58012 Federal Register / Vol. 88, No. 163 / Thursday, August 24, 2023 / Notices 

45 17 CFR 200.30–3(a)(12). 

1The 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) (‘‘Order Approving CAT NMS 

Plan’’). 

2 15 U.S.C 78k–1(a)(3). 

3 17 CFR 242.608. 

4 17 CFR 242.608. 

5See 17 CFR 242.608(a)(4) and (a)(5). 

6See supra note 4. Unless otherwise defined 

herein, capitalized terms used herein are defined as 

set forth in the CAT NMS Plan. 

7Section 3 of Appendix D of the CAT NMS Plan 

at D–7. 

8Section 3 of Appendix D of the CAT NMS Plan 

at D–8. 

9See supra nn.5–6. 

III. Date of Effectiveness of the 

Proposed Rule Change, and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the self-regulatory organization 

consents, the Commission will: 

(A) by order approve or disapprove 

such proposed rule change, or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views and 

arguments concerning the foregoing, 

including whether the proposed rule 

change 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 SR– 

FICC–2023–012 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549. 

All submissions should refer to File 

Number SR–FICC–2023–012. 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 

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

filing also will be available for 

inspection and copying at the principal 

office of FICC and on DTCC’s website 

(dtcc.com/legal/sec-rule-filings). 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 SR–FICC–2023–012 and 

should be submitted on or before 

September 14, 2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.45

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–18187 Filed 8–23–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98165; File No. 4–698] 

Joint Industry Plan; Notice of Filing of 

Amendment to the National Market 

System Plan Governing the 

Consolidated Audit Trail 

August 18, 2023. 

I. Introduction 

On August 2, 2023, the Operating 

Committee for Consolidated Audit Trail, 

LLC (‘‘CAT LLC’’), on behalf of the 

following parties to the National Market 

System Plan Governing the 

Consolidated Audit Trail (the ‘‘CAT 

NMS Plan’’ or ‘‘Plan’’):1 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., 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. (collectively, 

the ‘‘Participants’’ or ‘‘SROs’’) filed with 

the Securities and Exchange 

Commission (‘‘SEC’’ or ‘‘Commission’’) 

pursuant to section 11A(a)(3) of the 

Securities Exchange Act of 1934 

(‘‘Exchange Act’’),2 and Rule 608 

thereunder,3 a proposed amendment to 

the CAT NMS Plan to modify the 

current linkage timeline (‘‘Current 

Linkage Timeline’’) for the consolidated 

audit trail (‘‘CAT’’), as contained in 

Appendix A, attached hereto (‘‘Revised 

Linkage Timeline’’). The Commission is 

publishing this notice to solicit 

comments from interested persons on 

the amendment.4

II. Description of the Plan 

Set forth in this Section II is the 

statement of the purpose and summary 

of the amendment, along with 

information required by Rule 608(a)(4) 

and (5) under the Exchange Act,5 as 

prepared and submitted by the 

Participants to the Commission and 

reproduced below verbatim.6

A. Description of the Proposed 

Amendments to the CAT NMS Plan 

1. Current Linkage Timeline 

The CAT NMS Plan requires that all 

CAT Data reported to the Central 

Repository must be processed and 

assembled to create the complete 

lifecycle of each Reportable Event.7 The 

Plan Processor uses a daisy chain 

approach to link and create the order 

lifecycles. In the daisy chain approach, 

a series of unique order identifiers, 

assigned to all order events handled by 

CAT Reporters, are linked together by 

the Central Repository and assigned a 

single CAT-generated CAT Order ID that 

is associated with each individual order 

event and used to create the complete 

lifecycle of an order.8 Under the Current 

Linkage Timeline, the CAT provides a 

final CAT Order ID at T+5 at 8 a.m. ET 

pursuant to the following timeline: 

T+1 @8 a.m.: Initial submissions due 

T+1 @12 p.m.: Initial data validation, 

communication of errors to CAT 

Reporters; unlinked data available 

to regulators 

T+1 @9 p.m.: Interim CAT Order ID 

available 9

T+3 @8 a.m.: Resubmission of corrected 

data 


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10This change would not impact how late 

submissions and corrections received outside of the 

current T+5 processing window are addressed. 

