Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the National Market System Plan Governing the Consolidated Audit Trail To Add MIAX Sapphire, LLC as a Participant, 64011-64012 [2024-17278]

Download as PDF Federal Register / Vol. 89, No. 151 / Tuesday, August 6, 2024 / Notices 180th day for the proposed rule changes is August 11, 2024. The Commission is extending the 180day 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). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.18 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–17283 Filed 8–5–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–100631; File No. 4–698] Joint Industry Plan; Notice of Filing and Immediate Effectiveness of Amendment to the National Market System Plan Governing the Consolidated Audit Trail To Add MIAX Sapphire, LLC as a Participant ddrumheller on DSK120RN23PROD with NOTICES1 July 31, 2024. 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 July 30, 2024, MIAX Sapphire, LLC (‘‘MIAX Sapphire’’ or the ‘‘Exchange’’) filed with the Securities and Exchange Commission (‘‘Commission’’) an amendment to the National Market System Plan Governing the 17 15 U.S.C. 78s(b)(2). CFR 200.30–3(a)(57). 1 15 U.S.C. 78k–1(a)(3). 2 17 CFR 242.608. 18 17 VerDate Sep<11>2014 17:40 Aug 05, 2024 Jkt 262001 Consolidated Audit Trail (‘‘CAT NMS Plan’’ or ‘‘Plan’’).3 The amendment adds MIAX Sapphire as a Participant 4 to the CAT NMS Plan. The Commission is publishing this notice to solicit comments on the amendment from interested persons. I. Description and Purpose of the Amendment The amendment to the CAT NMS Plan adds MIAX Sapphire as a Participant.5 The CAT NMS Plan provides that any Person 6 approved by the Commission as a national securities exchange or national securities association under the Exchange Act may become a Participant by submitting to the Company 7 a completed application in the form provided by the Company.8 As a condition to admission as a Participant, said Person shall: (i) execute a counterpart of the CAT NMS Plan, at which time Exhibit A shall be amended to reflect the status of said Person as a Participant (including said Person’s address for purposes of notices delivered pursuant to the CAT NMS Plan); and (ii) pay a fee to the Company as set forth in the Plan (the 3 The Commission approved the CAT NMS Plan on November 16, 2016. See Securities Exchange Act Release No. 79318, 81 FR 84695 (November 23, 2016) (order approving the CAT NMS Plan). 4 The Participants to the CAT NMS Plan are: 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, Inc.; 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 LLC; The Nasdaq Stock Market LLC; New York Stock Exchange LLC; NYSE Arca, Inc.; NYSE American LLC; NYSE Chicago, Inc.; and NYSE National, Inc. 5 Defined in Section 1.1 of the CAT NMS Plan as follows: ‘‘Participant’’ means each Person identified as such on Exhibit A hereto, and any Person that becomes a Participant as permitted by this Agreement, in such Person’s capacity as a Participant in the Company (it being understood that the Participants shall comprise the ‘‘members’’ of the Company (as the term ‘‘member’’ is defined in Section 18–101(11) of the Delaware Act)). 6 Defined in Section 1.1 of the CAT NMS Plan as follows: ‘‘Person’’ means any individual, partnership, limited liability company, corporation, joint venture, trust, business trust, cooperative or association and any heirs, executors, administrators, legal representatives, successors and assigns of such Person where the context so permits. 7 The ‘‘Company’’ refers to the limited liability company, Consolidated Audit Trail, LLC, which is responsible for conducting the activities of the CAT. See Securities Exchange Act Release No. 87149 (September 27, 2019), 84 FR 52905 (October 3, 2019). 8 See Section 3.3 of the CAT NMS Plan. MIAX Sapphire was approved as a national securities exchange on July 15, 2024. See Securities Exchange Act Release No. 100539 (July 15, 2024), 89 FR 58848 (July 19, 2024). PO 00000 Frm 00102 Fmt 4703 Sfmt 4703 64011 ‘‘Participation Fee’’).9 The amendment to the Plan reflecting the admission of a new Participant shall be effective only when: (x) it is approved by the Commission in accordance with Rule 608 or otherwise becomes effective pursuant to Rule 608; and (y) the prospective Participant pays the Participation Fee.10 MIAX Sapphire has executed a copy of the current CAT NMS Plan, amended to include MIAX Sapphire in the List of Parties (including the address of MIAX Sapphire), paid the applicable Participation Fee and provided each current Plan Participant with a copy of the executed and amended CAT NMS Plan.11 II. Effectiveness of the Proposed Plan Amendment The foregoing CAT NMS Plan amendment has become effective pursuant to Rule 608(b)(3)(iii) 12 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 608,13 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. 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 (https://www.sec.gov/ rules/sro.shtml); or • Send an email to rule-comments@ sec.gov. Please include file number 4– 698 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange 9 See Section 3.3 of the CAT NMS Plan. 10 Id. 11 See Letter from Gregory P. Ziegler, Vice President, Senior Counsel, MIAX Sapphire, LLC, dated July 30, 2024, to Vanessa Countryman, Secretary, U.S. Securities and Exchange Commission. 12 17 CFR 242.608(b)(3)(iii). 