 69 written offering
documents. Thus, the staff estimates
that the total annual burden associated
with the Rule 237 disclosure
requirement would be approximately 12
hours (69 offering documents × 10
minutes per document). The total
annual cost of internal burden hours is
estimated to be $6,132 (12 hours × $511
per hour of attorney time).6
In addition, issuers from foreign
countries other than Canada could rely
on Rule 237 to offer securities to
Canadian-U.S. Participants and sell
securities to their accounts without
becoming subject to the registration
requirements of the Securities Act.
However, the staff believes that the
number of issuers from other countries
that rely on Rule 237, and that therefore
are required to comply with the offering
document disclosure requirements, is
negligible.
Written comments are invited on: (a)
whether this proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the proposed
collection of information, including the

17269

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.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
under the PRA unless it displays a
currently valid OMB Control Number.
Please direct your written comment to
Austin Gerig, Director/Chief Data
Officer, Securities and Exchange
Commission, c/o Tanya Ruttenberg, 100
F Street NE, Washington, DC 20549 and
submit it by email to
PaperworkReductionAct@sec.gov within
60 days of publication of this notice, by
June 23, 2025.
Dated: April 18, 2025.
Stephanie J. Fouse,
Assistant Secretary.
[FR Doc. 2025–07048 Filed 4–23–25; 8:45 am]
BILLING CODE 8011–01–P

SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–102889 File No. 600–44]

CME Securities Clearing, Inc.; Order
Instituting Proceedings To Determine
Whether To Grant or Deny an
Application for Registration as a
Clearing Agency Under Section 17A of
the Securities Exchange Act of 1934
April 18, 2025.

I. Introduction
4 This

estimate is based on the following
calculation: 3,431 total issuers¥(63 closed-end
funds + 1,096 exchange-traded products) = 2,272
total equity and bond issuers; see The MiG Report,
Toronto Stock Exchange and TSX Venture
Exchange (February 2025) (providing number of
issuers on the Toronto Exchange); this calculation
excludes Canadian funds to avoid double-counting
disclosure burdens under rule 237 and rule 7d–2.
5 This estimate of respondents only includes
foreign issuers; the number of respondents would
be greater if foreign underwriters or broker-dealers
draft stickers or supplements to add the required
disclosure to existing offering documents.
6 The Commission’s estimate concerning the wage
rate for attorney time is based on salary information
for the securities industry compiled by the
Securities Industry and Financial Markets
Association (‘‘SIFMA’’); the $511 per hour figure for
an attorney is from SIFMA’s Management &
Professional Earnings in the Securities Industry
2013, modified by Commission staff to account for
an 1,800-hour work-year and multiplied by 5.35 to
account for bonuses, firm size, employee benefits,
overhead, and adjusted to account for the effects of
inflation.

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On December 13, 2024, CME
Securities Clearing, Inc. (‘‘CMESC’’)
filed with the Securities and Exchange
Commission (‘‘Commission’’) an
application on Form CA–1
(‘‘Application’’) under section 17A of
the Securities Exchange Act of 1934
(‘‘Exchange Act’’) seeking to register as
a clearing agency.1 Notice of the
Application was published for comment
in the Federal Register on January 22,
2025.2
1 15 U.S.C. 78q–1. Non-confidential aspects of the
Application, including any exhibits thereto cited in
this order, are available on the Commission’s
website at https://www.sec.gov/rules-regulations/
other-commission-orders-notices-information/cmeform-ca-1.
2 Release No. 34–102200 (Jan. 15, 2025), 90 FR
7713 (Jan. 25, 2025).

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