11The Revised Linkage Timeline only addresses 

the processing timeline for Reportable Events; it 

does not propose any changes with regard to the 

Customer and account information in the CAT. 

12See Section 6.1 of Appendix D of the CAT NMS 

Plan at D–18. 

13Section 1.1 of the CAT NMS Plan. 

14The CCID (also referred to as the ‘‘CAT 

Customer-ID’’) means ‘‘with respect to a customer, 

a code that uniquely and consistently identifies 

such customer for purposes of providing data to the 

central repository.’’ 

15See supra nn.5–6. 

T+4 @8 a.m.: Final lifecycle assembly 

begins, reprocessing of late 

submissions and corrections 

T+5 @8 a.m.: Corrected data available to 

Participant regulatory staff and the 

SEC 

2. Revised Linkage Timeline 

With the Revised Linkage Timeline, 

the Participants propose to clarify that 

the Plan does not require assignment of 

interim CAT Order IDs and to provide 

a final CAT Order ID by T+3 at 8 a.m. 

ET, as opposed to T+5 at 8 a.m. ET. 

With this proposal, the linkage timeline 

would be revised to operate as follows: 

T+1 @8 a.m.: Initial submissions due 

T+1 @12 p.m.: Initial data validation, 

communication of errors to CAT 

Reporters; unlinked data available 

to regulators 

T+2 @8 a.m.: Final lifecycle assembly 

begins, reprocessing of late 

submissions and corrections 

submitted prior to T+2 at 8am 

T+3 @8 a.m.: Corrected data available to 

Participant regulatory staff and the 

SEC, resubmission of corrected data 

Weekend: Late submissions and 

corrections submitted after T+2 at 8 

a.m. through T+4 at 8 a.m. would be 

processed over the weekend using 

the late-to-lifecycle approach 

discussed below 10

3. Effect of Revised Linkage Timeline on 

CAT Data Processing and Availability 

The Revised Linkage Timeline would 

continue to provide regulators with 

timely access to CAT Data. The 

following compares the processing and 

availability of the CAT Data under the 

Current Linkage Timeline versus the 

Revised Linkage Timeline in detail.11

a. No Changes to Submission Deadlines 

for CAT Reporters 

The Revised Linkage Timeline will 

not change the reporting deadlines for 

CAT Reporters. The deadlines for initial 

data submissions and for error 

corrections will remain the same. 

The CAT NMS Plan requires CAT 

Reporters to submit the required CAT 

Data to the CAT by 8:00 a.m. on T+1. 

The Revised Linkage Timeline does not 

change this reporting deadline. For 

example, Section 6.3(b)(ii) of the CAT 

NMS Plan states that ‘‘[e]ach Participant 

shall report Participant Data to the 

Central Repository by 8:00 a.m. Eastern 

Time on the Trading Day following the 

day the Participant records such 

Participant Data.’’ Similarly, Section 

6.3(b)(ii) of the CAT NMS Plan states 

that: 

Consistent with Appendix D, Reporting 

and Linkage Requirements, each Participant 

shall, through its Compliance Rule, require 

its Industry Members to report: (A) Recorded 

Industry Member Data to the Central 

Repository by 8:00 a.m. Eastern Time on the 

Trading Day following the day the Industry 

Member records such Recorded Industry 

Member Data; and (B) Received Industry 

Member Data to the Central Repository by 

8:00 a.m. Eastern Time on the Trading Day 

following the day the Industry Member 

receives such Received Industry Member 

Data. 

The CAT NMS Plan also requires 

Participants and Industry Members to 

submit corrected Participant Data and 

Industry Member Data, respectively, to 

the Central Repository by 8:00 a.m. 

