Notice2025-06885
Joint Industry Plan; Notice of Designation of a Longer Period for Commission Action on a Proposed Amendment to the National Market System Plan Governing the Consolidated Audit Trail
Primary source
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Published
April 22, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 76 (Tuesday, April 22, 2025)</title>
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[Federal Register Volume 90, Number 76 (Tuesday, April 22, 2025)]
[Notices]
[Pages 16902-16903]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-06885]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102882; File No. 4-698]
Joint Industry Plan; Notice of Designation of a Longer Period for
Commission Action on a Proposed Amendment to the National Market System
Plan Governing the Consolidated Audit Trail
April 17, 2025.
On August 2, 2024, the Operating Committee for Consolidated Audit
Trail, LLC (``CAT LLC''), on behalf of the following parties to the
National Market System Plan Governing the Consolidated Audit Trail (the
``CAT NMS Plan'' or ``Plan''): \1\ BOX Exchange LLC, Cboe BYX Exchange,
Inc., Cboe BZX Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX
Exchange, Inc., Cboe C2 Exchange, Inc., Cboe Exchange, Inc., Financial
Industry Regulatory Authority, Inc., Investors Exchange LLC, Long-Term
Stock Exchange, Inc., MEMX, LLC, Miami International Securities
Exchange LLC, MIAX Emerald, LLC, MIAX PEARL, LLC, Nasdaq BX, Inc.,
Nasdaq GEMX, LLC, Nasdaq ISE, LLC, Nasdaq MRX, LLC, Nasdaq PHLX LLC,
The NASDAQ Stock Market LLC, New York Stock Exchange LLC, NYSE American
LLC, NYSE Arca, Inc., NYSE Chicago, Inc., and NYSE National, Inc.,
filed with the Securities and Exchange Commission (``SEC'' or
``Commission'') pursuant to Section 11A(a)(3) of the Securities
Exchange Act of 1934 (``Exchange Act''),\2\ and Rule 608 thereunder,\3\
a proposed amendment (``Proposed Amendment'') to the CAT NMS Plan to
amend existing requirements for the consolidated audit trail (``CAT'')
regarding the reporting of certain verbal activity, floor, and upstairs
activity. The Proposed Amendment was published for comment in the
Federal Register on August 20, 2024 (the ``Notice'').\4\
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\1\ The CAT NMS Plan is a national market system plan approved
by the Commission pursuant to Section 11A of the Exchange Act and
the rules and regulations thereunder. See Securities Exchange Act
Release No. 79318 (Nov. 15, 2016), 81 FR 84696 (Nov. 23, 2016).
\2\ 15 U.S.C. 78k-1(a)(3).
\3\ 17 CFR 242.608.
\4\ See Notice of Filing of Amendment to the National Market
System Plan Governing the Consolidated Audit Trail, Release No.
100727 (Aug. 14, 2024), 89 FR 67499 (``Notice''). Comments received
in response to the Notice can be found on the Commission's website
at <a href="https://www.sec.gov/comments/4-698/4-698-e.htm">https://www.sec.gov/comments/4-698/4-698-e.htm</a>.
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On November 18, 2024, the Commission instituted proceedings to
determine whether to approve or disapprove the Proposed Amendment.\5\
On February 12, 2025, pursuant to Rule 608(b)(2)(i) of Regulation
NMS,\6\ the Commission extended the period within which to conclude
proceedings regarding the Proposed Amendment to 240 days from the date
of publication of the Notice.\7\ The 240th day after publication of the
Notice is April 17, 2025.
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\5\ See Exchange Act Release No. 101648, 89 FR 92726 (Nov. 22,
2024).
\6\ See 17 CFR 242.608(b)(2)(i).
\7\ See Securities Exchange Act Release No. 102404, 90 FR 9941
(Feb. 19, 2025).
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Rule 608(b)(2)(ii) of Regulation NMS provides that the time for
conclusion of proceedings to determine whether a national market system
plan or proposed amendment should be disapproved may be extended for an
additional period up to 60 days (up to 300 days from the date of notice
publication) if the Commission determines that a longer period is
appropriate and publishes the reasons for such determination or the
plan participants consent to the longer period.\8\ The Commission is
extending this 240-day period.
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\8\ See 17 CFR 242.608(b)(2)(ii).
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The Commission finds that it is appropriate to designate a longer
period
[[Page 16903]]
within which to conclude proceedings regarding the Proposed Amendment
so that it has sufficient time to consider the important policy issues
raised by the Proposed Amendment and the comments received.
Accordingly, pursuant to Rule 608(b)(2)(ii) of Regulation NMS,\9\ the
Commission designates June 16, 2025 as the date by which the Commission
shall conclude the proceedings to determine whether to approve or
disapprove the Proposed Amendment (File No. 4-698).
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\9\ Id.
By the Commission.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-06885 Filed 4-21-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on April 22, 2025.
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