Joint Industry Plan; Notice of Designation of a Longer Period for Commission Action on a Proposed Amendment to the National Market System Plan Governing the Consolidated Audit Trail, 73366-73367 [2022-26045]

Download as PDF 73366 Federal Register / Vol. 87, No. 228 / Tuesday, November 29, 2022 / Notices SECURITIES AND EXCHANGE COMMISSION [Release No. 34–96380; File No. SR–CBOE– 2022–051] For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.6 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2022–26044 Filed 11–28–22; 8:45 am] Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Designation of Longer Period for Commission Action on a Proposed Rule Change To Amend Rules Relating to the Processing of Auction Responses khammond on DSKJM1Z7X2PROD with NOTICES November 23, 2022. On October 3, 2022, Cboe Exchange, Inc. filed with the Securities and Exchange Commission (the ‘‘Commission’’), pursuant to section 19(b)(1) of the Securities Exchange Act of 1934 (the ‘‘Act’’),1 and Rule 19b–4 thereunder,2 a proposed rule change to amend its rules relating to the processing of auction responses. The proposed rule change was published for comment in the Federal Register on October 20, 2022.3 The Commission has received no comment letters on the proposed rule change. Section 19(b)(2) of the Act 4 provides that, within 45 days of the publication of notice of the filing of a proposed rule change, or within such longer period up to 90 days as the Commission may designate if it finds such longer period to be appropriate and publishes its reasons for so finding or as to which the self-regulatory organization consents, the Commission shall either approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether the proposed rule change should be disapproved. The 45th day after publication of the notice for this proposed rule change is December 4, 2022. The Commission is extending the 45day time period for Commission action on the proposed rule change. The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change. Accordingly, pursuant to Section 19(b)(2) of the Act,5 the Commission designates January 18, 2023 as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change (File No. SR–CBOE–2022–051). 15 U.S.C. 78s(b)(1). 17 CFR 240.19b–4. 3 See Securities Exchange Act Release No. 96081 (October 14, 2022), 87 FR 63830. 4 15 U.S.C. 78s(b)(2). 5 Id. 1 2 VerDate Sep<11>2014 16:29 Nov 28, 2022 Jkt 259001 BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–96382; File No. 4–698] Joint Industry Plan; Notice of Designation of a Longer Period for Commission Action on a Proposed Amendment to the National Market System Plan Governing the Consolidated Audit Trail November 23, 2022. On May 13, 2022, the Operating Committee for Consolidated Audit Trail, LLC (‘‘CAT LLC’’), on behalf of the Participants 1 to the National Market System Plan Governing the Consolidated Audit Trail (the ‘‘CAT NMS Plan’’ or ‘‘Plan’’),2 filed with the Securities and Exchange Commission (‘‘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 proposed amendment to the CAT NMS Plan (‘‘Proposed Amendment’’) to implement a revised funding model (‘‘Executed Share Model’’) for the consolidated 17 CFR 200.30–3(a)(31). Participants are: BOX Exchange LLC; Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc., Cboe C2 Exchange, Inc., Cboe Exchange, Inc., Financial Industry Regulatory Authority, Inc., The Investors’ Exchange LLC, Long-Term Stock Exchange, Inc., MEMX LLC, Miami International Securities Exchange LLC, MIAX Emerald, LLC, MIAX PEARL, LLC, Nasdaq BX, Inc., Nasdaq GEMX, LLC, Nasdaq ISE, LLC, Nasdaq MRX, 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’’). 2 The CAT NMS Plan is a national market system plan approved by the Commission pursuant to Section 11A of the Exchange Act and the rules and regulations thereunder. See Securities Exchange Act Release No. 79318 (Nov. 15, 2016), 81 FR 84696 (Nov. 23, 2016) (‘‘CAT NMS Plan Approval Order’’). 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 (‘‘CAT LLC’’), which became the Company. The latest version of the CAT NMS Plan is available at https://catnmsplan.com/about-cat/cat-nms-plan. 3 15 U.S.C 78k–1. 4 17 CFR 242.608. 