4142 Federal Register / Vol. 86, No. 10 / Friday, January 15, 2021 / Notices 

26 17 CFR 200.30–3(a)(12). 

1See Notice of Filing of a National Market System 

Plan Regarding Consolidated Equity Market Data, 

Securities Exchange Act Release No. 34–90096 (Oct. 

6, 2020), 85 FR 64565 (Oct. 13, 2020) (‘‘Notice’’). 

Comments received in response to the Notice can 

be found on the Commission’s website at https:// 

www.sec.gov/comments/4-757/4-757.htm. 

2 17 CFR 242.608(b)(2)(i). 

3Order Directing the Exchanges and the Financial 

Industry Regulatory Authority to Submit a New 

National Market System Plan Regarding 

Consolidated Equity Market Data, Securities 

Exchange Act Release No. 34–88827 (May 6, 2020), 

85 FR 28702 (May 13, 2020). 

4The three equity data plans that currently 

govern the collection, consolidation, processing, 

and dissemination of SIP data are (1) the 

Consolidated Tape Association Plan (‘‘CTA Plan’’), 

(2) the Consolidated Quotation Plan (‘‘CQ Plan’’), 

and (3) the Joint Self-Regulatory Organization Plan 

Governing the Collection, Consolidation, and 

Dissemination of Quotation and Transaction 

Information for Nasdaq-Listed Securities Traded on 

Exchanges on an Unlisted Trading Privileges Basis 

(‘‘UTP Plan’’). See Governance Order, supra note 3, 

85 FR at 28703 & n.34. 

5See Governance Order, supra note 3, 85 FR at 

28702. 

6See id. The Commission also stated in the 

Governance Order that the continued existence of 

three separate NMS plans for equity market data 

creates inefficiencies and unnecessarily burdens 

ongoing improvements in the provision of equity 

market data to market participants. See id. 

7See Governance Order, supra note 3, 85 FR at 

28729–31. 

8See Notice, supra note 1, 85 FR 64574–95. 

9 17 CFR 242.608. 

10 17 CFR 201.700; 17 CFR 201.701. 

11See 17 CFR 242.608(b)(2). 

12See id. 

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 

10:00 a.m. and 3:00 p.m. Copies of such 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–PEARL–2020–37, and 

should be submitted on or before 

February 5, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.26

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–00811 Filed 1–14–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90885; File No. 4–757] 

Joint Industry Plan; Order Instituting 

Proceedings to Determine Whether To 

Approve or Disapprove a National 

Market System Plan Regarding 

Consolidated Equity Market Data 

January 11, 2021. 

I. Introduction 

On August 11, 2020, Cboe BYX 

Exchange, Inc., Cboe BZX Exchange, 

Inc., Cboe EDGA Exchange, Inc., Cboe 

EDGX Exchange, Inc., Cboe Exchange, 

Inc., Investors Exchange LLC, Long 

Term Stock Exchange, Inc., MEMX LLC, 

Nasdaq BX, Inc., Nasdaq ISE, LLC, 

Nasdaq PHLX LLC, Nasdaq Stock 

Market LLC, New York Stock Exchange 

LLC, NYSE American LLC, NYSE Arca, 

Inc., NYSE Chicago, Inc., NYSE 

National, Inc., and Financial Industry 

Regulatory Authority, Inc. (‘‘FINRA’’) 

(collectively, the ‘‘SROs’’ or 

‘‘Participants’’) filed with the Securities 

and Exchange Commission (‘‘SEC’’ or 

‘‘Commission’’) a proposed new single 

national market system plan governing 

the public dissemination of real-time 

consolidated equity market data for 

national market system (‘‘NMS’’) stocks 

(the ‘‘CT Plan’’). The proposed CT Plan 

was published for comment in the 

Federal Register on October 13, 2020.1

This order institutes proceedings, 

under Rule 608(b)(2)(i) of Regulation 

NMS,2 to determine whether to 

disapprove the CT Plan or to approve 

the plan with any changes or subject to 

any conditions the Commission deems 

necessary or appropriate after 

considering public comment. 

