Notice2025-17811
Joint Industry Plan; Notice of Designation of a Longer Period for Commission Action on a Proposed Amendment, as Modified by Amendment No. 1, to the National Market System Plan Governing the Consolidated Audit Trail Regarding the Customer and Account Information System
Primary source
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Published
September 16, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 177 (Tuesday, September 16, 2025)</title>
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[Federal Register Volume 90, Number 177 (Tuesday, September 16, 2025)]
[Notices]
[Pages 44734-44735]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-17811]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103946; File No. 4-698]
Joint Industry Plan; Notice of Designation of a Longer Period for
Commission Action on a Proposed Amendment, as Modified by Amendment No.
1, to the National Market System Plan Governing the Consolidated Audit
Trail Regarding the Customer and Account Information System
September 11, 2025.
I. Introduction
On March 7, 2025, the 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 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 Chicago, Inc., and NYSE National, Inc.
(collectively, the ``Participants'') filed with the Securities and
Exchange Commission (``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 to the CAT NMS Plan to reduce the
amount of Customer \4\ information in the CAT Customer and Account
Information System (``CAIS'') (the ``Proposed Amendment'').\5\ The
Proposed Amendment was published for comment in the Federal Register on
March 19, 2025 (``Notice'').\6\
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\1\ In 2012, the Commission adopted Rule 613 of Regulation NMS,
which required the Participants to jointly develop and submit to the
Commission a national market system plan to create, implement, and
maintain a consolidated audit trail (the ``CAT''). See Securities
Exchange Act Release No. 67457 (July 18, 2012), 77 FR 45722 (Aug. 1,
2012); 17 CFR 242.613 (``Rule 613''). On November 15, 2016, the
Commission approved the CAT NMS Plan. See Securities Exchange Act
Release No. 79318, 81 FR 84696 (Nov. 23, 2016) (``CAT NMS Plan
Approval Order''). The CAT NMS Plan is Exhibit A to the CAT NMS Plan
Approval Order. See CAT NMS Plan Approval Order, at 84943-85034.
\2\ 15 U.S.C. 78k-1(a)(3).
\3\ 17 CFR 242.608.
\4\ A ``Customer'' means ``the account holder(s) of the account
at a registered broker-dealer originating the order; and any person
from whom the broker-dealer is authorized to accept trading
instructions for such account, if different from the account
holder(s).'' See CAT NMS Plan, supra note 1, at Section 1.1.
\5\ See Letter from Brandon Becker, CAT NMS Plan Operating
Committee Chair, dated March 7, 2025.
\6\ See Securities Exchange Act Release No. 102665 (Mar. 13,
2025), 90 FR 12845. 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-f.htm">https://www.sec.gov/comments/4-698/4-698-f.htm</a>.
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On May 28, 2025, the Participants filed Amendment No. 1 to the
Proposed Amendment (``Amendment No. 1'').\7\ On June 17, 2025, the
Commission noticed Amendment No. 1 for comment and instituted
proceedings to determine whether to approve or disapprove the Proposed
Amendment, as modified by
[[Page 44735]]
Amendment No. 1.\8\ Rule 608(b)(2)(i) of Regulation NMS provides that
such proceedings shall be concluded within 180 days of the date of the
publication of notice of the plan or amendment and that the time for
conclusion of such proceedings may be extended for up to 60 days (up to
240 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 a
longer period.\9\ The 180th day after publication of the Notice for the
Proposed Amendment is September 15, 2025. The Commission is extending
this 180-day period.
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\7\ See Letter from Brandon Becker, CAT NMS Plan Operating
Committee Chair, dated May 28, 2025.
\8\ See Securities Exchange Act Release No. 103288, 90 FR 26637
(June 23, 2025). Comments received in response to Amendment No. 1
can be found on the Commission's website at <a href="https://www.sec.gov/comments/4-698/4-698-f.htm">https://www.sec.gov/comments/4-698/4-698-f.htm</a>.
\9\ 17 CFR 242.608(b)(2)(i).
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The Commission finds that it is appropriate to designate a longer
period within which to conclude proceedings regarding the Proposed
Amendment, as modified by Amendment No. 1, so that it has sufficient
time to consider the Proposed Amendment, as modified by Amendment No.
1, and the comments received. Accordingly, pursuant to Rule
608(b)(2)(i) of Regulation NMS,\10\ the Commission designates November
14, 2025, as the date by which the Commission shall conclude the
proceedings to determine whether to approve or disapprove the Proposed
Amendment, as modified by Amendment No. 1 (File No. 4-698).
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\10\ Id.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
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\11\ 17 CFR 200.30-3(a)(85).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-17811 Filed 9-15-25; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on September 16, 2025.
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