Notice2025-15615
Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the National Market System Plan Governing the Consolidated Audit Trail To Add 24 National Exchange LLC as a Participant
Primary source
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Published
August 18, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 157 (Monday, August 18, 2025)</title>
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[Federal Register Volume 90, Number 157 (Monday, August 18, 2025)]
[Notices]
[Pages 40092-40093]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-15615]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103702; File No. 4-698]
Joint Industry Plan; Notice of Filing and Immediate Effectiveness
of Amendment to the National Market System Plan Governing the
Consolidated Audit Trail To Add 24 National Exchange LLC as a
Participant
August 13, 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 August 6, 2025, 24 National Exchange LLC (``24X'' or the
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') an amendment to the National Market System Plan
Governing the Consolidated Audit Trail (``CAT NMS Plan'' or
``Plan'').\3\ The amendment adds 24X as a Participant \4\ to the CAT
NMS 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\ The Commission approved the CAT NMS Plan on November 16,
2016. See Securities Exchange Act Release No. 79318, 81 FR 84695
(November 23, 2016) (order approving the CAT NMS Plan).
\4\ The Participants to the CAT NMS Plan are: 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, Inc.;
Investors Exchange LLC; Long-Term Stock Exchange, Inc.; MEMX, LLC;
Miami International Securities Exchange LLC; MIAX Emerald, LLC; MIAX
PEARL, LLC; MIAX Sapphire, 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 Texas, Inc.; and NYSE National, Inc.
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I. Description and Purpose of the Amendment
The amendment to the CAT NMS Plan adds 24X as a Participant.\5\ The
CAT NMS Plan provides that any Person \6\ approved by the Commission as
a national securities exchange or national securities association under
the Exchange Act may become a Participant by submitting to the Company
\7\ a completed application in the form provided by the Company.\8\ As
a condition to admission as a Participant, said Person shall: (i)
execute a counterpart of the CAT NMS Plan, at which time Exhibit A
shall be amended to reflect the status of said Person as a Participant
(including said Person's address for purposes of notices delivered
pursuant to the CAT NMS Plan); and (ii) pay a fee to the Company as set
forth in the Plan (the ``Participation Fee'').\9\ The amendment to the
Plan reflecting the admission of a new Participant shall be effective
only when: (x) it is approved by the Commission in accordance with Rule
608 or otherwise becomes effective pursuant to Rule 608; and (y) the
prospective Participant pays the Participation Fee.\10\
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\5\ Defined in Section 1.1 of the CAT NMS Plan as follows:
``Participant'' means each Person identified as such on Exhibit A
hereto, and any Person that becomes a Participant as permitted by
this Agreement, in such Person's capacity as a Participant in the
Company (it being understood that the Participants shall comprise
the ``members'' of the Company (as the term ``member'' is defined in
Section 18-101(11) of the Delaware Act)).
\6\ Defined in Section 1.1 of the CAT NMS Plan as follows:
``Person'' means any individual, partnership, limited liability
company, corporation, joint venture, trust, business trust,
cooperative or association and any heirs, executors, administrators,
legal representatives, successors and assigns of such Person where
the context so permits.
\7\ The ``Company'' refers to the limited liability company,
Consolidated Audit Trail, LLC, which is responsible for conducting
the activities of the CAT. See Securities Exchange Act Release No.
87149 (September 27, 2019), 84 FR 52905 (October 3, 2019).
\8\ See Section 3.3 of the CAT NMS Plan. 24X was approved as a
national securities exchange on November 27, 2024. See Securities
Exchange Act Release No. 101777 (November 27, 2024), 89 FR 97092
(December 6, 2024).
\9\ See Section 3.3 of the CAT NMS Plan.
\10\ Id.
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24X has executed a copy of the current CAT NMS Plan, amended to
include 24X in the List of Parties (including the address of 24X), paid
the
[[Page 40093]]
applicable Participation Fee and provided each current Plan Participant
with a copy of the executed and amended CAT NMS Plan.\11\
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\11\ See Letter from David Sassoon, General Senior Counsel, 24X
National Exchange LLC, dated August 6, 2025, to Vanessa Countryman,
Secretary, U.S. Securities and Exchange Commission.
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II. Effectiveness of the Proposed Plan Amendment
The foregoing CAT NMS Plan amendment has become effective pursuant
to Rule 608(b)(3)(iii) \12\ 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,\13\ 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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\12\ 17 CFR 242.608(b)(3)(iii).
\13\ 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:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#344641585119575b5959515a4047744751571a535b42"><span class="__cf_email__" data-cfemail="a2d0d7cec78fc1cdcfcfc7ccd6d1e2d1c7c18cc5cdd4">[email protected]</span></a>. Please include
file number 4-698 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 4-698. 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="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>).
Copies of the filing 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 4-698 and should be submitted on or before
September 8, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(85).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-15615 Filed 8-15-25; 8:45 am]
BILLING CODE 8011-01-P
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