[Federal Register Volume 87, Number 101 (Wednesday, May 25, 2022)]
[Notices]
[Pages 31920-31921]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-11204]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94951; File No. SR-CTA/CQ-2021-02]


Consolidated Tape Association; Notice of Designation of a Longer 
Period for Commission Action on the Thirty-Seventh Substantive 
Amendment to the Second Restatement of the CTA Plan and Twenty-Eighth 
Substantive Amendment to the Restated CQ Plan

May 19, 2022.
    On November 5, 2021,\1\ the Participants \2\ in the Second 
Restatement of the Consolidated Tape Association (``CTA'') Plan and 
Restated Consolidated Quotation (``CQ'') Plan (collectively ``CTA/CQ 
Plans'' or ``Plans'') \3\ filed with the Securities and Exchange 
Commission (``Commission''), pursuant to Section 11A of the Securities 
Exchange Act of 1934 (``Act'') \4\ and Rule 608 of Regulation National 
Market System (``NMS'') thereunder,\5\ a proposal (``Proposed 
Amendments'') to amend the Plans. The Proposed Amendments were 
published for comment in the Federal Register on November 29, 2021.\6\
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    \1\ See Letter from Robert Books, Chair, CTA/CQ Operating 
Committee, to Vanessa Countryman, Secretary, Commission (Nov. 5, 
2021).
    \2\ The Participants are: Cboe BYX Exchange, Inc., Cboe BZX 
Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc., 
Cboe Exchange, Inc., Financial Industry Regulatory Authority, Inc., 
The Investors' Exchange LLC, Long-Term Stock Exchange, Inc., MEMX 
LLC, MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq PHLX, 
Inc., 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'').
    \3\ The CTA Plan, pursuant to which markets collect and 
disseminate last-sale price information for non-Nasdaq-listed 
securities, is a ``transaction reporting plan'' under Rule 601 of 
Regulation NMS, 17 CFR 242.601, and a ``national market system 
plan'' under Rule 608 of Regulation NMS, 17 CFR 242.608. The CQ 
Plan, pursuant to which markets collect and disseminate bid/ask 
quotation information for non-Nasdaq-listed securities, is a 
``national market system plan'' under Rule 608 under the Act, 17 CFR 
242.608. See Securities Exchange Act Release Nos. 10787 (May 10, 
1974), 39 FR at 17799 (May 20, 1974) (declaring the CTA Plan 
effective); 15009 (July 28, 1978), 43 FR at 34851 (Aug. 7, 1978) 
(temporarily authorizing the CQ Plan); and 16518 (Jan. 22, 1980), 45 
FR at 6521 (Jan. 28, 1980) (permanently authorizing the CQ Plan).
    \4\ 15 U.S.C 78k-1.
    \5\ 17 CFR 242.608.
    \6\ See Securities Exchange Act Release No. 93615 (Nov. 29, 
2021), 86 FR 67800 (Nov. 29, 2021) (``Notice''). Comments received 
in response to the Notice can be found on the Commission's website 
at https://www.sec.gov/comments/sr-ctacq-2021-02/srctacq202102.htm.
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    On February 24, 2022, the Commission instituted proceedings 
pursuant to Rule 608(b)(2)(i) of Regulation NMS \7\ to determine 
whether to approve or disapprove the Proposed Amendments or to approve 
the Proposed Amendments with any changes or subject to any conditions 
the Commission deems necessary or appropriate after considering public 
comment.\8\ Rule 608(b)(2)(i) of Regulation NMS provides that such 
proceedings shall be concluded within 180 days of the date of 
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 Amendments is May 28, 2022. The Commission is extending this 
180-day period.
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    \7\ 17 CFR 242.608(b)(2)(i).
    \8\ See Securities Exchange Act Release No. 94310 (Feb. 24, 
2022), 87 FR 11748 (Mar. 2, 2022) (``OIP''). Comments received in 
response to the OIP can be found on the Commission's website at 
https://www.sec.gov/comments/sr-ctacq-2021-02/srctacq202102.htm.
    \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 
Amendments so that it has sufficient time to consider the Proposed 
Amendments and the comments received. Accordingly, pursuant to Rule 
608(b)(2)(i) of Regulation NMS,\10\ the Commission designates July 27, 
2022 as the date by which the Commission shall conclude the proceedings 
to determine whether to approve or disapprove the Proposed Amendments 
or to approve the Proposed Amendments with any changes or subject to 
any conditions the Commission deems necessary or appropriate (File No. 
SR-CTA/CQ-2021-02).
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    \10\ Id.
    \11\ 17 CFR 200.30-3(a)(85).


[[Page 31921]]


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    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-11204 Filed 5-24-22; 8:45 am]
BILLING CODE 8011-01-P