103032 Federal Register / Vol. 89, No. 243 / Wednesday, December 18, 2024 / Notices 

12 15 U.S.C. 78s(b)(3)(A)(iii). 

13 17 CFR 240.19b–4(f)(6). 

14 15 U.S.C. 78s(b)(3)(A)(iii). 

15 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 

4(f)(6)(iii) requires a self-regulatory organization to 

give the Commission written notice of its intent to 

file the proposed rule change, along with a brief 

description and text of the proposed rule change, 

at least five business days prior to the date of filing 

of the proposed rule change, or such shorter time 

as designated by the Commission. The Exchange 

has satisfied this requirement. 

16 15 U.S.C. 78s(b)(2)(B). 17 17 CFR 200.30–3(a)(12). 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed rule change would apply 

uniformly to all member organizations 

that have one or more trading licenses 

and to all applicants for equities trading 

licenses, and will not disproportionately 

burden or otherwise impact any single 

member organization. 

The Exchange does not believe that 

the proposal will create an intermarket 

burden on competition since the 

Exchange will only debit fees (other 

than de minimis fees below $10,000) 

that are undisputed by the member 

organization and member organizations 

will have a reasonable opportunity to 

dispute the fees both before and after 

the direct debit process. In addition, 

member organizations will have a 

reasonable opportunity to opt-out of the 

requirement to provide clearing account 

information and instead adopt 

alternative payment arrangements. 

The Exchange also does not believe 

that the proposal will create an 

intramarket burden on competition, 

since the proposed direct debit process 

will be applied equally to all member 

organizations. Moreover, other 

exchanges (including the Exchange’s 

affiliates) utilize a similar process which 

the Exchange believes is generally 

familiar to member organizations. 

Consequently, the Exchange does not 

believe that the proposal raises any new 

or novel issues that have not been 

previously considered by the 

Commission in connection with direct 

debit and billing policies of other 

exchanges. Further, this proposal is 

expected to provide a cost savings to the 

Exchange in that it would alleviate 

administrative processes related to the 

collection of monies owed to the 

Exchange. In addition, the debiting 

process would mitigate against member 

organization accounts becoming 

overdue. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were solicited 

or received with respect to the proposed 

rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 12 and Rule 

19b–4(f)(6) thereunder.13 Because the 

foregoing proposed rule change does 

not: (i) significantly affect the protection 

of investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

for 30 days from the date on which it 

was filed, or such shorter time as the 

Commission may designate, it has 

become effective pursuant to Section 

19(b)(3)(A)(iii) of the Act 14 and 

subparagraph (f)(6) of Rule 19b–4 

thereunder.15

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. If the 

Commission takes such action, the 

Commission shall institute proceedings 

under Section 19(b)(2)(B) 16 of the Act to 

determine whether the proposed rule 

change should be approved or 

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– 

NYSE–2024–79 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 SR–NYSE–2024–79. 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 

SR–NYSE–2024–79 and should be 

submitted on or before January 8, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.17

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–29927 Filed 12–17–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–329, OMB Control No. 

3235–0371] 

Proposed Collection; Comment 

Request; Extension: Rule 15a–6 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736. 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) is soliciting comments 

on the existing collection of information 

provided for in Rule 15a–6, (17 CFR 

240.15a–6), under the Securities 

Exchange Act of 1934 (15 U.S.C. 78a et 


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Federal Register / Vol. 89, No. 243 / Wednesday, December 18, 2024 / Notices 103033 

1The hourly rate used for a compliance clerk was 

from SIFMA’s Office Salaries in the Securities 

Industry 2013, modified by Commission staff to 

account for an 1,800-hour work-year and multiplied 

by 2.93 to account for bonuses, firm size, employee 

benefits and overhead. 

2The hourly rate used for a compliance manager 

was from SIFMA’s Management & Professional 

Earnings in the Securities Industry 2013, modified 

by Commission staff to account for an 1,800-hour 

work-year and multiplied by 5.35 to account for 

bonuses, firm size, employee benefits and overhead. 

