Notice2024-17283
Self-Regulatory Organizations; BOX Exchange, LLC.; Cboe BYX Exchange, Inc.; Cboe BZX Exchange, Inc.; Cboe C2 Exchange, Inc.; Cboe EDGA Exchange, Inc.; Cboe EDGX Exchange, Inc., Cboe Exchange, Inc.; Financial Industry Regulatory Authority; Investors' Exchange LLC; Long-Term Stock Exchange, Inc.; MEMX, LLC; MIAX PEARL, LLC; MIAX Emerald, LLC; Miami International Securities Exchange, LLC.; NASDAQ BX, Inc.; Nasdaq GEMX, LLC; Nasdaq ISE, LLC; Nasdaq MRX, LLC; NASDAQ PHLX LLC; The Nasdaq Stock Market LLC; NYSE National, Inc., NYSE American LLC, New York Stock Exchange LLC; NYSE Arca, Inc; NYSE GEMX, LLC and NYSE Chicago, Inc.; Notice of Designation of Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove Proposed Rule Changes To Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
August 6, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 151 (Tuesday, August 6, 2024)</title>
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[Federal Register Volume 89, Number 151 (Tuesday, August 6, 2024)]
[Notices]
[Pages 64010-64011]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-17283]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-100628; File Nos. SR-BOX-2024-03; SR-BX-2024-002; SR-
C2-2024-002; SR-CBOE-2024-003; SR-CboeBYX-2024-002; SR-CboeBZX-2024-
004; SR-CboeEDGA-2024-002; SR-CboeEDGX-2024-005; SR-Emerald-2024-01;
SR-FINRA-2024-002; SR-GEMX-2024-02; SR-IEX-2024-01; SR-ISE-2024-02; SR-
LTSE-2024-02; SR-MEMX-2024-01; SR-MIAX-2024-02; SR-MRX-2024-01; SR-
NASDAQ-2024-001; SR-NYSE-2024-03; SR-NYSEAMER-2024-02; SR-NYSEARCA-
2024-02; SR-NYSECHX-2024-02; SR-NYSENAT-2024-01; SR-PEARL-2024-01; SR-
PEARL-2024-02; SR-PHLX-2024-01]
Self-Regulatory Organizations; BOX Exchange, LLC.; Cboe BYX
Exchange, Inc.; Cboe BZX Exchange, Inc.; Cboe C2 Exchange, Inc.; Cboe
EDGA Exchange, Inc.; Cboe EDGX Exchange, Inc., Cboe Exchange, Inc.;
Financial Industry Regulatory Authority; Investors' Exchange LLC; Long-
Term Stock Exchange, Inc.; MEMX, LLC; MIAX PEARL, LLC; MIAX Emerald,
LLC; Miami International Securities Exchange, LLC.; NASDAQ BX, Inc.;
Nasdaq GEMX, LLC; Nasdaq ISE, LLC; Nasdaq MRX, LLC; NASDAQ PHLX LLC;
The Nasdaq Stock Market LLC; NYSE National, Inc., NYSE American LLC,
New York Stock Exchange LLC; NYSE Arca, Inc; NYSE GEMX, LLC and NYSE
Chicago, Inc.; Notice of Designation of Longer Period for Commission
Action on Proceedings To Determine Whether To Approve or Disapprove
Proposed Rule Changes To Establish Fees for Industry Members Related to
Certain Historical Costs of the National Market System Plan Governing
the Consolidated Audit Trail
July 31, 2024.
On January 2, 2024, BOX Exchange, LLC., Cboe BYX Exchange, Inc.,
Cboe BZX Exchange, Inc., Cboe C2 Exchange, Inc., Cboe EDGA Exchange,
Inc., Cboe EDGX Exchange, Inc., Cboe Exchange, Inc., Financial Industry
Regulatory Authority, Investors' Exchange LLC, MEMX, LLC, MIAX PEARL,
LLC, MIAX Emerald, LLC, Miami International Securities Exchange, LLC.,
NASDAQ BX, Inc., The Nasdaq Stock Market LLC, Nasdaq PHLX LLC, Nasdaq
MRX, LLC, Nasdaq ISE, LLC, NYSE National, Inc., NYSE American LLC, New
York Stock Exchange LLC,\1\ NYSE Arca, Inc.\2\ Nasdaq GEMX, LLC,\3\
NYSE Chicago, Inc.,\4\ and Long-Term Stock Exchange, Inc.\5\ filed with
the Securities and Exchange Commission (``Commission''), pursuant to
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \6\
and Rule 19b-4 thereunder,\7\ proposed rule changes \8\ to establish
fees for Industry Members \9\ related to certain historical costs of
the National Market System Plan Governing the Consolidated Audit Trail
(``CAT NMS Plan'').\10\ The proposed rule changes were immediately
effective upon filing with the Commission pursuant to Section
19(b)(3)(A) of the Act.\11\ On February 13, 2024, the proposed rule
changes were published in the Federal Register and the Commission
temporarily suspended and instituted proceedings to determine whether
to approve or disapprove the proposed rule changes.\12\ The Commission
received six comments on the proposed rule changes and one response to
those comments.\13\
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\1\ NYSE National, Inc., NYSE American LLC, and New York Stock
Exchange LLC each filed a proposed rule change to establish fees for
Industry Members related to certain historical costs of the CAT NMS
Plan on January 3, 2024.