Eastern Time on T+3.12 The Revised 

Linkage Timeline also does not change 

this reporting deadline. 

b. Earlier Access to Final CAT Order ID 

Under the Revised Linkage Timeline, 

regulators would have access to the 

Final CAT Order ID and the finalized 

data set two full days earlier than under 

the Current Linkage Timeline. 

Regulators would have access to the 

final CAT Order ID on T+3 at 8 a.m., 

rather than on T+5 at 8 a.m. Unlike the 

interim CAT Order ID, the final CAT 

Order ID includes the CCID and FDID 

enrichments (that is, the order and 

transaction data has been enriched by 

the Firm Designated ID 13 and CCIDs 14). 

In connection with the earlier 

provision of the final CAT Order ID, no 

interim CAT Order ID would be 

provided. The interim CAT Order ID 

currently is available at T+1 at 9 p.m.15

Accordingly, regulators would have 

access to the final CAT Order ID 35 

hours (or approximately one day and a 

half) later than they currently receive 

the interim CAT Order ID but, with the 

accelerated final CAT Order ID, 

regulators would have access to the 

CCID and FDID enrichments as well. As 

discussed below, the proposed 

elimination of the interim CAT Order ID 

would save 100% of the costs related to 

the creation of the interim CAT Order 

ID. 

c. Reduction in Daily Linkage 

Processing Volume 

The Revised Linkage Timeline would 

reduce the daily linkage processing job 

from the processing of four days of data 

volume to two days of volume. Under 

the Current Linkage Timeline, in 

addition to the processing necessary for 

creating the interim CAT Order ID by 

T+1 at 9 a.m., the current linkage 

processing for the final CAT Order ID 

covers data from four days, that is, data 

from T+1 at 8 a.m. through T+4 at 8 a.m. 

With the Revised Linkage Timeline, the 

linkage processing for the final CAT 

Order ID covers data from two days, that 

is, data from T+1 at 8 a.m. through T+2 

at 8 a.m. As discussed below, the 

proposed reduction in daily linkage 

processing volume would save 

approximately 40% in computational 

costs related to linkage in comparison to 

the existing processes. 

d. Efficient Handling of Lates/Repairs 

The Revised Linkage Timeline would 

streamline the processing for feedback 

to CAT Reporters. CAT Reporters 

currently receive feedback for any data 

submission reported prior to 8 a.m. on 

T+4. With the Revised Linkage 

Timeline, CAT Reporters would receive 

feedback for any data submitted prior to 

T+2 at 8 a.m. Accordingly, under the 

Revised Linkage Timeline, CAT 

Reporters would no longer receive 

feedback on data reported after T+2 at 

8 a.m. through T+4 at 8 a.m., as they do 

under the current processing. Without a 

linkage error generated, the CAT 

Reporter would not know they had a 

linkage error and would attempt no 

further corrections. The error not 

generated under this proposal would 

also not be counted in the compliance 

error rate. For example, if an Industry 

Member submits a MEOR on T+2 at 

noon with an incorrect routed OrderID, 

the Industry Member would not receive 

unlinked feedback and the error would 

not be included in the Industry 

Member’s compliance rate. The record 

would, however, be included as a late 

submission in the compliance rate 

calculation. 

Limiting feedback to data submitted 

prior to T+2 at 8 a.m. would capture 

99.75% of all submissions to CAT for a 

given trade date based on an analysis of 

data from a recent six-month period by 

the Plan Processor. The significant cost 

savings realized by this proposal far 

outweighs the less than 0.25% of data 

that would potentially not generate a 

linkage error, but would otherwise be 

fully available in CAT and subject to 

late to the lifecycle processing. 


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16CAT LLC notes that the estimated savings do 

not include incremental cost of the larger late-tolifecycle processing or the build costs associated 

with the revised processing. CAT LLC does not 

anticipate that such costs would be significant. 