13 17 CFR 242.608(a)(1). E:\FR\FM\06AUN1.SGM 06AUN1 64012 Federal Register / Vol. 89, No. 151 / Tuesday, August 6, 2024 / Notices Commission, 100 F Street NE, Washington, DC 20549–1090. SECURITIES AND EXCHANGE COMMISSION All submissions should refer to file number 4–698. 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 (https://www.sec.gov/rules/ sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for website viewing and printing in the Commission’s Public Reference Room, 100 F Street NE, Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of the filing also will be available for inspection and copying at the principal office of the Exchange. Do not include personal identifiable 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 4–698 and should be submitted on or before August 27, 2024. [Release No. 34–100629; File No. S7–966] For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–17278 Filed 8–5–24; 8:45 am] ddrumheller on DSK120RN23PROD with NOTICES1 BILLING CODE 8011–01–P Program for Allocation of Regulatory Responsibilities Pursuant to Rule 17d– 2; Notice of Filing and Order Approving and Declaring Effective an Amendment to the Plan for the Allocation of Regulatory Responsibilities Among Cboe BZX Exchange, Inc., BOX Exchange, LLC, Cboe Exchange, Inc., Cboe C2 Exchange, Inc., Nasdaq ISE, LLC, Financial Industry Regulatory Authority, Inc., Miami International Securities Exchange, LLC, NYSE American LLC, NYSE Arca, Inc., The Nasdaq Stock Market LLC, Nasdaq BX, Inc., Nasdaq PHLX LLC, Nasdaq GEMX, LLC, Cboe EDGX Exchange, Inc., Nasdaq MRX, LLC, MIAX PEARL, LLC, MIAX Emerald, LLC, MIAX Sapphire, LLC and MEMX LLC Concerning Options-Related Sales Practice Matters July 31, 2024. Notice is hereby given that the Securities and Exchange Commission (‘‘Commission’’) has issued an Order, pursuant to Section 17(d) of the Securities Exchange Act of 1934 (‘‘Act’’),1 approving and declaring effective an amendment to the plan for allocating regulatory responsibility (‘‘Plan’’) filed on July 22, 2024, pursuant to Rule 17d–2 of the Act,2 by Cboe BZX Exchange, Inc. (‘‘BZX’’), BOX Exchange, LLC (‘‘BOX’’), Cboe Exchange, Inc. (‘‘Cboe’’), Cboe C2 Exchange, Inc. (‘‘C2’’), Nasdaq ISE, LLC (‘‘ISE’’), Financial Industry Regulatory Authority, Inc. (‘‘FINRA’’), Miami International Securities Exchange, LLC (‘‘MIAX’’), The Nasdaq Stock Market LLC (‘‘Nasdaq’’), Nasdaq BX, Inc. (‘‘BX’’), NYSE American LLC (‘‘NYSE American’’), NYSE Arca, Inc. (‘‘NYSE Arca’’), Nasdaq PHLX LLC (‘‘PHLX’’), Nasdaq GEMX, LLC (‘‘GEMX’’), Cboe EDGX Exchange, Inc. (‘‘EDGX’’), Nasdaq MRX, LLC (‘‘MRX’’), MIAX PEARL, LLC (‘‘MIAX PEARL’’), MIAX Emerald, LLC (‘‘MIAX Emerald’’), MIAX Sapphire, LLC (‘‘MIAX Sapphire’’), and MEMX LLC (‘‘MEMX’’) (collectively, ‘‘Participating Organizations’’ or ‘‘parties’’). I. Introduction Section 19(g)(1) of the Act,3 among other things, requires every selfregulatory organization (‘‘SRO’’) registered as either a national securities 1 15 U.S.C. 78q(d). CFR 240.17d–2. 3 15 U.S.C. 78s(g)(1). 2 17 14 17 CFR 200.30–3(a)(85). VerDate Sep<11>2014 17:40 Aug 05, 2024 Jkt 262001 PO 00000 Frm 00103 Fmt 4703 Sfmt 4703 exchange or national securities association to examine for, and enforce compliance by, its members and persons associated with its members with the Act, the rules and regulations thereunder, and the SRO’s own rules, unless the SRO is relieved of this responsibility pursuant to Section 17(d) 4 or Section 19(g)(2) 5 of the Act. Without this relief, the statutory obligation of each individual SRO could result in a pattern of multiple examinations of broker-dealers that maintain memberships in more than one SRO (‘‘common members’’). Such regulatory duplication would add unnecessary expenses for common members and their SROs. Section 17(d)(1) of the Act 6 was intended, in part, to eliminate unnecessary multiple examinations and regulatory duplication.7 With respect to a common member, Section 17(d)(1) authorizes the Commission, by rule or order, to relieve an SRO of the responsibility to receive regulatory reports, to examine for and enforce compliance with applicable statutes, rules, and regulations, or to perform other specified regulatory functions. To implement Section 17(d)(1), the Commission adopted two rules: Rule 17d–1 and Rule 17d–2 under the Act.8 Rule 17d–1 authorizes the Commission to name a single SRO as the designated examining authority (‘‘DEA’’) to examine common members for compliance with the financial responsibility requirements imposed by the Act, or by Commission or SRO rules.9 When an SRO has been named as a common member’s DEA, all other SROs to which the common member belongs are relieved of the responsibility to examine the firm for compliance with the applicable financial responsibility rules. On its face, Rule 17d–1 deals only with an SRO’s obligations to enforce member compliance with financial responsibility requirements. Rule 17d–1 does not relieve an SRO from its obligation to examine a common member for compliance with its own rules and provisions of the federal securities laws governing matters other than financial responsibility, including 4 15 U.S.C. 78q(d). U.S.C. 78s(g)(2). 6 15 U.S.C. 78q(d)(1). 7 See Securities Act Amendments of 1975, Report of the Senate Committee on Banking, Housing, and Urban Affairs to Accompany S. 249, S. Rep. No. 94– 75, 94th Cong., 1st Session 32 (1975). 8 17 CFR 240.17d–1 and 17 CFR 240.17d–2, respectively. 9 See Securities Exchange Act Release No. 12352 (April 20, 1976), 41 FR 18808 (May 7, 1976). 5 15 E:\FR\FM\06AUN1.SGM 06AUN1

