[Federal Register Volume 89, Number 151 (Tuesday, August 6, 2024)]
[Notices]
[Pages 64010-64011]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-17283]



[[Page 64010]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-100628; File Nos. SR-BOX-2024-03; SR-BX-2024-002; SR-
C2-2024-002; SR-CBOE-2024-003; SR-CboeBYX-2024-002; SR-CboeBZX-2024-
004; SR-CboeEDGA-2024-002; SR-CboeEDGX-2024-005; SR-Emerald-2024-01; 
SR-FINRA-2024-002; SR-GEMX-2024-02; SR-IEX-2024-01; SR-ISE-2024-02; SR-
LTSE-2024-02; SR-MEMX-2024-01; SR-MIAX-2024-02; SR-MRX-2024-01; SR-
NASDAQ-2024-001; SR-NYSE-2024-03; SR-NYSEAMER-2024-02; SR-NYSEARCA-
2024-02; SR-NYSECHX-2024-02; SR-NYSENAT-2024-01; SR-PEARL-2024-01; SR-
PEARL-2024-02; SR-PHLX-2024-01]


Self-Regulatory Organizations; 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; Investors' Exchange LLC; Long-
Term Stock Exchange, Inc.; MEMX, LLC; MIAX PEARL, LLC; MIAX Emerald, 
LLC; Miami International Securities Exchange, LLC.; NASDAQ BX, Inc.; 
Nasdaq GEMX, LLC; Nasdaq ISE, LLC; Nasdaq MRX, LLC; NASDAQ PHLX LLC; 
The Nasdaq Stock Market LLC; NYSE National, Inc., NYSE American LLC, 
New York Stock Exchange LLC; NYSE Arca, Inc; NYSE GEMX, LLC and NYSE 
Chicago, Inc.; Notice of Designation of Longer Period for Commission 
Action on Proceedings To Determine Whether To Approve or Disapprove 
Proposed Rule Changes To Establish Fees for Industry Members Related to 
Certain Historical Costs of the National Market System Plan Governing 
the Consolidated Audit Trail

