[Federal Register Volume 90, Number 171 (Monday, September 8, 2025)]
[Notices]
[Pages 43254-43255]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-17105]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103845; 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 24X National Exchange LLC as a Participant
September 3, 2025.
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 August 12, 2025, 24X National Exchange LLC (``24X National
Exchange'' 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 24X National Exchange as a
Participant \4\ to the LULD Plan. The Commission is publishing this
notice to solicit comments on the amendment from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78k-1(a)(3).
\2\ 17 CFR 242.608.
\3\ See Letter from David Sassoon, General Counsel, dated August
12, 2025 to Vanessa 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.
---------------------------------------------------------------------------
I. Description and Purpose of the Amendment
On November 27, 2024, the Commission issued an order approving
issued an order granting the Exchange's application for registration as
a national securities exchange.\5\ As noted above, the proposed
amendment adds 24X National Exchange as a Participant to the LULD Plan.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 101777 (Nov. 27,
2024), 89 FR 97092 (Dec. 6, 2024) (``Approval Order'').
---------------------------------------------------------------------------
Under Section II(C) of the LULD Plan, any entity registered as a
national securities exchange or national securities association under
the Exchange Act may become a Participant by: (1) becoming a
participant in the applicable Market Data Plans, as defined in Section
I(F) of the Plan; (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.
24X National Exchange 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 24X National
Exchange to each of the other Participants. 24X National Exchange has
also submitted the executed Plan to the Commission. Accordingly, all of
the Plan requirements for effecting an amendment to the Plan to add 24X
National Exchange as a Participant have been satisfied.
---------------------------------------------------------------------------
\6\ See Letters from Jeff Kimsey, Chairman, Operating Committee,
CTA/CQ Plans, to Vanessa Countryman, Secretary, Commission, dated
July 21, 2025 to Vanessa Countryman, Secretary, SEC (relating to
Twenty-Ninth Substantive Amendment to the Second Restatement of the
CTA Plan and Thirtieth Substantive Amendment to the Restated CQ Plan
adding 24X National Exchange as a participant) and Jeff Kimsey,
Chairman, Operating Committee, UTP Plan, to Vanessa Countryman,
Secretary, Commission, dated July 21, 2025 (relating to Fifty-Fourth
Amendment to the UTP Plan adding 24X National Exchange as a
participant). These amendments were all filed as ministerial
amendments and were effective on filing pursuant to the respective
plans and Rule 608(b)(3)(iii) of Regulation NMS.
---------------------------------------------------------------------------
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.
---------------------------------------------------------------------------
\7\ 17 CFR 242.608(b)(3)(iii).
\8\ 17 CFR 242.608(a)(1).
---------------------------------------------------------------------------
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.
[[Page 43255]]
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 filing will be available for inspection and copying at
the principal office of the Exchange. Do not include personal
information in submissions; you should submit only information that you
wish to make available publicly. We may redact in part or withhold
entirely from publication submitted material that is obscene or subject
to copyright protection. All submissions should refer to File Number 4-
631 and should be submitted on or before September 29, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(85).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-17105 Filed 9-5-25; 8:45 am]
BILLING CODE 8011-01-P