Agencies

[Federal Register Volume 89, Number 151 (Tuesday, August 6, 2024)]
[Notices]
[Pages 64011-64012]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-17278]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-100631; File No. 4-698]


Joint Industry Plan; Notice of Filing and Immediate Effectiveness 
of Amendment to the National Market System Plan Governing the 
Consolidated Audit Trail To Add MIAX Sapphire, LLC as a Participant

July 31, 2024.
    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 July 30, 2024, MIAX Sapphire, LLC (``MIAX Sapphire'' or the 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') an amendment to the National Market System Plan 
Governing the Consolidated Audit Trail (``CAT NMS Plan'' or 
``Plan'').\3\ The amendment adds MIAX Sapphire as a Participant \4\ to 
the CAT NMS Plan. The Commission is publishing this notice to solicit 
comments on the amendment from interested persons.
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    \1\ 15 U.S.C. 78k-1(a)(3).
    \2\ 17 CFR 242.608.
    \3\ The Commission approved the CAT NMS Plan on November 16, 
2016. See Securities Exchange Act Release No. 79318, 81 FR 84695 
(November 23, 2016) (order approving the CAT NMS Plan).
    \4\ The Participants to the CAT NMS Plan are: 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, Inc.; 
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 LLC; The Nasdaq Stock Market LLC; New 
York Stock Exchange LLC; NYSE Arca, Inc.; NYSE American LLC; NYSE 
Chicago, Inc.; and NYSE National, Inc.
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I. Description and Purpose of the Amendment