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. The CAT NMS Plan 

functions as the limited liability company 

agreement of the jointly owned limited liability 

company formed under Delaware state law through 

which the Participants conduct the activities of the 

CAT (the ‘‘Company’’). Each Participant is a 

member of the Company and jointly owns the 

Company on an equal basis. The Participants 

submitted to the Commission a proposed 

amendment to the CAT NMS Plan on August 29, 

2019, which they designated as effective on filing. 

Under the amendment, the limited liability 

company agreement of a new limited liability 

company named Consolidated Audit Trail, LLC 

serves as the CAT NMS Plan, replacing in its 

entirety the CAT NMS Plan. See Securities 

Exchange Act Release No. 87149 (Sept. 27, 2019), 

84 FR 52905 (Oct. 3, 2019). 

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. 

seq.). The Commission plans to submit 

this existing collection of information to 

the Office of Management and Budget 

(‘‘OMB’’) for extension and approval. 

Rule 15a–6 provides conditional 

exemptions from the requirement to 

register as a broker-dealer pursuant to 

Section 15 of the Securities Exchange 

Act for foreign broker-dealers that 

engage in certain specified activities 

involving U.S. persons. In particular, 

Rule 15a–6(a)(3) provides an exemption 

from broker-dealer registration for 

foreign broker-dealers that solicit and 

effect transactions with or for U.S. 

institutional investors or major U.S. 

institutional investors through a 

registered broker-dealer, provided that 

the U.S. broker-dealer, among other 

things, obtains certain information 

about, and consents to service of process 

from, the personnel of the foreign 

broker-dealer involved in such 

transactions, and maintains certain 

records in connection therewith. 

These requirements are intended to 

ensure (a) that the registered brokerdealer will receive notice of the identity 

of, and has reviewed the background of, 

foreign personnel who will contact U.S. 

investors, (b) that the foreign brokerdealer and its personnel effectively may 

be served with process in the event 

enforcement action is necessary, and (c) 

that the Commission has ready access to 

information concerning these persons 

and their U.S. securities activities. 

Commission staff estimates that 

approximately 2,000 U.S. registered 

broker-dealers will spend an average of 

two hours of clerical staff time and one 

hour of managerial staff time per year 

obtaining the information required by 

the rule, resulting in a total aggregate 

time burden of 6,000 hours per year for 

complying with the rule. Assuming an 

hourly cost of $78 1 for a compliance 

clerk and $344 2 for a compliance 

manager, the resultant total internal 

labor cost of compliance for the 

respondents is $1,000,000 per year 

(2,000 entities × ((2 hours per entity × 

$78/hour) + (1 hour per entity × $344/ 

hour)) = $1,000,000). 

Written comments are invited on: (a) 

whether the proposed collection of 

information is necessary for the proper 

performance of the functions of the 

Commission, including whether the 

information shall have practical utility; 

(b) the accuracy of the Commission’s 

estimates of the burden of the proposed 

collection of information; (c) ways to 

enhance the quality, utility, and clarity 

of the information collected; and (d) 

ways to minimize the burden of the 

collection of information on 

respondents, including through the use 

of automated collection techniques or 

other forms of information technology. 

Consideration will be given to 

comments and suggestions submitted by 

February 18, 2025. 

An agency may not conduct or 

sponsor, and a person is not required to 

respond to, a collection of information 

under the PRA unless it displays a 

currently valid OMB control number. 

Please direct your written comments 

to: Austin Gerig, Director/Chief Data 

Officer, Securities and Exchange 

Commission, c/o Tanya Ruttenberg, 100 

F Street NE, Washington, DC 20549, or 

send an email to: PRA_Mailbox@

sec.gov. 

Dated: December 12, 2024. 

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–29914 Filed 12–17–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101901; File No. 4–698] 

Joint Industry Plan; Order Approving 

Amendments to the National Market 

System Plan Governing the 

Consolidated Audit Trail Designed To 

Implement Cost Savings Measures 

December 12, 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’’ or ‘‘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


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