17CAT LLC notes that, at the discretion of the 

Operating Committee, the Plan Processor could be 

directed to provide an interim CAT Order ID prior 

to T+3 in the event of a market event. 

18The Commission interprets the phrase 

‘‘lifecycle linkages’’ to require the assignment of an 

interim CAT Order ID. See July 2022 Order at 42251 

and supra nn.5–6. 

The remaining late events received 

after T+2 at 8 a.m. through T+4 at 8 a.m. 

would be processed over the weekend 

using late-to-lifecycle processing, which 

provides substantial efficiency gains 

over the current processes. Under this 

approach, late records may be 

associated with more than one CAT 

Order ID. Specifically, a late record that 

is a missing link between disjoined 

segments of an order lifecycle and is not 

associated with a lifecycle in the 

processing prior to T+3 at 8 a.m. would 

be associated with both lifecycles and 

will include the date of the correction. 

This means that the entire lifecycle 

would be available through the linking 

of the disjoined segments, each with 

their own CAT Order ID. The CAT LLC 

Operating Committee plans to consider 

a Change Order that would enhance the 

current late-to-lifecycle process to 

present data to users in a manner 

similar to how it would be presented if 

the data were submitted on time. 

4. Cost Savings of the Revised Linkage 

Timeline 

CAT LLC estimates that the Revised 

Linkage Timeline would result in 

annual savings of $9.8 million versus 

the Current Linkage Timeline. The 

Revised Linkage Timeline addresses two 

primary cost drivers, each responsible 

for approximately half of the $9.8 

million in savings: (1) the proposed 

elimination of the interim CAT Order ID 

would provide 100% of savings versus 

the status quo of providing the interim 

CAT Order ID by T+1 at 9 p.m.; and (2) 

reducing the daily linkage processing 

job from the processing of four days of 

volume to two days of volume would 

provide approximately 40% of savings 

versus the status quo.16

CAT LLC believes that the substantial 

savings of approximately $9.8 million 

annually are readily justified given the 

minimal impact on regulatory access to 

CAT Data. 

5. Proposed Revisions to CAT NMS Plan 

a. Clarification: No Interim CAT Order 

ID Available Prior to T+3 at 8 a.m. 

To implement the Revised Linkage 

Timeline, CAT LLC proposes to amend 

the CAT NMS Plan to clarify that there 

is no requirement to provide an interim 

CAT Order ID.17 Accordingly, CAT LLC 

proposes to remove any references to 

lifecycle linkages in the data processing 

timeline described in the CAT NMS 

Plan.18 Specifically, CAT LLC proposes 

to delete the phrase ‘‘lifecycle linkages’’ 

from the following bullet in Section 6.1 

of Appendix D of the CAT NMS Plan: 

‘‘Noon Eastern Time T+1 (transaction 

date + one day)¥Initial data validation, 

lifecycle linkages and communication of 

errors to CAT Reporters.’’ Similarly, 

CAT LLC proposes to delete the phrase 

‘‘Life Cycle Linkage’’ from the second 

box in Figure A in Section 6.1 of 

Appendix D of the CAT NMS Plan. The 

box currently states the following: 

‘‘12:00 p.m. ET T+1 Initial Validation, 

Life Cycle Linkage, Communication of 

Errors.’’ With the change, this box 

would state ‘‘12:00 p.m. ET T+1 Initial 

Validation, Communication of Errors.’’ 

b. Commencement of Final Lifecycle 

Assembly 

CAT LLC also proposes to amend the 

CAT NMS Plan to require CAT LLC to 

commence final lifecycle assembly by 

T+2 at 8 a.m. Accordingly, CAT LLC 

proposes to add the following bullet to 

the data processing timeline in Section 

6.1 of Appendix D of the CAT NMS 

Plan: 

• 8:00 a.m. Eastern Time T+2: 

(transaction date + two days)¥Final 

lifecycle assembly begins; deadline 

for late submissions and corrections 

to be included in final CAT Order 

ID 

Similarly, CAT LLC proposes to add a 

new third box to Figure A in Section 6.1 

of Appendix D of the CAT NMS Plan. 

