Federal Register / Vol. 89, No. 199 / Tuesday, October 15, 2024 / Notices 83067 

16 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(d)(1). 

2 17 CFR 240.19d–1(c)(2). 

3 17 CFR 240.19d–1(c)(1). 

4The Commission adopted amendments to 

paragraph (c) of Rule 19d–1 to allow SROs to 

submit for Commission approval plans for the 

abbreviated reporting of minor disciplinary 

infractions. See Securities Exchange Act Release 

No. 21013 (June 1, 1984), 49 FR 23828 (June 8, 

1984). Any disciplinary action taken by an SRO 

against any person for violation of a rule of the SRO 

which has been designated as a minor rule violation 

pursuant to such a plan filed with and declared 

effective by the Commission shall not be considered 

‘‘final’’ for purposes of Section 19(d)(1) of the Act 

if the sanction imposed consists of a fine not 

exceeding $2,500 and the sanctioned person has not 

sought an adjudication, including a hearing, or 

otherwise exhausted his administrative remedies. 

5 17 CFR 240.19d–1(c)(2). 

6The Exchange received its grant of registration 

on July 15, 2024, which included approving the 

rules that govern the Exchange. 

7While Rule 1014 allows the Exchange to 

administer fines up to $5,000, the Exchange is only 

seeking relief from the reporting requirements of 

paragraph (c)(1) of Rule 19d–1 for fines 

administered under Rule 1014(d) that do not exceed 

$2,500. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.16

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–23658 Filed 10–11–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101283; File No. 4–844] 

Self-Regulatory Organizations; MIAX 

Sapphire, LLC; Notice of Filing of 

Proposed Minor Rule Violation Plan 

October 8, 2024. 

Pursuant to Section 19(d)(1) of the 

Securities Exchange Act of 1934 (the 

‘‘Act’’),1 and Rule 19d–1(c)(2) 

thereunder,2 notice is hereby given that 

on October 1, 2024, MIAX Sapphire, 

LLC (‘‘Sapphire’’ or the ‘‘Exchange’’) 

filed with the Securities and Exchange 

Commission (‘‘Commission’’) a 

proposed minor rule violation plan 

(‘‘MRVP’’) with sanctions not exceeding 

$2,500 which would not be subject to 

the provisions of Rule 19d–1(c)(1) of the 

Act 3 requiring that a self-regulatory 

organization (‘‘SRO’’) promptly file 

notice with the Commission of any final 

disciplinary action taken with respect to 

any person or organization.4 In 

accordance with Rule 19d–1(c)(2) under 

the Act,5 the Exchange proposes to 

designate certain specified rule 

violations as minor rule violations, and 

requests that it be relieved of the prompt 

reporting requirements regarding such 

violations, provided it gives notice of 

such violations to the Commission on a 

quarterly basis. 

The Exchange proposes to include in 

its MRVP the procedures and violations 

currently included in Exchange Rule 

1014 (‘‘Imposition of Fines for Minor 

Rule Violations’’).6 According to the 

Exchange’s proposed MRVP, under Rule 

1014, the Exchange may impose a fine 

(not to exceed $2,500) on any Member, 

or person associated with or employed 

by a Member, for any rule violation 

listed in Rule 1014(d).7 The Exchange 

shall serve the person against whom a 

fine is imposed with a written statement 

setting forth the rule or rules allegedly 

violated, the act or omission 

constituting each such violation, the 

fine imposed for each violation, and the 

date by which such determination 

becomes final or by which such 

determination must be paid or 

contested. If the person against whom 

the fine is imposed pays the fine, such 

payment shall be deemed to be a waiver 

of such person’s right to a disciplinary 

proceeding and any review of the matter 

under the Exchange rules. Any person 

against whom a fine is imposed may 

contest the Exchange’s determination by 

filing with the Exchange a written 

answer, at which point the matter shall 

become a disciplinary proceeding. 

The Exchange proposes that, as set 

forth in Exchange Rule 1014(d), 

violations of the following rules would 

be appropriate for disposition under the 

MRVP: Rule 307 (Position Limits); Rule 

803 (Focus Reports); Rule 804 (Requests 

for Trade Data); Rule 520 (Order Entry); 

Rule 605 (Execution of Orders in 

Appointed Options); Rule 314 

(Mandatory Systems Testing); Rule 700 

(Exercise of Option Contracts); Rule 309 

(Exercise Limits); Rule 310 (Reports 

Related to Position Limits); Rule 403 

(Trading in Restricted Classes); Rule 605 

(Market Maker Quotations); Rule 1904 

(Failure to Timely File Amendments to 

Form U4, Form U5, and Form BD); and 

Rules 1701–1713 (Failure to Comply 

with the Consolidated Audit Trail 

Compliance Rule Under Chapter XVII). 

The Exchange states that it is 

specifically excluding Rule 1014(d)(4), 

Conduct and Decorum Policies, from 

this filing. 

Upon the Commission’s declaration of 

effectiveness of the MRVP, the Exchange 

will provide to the Commission a 

quarterly report for any actions taken on 

minor rule violations under the MRVP. 

The quarterly report will include: the 

disposition date, the name of the firm/ 

individual, the Exchange’s internal 

enforcement number, the review period, 

the nature of the violation type, the 

number of the rule that was violated, the 

number of instances the violation 

occurred, and the sanction imposed. 

Based on compliance with the above, 

the Exchange requests that the rule 

violations designated in Rule 1014(d) be 

designated as minor rule violations 

subject to a minor rule violation 

reporting plan and that the Exchange be 

relieved of the current reporting 

requirements regarding such violations. 

In addition, going forward, to the extent 

that there are any changes to the rules 

applicable to the Exchange’s MRVP, the 

Exchange requests that the Commission 

deem such changes to be modifications 

to the Exchange’s MRVP. 

I. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed MRVP 

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 No. 4–844 

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 No. 

4–844. 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 MRVP that 

are filed with the Commission, and all 

written communications relating to the 

proposed MRVP 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 proposed 

MRVP also will be available for 

inspection and copying at the principal 

office of the Exchange. Do not include 


khammond on DSKJM1Z7X2PROD with NOTICES
83068 Federal Register / Vol. 89, No. 199 / Tuesday, October 15, 2024 / Notices 

8 15 U.S.C. 78s(d)(1); 17 CFR 240.19d–1(c)(2). 

9 17 CFR 200.30–3(a)(44). 

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. 

4See 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). 

5The ‘‘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. 

7The ‘‘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).’’). 

8See 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. 

9 17 CFR 242.608(b)(2)(i). 

10See Securities Exchange Act Release No. 

100530 (July 15, 2024), 89 FR 58838 (July 19, 2024). 

11Letter 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. 

12See Securities Exchange Act Release No. 

101225 (Oct. 1, 2024), 89 FR 81120 (Oct. 7, 2024). 

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 

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 costeffective 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 


khammond on DSKJM1Z7X2PROD with NOTICES