II. Background 

The SROs filed the CT Plan pursuant 

to a Commission order directing the 

SROs to act jointly in developing and 

filing with the Commission a proposed 

new single national market system plan 

to replace the three existing national 

market system plans that govern the 

public dissemination of real-time, 

consolidated equity market data for 

NMS stocks (the ‘‘Governance Order’’).3

In issuing the Governance Order, the 

Commission stated that developments 

in technology and changes in the 

equities markets have heightened an 

inherent conflict of interest between the 

Participants’ collective responsibilities 

in overseeing the existing equity data 

plans 4 and their individual interests in 

maximizing the viability of proprietary 

data products that they sell to market 

participants.5 This conflict of interest, 

the Commission stated, combined with 

the concentration of voting power in the 

existing equity data plans among a few 

large ‘‘exchange groups’’—multiple 

exchanges operating under one 

corporate umbrella—has contributed to 

significant concerns regarding whether 

the consolidated feeds meet the 

purposes for them set out by Congress 

and by the Commission in adopting the 

national market system.6 The 

Commission therefore found it in the 

public interest to require the 

Participants to jointly develop and file 

with the Commission a single new 

consolidated data plan with specified 

terms and conditions regarding the 

governance of the new plan.7

The full text of the proposed CT Plan 

appears in Attachment A to the Notice.8

III. Proceedings To Determine Whether 

To Approve or Disapprove the 

Proposed CT Plan 

The Commission is instituting 

proceedings pursuant to Rule 

608(b)(2)(i) of Regulation NMS,9 and 

Rules 700 and 701 of the Commission’s 

Rules of Practice,10 to determine 

whether to disapprove the CT Plan or to 

approve the plan with any changes or 

subject to any conditions the 

Commission deems necessary or 

appropriate after considering public 

comment. Institution of proceedings 

does not indicate that the Commission 

has reached any conclusions with 

respect to any of the issues involved. 

Rather, the Commission seeks and 

encourages interested persons to 

provide additional comment on the 

proposed CT Plan to inform the 

Commission’s analysis. 

Rule 608(b)(2) of Regulation NMS 

provides that the Commission ‘‘shall 

approve a national market system plan 

. . . with such changes or subject to 

such conditions as the Commission may 

deem necessary or appropriate, if it 

finds that such plan . . . is necessary or 

appropriate in the public interest, for 

the protection of investors and 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.’’ 11 Rule 

608(b)(2) further provides that the 

Commission shall disapprove a national 

market system plan or proposed 

amendment if it does not make such a 

finding.12 In the Notice, the Commission 

sought comment on elements of the 

proposed CT Plan that bear on the 

Commission’s analysis of whether the 

plan should be approved, disapproved, 

Federal Register / Vol. 86, No. 10 / Friday, January 15, 2021 / Notices 4143 

13See Notice, supra note 1, 85 FR at 64568–74. 

14 17 CFR 242.608(b)(2)(i). See also Commission 

Rule of Practice 700(b)(2), 17 CFR 201.700(b)(2). 

15See 17 CFR 242.608(b)(2). 

16See 17 CFR 242.608(b)(2). 

17 15 U.S.C. 78k–1(a)(1)(C)(iii). 

18See 15 U.S.C. 78k–1(c)(1)(B). 

19See Rule 700(b)(3)(ii) of the Commission’s 

Rules of Practice. 17 CFR 200.700(b)(3)(ii). 

20 17 CFR 242.608(b)(2)(i). 