The box would state the following: 

‘‘Final Lifecycle Assembly Begins; 

Deadline for Late Submissions and 

Corrections to be included in Final CAT 

Order ID.’’ 

c. Final CAT Order ID Available at T+3 

at 8 a.m. 

CAT LLC also proposes to amend the 

CAT NMS Plan to require CAT LLC to 

make the final CAT Order ID available 

and to make data ready for regulatory by 

T+3 at 8 a.m. Specifically, CAT LLC 

proposes to revise the following bullet 

in the data processing timeline in 

Section 6.1 of Appendix D of the CAT 

NMS Plan to indicate that the final 

lifecycle identifier must be available by 

T+3 at 8 a.m.: ‘‘8:00 a.m. Eastern Time 

T+3 (transaction date + three 

days)¥Resubmission of corrected data.’’ 

CAT LLC proposes to add the phrase 

‘‘and final CAT Order ID available and 

data ready for regulators’’ to this bullet. 

Similarly, CAT LLC proposes to add the 

phrase ‘‘and Final CAT Order ID 

Available and Data Ready for 

Regulators’’ to the third box in Figure A 

in Section 6.1 of Appendix D of the CAT 

NMS Plan. The box currently states the 

following: ‘‘8:00AM ET T+3 

Resubmission of Errors Due.’’ With this 

change, this box would state ‘‘8:00AM 

ET T+3 Resubmission of Errors Due and 

Final CAT Order ID Available and Data 

Ready for Regulators.’’ 

In addition, CAT LLC proposes to 

amend the CAT NMS Plan to remove 

the references to making corrected data 

available to Participant regulatory staff 

and the SEC by T+5 at 8 a.m. As 

discussed above, data would be ready 

for regulators on T+3 at 8 a.m. 

Specifically, CAT LLC proposes to 

delete the following bullet from Section 

6.1 of Appendix D of the CAT NMS 

Plan: ‘‘8:00 a.m. Eastern Time T+5 

(transaction date + five 

days)¥Corrected data available to 

Participant regulatory staff and the 

SEC.’’ In addition, CAT LLC proposes to 

delete the fifth box in Figure A in 

Section 6.1 of Appendix D of the CAT 

NMS Plan. This box currently states 

‘‘T+5 Data Ready for Regulators.’’ 

In light of the change from a T+5 

conclusion in the Current Linkage 

Timeline to the T+3 conclusion in the 

Revised Linkage Timeline, CAT LLC 

proposes to amend Section 6.2 of 

Appendix D of the CAT NMS Plan to 

replace the references to ‘‘T+5’’ with 

references to ‘‘T+3’’ in the following 

statements: 

• ‘‘Between 12:00 p.m. Eastern Time 

on T+1 and T+5, access to all iterations 

of processed data must be available to 

Participants’ regulatory staff and the 

SEC.’’ 

• ‘‘If any data remains un-linked after 

T+5, it must be available and included 

with all linked data with an indication 

that the data was not linked.’’ 

• ‘‘If corrections are received after 

T+5, Participants’ regulatory staff and 

the SEC must be notified and informed 

as to how re-processing will be 

completed.’’ 

Similarly, for the same reason, CAT 

LLC proposes to replace the reference to 

a ‘‘five-day’’ process with a reference to 

a ‘‘three-day’’ process in the following 

sentence in Section 6.2 of Appendix D 

of the CAT NMS Plan: ‘‘The Plan 

Processor must provide reports and 

notifications to Participant regulatory 

staff and the SEC regularly during the 

[five-day] three-day process, indicating 

the completeness of the data and 

errors.’’ 


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d. Late to the Lifecycle Processing for 

Corrections Submitted From T+2 at 8 

a.m. through T+4 at 8 a.m. 

