Joint Industry Plan; Notice of Designation of a Longer Period for Commission Action on Proposed Amendments to the National Market System Plan Governing the Consolidated Audit Trail Regarding Cost Savings Measures, 83068-83069 [2024-23657]

Download as PDF 83068 Federal Register / Vol. 89, No. 199 / Tuesday, October 15, 2024 / Notices 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 No. 4–844 and should be submitted on or before November 5, 2024. II. Date of Effectiveness of Proposed Minor Rule Violation Plan and Timing for Commission Action Pursuant to Section 19(d)(1) of the Act and Rule 19d–1(c)(2) thereunder,8 after November 5, 2024, the Commission may, by order, declare the Exchange’s proposed MRVP effective if the plan is consistent with the public interest, the protection of investors, or otherwise in furtherance of the purposes of the Act. The Commission in its order may restrict the categories of violations to be designated as minor rule violations and may impose any other terms or conditions to the proposed MRVP, File No. 4–844, and to the period of its effectiveness, which the Commission deems necessary or appropriate in the public interest, for the protection of investors or otherwise in furtherance of the purposes of the Act. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.9 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–23660 Filed 10–11–24; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–101277; File No. 4–698] Joint Industry Plan; Notice of Designation of a Longer Period for Commission Action on Proposed Amendments to the National Market System Plan Governing the Consolidated Audit Trail Regarding Cost Savings Measures khammond on DSKJM1Z7X2PROD with NOTICES October 8, 2024. I. Introduction On March 27, 2024, and pursuant to Section 11A(a)(3) of the Securities Exchange Act of 1934 (the ‘‘Exchange Act’’) 1 and Rule 608 of Regulation NMS thereunder,2 BOX Exchange LLC, Cboe BYX Exchange, Inc., Cboe BZX 8 15 U.S.C. 78s(d)(1); 17 CFR 240.19d–1(c)(2). CFR 200.30–3(a)(44). 1 15 U.S.C 78k–1(a)(3). 2 17 CFR 242.608. 9 17 VerDate Sep<11>2014 16:35 Oct 11, 2024 Jkt 265001 Exchange, Inc., Cboe C2 Exchange, Inc., Cboe EDGA Exchange, Inc., Cboe EDGX Exchange, Inc., Cboe Exchange, Inc., The 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 American LLC, NYSE Arca, Inc., NYSE Chicago, Inc., and NYSE National, Inc. (‘‘the Participants’’) filed with the Securities and Exchange Commission (the ‘‘Commission’’ or the ‘‘SEC’’) proposed amendments to the national market system plan governing the consolidated audit trail (the ‘‘CAT NMS Plan’’).3 These proposed amendments (the ‘‘Proposal’’) were designed to implement certain costs saving measures,4 including: (A) provisions that would change processing, query, and storage requirements for options market maker quotes in listed options; (B) provisions that would permit the Plan Processor 5 to move raw unprocessed data and interim operational copies of CAT Data 6 older than 15 days to what the Participants described as a more cost3 In July 2012, the Commission adopted Rule 613 of Regulation NMS, which required the Participants to jointly develop and submit to the Commission a national market system plan to create, implement, and maintain a consolidated audit trail (the ‘‘CAT’’). See Securities Exchange Act Release No. 67457 (July 18, 2012), 77 FR 45722 (Aug. 1, 2012 (‘‘Rule 613 Adopting Release’’); 17 CFR 242.613. On November 15, 2016, the Commission approved the CAT NMS Plan. See Securities Exchange Act Release No. 78318 (Nov. 15, 2016), 81 FR 84696 (Nov. 23, 2016) (‘‘CAT NMS Plan Approval Order’’). The CAT NMS Plan is Exhibit A to the CAT NMS Plan Approval Order. See CAT NMS Plan Approval Order, at 84943–85034. 4 See Letter from Brandon Becker, CAT NMS Plan Operating Committee Chair, to Vanessa Countryman, Secretary, Commission, dated March 27, 2024, available at https://catnmsplan.com/sites/ default/files/2024-03/03.27.24-Proposed-CAT-NMSPlan-Amendment-Cost-Savings-Amendment.pdf. MIAX Sapphire, LLC was not a Participant to the CAT NMS Plan when the Proposal was originally filed, but the Participants filed an immediatelyeffective amendment to the CAT NMS Plan on July 30, 2024 to add MIAX Sapphire, LLC as a Participant. See Securities Exchange Act Release No. 100631 (July 31, 2024), 89 FR 64011 (Aug. 6, 2024). 5 The ‘‘Plan Processor’’ is ‘‘the Initial Plan Processor or any other Person selected by the Operating Committee pursuant to SEC Rule 613 and Sections 4.3(b)(i) and 6.1, and with regard to the Initial Plan Processor, the Selection Plan, to perform the CAT processing functions required by SEC Rule 613 and set forth in this Agreement.’’ See CAT NMS Plan, supra note 3, at Section 1.1. 6 ‘‘CAT Data’’ is ‘‘data derived from Participant Data, Industry Member Data, SIP Data, and such other data as the Operating Committee may designate as ‘CAT Data’ from time to time.’’ See id. PO 00000 Frm 00100 Fmt 4703 Sfmt 4703 effective storage tier; (C) provisions that would permit the Plan Processor to provide an interim CAT-Order-ID 7 to regulatory users on an ‘‘as requested’’ basis, rather than on a daily basis; and (D) provisions that would codify and expand exemptive relief recently provided by the Commission related to certain recordkeeping and data retention requirements for industry testing data. The Proposal was published for comment in the Federal Register on April 16, 2024.8 On July 15, 2024, the Commission instituted proceedings pursuant to Rule 608(b)(2)(i) of Regulation NMS,9 to determine whether to disapprove the Proposal or to approve the Proposal with any changes or subject to any conditions the Commission deems necessary or appropriate after considering public comment (the ‘‘OIP’’).10 The Participants subsequently submitted an amendment to their Proposal on September 20, 2024 (the ‘‘Amendment’’), which, among other things, withdrew the proposed amendments that would have permitted the Plan Processor to provide an interim CAT-Order-ID to regulatory users on an ‘‘as requested’’ basis, rather than on a daily basis.11 The Amendment was published for comment in the Federal Register on October 7, 2024.12 Rule 608(b)(2)(i) of Regulation NMS provides that proceedings, once instituted, shall be concluded within 180 days of the date of the publication of notice of an amendment to an existing national market system plan 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 if the plan 7 The ‘‘CAT-Order-ID’’ is ‘‘a unique order identifier or series of unique order identifiers that allows the central repository to efficiently and accurately link all reportable events for an order, and all orders that result from the aggregation or disaggregation of such order.’’ See 17 CFR 242.613(j)(1); see also CAT NMS Plan, supra note 3, at Section 1.1 (‘‘’CAT-Order-ID’ has the same meaning provided in SEC Rule 613(j)(1).’’). 8 See Securities Exchange Act Release No. 99938 (Apr. 10, 2024), 89 FR 26983 (Apr. 16, 2024) (‘‘Notice’’). Comments received in response to the Notice can be found on the Commission’s website at https://www.sec.gov/comments/4-698/4-698d.htm. 9 17 CFR 242.608(b)(2)(i). 10 See Securities Exchange Act Release No. 100530 (July 15, 2024), 89 FR 58838 (July 19, 2024). 11 Letter from Brandon Becker, CAT NMS Plan Operating Committee Chair, to Vanessa Countryman, Secretary, Commission, dated Sept. 20, 2024, available at https://www.sec.gov/ comments/4-698/4698-522995-1501362.pdf. 12 See Securities Exchange Act Release No. 101225 (Oct. 1, 2024), 89 FR 81120 (Oct. 7, 2024). E:\FR\FM\15OCN1.SGM 15OCN1 Federal Register / Vol. 89, No. 199 / Tuesday, October 15, 2024 / Notices participants consent to a longer period.13 The 180th day after publication of the Notice for the Proposal is October 11, 2024. 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 Proposal, as modified by the recently-filed Amendment, so that the Commission has sufficient time to consider the changes set forth in the Amendment and any comments that might be received on the Amendment. Accordingly, pursuant to Rule 608(b)(2)(i) of Regulation NMS,14 the Commission designates December 12, 2024, as the date by which the Commission shall conclude the proceedings to determine whether to approve or disapprove the Proposal, as modified by the Amendment. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.15 Sherry R. Haywood, Assistant Secretary. [FR Doc. 2024–23657 Filed 10–11–24; 8:45 am] BILLING CODE 8011–01–P SMALL BUSINESS ADMINISTRATION Data Collection Available for Public Comments 60-Day notice and request for comments. ACTION: The Small Business Administration (SBA) intends to request approval from the Office of Management and Budget (OMB) for the collection of information described below. The Paperwork Reduction Act (PRA) requires Federal agencies to publish a notice in the Federal Register concerning each proposed collection of information before submission to OMB, and to allow 60 days for public comment in response to the notice. This notice complies with that requirement. DATES: Submit comments on or before December 16, 2024. ADDRESSES: Send all comments via email to Shayne Bradshaw, Financial Analyst, Office of Credit Risk Management, 202–996–5370 at shayne.bradshaw@sba.gov. FOR FURTHER INFORMATION CONTACT: Paul Kirwin, Chief, Supervised Lender Oversight Division, Office of Credit Risk Management, Paul.Kirwin@sba.gov, or khammond on DSKJM1Z7X2PROD with NOTICES SUMMARY: 13 17 CFR 242.608(b)(2)(i). 