[Federal Register Volume 85, Number 149 (Monday, August 3, 2020)]
[Notices]
[Pages 46762-46763]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-16808]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89420; File No. 4-631]


Joint Industry Plan; Notice of Filing and Immediate Effectiveness 
of Amendment to the Plan To Address Extraordinary Market Volatility To 
Add MEMX LLC as a Participant

July 29, 2020.
    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 6, 2020, MEMX LLC (``MEMX'' or ``Exchange'') filed with 
the Securities and Exchange Commission (``Commission'') an amendment to 
the Plan to Address Extraordinary Market Volatility (``LULD Plan'' or 
``Plan'') as a Participant.\3\ The amendment adds MEMX as a Participant 
\4\ to the LULD 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 Anders Franzon, General Counsel, MEMX, dated 
July 6, 2020, to Vanessa A. Countryman, Secretary, Commission. On 
May 6, 2012, the Commission issued an order approving the Plan on a 
pilot basis (the ``Approval Order''). See Securities Exchange Act 
Release No. 67091 (May 31, 2012), 77 FR 33498 (June 6, 2012). The 
Commission approved the LULD Plan on a permanent basis on April 11, 
2019. See Securities Exchange Act Release No. 85623, 84 FR 16086 
(April 17, 2019).
    \4\ Defined in Section I(K) of the Plan as follows: 
``Participant'' means a Party to the Plan.
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I. Description and Purpose of the Amendment

    As noted above, the sole proposed amendment to the LULD Plan is to 
add the Exchange as a Participant. On May 4, 2020, the Commission 
issued an order granting MEMX's application for registration as a 
national securities exchange.\5\ A condition of the Commission's 
approval was the requirement for MEMX to join the Plan.
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    \5\ See Securities Exchange Act Release No. 88806, 85 FR 27451 
(May 8, 2020).
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    Under Section II(C) of the LULD Plan, any entity registered as a 
national securities exchange or national securities association under 
the Act may become a Participant by: (1) Becoming a participant in the 
applicable Market Data Plans; (2) executing a copy of the Plan, as then 
in effect; (3) providing each then-current Participant with a copy of 
such executed Plan; and (4) effecting an amendment to the Plan as 
specified in Section III (B) of the Plan. Section III(B) of the LULD 
Plan sets forth the process for a prospective new Participant to effect 
an amendment of the Plan. Specifically, the LULD 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 submitting such executed Plan to the Commission. The amendment will 
be effective when it is approved by the Commission in accordance with 
Rule 608 of Regulation NMS, or otherwise becomes effective pursuant to 
Rule 608 of Regulation NMS.
    MEMX has become a participant in the applicable Market Data 
Plans,\6\ executed a copy of the Plan currently in effect, with the 
only change being the addition of its name in Section II(A) of the 
Plan, and has provided a copy of the Plan executed by MEMX to each of 
the other Participants. MEMX has also submitted the executed Plan to 
the Commission. Accordingly, all of the Plan requirements for effecting 
an

[[Page 46763]]

amendment to the Plan to add MEMX as a Participant have been satisfied.
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    \6\ See Letter from Robert Books, Chairman, Operating Committee, 
CTA/CQ Plans, to Vanessa A. Countryman, Secretary, Commission, dated 
June 29, 2020 to Vanessa A. Countryman, Secretary, SEC (relating to 
Thirty-Fourth Substantive Amendment to the Second Restatement of the 
CTA Plan and Twenty-Fifth Substantive Amendment to the Restated CQ 
Plan adding MEMX as a participant) and letter from Robert Books, 
Chairman, Operating Committee, UTP Plan, to Vanessa A. Countryman, 
Secretary, Commission, dated June 29, 2020 (relating to Forty-Eighth 
Amendment to the UTP Plan adding MEMX as a participant).
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II. Effectiveness of the Proposed Amendment

    The foregoing Plan amendment has become effective pursuant to Rule 
608(b)(3)(iii) \7\ 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,\8\ 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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    \7\ 17 CFR 242.608(b)(3)(iii).
    \8\ 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

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
File Number 4-631 on the subject line.

Paper Comments

     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 4-631. 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 (http://www.sec.gov/rules/sro.shtml). 
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 
proposed plan 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 20549-1090 on official business days between the hours 
of 10:00 a.m. and 3:00 p.m. Copies of the filing also will be available 
for inspection and copying at the principal office of the Exchange. All 
comments received will be posted without change. Persons submitting 
comments are cautioned that we do not redact or edit personal 
identifying information from comment submissions. You should submit 
only information that you wish to make available publicly. All 
submissions should refer to File Number 4-631 and should be submitted 
on or before August 24, 2020.

    By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-16808 Filed 7-31-20; 8:45 am]
BILLING CODE 8011-01-P