CAT LLC proposes to amend the CAT 

NMS Plan to require late submission 

and corrections submitted to the CAT 

after T+2 at 8 a.m. through T+4 at 8 a.m. 

to be processed over the weekend. The 

weekend processing would rely on the 

late-to-lifecycle processing, which 

provides substantial efficiency gains 

over the current processes. CAT LLC 

proposes to describe this process by 

adding the following bullet to Section 

6.1 of Appendix D of the CAT NMS 

Plan: 

• Over Weekend—Late submissions 

and corrections submitted after T+2 at 

8:00 a.m. ET through T+4 at 8:00 a.m. 

ET for order events that occurred within 

the past 18 months would be processed 

over the weekend by 5:00 p.m. ET the 

next business day. Late to the lifecycle 

processing for data older than 18 

months would be processed on a 

schedule as set forth by the Operating 

Committee. 

Similarly, CAT LLC proposes to add 

the following description to the Figure 

A in Section 6.1 of the CAT NMS Plan: 

‘‘Late submissions and corrections 

submitted after T+2 at 8 a.m. ET through 

T+4 at 8 a.m. ET for order events that 

occurred within the past 18 months 

would be processed over the weekend 

by 5 p.m. ET the next business day. Late 

to the lifecycle processing for data older 

than 18 months would be processed on 

a schedule as set forth by the Operating 

Committee.’’ 

In addition, CAT LLC proposes to 

revise the CAT NMS Plan to remove 

references to the requirement to 

reprocess error corrections on T+4. 

Under the Revised Linkage Timeline, as 

described above, late submissions and 

corrections submitted prior to T+2 at 8 

a.m. would be used to assemble the final 

CAT Order ID on T+3, and late 

submissions and corrections submitted 

after T+2 at 8 a.m. through T+4 at 8 a.m. 

would be processed over the weekend 

using the late-to-lifecycle approach. 

Accordingly, the requirement to 

reprocess error corrections on T+4 

would be no longer be applicable. 

B. Governing or Constituent Documents 

Not applicable. 

C. Implementation of Amendment 

The Participants propose to 

implement the proposal upon approval 

of the proposed amendment to the CAT 

NMS Plan. 

D. Development and Implementation 

Phases 

Not applicable. 

E. Analysis of Impact on Competition 

CAT LLC does not believe that the 

proposed amendment would result in 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Exchange Act. 

Indeed, CAT LLC believes that the 

proposed amendments will have a 

positive impact on competition, 

efficiency and capital formation. The 

proposed amendments will provide 

substantial savings in CAT costs while 

providing minimal impact on the 

regulatory use of CAT Data. Such 

substantial savings would inure to the 

benefit of all participants in the markets 

for NMS Securities and OTC Equity 

Securities, including Participants, 

Industry Members, and most 

importantly, the investors. 

F. Written Understanding or Agreements 

Relating to Interpretation of, or 

Participation in, Plan 

Not applicable. 

G. Approval by Plan Sponsors in 

Accordance With Plan 

Section 12.3 of the CAT NMS Plan 

states that, subject to certain exceptions, 

the CAT NMS Plan may be amended 

from time to time only by a written 

amendment, authorized by the 

affirmative vote of not less than twothirds of all of the Participants, that has 

been approved by the SEC pursuant to 

Rule 608 of Regulation NMS under the 

Exchange Act or has otherwise become 

effective under Rule 608 of Regulation 

NMS under the Exchange Act. In 

addition, the proposed amendment was 

discussed during Operating Committee 

meetings. The Participants, by a vote of 

the Operating Committee taken on 

August 1, 2023, have authorized the 

filing of this proposed amendment with 

the SEC in accordance with the Plan. 

H. Description of Operation of Facility 

Contemplated by the Proposed 

Amendment 

Not applicable. 

I. Terms and Conditions of Access 

Not applicable. 