July 31, 2024.
    On January 2, 2024, 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, Investors' Exchange LLC, MEMX, LLC, MIAX PEARL, 
LLC, MIAX Emerald, LLC, Miami International Securities Exchange, LLC., 
NASDAQ BX, Inc., The Nasdaq Stock Market LLC, Nasdaq PHLX LLC, Nasdaq 
MRX, LLC, Nasdaq ISE, LLC, NYSE National, Inc., NYSE American LLC, New 
York Stock Exchange LLC,\1\ NYSE Arca, Inc.\2\ Nasdaq GEMX, LLC,\3\ 
NYSE Chicago, Inc.,\4\ and Long-Term Stock Exchange, Inc.\5\ filed with 
the Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Act'') \6\ 
and Rule 19b-4 thereunder,\7\ proposed rule changes \8\ to establish 
fees for Industry Members \9\ related to certain historical costs of 
the National Market System Plan Governing the Consolidated Audit Trail 
(``CAT NMS Plan'').\10\ The proposed rule changes were immediately 
effective upon filing with the Commission pursuant to Section 
19(b)(3)(A) of the Act.\11\ On February 13, 2024, the proposed rule 
changes were published in the Federal Register and the Commission 
temporarily suspended and instituted proceedings to determine whether 
to approve or disapprove the proposed rule changes.\12\ The Commission 
received six comments on the proposed rule changes and one response to 
those comments.\13\
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    \1\ NYSE National, Inc., NYSE American LLC, and New York Stock 
Exchange LLC each filed a proposed rule change to establish fees for 
Industry Members related to certain historical costs of the CAT NMS 
Plan on January 3, 2024.
    \2\ NYSE Arca, Inc. filed a proposed rule change to establish 
fees for Industry Members related to certain historical costs of the 
CAT NMS Plan on January 4, 2024.
    \3\ Nasdaq GEMX, LLC filed a proposed rule change to establish 
fees for Industry Members related to certain historical costs of the 
CAT NMS Plan on January 5, 2024.
    \4\ NYSE Chicago, Inc. filed a proposed rule change to establish 
fees for Industry Members related to certain historical costs of the 
CAT NMS Plan on January 8, 2024.
    \5\ Long-Term Stock Exchange, Inc. filed a proposed rule change 
to establish fees for Industry Members related to certain historical 
costs of the CAT NMS Plan on January 11, 2024.
    \6\ 15 U.S.C. 78s(b)(1).
    \7\ 17 CFR 240.19b-4.
    \8\ Securities Exchange Act Release Nos. 99377 (January 17, 
2024), 89 FR 10544 (February 13, 2024) (SR-BOX-2024-03); 99358 
(January 17, 2024), 89 FR 10773 (February 13, 2024) (SR-BX-2024-
002); 99370 (January 17, 2024), 89 FR 10430 (February 13, 2024) (SR-
C2-2024-002); 99364 (January 17, 2024), 89 FR 10887 (February 13, 
2024) (SR-CBOE-2024-003); 99371 (January 17, 2024), 89 FR 10963 
(February 13, 2024 (SR-CboeBYX-2024-002); 99369 (January 17, 2024), 
89 FR 10392 (February 13, 2024) (SR-CboeBZX-2024-004); 99374 
(January 17, 2024), 89 FR 10468 (February 13, 2024) (SR-CboeEDGA-
2024-002); 99376 (January 17, 2024), 89 FR 10506 (February 13, 2024) 
(SR-CboeEDGX-2024-005); 99373 (January 17, 2024), 89 FR 11001 
(February 13, 2024) (SR-Emerald-2024-01); 99363 (January 17, 2024), 
89 FR 10850 (February 13, 2024) (SR-FINRA-2024-002); 99365 (January 
17, 2024), 89 FR 10278 (February 13, 2024) (SR-GEMX-2024-02); 99379 
(January 17, 2024), 89 FR 11039 (February 13, 2024) (SR-IEX-2024-
01); 99362 (January 17, 2024), 89 FR 10239 (February 13, 2024) (SR-
ISE-2024-02); 99378 (January 17, 2024), 89 FR 10582 (February 13, 
2024) (SR-LTSE-2024-02); 99356 (January 17, 2024), 89 FR 10697 
(February 13, 2024) (SR-MEMX-2024-01); 99367 (January 17, 2024), 89 
FR 10925 (February 13, 2024) (SR-MIAX-2024-02); 99361 (January 17, 
2024), 89 FR 10201 (February 13, 2024) (SR-MRX-2024-01); 99360 
(January 17, 2024), 89 FR 10812 (February 13, 2024) (SR-NASDAQ-2024-
001); 99380 (January 17, 2024), 89 FR 11078 (February 13, 2024) (SR-
NYSE-2024-03); 99381 (January 17, 2024), 89 FR 10620 (February 13, 
2024) (SR-NYSEAMER-2024-02); 99357 (January 17, 2024), 89 FR 10735 
(February 13, 2024) (SR-NYSEARCA-2024-02); 99366 (January 17, 2024), 
89 FR 10315 (February 13, 2024) (SR-NYSECHX-2024-02); 99368 (January 
17, 2024), 89 FR 10353 (February 13, 2024) (SR-NYSENAT-2024-01); 
99375 (January 17, 2024), 89 FR 11116 (February 13, 2024) (SR-PEARL-
2024-01); 99382 (January 17, 2024), 89 FR 10658 (February 13, 2024) 
(SR-PEARL-2024-02); and 99359 (January 17, 2024), 89 FR 10164 
(February 13, 2024) (SR-PHLX-2024-01).
    \9\ The CAT NMS Plan defines ``Industry Member'' as ``a member 
of a national securities exchange or a member of a national 
securities association.'' See CAT NMS Plan, infra note 10, at 
Section 1.1.
    \10\ Unless otherwise specified, capitalized terms used in this 
rule filing are defined as set forth in the CAT NMS Plan. The CAT 
NMS Plan is a national market system plan approved by the Commission 
pursuant to Section 11A of the Act and the rules and regulations 
thereunder. See Securities Exchange Act Release No. 79318 (November 
15, 2016), 81 FR 84696 (November 23, 2016). The CAT NMS Plan 
functions as the limited liability company agreement of the jointly 
owned limited liability company formed under Delaware state law 
through which the Participants conduct the activities of the CAT 
(``Company''). On August 29, 2019, the Participants replaced the CAT 
NMS Plan in its entirety with the limited liability company 
agreement of a new limited liability company named Consolidated 
Audit Trail, LLC, which became the Company. See Securities Exchange 
Act Release No. 87149 (September 27, 2019), 84 FR 52905 (October 3, 
2019).
    \11\ 15 U.S.C. 78s(b)(3)(A). A proposed rule change may take 
effect upon filing with the Commission if it is designated by the 
exchange as ``establishing or changing a due, fee, or other charge 
imposed by the self-regulatory organization on any person, whether 
or not the person is a member of the self-regulatory organization.'' 
15 U.S.C. 78s(b)(3)(A)(ii).
    \12\ See supra note 8.
    \13\ See letters from: Edward Weisbaum, Executing Broker CBOE 
Floor, dated February 6, 2024; Howard Meyerson, Managing Director, 
Financial Information Forum, to Vanessa Countryman, Secretary, 
Commission, dated March 4, 2024; Thomas M. Merritt, Deputy General 
Counsel, Virtu Financial, Inc., to Vanessa Countryman, Secretary, 
Commission, dated March 5, 2024; Ellen Greene, Managing Director, 
Equities & Options Market Structure, SIFMA; Joseph Corcoran, 
Managing Director, Associate General Counsel, SIFMA, to Vanessa 
Countryman, Secretary, Commission, dated March 5, 2024; Stephen John 
Berger, Managing Director, Global Head of Government & Regulatory 
Policy, Citadel Securities, to Vanessa Countryman, Secretary, 
Commission, dated March 5, 2024; Joanna Mallers, Secretary, FIA 
Principal Traders Group, to Vanessa Countryman, Secretary, 
Commission, dated March 9, 2024; and Brandon Becker, CAT NMS Plan 
Operating Committee Chair, to Vanessa Countryman, Secretary, 
Commission, dated June 13, 2024.
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    Section 19(b)(2) of the Act \14\ provides that, after instituting 
proceedings, the Commission shall issue an order approving or 
disapproving a proposed rule change not later than 180 days after the 
date of publication of notice of filing of the proposed rule 
change.\15\ The Commission may, however, extend the period for issuing 
an order approving or disapproving the proposed rule change by not more 
than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for such determination.\16\ The