\2\ NYSE Arca, Inc. filed a proposed rule change to establish
fees for Industry Members related to certain historical costs of the
CAT NMS Plan on January 4, 2024.
\3\ Nasdaq GEMX, LLC filed a proposed rule change to establish
fees for Industry Members related to certain historical costs of the
CAT NMS Plan on January 5, 2024.
\4\ NYSE Chicago, Inc. filed a proposed rule change to establish
fees for Industry Members related to certain historical costs of the
CAT NMS Plan on January 8, 2024.
\5\ Long-Term Stock Exchange, Inc. filed a proposed rule change
to establish fees for Industry Members related to certain historical
costs of the CAT NMS Plan on January 11, 2024.
\6\ 15 U.S.C. 78s(b)(1).
\7\ 17 CFR 240.19b-4.
\8\ Securities Exchange Act Release Nos. 99377 (January 17,
2024), 89 FR 10544 (February 13, 2024) (SR-BOX-2024-03); 99358
(January 17, 2024), 89 FR 10773 (February 13, 2024) (SR-BX-2024-
002); 99370 (January 17, 2024), 89 FR 10430 (February 13, 2024) (SR-
C2-2024-002); 99364 (January 17, 2024), 89 FR 10887 (February 13,
2024) (SR-CBOE-2024-003); 99371 (January 17, 2024), 89 FR 10963
(February 13, 2024 (SR-CboeBYX-2024-002); 99369 (January 17, 2024),
89 FR 10392 (February 13, 2024) (SR-CboeBZX-2024-004); 99374
(January 17, 2024), 89 FR 10468 (February 13, 2024) (SR-CboeEDGA-
2024-002); 99376 (January 17, 2024), 89 FR 10506 (February 13, 2024)
(SR-CboeEDGX-2024-005); 99373 (January 17, 2024), 89 FR 11001
(February 13, 2024) (SR-Emerald-2024-01); 99363 (January 17, 2024),
89 FR 10850 (February 13, 2024) (SR-FINRA-2024-002); 99365 (January
17, 2024), 89 FR 10278 (February 13, 2024) (SR-GEMX-2024-02); 99379
(January 17, 2024), 89 FR 11039 (February 13, 2024) (SR-IEX-2024-
01); 99362 (January 17, 2024), 89 FR 10239 (February 13, 2024) (SR-
ISE-2024-02); 99378 (January 17, 2024), 89 FR 10582 (February 13,
2024) (SR-LTSE-2024-02); 99356 (January 17, 2024), 89 FR 10697
(February 13, 2024) (SR-MEMX-2024-01); 99367 (January 17, 2024), 89
FR 10925 (February 13, 2024) (SR-MIAX-2024-02); 99361 (January 17,
2024), 89 FR 10201 (February 13, 2024) (SR-MRX-2024-01); 99360
(January 17, 2024), 89 FR 10812 (February 13, 2024) (SR-NASDAQ-2024-
001); 99380 (January 17, 2024), 89 FR 11078 (February 13, 2024) (SR-
NYSE-2024-03); 99381 (January 17, 2024), 89 FR 10620 (February 13,
2024) (SR-NYSEAMER-2024-02); 99357 (January 17, 2024), 89 FR 10735
(February 13, 2024) (SR-NYSEARCA-2024-02); 99366 (January 17, 2024),
89 FR 10315 (February 13, 2024) (SR-NYSECHX-2024-02); 99368 (January
17, 2024), 89 FR 10353 (February 13, 2024) (SR-NYSENAT-2024-01);
99375 (January 17, 2024), 89 FR 11116 (February 13, 2024) (SR-PEARL-
2024-01); 99382 (January 17, 2024), 89 FR 10658 (February 13, 2024)
(SR-PEARL-2024-02); and 99359 (January 17, 2024), 89 FR 10164
(February 13, 2024) (SR-PHLX-2024-01).