6 1 The PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 audit trail (‘‘CAT’’) and to establish a fee schedule for Participant CAT fees in accordance with the Executed Share Model.5 The Proposed Amendment was published for comment in the Federal Register on June 1, 2022.6 On August 30, 2022, the Commission instituted proceedings pursuant to Rule 608(b)(2)(i) of Regulation NMS 7 to determine whether to disapprove the Proposed Amendment or to approve the Proposed Amendment with any changes or subject to any conditions the Commission deems necessary or appropriate.8 On November 16, 2022, CAT LLC submitted a partial amendment to the Proposed Amendment.9 Rule 608(b)(2)(i) of Regulation NMS provides that proceedings to determine whether a plan or amendment should be disapproved 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.10 The 180th day after publication of the Notice for the Proposed Amendment is November 28, 2022. The Commission is extending this 180-day period. The Commission finds that it is appropriate to designate a longer period within which to conclude proceedings regarding the Proposed Amendment so that it has sufficient time to consider the Proposed Amendment and the comments received. Accordingly, pursuant to Rule 608(b)(2)(i) of Regulation NMS,11 the Commission designates January 27, 2023 as the date by which the Commission shall conclude the proceedings to determine whether to approve or disapprove the 5 See Letter from Michael Simon, CAT NMS Plan Operating Committee Chair, to Vanessa Countryman, Secretary, Commission (May 13, 2022) (‘‘Transmittal Letter’’). 6 See Securities Exchange Act Release No. 94984 (May 25, 2022), 87 FR 33226 (‘‘Notice’’). Comments received in response to the Notice can be found on the Commission’s website at https://www.sec.gov/ comments/4-698/4-698-a.htm. 7 17 CFR 242.608(b)(2)(i). 8 See Securities Exchange Act Release No. 95634 (Aug. 30, 2022), 87 FR 54558 (Sept. 6, 2022) (‘‘OIP’’). Comments received in response to the OIP can be found on the Commission’s website at https://www.sec.gov/comments/4-698/4-698-a.htm. 9 See Letter from Michael Simon, CAT NMS Plan Operating Committee Chair, to Vanessa Countryman, Secretary, Commission (Nov. 15, 2022). 10 17 CFR 242.608(b)(2)(i). 11 Id. E:\FR\FM\29NON1.SGM 29NON1 Federal Register / Vol. 87, No. 228 / Tuesday, November 29, 2022 / Notices Proposed Amendment or to approve the Proposed Amendment with any changes or subject to any conditions the Commission deems necessary or appropriate (File No. 4–698). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2022–26045 Filed 11–28–22; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 34758; File No. 812–15358] Cantor Fitzgerald Sustainable Infrastructure Fund and Cantor Fitzgerald Investment Advisors, L.P. November 22, 2022. Securities and Exchange Commission (‘‘Commission’’ or ‘‘SEC’’). ACTION: Notice. khammond on DSKJM1Z7X2PROD with NOTICES AGENCY: Notice of an application for an order pursuant to section 6(c) of the Investment Company Act of 1940 (the ‘‘Act’’) for an exemption from sections 18(a)(2), 18(c), and 18(i) of the Act, pursuant to sections 6(c) and 23(c) of the Act for certain exemptions from rule 23c–3 under the Act, and pursuant to section 17(d) of the Act and rule 17d– 1 thereunder. SUMMARY OF APPLICATION: Applicants request an order to permit certain registered closed-end management investment companies to issue multiple classes of shares and to impose early withdrawal charges and asset-based distribution and/or service fees. APPLICANTS: Cantor Fitzgerald Sustainable Infrastructure Fund and Cantor Fitzgerald Investment Advisors, L.P. FILING DATES: The application was filed on June 27, 2022, and amended on October 6, 2022. HEARING OR NOTIFICATION OF HEARING: An order granting the requested relief will be issued unless the Commission orders a hearing. Interested persons may request a hearing on any application by emailing the SEC’s Secretary at Secretarys-Office@sec.gov and serving the Applicants with a copy of the request by email, if an email address is listed for the relevant Applicant below, or personally or by mail, if a physical address is listed for the relevant Applicant below. Hearing requests should be received by the Commission 12 17 CFR 200.30–3(a)(85). VerDate Sep<11>2014 16:29 Nov 28, 2022 Jkt 259001 by 5:30 p.m. on December 19, 2022, and should be accompanied by proof of service on applicants, in the form of an affidavit or, for lawyers, a certificate of service. Pursuant to rule 0–5 under the Act, hearing requests should state the nature of the writer’s interest, any facts bearing upon the desirability of a hearing on the matter, the reason for the request, and the issues contested. Persons who wish to be notified of a hearing may request