J. Method of Determination and 

Imposition, and Amount of, Fees and 

Charges 

Not applicable. 

K. Method and Frequency of Processor 

Evaluation 

Not applicable. 

L. Dispute Resolution 

Not applicable. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed 

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 

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 

amendment that are filed with the 

Commission, and all written 

communications relating to the 

proposed amendment 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 Participants’ offices. 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 September 14, 

2023. 


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58016 Federal Register / Vol. 88, No. 163 / Thursday, August 24, 2023 / Notices 

19 17 CFR 200.30–3(a)(85). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.19

Sherry R. Haywood, 

Assistant Secretary. 

Appendix A 

Proposed Revisions to CAT NMS Plan 

Additions italicized; deletions [bracketed] 

* * * * * 

6.1 Data Processing 

CAT order events must be processed 

within established timeframes to ensure data 

can be made available to Participants’ 

regulatory staff and the SEC in a timely 

manner. The processing timelines start on the 

day the order event is received by the Central 

Repository for processing. Most events must 

be reported to the CAT by 8:00 a.m. Eastern 

Time the Trading Day after the order event 

occurred (referred to as transaction date). The 

processing timeframes below are presented in 

this context. All events submitted after T+1 

(either reported late or submitted later 

because not all of the information was 

available) must be processed within these 

timeframes based on the date they were 

received. 

The Participants require the following 

timeframes (Figure A) for the identification, 

communication and correction of errors from 

the time an order event is received by the 

processor: 

• Noon Eastern Time T+1 (transaction date 

+ one day) ¥ Initial data validation[, 

lifecycle linkages] and communication of 

errors to CAT Reporters; 

• 8:00 a.m. Eastern Time T+2: (transaction 

date + two days) ¥ Final lifecycle assembly 

begins; deadline for late submissions and 

corrections to be included in final CAT Order 

ID 

• 8:00 a.m. Eastern Time T+3 (transaction 

date + three days) ¥ Resubmission of 

corrected data; and final CAT Order ID 

available and data ready for regulators; and 

• [8:00 a.m. Eastern Time T+5 (transaction 

date + five days) ¥ Corrected data available 

to Participant regulatory staff and the SEC.] 

• Over Weekend—Late submissions and 

corrections submitted after T+2 at 8:00 a.m. 

ET through T+4 at 8:00 a.m. ET for order 

events that occurred within the past 18 

months would be processed over the weekend 

by 5:00 p.m. ET the next business day. Late 

to the lifecycle processing for data older than 

18 months would be processed on a schedule 

as set forth by the Operating Committee. 

Late submissions or re-submissions (after 

8:00 a.m.) may be considered to be processed 

that day if it falls within a given time period 

after the cutoff. This threshold will be 

determined by the Plan Processor and 

approved by the Operating Committee. In the 

event that a significant portion of the data 

has not been received as monitored by the 

Plan Processor, the Plan Processor may 

decide to halt processing pending submission 

of that data. 

{changes to second box in chart: 12:00 p.m. 

ET T+1 Initial Validation, [Life Cycle 

Linkage,] Communication of Errors} 

{insert new third box: 8:00AM ET T+2 Final 

Lifecycle Assembly Begins; Deadline for 

Late Submissions and Corrections to be 

included in Final CAT Order ID} 

{changes to third box in chart: 8:00AM ET 

T+3 Resubmission of Errors Due and Final 

CAT Order ID Available and Data Ready 

for Regulators} 

{Delete fourth box in chart: [T+4 

Reprocessing of Error Corrections]} 

{Delete fifth box in chart: [T+5 Data Ready 

for Regulators]} 

Late submissions and corrections submitted 

after T+2 at 8:00AM ET through T+4 at 

8:00AM ET for order events that occurred 

within the past 18 months would be 

processed over the weekend by 5:00PM ET 

the next business day. Late to the lifecycle 

processing for data older than 18 months 

would be processed on a schedule as set 

forth by the Operating Committee. 

