Notice2025-13723
Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the Plan Establishing Procedures Under Rule 605 of Regulation NMS To Add 24X National Exchange LLC as a Participant
Primary source
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Published
July 22, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 138 (Tuesday, July 22, 2025)</title>
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[Federal Register Volume 90, Number 138 (Tuesday, July 22, 2025)]
[Notices]
[Pages 34528-34529]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-13723]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103482; File No. 4-518]
Joint Industry Plan; Notice of Filing and Immediate Effectiveness
of Amendment to the Plan Establishing Procedures Under Rule 605 of
Regulation NMS To Add 24X National Exchange LLC as a Participant
July 17, 2025.
Pursuant to Section 11A(a)(3) of the Securities Exchange Act of
1934 (``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given
that on July 8, 2025, 24X National Exchange LLC (``24X'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') \3\ an amendment to the national market system plan
establishing procedures under Rule 605 of Regulation NMS (``Plan'').\4\
The amendment adds 24X as a Participant \5\ to the Plan. The Commission
is publishing this notice to solicit comments on the amendment from
interested persons.
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\1\ 15 U.S.C 78k-1(a)(3).
\2\ 17 CFR 242.608.
\3\ See letter from David Sassoon, General Counsel, 24X, dated
July 8, 2025.
\4\ 17 CFR 242.605. On April 12, 2001, the Commission approved a
national market system plan for the purpose of establishing
procedures for market centers to follow in making their monthly
reports available to the public under Rule 11Ac1-5 under the Act (n/
k/a Rule 605 of Regulation NMS). See Securities Exchange Act Release
No. 44177 (April 12, 2001), 66 FR 19814 (April 17, 2001).
\5\ The term ``Participant'' is defined as a party to the Plan.
See Section 1(c) of the Plan.
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I. Description and Purpose of the Plan Amendment
As noted above, the sole proposed amendment to the Plan is to add
the Exchange as a Participant. On November 27, 2024, the Commission
issued an order granting 24X's application for registration as a
national securities exchange.\6\ A condition of the Commission's
approval was the requirement for 24X to join the Plan.\7\
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\6\ See Securities Exchange Act Release No. 101777 (November 27,
2024), 89 FR 97092 (December 6, 2024).
\7\ Id. at 97119.
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Under Section II(c) of the Plan, any entity registered as a
national securities exchange or national securities association under
the Act may become a Participant by: (i) executing a copy of the Plan,
as then in effect; (ii) providing each then-current Participant with a
copy of such executed Plan; and (iii) effecting an amendment to the
Plan as specified in Section III(b) of the Plan. Section III(b) of the
Plan sets forth the process for a prospective new Participant to effect
an amendment of the Plan. Specifically, the Plan provides that such an
amendment to the Plan may be effected by the new national securities
exchange or national securities association by executing a copy of the
Plan, as then in effect (with the only changes being the addition of
the new Participant's name in Section II(a) of the Plan and the new
Participant's single-digit code in Section VI(a)(1) of the Plan) and
submitting such executed Plan to the Commission. The Plan then provides
that the amendment will be effective when it is approved by the
Commission or otherwise becomes effective pursuant to Section 11A of
the Act and Rule 608 of Regulation NMS thereunder.
24X has executed a copy of the Plan currently in effect, with the
only changes being the addition of its name in Section II(a) of the
Plan and adding its single-digit code in Section VI(a)(1) of the Plan,
and has provided a copy of the Plan executed by 24X to each of the
other Participants. 24X has also submitted the executed Plan to the
Commission. Accordingly, all of the Plan requirements for effecting an
amendment to the Plan to add 24X as a Participant have been satisfied.
II. Effectiveness of the Proposed Plan Amendment
The foregoing Plan amendment has become effective pursuant to Rule
608(b)(3)(iii) of the Act \8\ because it involves solely technical or
ministerial matters. At any time within sixty days of the filing of
this amendment, the Commission may summarily abrogate the amendment and
require that it be refiled pursuant to paragraph (a)(1) of Rule 608,\9\
if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
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.
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\8\ 17 CFR 242.608(b)(3)(iii).
\9\ 17 CFR 242.608(a)(1).
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III. Solicitation of Comments
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:
[[Page 34529]]
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#e795928b82ca84888a8a82899394a7948284c9808891"><span class="__cf_email__" data-cfemail="1a686f767f37797577777f746e695a697f79347d756c">[email protected]</span></a>. Please include
file number 4-518 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number 4-518. 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 (<a href="http://www.sec.gov/rules/sro.shtml">http://www.sec.gov/rules/sro.shtml</a>).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed plan amendment that are filed
with the Commission, and all written communications relating to the
amendment 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 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 4-518 and should be submitted on or before
August 12, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\10\
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\10\ 17 CFR 200.30-3(a)(85).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-13723 Filed 7-21-25; 8:45 am]
BILLING CODE 8011-01-P
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