notification by emailing the Commission’s Secretary at Secretarys-Office@sec.gov. ADDRESSES: The Commission: Secretarys-Office@sec.gov. Applicants: Terrence Davis, Esq., davist@gtlaw.com. FOR FURTHER INFORMATION CONTACT: Jennifer O. Palmer, Senior Counsel, or Terri G. Jordan, Branch Chief, at (202) 551–6825 (Division of Investment Management, Chief Counsel’s Office). SUPPLEMENTARY INFORMATION: For Applicants’ representations, legal analysis, and conditions, please refer to Applicants’ second amended and restated application, dated October 6, 2022, which may be obtained via the Commission’s website by searching for the file number at the top of this document, or for an Applicant using the Company name search field, on the SEC’s EDGAR system. The SEC’s EDGAR system may be searched at, at https://www.sec.gov/edgar/searchedgar/ legacy/companysearch.html. You may also call the SEC’s Public Reference Room at (202) 551–8090. For the Commission, by the Division of Investment Management, under delegated authority. Sherry R. Haywood, Assistant Secretary. [FR Doc. 2022–25956 Filed 11–28–22; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–96384; File No. SRCboeBZX–2022–045] Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend the Opening Auction Process Provided Under Rule 11.23(b)(2)(B) November 23, 2022. On August 15, 2022, Cboe BZX Exchange, Inc. (‘‘Exchange’’ or ‘‘BZX’’) filed with the Securities and Exchange Commission (‘‘Commission’’), pursuant to section 19(b)(1) of the Securities PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 73367 Exchange Act of 1934 (‘‘Act’’) 1 and Rule 19b–4 thereunder,2 a proposed rule change to amend the Opening Auction process provided under Rule 11.23(b)(2)(B). The proposed rule change was published for comment in the Federal Register on August 31, 2022.3 On October 12, 2022, pursuant to section 19(b)(2) of the Act,4 the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.5 The Commission has received no comments on the proposed rule change. This order institutes proceedings under section 19(b)(2)(B) of the Act 6 to determine whether to approve or disapprove the proposed rule change. I. Summary of the Proposed Rule Change 7 BZX holds an Opening Auction for each security listed on the Exchange. During an Opening Auction, all executions, if any, occur at a single price, and that price must be within a certain range established by the Exchange. The Exchange proposes to amend its Opening Auction process by, under certain circumstances, delaying the Opening Auction and if necessary gradually widening the bands within which the Opening Auction price must fall. The Exchange also proposes associated changes reflecting the proposed modifications to its process.8 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 See Securities Exchange Act Release No. 95601 (Aug. 25, 2022), 87 FR 53514 (‘‘Notice’’). 4 15 U.S.C. 78s(b)(2). 5 See Securities Exchange Act Release No. 96038, 87 FR 63115 (Oct. 18, 2022). The Commission designated November 29, 2022 as the date by which the Commission shall approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change. 6 15 U.S.C. 78s(b)(2)(B). 7 For a full description of all aspects of the proposed rule change, including BZX’s justification for it, please see the Notice, supra note 3. 8 For example, the Exchnage proposes to amend BZX Rules 11.23(b)(1)(A) and (B), to reflect that the Opening Auction may occur at a time other than 9:30 a.m. It also proposes to amend BZX Rule 11.23(b)(1)(B) to provide that Eligible Auction Orders designated for the Opening Auction may not be cancelled or modified from 9:28 a.m. until the Opening Auction has concluded except that Regular Hours Only (‘‘RHO’’) limit orders designated for the Opening Auction may be modified, but not cancelled, from 9:28 a.m. until the time the Opening Auction has concluded. Any such RHO limit orders modified from 9:28 a.m. until the Opening Auction has concluded would be treated as late-limit-on-open orders. 2 17 E:\FR\FM\29NON1.SGM 29NON1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 87, Number 228 (Tuesday, November 29, 2022)]
[Notices]
[Pages 73366-73367]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-26045]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96382; File No. 4-698]


Joint Industry Plan; Notice of Designation of a Longer Period for 
Commission Action on a Proposed Amendment to the National Market System 
Plan Governing the Consolidated Audit Trail

November 23, 2022.
