Notice2025-00169
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for 2025
Primary source
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Published
January 8, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 5 (Wednesday, January 8, 2025)</title>
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[Federal Register Volume 90, Number 5 (Wednesday, January 8, 2025)]
[Notices]
[Page 1558]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-00169]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102073; File No. SR-BOX-2024-31]
Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Establish Fees
for Industry Members Related to Reasonably Budgeted CAT Costs of the
National Market System Plan Governing the Consolidated Audit Trail for
2025
January 2, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on December 20, 2024, BOX Exchange LLC (``Exchange'') filed with the
Securities and Exchange Commission (``Commission'') the proposed rule
change as described in Item I below, which Item has been substantially
prepared by the Exchange. The Exchange has designated this proposal for
immediate effectiveness pursuant to Section 19(b)(3)(A) of the Act \3\
and Rule 19b-4(f) thereunder.\4\ The Commission is publishing this
notice to solicit comments on the proposed rule change from interested
persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f). 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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend the Fee Schedule to establish fees
for Industry Members \5\ related to reasonably budgeted CAT costs of
the National Market System Plan Governing the Consolidated Audit Trail
(the ``CAT NMS Plan'' or ``Plan'') for 2025. These fees would be
payable to Consolidated Audit Trail, LLC (``CAT LLC'' or the
``Company'') and referred to as CAT Fee 2025-1, and would be described
in a section of the Exchange's Fee Schedule entitled ``Consolidated
Audit Trail Funding Fees.'' The fee rate for CAT Fee 2025-1 would be
$0.000022 per executed equivalent share. CAT Executing Brokers will
receive their first monthly invoice for CAT Fee 2025-1 in February 2025
calculated based on their transactions as CAT Executing Brokers for the
Buyer (``CEBB'') and/or CAT Executing Brokers for the Seller (``CEBS'')
in January 2025. CAT Fee 2025-1 is anticipated to be in place for six
months, and is anticipated to recover approximately one-half of the
costs set forth in the reasonably budgeted CAT costs for 2025. CAT LLC
intends for CAT Fee 2025-1 to replace CAT Fee 2024-1 (which has a fee
rate of $0.000035).\6\
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\5\ An ``Industry Member'' is defined as ``a member of a
national securities exchange or a member of a national securities
association.'' See BOX Rule 16010 (Consolidated Audit Trail--
Definitions). See also Section 1.1 of the CAT NMS Plan. Unless
otherwise specified, capitalized terms used in this rule filing are
defined as set forth in the CAT NMS Plan and/or the CAT Compliance
Rule. See BOX Rule Series 16000 (CONSOLIDATED AUDIT TRAIL COMPLIANCE
RULE).
\6\ See paragraph A.3. of Consolidated Audit Trail Funding Fees.
See BOX Fee Schedule, Section VIII.A.3. (CAT Fee 2024-1). See also
Securities Exchange Act Rel. No. 100829 (Aug. 27, 2024), 89 FR 71448
(Sept. 3, 2024) (``Fee Filing for CAT Fee 2024-1'').
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The proposed rule change, including the Exchange's statement of the
purpose of, and statutory basis for, the proposed rule change, is
available on the Exchange's website at <a href="https://rules.boxexchange.com/rulefilings">https://rules.boxexchange.com/rulefilings</a>, at the principal office of the Exchange, and on the
Commission's website at <a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-BOX-2024-31">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-BOX-2024-31</a>.
II. Solicitation of Comments
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.\7\ Comments may be submitted
electronically by using the Commission's internet comment form (<a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-BOX-2024-31">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-BOX-2024-31</a>) or by sending
an email to <a href="/cdn-cgi/l/email-protection#dfadaab3baf2bcb0b2b2bab1abac9facbabcf1b8b0a9"><span class="__cf_email__" data-cfemail="c3b1b6afa6eea0acaeaea6adb7b083b0a6a0eda4acb5">[email protected]</span></a>. Please include file number SR-BOX-
2024-31 on the subject line. Alternatively, paper comments may be sent
to Secretary, Securities and Exchange Commission, 100 F Street NE,
Washington, DC 20549-1090. All submissions should refer to file number
SR-BOX-2024-31. 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 (<a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-BOX-2024-31">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-BOX-2024-31</a>). 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-BOX-2024-31 and should be submitted on
or before January 29, 2025.
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\7\ Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for website
viewing and printing in the Commission's Public Reference Room, 100
F Street NE, Washington, DC 20549, on official business days between
the hours of 10 a.m. and 3 p.m. Copies of the filing also will be
available for inspection and copying at the principal office of SRO.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025-00169 Filed 1-7-25; 8:45 am]
BILLING CODE 8011-01-P
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