[Federal Register Volume 87, Number 143 (Wednesday, July 27, 2022)]
[Notices]
[Page 45142]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-16036]



[[Page 45142]]

-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95346; File No. SR-CTA/CQ-2021-03]


Consolidated Tape Association; Notice of Designation of a Longer 
Period for Commission Action on the Twenty-Fifth Charges Amendment to 
the Second Restatement of the CTA Plan and Sixteenth Charges Amendment 
to the Restated CQ Plan

July 21, 2022.
    On November 5, 2021,\1\ certain participants in the Second 
Restatement of the Consolidated Tape Association (``CTA'') Plan and the 
Restated Consolidated Quotation (``CQ'') Plan (collectively ``CTA/CQ 
Plans'' or ``Plans'') \2\ filed with the Securities and Exchange 
Commission (``SEC'' or ``Commission''), pursuant to Section 11A of the 
Securities Exchange Act of 1934 (``Act'') \3\ and Rule 608 of 
Regulation National Market System (``NMS'') thereunder,\4\ a proposal 
(``Proposed Amendments'') to amend the Plans.\5\ The Proposed 
Amendments were published for comment in the Federal Register on 
November 26, 2021.\6\
---------------------------------------------------------------------------

    \1\ See Letter from Robert Books, Chair, CTA/CQ Plans Operating 
Committee, to Vanessa Countryman, Secretary, Commission (Nov. 5, 
2021).
    \2\ 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 of Regulation NMS, 17 
CFR 242.608. See Securities Exchange Act Release Nos. 10787 (May 10, 
1974), 39 FR 17799 (May 20, 1974) (declaring the CTA Plan 
effective); 15009 (July 28, 1978), 43 FR 34851 (Aug. 7, 1978) 
(temporarily authorizing the CQ Plan); and 16518 (Jan. 22, 1980), 45 
FR 6521 (Jan. 28, 1980) (permanently authorizing the CQ Plan).
    \3\ 15 U.S.C. 78k-1.
    \4\ 17 CFR 242.608.
    \5\ The Proposed Amendments were approved and executed by more 
than the required two-thirds of the self-regulatory organizations 
(``SROs'') that are participants of the Plans. The participants that 
approved and executed the amendments (the ``Participants'') are: 
Cboe BYX Exchange, Inc, Cboe BZX Exchange, Inc., Cboe EDGA Exchange, 
Inc., Cboe EDGX Exchange, Inc., Cboe Exchange, Inc., Nasdaq ISE, 
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. The other SROs that are participants 
in the Plans are: Financial Industry Regulatory Authority, Inc., 
Investors Exchange LLC, Long-Term Stock Exchange, Inc., MEMX LLC, 
MIAX PEARL, LLC, and Nasdaq BX, Inc.
    \6\ See Securities Exchange Act Release No. 93625 (Nov. 19, 
2021), 86 FR 67517 (Nov. 26, 2021) (``Notice''). Comments received 
in response to the Proposed Amendments are available at https://www.sec.gov/comments/sr-ctacq-2021-03/srctacq202103.htm.
---------------------------------------------------------------------------

    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\ On May 19, 2022, pursuant to Rule 608(b)(2)(i) of 
Regulation NMS,\9\ the Commission extended the period within which to 
conclude proceedings regarding the Proposed Amendments to 240 days from 
the date of publication of the Notice.\10\
---------------------------------------------------------------------------

    \7\ 17 CFR 242.608(b)(2)(i).
    \8\ See Securities Exchange Act Release No. 94309 (Feb. 24, 
2022), 87 FR 11763 (Mar. 2, 2022).
    \9\ See 17 CFR 242.608(b)(2)(i).
    \10\ See Securities Exchange Act Release No. 94952 (May 19, 
2022), 87 FR 31921 (May 25, 2022).
---------------------------------------------------------------------------

    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 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 240th day after 
publication of the Notice for the Proposed Amendments is July 24, 2022. 
The Commission is extending this 240-day period.
---------------------------------------------------------------------------

    \11\ See 17 CFR 242.608(b)(2)(ii).
---------------------------------------------------------------------------

    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 comments received. Accordingly, pursuant to Rule 
608(b)(2)(ii) of Regulation NMS,\12\ the Commission designates 
September 22, 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-2021-03).
---------------------------------------------------------------------------

    \12\ Id.

    By the Commission.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-16036 Filed 7-26-22; 8:45 am]
BILLING CODE 8011-01-P