    On May 13, 2022, the Operating Committee for Consolidated Audit 
Trail, LLC (``CAT LLC''), on behalf of the Participants \1\ to the 
National Market System Plan Governing the Consolidated Audit Trail (the 
``CAT NMS Plan'' or ``Plan''),\2\ filed with the Securities and 
Exchange Commission (``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 proposed 
amendment to the CAT NMS Plan (``Proposed Amendment'') to implement a 
revised funding model (``Executed Share Model'') for the consolidated 
audit trail (``CAT'') and to establish a fee schedule for Participant 
CAT fees in accordance with the Executed Share Model.\5\ The Proposed 
Amendment was published for comment in the Federal Register on June 1, 
2022.\6\
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    \1\ The Participants are: BOX Exchange LLC; Cboe BYX Exchange, 
Inc., Cboe BZX Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX 
Exchange, Inc., Cboe C2 Exchange, Inc., Cboe Exchange, Inc., 
Financial Industry Regulatory Authority, Inc., The Investors' 
Exchange LLC, Long-Term Stock Exchange, Inc., MEMX LLC, Miami 
International Securities Exchange LLC, MIAX Emerald, LLC, MIAX 
PEARL, LLC, Nasdaq BX, Inc., Nasdaq GEMX, LLC, Nasdaq ISE, LLC, 
Nasdaq MRX, 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'').
    \2\ The CAT NMS Plan is a national market system plan approved 
by the Commission pursuant to Section 11A of the Exchange Act and 
the rules and regulations thereunder. See Securities Exchange Act 
Release No. 79318 (Nov. 15, 2016), 81 FR 84696 (Nov. 23, 2016) 
(``CAT NMS Plan Approval Order''). 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 (``CAT 
LLC''), which became the Company. The latest version of the CAT NMS 
Plan is available at https://catnmsplan.com/about-cat/cat-nms-plan.
    \3\ 15 U.S.C 78k-1.
    \4\ 17 CFR 242.608.
    \5\ See Letter from Michael Simon, CAT NMS Plan Operating 
Committee Chair, to Vanessa Countryman, Secretary, Commission (May 
13, 2022) (``Transmittal Letter'').
    \6\ See Securities Exchange Act Release No. 94984 (May 25, 
2022), 87 FR 33226 (``Notice''). Comments received in response to 
the Notice can be found on the Commission's website at https://www.sec.gov/comments/4-698/4-698-a.htm.
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    On August 30, 2022, the Commission instituted proceedings pursuant 
to Rule 608(b)(2)(i) of Regulation NMS \7\ to determine whether to 
disapprove the Proposed Amendment or to approve the Proposed Amendment 
with any changes or subject to any conditions the Commission deems 
necessary or appropriate.\8\ On November 16, 2022, CAT LLC submitted a 
partial amendment to the Proposed Amendment.\9\
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    \7\ 17 CFR 242.608(b)(2)(i).
    \8\ See Securities Exchange Act Release No. 95634 (Aug. 30, 
2022), 87 FR 54558 (Sept. 6, 2022) (``OIP''). Comments received in 
response to the OIP can be found on the Commission's website at 
https://www.sec.gov/comments/4-698/4-698-a.htm.
    \9\ See Letter from Michael Simon, CAT NMS Plan Operating 
Committee Chair, to Vanessa Countryman, Secretary, Commission (Nov. 
15, 2022).
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    Rule 608(b)(2)(i) of Regulation NMS provides that proceedings to 
determine whether a plan or amendment should be disapproved 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.\10\ The 180th day after 
publication of the Notice for the Proposed Amendment is November 28, 
2022. The Commission is extending this 180-day period.
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    \10\ 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 
Amendment so that it has sufficient time to consider the Proposed 
Amendment and the comments received. Accordingly, pursuant to Rule 
608(b)(2)(i) of Regulation NMS,\11\ the Commission designates January 
27, 2023 as the date by which the Commission shall conclude the 
proceedings to determine whether to approve or disapprove the

[[Page 73367]]

Proposed Amendment or to approve the Proposed Amendment with any 
changes or subject to any conditions the Commission deems necessary or 
appropriate (File No. 4-698).
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    \11\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(85).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2022-26045 Filed 11-28-22; 8:45 am]
BILLING CODE 8011-01-P

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