    The amendment to the CAT NMS Plan adds MIAX Sapphire as a 
Participant.\5\ The CAT NMS Plan provides that any Person \6\ approved 
by the Commission as a national securities exchange or national 
securities association under the Exchange Act may become a Participant 
by submitting to the Company \7\ a completed application in the form 
provided by the Company.\8\ As a condition to admission as a 
Participant, said Person shall: (i) execute a counterpart of the CAT 
NMS Plan, at which time Exhibit A shall be amended to reflect the 
status of said Person as a Participant (including said Person's address 
for purposes of notices delivered pursuant to the CAT NMS Plan); and 
(ii) pay a fee to the Company as set forth in the Plan (the 
``Participation Fee'').\9\ The amendment to the Plan reflecting the 
admission of a new Participant shall be effective only when: (x) it is 
approved by the Commission in accordance with Rule 608 or otherwise 
becomes effective pursuant to Rule 608; and (y) the prospective 
Participant pays the Participation Fee.\10\
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    \5\ Defined in Section 1.1 of the CAT NMS Plan as follows: 
``Participant'' means each Person identified as such on Exhibit A 
hereto, and any Person that becomes a Participant as permitted by 
this Agreement, in such Person's capacity as a Participant in the 
Company (it being understood that the Participants shall comprise 
the ``members'' of the Company (as the term ``member'' is defined in 
Section 18-101(11) of the Delaware Act)).
    \6\ Defined in Section 1.1 of the CAT NMS Plan as follows: 
``Person'' means any individual, partnership, limited liability 
company, corporation, joint venture, trust, business trust, 
cooperative or association and any heirs, executors, administrators, 
legal representatives, successors and assigns of such Person where 
the context so permits.
    \7\ The ``Company'' refers to the limited liability company, 
Consolidated Audit Trail, LLC, which is responsible for conducting 
the activities of the CAT. See Securities Exchange Act Release No. 
87149 (September 27, 2019), 84 FR 52905 (October 3, 2019).
    \8\ See Section 3.3 of the CAT NMS Plan. MIAX Sapphire was 
approved as a national securities exchange on July 15, 2024. See 
Securities Exchange Act Release No. 100539 (July 15, 2024), 89 FR 
58848 (July 19, 2024).
    \9\ See Section 3.3 of the CAT NMS Plan.
    \10\ Id.
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    MIAX Sapphire has executed a copy of the current CAT NMS Plan, 
amended to include MIAX Sapphire in the List of Parties (including the 
address of MIAX Sapphire), paid the applicable Participation Fee and 
provided each current Plan Participant with a copy of the executed and 
amended CAT NMS Plan.\11\
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    \11\ See Letter from Gregory P. Ziegler, Vice President, Senior 
Counsel, MIAX Sapphire, LLC, dated July 30, 2024, to Vanessa 
Countryman, Secretary, U.S. Securities and Exchange Commission.
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II. Effectiveness of the Proposed Plan Amendment

    The foregoing CAT NMS Plan amendment has become effective pursuant 
to Rule 608(b)(3)(iii) \12\ 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,\13\ 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.
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    \12\ 17 CFR 242.608(b)(3)(iii).
    \13\ 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 (https://www.sec.gov/rules/sro.shtml); or
     Send an email to [email protected]. Please include 
file number 4-698 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange

[[Page 64012]]

Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to file number 4-698. 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 (https://www.sec.gov/rules/sro.shtml). 
Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for website viewing and printing in 
the Commission's Public Reference Room, 100 F Street NE, Washington, DC 
20549, on official business days between the hours of 10 a.m. and 3 
p.m. Copies of the filing also will be available for inspection and 
copying at the principal office of the Exchange. Do not include 
personal identifiable 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 4-698 and should be submitted on or before 
August 27, 2024.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\14\
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    \14\ 17 CFR 200.30-3(a)(85).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-17278 Filed 8-5-24; 8:45 am]
BILLING CODE 8011-01-P
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