14 Id. 15 17 CFR 200.30–3(a)(85). VerDate Sep<11>2014 16:35 Oct 11, 2024 Jkt 265001 Curtis B. Rich, Agency Clearance Officer, 202–205–7030, curtis.rich@ sba.gov. The 504 Loan Program aims to foster economic development and to create or preserve job opportunities in both urban and rural areas by providing long-term financing for small business concerns. A Certified Development Company (CDC) is an entity authorized by the Small Business Administration (SBA) to deliver 504 financing to small businesses. 13 CFR 120.830 requires CDCs to submit certain reports to SBA, collectively known as the ‘‘Annual Report’’. As the primary regulatory body overseeing CDCs, the SBA conducts due diligence to ensure CDCs comply with the operational and regulatory requirements of the 504 program, thereby ensuring its sustainability. The CDC Annual Report Guide serves the Office of Credit Risk Management, the Office of Financial Assistance, and all SBA District Offices by providing crucial information on the CDCs’ financial health, regulatory compliance, and the effectiveness of their assistance to small businesses. This information also aids the SBA in drafting reports to Congress. The information collection has been adjusted to include the following proposed changes: 1. Revised Economic Development Report: Standardized to gather pertinent, measurable data on current period economic development activity. Changes include the removal of certain information collections such as the report on previous year’s investment and results, narrative on local economic changes which impact lending, and economic development strategy and projections for the upcoming year. 2. Enhanced Guidance and Optional Tables: Added to facilitate the compilation of the Report. 3. Requirement for Auditor’s Engagement Letter: To be submitted alongside CDC financial statements. 4. Updated 159 Reporting: Reflects changes in SOP 50 10 7.1, no longer requiring completed Form 159 submissions with the Annual Report. 5. Report on Compensation: removed requirement for submission of Executive Compensation Policy and certain supporting documentation. 6. Guidance for Program Renewals: Added instructions for the Accredited Lenders Program (ALP) and Premier Certified Lenders Program (PCLP) renewals. These updates aim to streamline the information collection process, reduce the administrative burden on CDCs, SUPPLEMENTARY INFORMATION: PO 00000 Frm 00101 Fmt 4703 Sfmt 4703 83069 enhance the utility of the report, and standardize data reporting to improve overall reporting efficiency and oversight. Solicitation of Public Comments SBA is requesting comments on (a) Whether the collection of information is necessary for the agency to properly perform its functions; (b) whether the burden estimates are accurate; (c) whether there are ways to minimize the burden, including through the use of automated techniques or other forms of information technology; and (d) whether there are ways to enhance the quality, utility, and clarity of the information. Summary of Information Collection OMB Control Number: 3245–0074. Title: Certified Development Company (CDC) Annual Report Guide. Description of Respondents: Certified Development Companies. Form Number: SBA Form 1253. Total Estimated Annual Responses: 195. Total Estimated Annual Hour Burden: 5,460 (28 Hours on average per CDC). Curtis B. Rich, Agency Clearance Officer. [FR Doc. 2024–23767 Filed 10–11–24; 8:45 am] BILLING CODE 8026–09–P SMALL BUSINESS ADMINISTRATION [Disaster Declaration #20711 and #20712; GEORGIA Disaster Number GA–20013] Presidential Declaration Amendment of a Major Disaster for the State of Georgia U.S. Small Business Administration. ACTION: Amendment 2. AGENCY: This is an amendment of the Presidential declaration of a major disaster for the State of Georgia (FEMA– 4830–DR), dated September 30, 2024. DATES: Issued on October 3, 2024. Physical Loan Application Deadline Date: November 29, 2024. Economic Injury (EIDL) Loan Application Deadline Date: June 30, 2025. ADDRESSES: Visit the MySBA Loan Portal at https://lending.sba.gov to apply for a disaster assistance loan. FOR FURTHER INFORMATION CONTACT: Vanessa Morgan, Office of Disaster Recovery & Resilience, U.S. Small Business Administration, 409 3rd Street SW, Suite 6050, Washington, DC 20416, (202) 205–6734. SUPPLEMENTARY INFORMATION: The notice of the President’s major disaster SUMMARY: E:\FR\FM\15OCN1.SGM 15OCN1

