Notice2025-20226
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
November 18, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 220 (Tuesday, November 18, 2025)</title>
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[Federal Register Volume 90, Number 220 (Tuesday, November 18, 2025)]
[Notices]
[Page 51801]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-20226]
[[Page 51801]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104179; 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
November 14, 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'' or ``SEC'') 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
(the ``Proposed Amendment'') to reduce the amount of Customer \4\
information in the CAT Customer and Account Information System
(``CAIS'').\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>. While the SEC is currently ``accepting''
comments, in that we will not prevent the submission of letters via
the usual methods (webform, email, or mail), the SEC will not be
posting them until after the resumption of duties. Please note that
there may be a delay in the public availability of comments after
the resumption of duties; comments will be treated as if received on
the original submission date.
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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 Amendment No. 1.\8\ On September 11, 2025,
pursuant to Rule 608(b)(2)(i) of Regulation NMS,\9\ the Commission
extended the period within which to conclude proceedings regarding the
Proposed Amendment, as modified by Amendment No. 1, to 240 days from
the date of publication of the Notice.\10\ The 240th day after
publication of the Notice is November 14, 2025.
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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\ See 17 CFR 242.608(b)(2)(i).
\10\ See Securities Exchange Act Release No. 103946, 90 FR 44734
(Sept. 16, 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 approved or 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.\11\ The Commission is extending this 240-day period.
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\11\ See 17 CFR 242.608(b)(2)(ii).
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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 important policy issues raised by the Proposed
Amendment, as modified by Amendment No. 1, and the comments received.
Accordingly, pursuant to Rule 608(b)(2)(ii) of Regulation NMS,\12\ the
Commission designates January 13, 2026 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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\12\ Id.
By the Commission.
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-20226 Filed 11-17-25; 8:45 am]
BILLING CODE 8011-01-P
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