[[Page 64011]]

180th day for the proposed rule changes is August 11, 2024.
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    \14\ 15 U.S.C 78s(b)(2).
    \15\ 15 U.S.C. 78s(b)(2)(B)(ii)(I).
    \16\ 15 U.S.C. 78s(b)(2)(B)(ii)(II)(aa).
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    The Commission is extending the 180-day time period for Commission 
action on each of the proposed rule changes. The Commission finds it 
appropriate to designate a longer period within which to issue an order 
approving or disapproving the proposed rule changes so that it has 
sufficient time to consider the proposed rule changes.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\17\ designates October 10, 2024 as the date by which the 
Commission shall either approve or disapprove the proposed rule changes 
(File Nos. SR-BOX-2024-03; SR-BX-2024-002; SR-C2-2024-002; SR-CBOE-
2024-003; SR-CboeBYX-2024-002; SR-CboeBZX-2024-004; SR-CboeEDGA-2024-
002; SR-CboeEDGX-2024-005; SR-Emerald-2024-01; SR-FINRA-2024-002; SR-
GEMX-2024-02; SR-IEX-2024-01; SR-ISE-2024-02; SR-LTSE-2024-02; SR-MEMX-
2024-01; SR-MIAX-2024-02; SR-MRX-2024-01; SR-NASDAQ-2024-001; SR-NYSE-
2024-03; SR-NYSEAMER-2024-02; SR-NYSEARCA-2024-02; SR-NYSECHX-2024-02; 
SR-NYSENAT-2024-01; SR-PEARL-2024-01; SR-PEARL-2024-02; SR-PHLX-2024-
01).
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    \17\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(57).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-17283 Filed 8-5-24; 8:45 am]
BILLING CODE 8011-01-P