Agencies

[Federal Register Volume 89, Number 199 (Tuesday, October 15, 2024)]
[Notices]
[Pages 83068-83069]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-23657]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-101277; File No. 4-698]


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

October 8, 2024.

I. Introduction

    On March 27, 2024, and pursuant to Section 11A(a)(3) of the 
Securities Exchange Act of 1934 (the ``Exchange Act'') \1\ and Rule 608 
of Regulation NMS thereunder,\2\ 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., The 
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 
American LLC, NYSE Arca, Inc., NYSE Chicago, Inc., and NYSE National, 
Inc. (``the Participants'') filed with the Securities and Exchange 
Commission (the ``Commission'' or the ``SEC'') proposed amendments to 
the national market system plan governing the consolidated audit trail 
(the ``CAT NMS Plan'').\3\ These proposed amendments (the ``Proposal'') 
were designed to implement certain costs saving measures,\4\ including: 
(A) provisions that would change processing, query, and storage 
requirements for options market maker quotes in listed options; (B) 
provisions that would permit the Plan Processor \5\ to move raw 
unprocessed data and interim operational copies of CAT Data \6\ older 
than 15 days to what the Participants described as a more cost-
effective storage tier; (C) provisions that would permit the Plan 
Processor to provide an interim CAT-Order-ID \7\ to regulatory users on 
an ``as requested'' basis, rather than on a daily basis; and (D) 
provisions that would codify and expand exemptive relief recently 
provided by the Commission related to certain recordkeeping and data 
retention requirements for industry testing data. The Proposal was 
published for comment in the Federal Register on April 16, 2024.\8\
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    \1\ 15 U.S.C 78k-1(a)(3).
    \2\ 17 CFR 242.608.
    \3\ In July 2012, the Commission adopted Rule 613 of Regulation 
NMS, which required the Participants to jointly develop and submit 
to the Commission a national market system plan to create, 
implement, and maintain a consolidated audit trail (the ``CAT''). 
See Securities Exchange Act Release No. 67457 (July 18, 2012), 77 FR 
45722 (Aug. 1, 2012 (``Rule 613 Adopting Release''); 17 CFR 242.613. 
On November 15, 2016, the Commission approved the CAT NMS Plan. See 
Securities Exchange Act Release No. 78318 (Nov. 15, 2016), 81 FR 
84696 (Nov. 23, 2016) (``CAT NMS Plan Approval Order''). The CAT NMS 
Plan is Exhibit A to the CAT NMS Plan Approval Order. See CAT NMS 
Plan Approval Order, at 84943-85034.
    \4\ See Letter from Brandon Becker, CAT NMS Plan Operating 
Committee Chair, to Vanessa Countryman, Secretary, Commission, dated 
March 27, 2024, available at https://catnmsplan.com/sites/default/files/2024-03/03.27.24-Proposed-CAT-NMS-Plan-Amendment-Cost-Savings-Amendment.pdf. MIAX Sapphire, LLC was not a Participant to the CAT 
NMS Plan when the Proposal was originally filed, but the 
Participants filed an immediately-effective amendment to the CAT NMS 
Plan on July 30, 2024 to add MIAX Sapphire, LLC as a Participant. 
See Securities Exchange Act Release No. 100631 (July 31, 2024), 89 
FR 64011 (Aug. 6, 2024).
    \5\ The ``Plan Processor'' is ``the Initial Plan Processor or 
any other Person selected by the Operating Committee pursuant to SEC 
Rule 613 and Sections 4.3(b)(i) and 6.1, and with regard to the 
Initial Plan Processor, the Selection Plan, to perform the CAT 
processing functions required by SEC Rule 613 and set forth in this 
Agreement.'' See CAT NMS Plan, supra note 3, at Section 1.1.
    \6\ ``CAT Data'' is ``data derived from Participant Data, 