\9\ The CAT NMS Plan defines ``Industry Member'' as ``a member
of a national securities exchange or a member of a national
securities association.'' See CAT NMS Plan, infra note 10, at
Section 1.1.
\10\ Unless otherwise specified, capitalized terms used in this
rule filing are defined as set forth in the CAT NMS Plan. The CAT
NMS Plan is a national market system plan approved by the Commission
pursuant to Section 11A of the Act and the rules and regulations
thereunder. See Securities Exchange Act Release No. 79318 (November
15, 2016), 81 FR 84696 (November 23, 2016). The CAT NMS Plan
functions as the limited liability company agreement of the jointly
owned limited liability company formed under Delaware state law
through which the Participants conduct the activities of the CAT
(``Company''). On August 29, 2019, the Participants replaced the CAT
NMS Plan in its entirety with the limited liability company
agreement of a new limited liability company named Consolidated
Audit Trail, LLC, which became the Company. See Securities Exchange
Act Release No. 87149 (September 27, 2019), 84 FR 52905 (October 3,
2019).
\11\ 15 U.S.C. 78s(b)(3)(A). A proposed rule change may take
effect upon filing with the Commission if it is designated by the
exchange as ``establishing or changing a due, fee, or other charge
imposed by the self-regulatory organization on any person, whether
or not the person is a member of the self-regulatory organization.''
15 U.S.C. 78s(b)(3)(A)(ii).
\12\ See supra note 8.
\13\ See letters from: Edward Weisbaum, Executing Broker CBOE
Floor, dated February 6, 2024; Howard Meyerson, Managing Director,
Financial Information Forum, to Vanessa Countryman, Secretary,
Commission, dated March 4, 2024; Thomas M. Merritt, Deputy General
Counsel, Virtu Financial, Inc., to Vanessa Countryman, Secretary,
Commission, dated March 5, 2024; Ellen Greene, Managing Director,
Equities & Options Market Structure, SIFMA; Joseph Corcoran,
Managing Director, Associate General Counsel, SIFMA, to Vanessa
Countryman, Secretary, Commission, dated March 5, 2024; Stephen John
Berger, Managing Director, Global Head of Government & Regulatory
Policy, Citadel Securities, to Vanessa Countryman, Secretary,
Commission, dated March 5, 2024; Joanna Mallers, Secretary, FIA
Principal Traders Group, to Vanessa Countryman, Secretary,
Commission, dated March 9, 2024; and Brandon Becker, CAT NMS Plan
Operating Committee Chair, to Vanessa Countryman, Secretary,
Commission, dated June 13, 2024.
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Section 19(b)(2) of the Act \14\ provides that, after instituting
proceedings, the Commission shall issue an order approving or
disapproving a proposed rule change not later than 180 days after the
date of publication of notice of filing of the proposed rule
change.\15\ The Commission may, however, extend the period for issuing
an order approving or disapproving the proposed rule change by not more
than 60 days if the Commission determines that a longer period is
appropriate and publishes the reasons for such determination.\16\ The
[[Page 64011]]
180th day for the proposed rule changes is August 11, 2024.
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\14\ 15 U.S.C 78s(b)(2).
\15\ 15 U.S.C. 78s(b)(2)(B)(ii)(I).
\16\ 15 U.S.C. 78s(b)(2)(B)(ii)(II)(aa).
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The Commission is extending the 180-day time period for Commission
action on each of the proposed rule changes. The Commission finds it
appropriate to designate a longer period within which to issue an order
approving or disapproving the proposed rule changes so that it has
sufficient time to consider the proposed rule changes.
Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\17\ designates October 10, 2024 as the date by which the
Commission shall either approve or disapprove the proposed rule changes
(File Nos. SR-BOX-2024-03; SR-BX-2024-002; SR-C2-2024-002; SR-CBOE-
2024-003; SR-CboeBYX-2024-002; SR-CboeBZX-2024-004; SR-CboeEDGA-2024-
002; SR-CboeEDGX-2024-005; SR-Emerald-2024-01; SR-FINRA-2024-002; SR-
GEMX-2024-02; SR-IEX-2024-01; SR-ISE-2024-02; SR-LTSE-2024-02; SR-MEMX-
2024-01; SR-MIAX-2024-02; SR-MRX-2024-01; SR-NASDAQ-2024-001; SR-NYSE-
2024-03; SR-NYSEAMER-2024-02; SR-NYSEARCA-2024-02; SR-NYSECHX-2024-02;
SR-NYSENAT-2024-01; SR-PEARL-2024-01; SR-PEARL-2024-02; SR-PHLX-2024-
01).
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\17\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
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\18\ 17 CFR 200.30-3(a)(57).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-17283 Filed 8-5-24; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on August 6, 2024.
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