21Rule 700(c)(ii) of the Commission’s Rules of 

Practice provides that ‘‘[t]he Commission, in its sole 

discretion, may determine whether any issues 

relevant to approval or disapproval would be 

facilitated by the opportunity for an oral 

presentation of views.’’ 17 CFR 201.700(c)(ii). 22 17 CFR 200.30–3(a)(12). 

or approved with modifications.13 In 

this order, pursuant to Rule 608(b)(2)(i) 

of Regulation NMS,14 the Commission is 

providing notice of the grounds for 

disapproval under consideration: 

• Whether the proposed CT Plan is 

consistent with the Governance Order; 

• Whether, consistent with Rule 608 

of Regulation NMS, the proposed CT 

Plan is necessary or appropriate in the 

public interest, for the protection of 

investors and 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; 15

• Whether modifications to the 

proposed CT Plan, or conditions to its 

approval, would be required to make the 

proposed plan necessary or appropriate 

in the public interest, for the protection 

of investors and 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; 16

• Whether the proposed CT Plan is 

consistent with Congress’s finding, in 

Section 11A(1)(C)(iii) of the Act, that it 

is in the public interest and appropriate 

for the protection of investors and the 

maintenance of fair and orderly markets 

to ensure ‘‘the availability to brokers, 

dealers, and investors or information 

with respect to quotations for and 

transactions in securities’’ 17

• Whether, consistent with the 

purposes of Section 11A(c)(1)(B) of the 

Act,18 the proposed CT Plan is 

appropriately structured, and whether 

its provisions are appropriately drafted, 

to support the prompt, accurate, 

reliable, and fair collection, processing, 

distribution, and publication of 

information with respect to quotations 

for and transactions in NMS securities, 

and the fairness and usefulness of the 

form and content of such information; 

• Whether the proposed CT Plan 

effectively addresses the inherent 

conflict of interest between the 

Participants’ collective responsibilities 

in overseeing the existing equity data 

plans and their individual interests in 

maximizing the viability of proprietary 

data products that they sell to market 

participants, as well as the 

concentration of voting power in the 

existing equity data plans among a few 

large exchange groups; and 

• Whether the provisions of the 

proposed CT Plan that were not 

mandated by the Governance Order are 

consistent with the Act and the rules 

and regulations issued thereunder that 

are applicable to NMS plans.19

The Commission is instituting 

proceedings to allow for additional 

consideration and comment on the 

issues raised above. 

IV. Commission’s Solicitation of 

Comments 

The Commission requests that 

interested persons provide written 

submissions of their views, data, and 

arguments with respect to the issues 

identified above, as well as any other 

concerns they may have with the 

proposals. In particular, the 

Commission invites the written views of 

interested persons concerning whether 

the proposals are consistent with 

Section 11A or any other provision of 

the Act, or the rules and regulations 

thereunder. Although there do not 

appear to be any issues relevant to 

approval or disapproval that would be 

facilitated by an oral presentation of 

views, data, and arguments, the 

Commission will consider, pursuant to 

Rule 608(b)(2)(i) of Regulation NMS,20

any request for an opportunity to make 

an oral presentation.21

Interested persons are invited to 

submit written data, views, and 

arguments regarding whether the 

proposals should be approved or 

disapproved by February 5, 2021. Any 

person who wishes to file a rebuttal to 

any other person’s submission must file 

that rebuttal by February 19, 2021. 

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 rule-comments@

sec.gov. Please include File Number 4– 

757 on the subject line. 

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 4–757. 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 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 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the 

Participants’ principal offices. All 

comments received will be posted 

without change. Persons submitting 

comments are cautioned that we do not 

redact or edit personal identifying 

information from comment submissions. 

You should submit only information 

that you wish to make available 

publicly. All submissions should refer 

to File Number 4–757 and should be 

submitted on or before February 5, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.22

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–00810 Filed 1–14–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Investment Company Act Release No. 

34169; 812–15171] 

ETF Series Solutions and Distillate 

Capital Partners LLC 

January 11, 2021. 

AGENCY: Securities and Exchange 

Commission (‘‘Commission’’). 

ACTION: Notice. 

Notice of an application under 

Section 6(c) of the Investment Company 

Act of 1940 (‘‘Act’’) for an exemption 

from Section 15(a) of the Act, as well as 

from certain disclosure requirements in 

Rule 20a-1 under the Act, Item 19(a)(3) 

of Form N–1A, Items 22(c)(1)(ii), 

22(c)(1)(iii), 22(c)(8) and 22(c)(9) of