Industry Member Data, SIP Data, and such other data as the Operating 
Committee may designate as `CAT Data' from time to time.'' See id.
    \7\ The ``CAT-Order-ID'' is ``a unique order identifier or 
series of unique order identifiers that allows the central 
repository to efficiently and accurately link all reportable events 
for an order, and all orders that result from the aggregation or 
disaggregation of such order.'' See 17 CFR 242.613(j)(1); see also 
CAT NMS Plan, supra note 3, at Section 1.1 (``'CAT-Order-ID' has the 
same meaning provided in SEC Rule 613(j)(1).'').
    \8\ See Securities Exchange Act Release No. 99938 (Apr. 10, 
2024), 89 FR 26983 (Apr. 16, 2024) (``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-d.htm.
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    On July 15, 2024, the Commission instituted proceedings pursuant to 
Rule 608(b)(2)(i) of Regulation NMS,\9\ to determine whether to 
disapprove the Proposal or to approve the Proposal with any changes or 
subject to any conditions the Commission deems necessary or appropriate 
after considering public comment (the ``OIP'').\10\ The Participants 
subsequently submitted an amendment to their Proposal on September 20, 
2024 (the ``Amendment''), which, among other things, withdrew the 
proposed amendments that would have permitted the Plan Processor to 
provide an interim CAT-Order-ID to regulatory users on an ``as 
requested'' basis, rather than on a daily basis.\11\ The Amendment was 
published for comment in the Federal Register on October 7, 2024.\12\
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    \9\ 17 CFR 242.608(b)(2)(i).
    \10\ See Securities Exchange Act Release No. 100530 (July 15, 
2024), 89 FR 58838 (July 19, 2024).
    \11\ Letter from Brandon Becker, CAT NMS Plan Operating 
Committee Chair, to Vanessa Countryman, Secretary, Commission, dated 
Sept. 20, 2024, available at https://www.sec.gov/comments/4-698/4698-522995-1501362.pdf.
    \12\ See Securities Exchange Act Release No. 101225 (Oct. 1, 
2024), 89 FR 81120 (Oct. 7, 2024).
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    Rule 608(b)(2)(i) of Regulation NMS provides that proceedings, once 
instituted, shall be concluded within 180 days of the date of the 
publication of notice of an amendment to an existing national market 
system plan 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 if the 
plan

[[Page 83069]]

participants consent to a longer period.\13\ The 180th day after 
publication of the Notice for the Proposal is October 11, 2024. The 
Commission is extending this 180-day period.
---------------------------------------------------------------------------

    \13\ 17 CFR 242.608(b)(2)(i).
---------------------------------------------------------------------------

    The Commission finds that it is appropriate to designate a longer 
period within which to conclude proceedings regarding the Proposal, as 
modified by the recently-filed Amendment, so that the Commission has 
sufficient time to consider the changes set forth in the Amendment and 
any comments that might be received on the Amendment. Accordingly, 
pursuant to Rule 608(b)(2)(i) of Regulation NMS,\14\ the Commission 
designates December 12, 2024, as the date by which the Commission shall 
conclude the proceedings to determine whether to approve or disapprove 
the Proposal, as modified by the Amendment.
---------------------------------------------------------------------------

    \14\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\15\
---------------------------------------------------------------------------

    \15\ 17 CFR 200.30-3(a)(85).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-23657 Filed 10-11-24; 8:45 am]
BILLING CODE 8011-01-P
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