6.2 Data Availability Requirements 

Prior to 12:00 p.m. Eastern Time on T+1, 

raw unprocessed data that has been ingested 

by the Plan Processor must be available to 

Participants’ regulatory staff and the SEC. 

Between 12:00 p.m. Eastern Time on T+1 

and [T+5] T+3, access to all iterations of 

processed data must be available to 

Participants’ regulatory staff and the SEC. 

The Plan Processor must provide reports 

and notifications to Participant regulatory 

staff and the SEC regularly during the [fiveday] three-day process, indicating the 

completeness of the data and errors. Notice 

of major errors or missing data must be 

reported as early in the process as possible. 

If any data remains un-linked after [T+5] 

T+3, it must be available and included with 

all linked data with an indication that the 

data was not linked. 

If corrections are received after [T+5] T+3, 

Participants’ regulatory staff and the SEC 

must be notified and informed as to how reprocessing will be completed. The Operating 

Committee will be involved with decisions 

on how to re-process the data; however, this 

does not relieve the Plan Processor of 

notifying the Participants’ regulatory staff 

and the SEC. 


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Federal Register / Vol. 88, No. 163 / Thursday, August 24, 2023 / Notices 58017 

CAT PII data must be processed within 

established timeframes to ensure data can be 

made available to Participants’ regulatory 

staff and the SEC in a timely manner. 

Industry Members submitting new or 

modified Customer information must provide 

it to the Central Repository no later than 8:00 

a.m. Eastern Time on T+1. The Central 

Repository must validate the data and 

generate error reports no later than 5:00 p.m. 

Eastern Time on T+1. The Central Repository 

must process the resubmitted data no later 

than 5:00 p.m. Eastern Time on T+4. 

Corrected data must be resubmitted no later 

than 5:00 p.m. Eastern Time on T+3. The 

Central Repository must process the 

resubmitted data no later than 5:00 p.m. 

Eastern Time on T+4. Corrected data must be 

available to regulators no later than 8:00 a.m. 

Eastern Time on T+5. 

Customer information that includes PII 

data must be available to regulators 

immediately upon receipt of initial data and 

corrected data, pursuant to security policies 

for retrieving PII. 

* * * * * 

[FR Doc. 2023–18188 Filed 8–23–23; 8:45 am] 

BILLING CODE 8011–01–P 

DEPARTMENT OF STATE 

[Public Notice: 12145] 

Notice of Department of State 

Sanctions Actions 

SUMMARY: The Department of State is 

publishing the names of one or more 

persons that have been placed on the 

Department of Treasury’s List of 

Specially Designated Nationals and 

Blocked Persons (SDN List) 

administered by the Office of Foreign 

Assets Control (OFAC) based on the 

Department of State’s determination that 

one or more applicable legal criteria 

were satisfied. All property and 

interests in property subject to U.S. 

jurisdiction of these persons are 

blocked, and U.S. persons are generally 

prohibited from engaging in transactions 

with them. 

DATES: See SUPPLEMENTARY INFORMATION

section for applicable date(s). 

FOR FURTHER INFORMATION CONTACT: Jim 

Mullinax, Director, Office of Economic 

Sanctions Policy and Implementation, 

Bureau of Economic and Business 

Affairs, Department of State, 

Washington, DC 20520, tel.: (202) 647 

7677, email: MullinaxJD@state.gov. 

SUPPLEMENTARY INFORMATION: 

Electronic Availability 

The SDN List and additional 

information concerning sanctions 

programs are available on OFAC’s 

website, https://ofac.treasury.gov/ 

sanctions-programs-and-countryinformation/russian-harmful-foreignactivities-sanctions. 

Notice of Department of State Actions 

On April 12, 2023, the Department of 

State determined that the property and 

interests in property subject to U.S. 

jurisdiction of the following persons are 

blocked under the relevant sanctions 

authority listed below. 

BILLING CODE 4710–AE–P 


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