Document ID: SEC-2022-0732-0001
Agency: sec
Document Type: Notice
Title: Consolidated Tape Association: Consolidated Tape Association Plan and Restated Consolidated Quotation Plan
Posted Date: 2022-05-25T04:00Z

[Federal Register Volume 87, Number 101 (Wednesday, May 25, 2022)]
[Notices]
[Pages 31921-31922]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-11203]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-94952; File No. SR-CTA/CQ-2021-03]

Consolidated Tape Association; Notice of Designation of a Longer 
Period for Commission Action on the Twenty-Fifth Charges Amendment to 
the Second Restatement of the CTA Plan and Sixteenth Charges Amendment 
to the Restated CQ Plan

May 19, 2022.
    On November 5, 2021,\1\ certain participants in the Second 
Restatement of the Consolidated Tape Association (``CTA'') Plan and 
Restated Consolidated Quotation (``CQ'') Plan (collectively ``CTA/CQ 
Plans'' or ``Plans'') \2\ filed with the Securities and Exchange 
Commission (``SEC'' or ``Commission''), pursuant to Section 11A of the 
Securities Exchange Act of 1934 (``Act'') \3\ and Rule 608 of 
Regulation National Market System (``NMS'') thereunder,\4\ a proposal 
(``Proposed Amendments'') to amend the Plans.\5\ The Proposed 
Amendments

[[Page 31922]]

were published for comment in the Federal Register on November 26, 
2021.\6\
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    \1\ See Letter from Robert Books, Chair, CTA/CQ Operating 
Committee, to Vanessa Countryman, Secretary, Commission (Nov. 5, 
2021).
    \2\ The CTA Plan, pursuant to which markets collect and 
disseminate last-sale price information for non-Nasdaq-listed 
securities, is a ``transaction reporting plan'' under Rule 601 of 
Regulation NMS, 17 CFR 242.601, and a ``national market system 
plan'' under Rule 608 of Regulation NMS, 17 CFR 242.608. The CQ 
Plan, pursuant to which markets collect and disseminate bid/ask 
quotation information for non-Nasdaq-listed securities, is a 
``national market system plan'' under Rule 608 under the Act, 17 CFR 
242.608. See Securities Exchange Act Release Nos. 10787 (May 10, 
1974), 39 FR at 17799 (May 20, 1974) (declaring the CTA Plan 
effective); 15009 (July 28, 1978), 43 FR at 34851 (Aug. 7, 1978) 
(temporarily authorizing the CQ Plan); and 16518 (Jan. 22, 1980), 45 
FR at 6521 (Jan. 28, 1980) (permanently authorizing the CQ Plan).
    \3\ 15 U.S.C 78k-1.
    \4\ 17 CFR 242.608.
    \5\ The Proposed Amendments were approved and executed by more 
than the required two-thirds of the self-regulatory organizations 
(``SROs'') that are participants of the UTP Plan. The participants 
that approved and executed the amendments (the ``Participants'') 
are: Cboe BYX Exchange, Inc., Cboe BZX Exchange, Inc., Cboe EDGA 
Exchange, Inc., Cboe EDGX Exchange, Inc., Cboe Exchange, Inc., 
Nasdaq ISE, LLC, Nasdaq PHLX, Inc., The Nasdaq Stock Market LLC, New 
York Stock Exchange LLC, NYSE American LLC, NYSE Arca, Inc., NYSE 
Chicago, Inc., and NYSE National, Inc.. The other SROs that are 
participants in the UTP Plan are: Financial Industry Regulatory 
Authority, Inc., The Investors' Exchange LLC, Long-Term Stock 
Exchange, Inc., MEMX LLC, MIAX PEARL, LLC, and Nasdaq BX, Inc.
    \6\ See Securities Exchange Act Release No. 93625 (Nov. 19, 
2021), 86 FR 67517 (Nov. 26, 2021) (``Notice''). Comments received 
in response to the Notice are available at https://www.sec.gov/comments/sr-ctacq-2021-03/srctacq202103.htm.
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    On February 24, 2022, the Commission instituted proceedings 
pursuant to Rule 608(b)(2)(i) of Regulation NMS,\7\ to determine 
whether to approve or disapprove the Proposed Amendments or to approve 
the Proposed Amendments with any changes or subject to any conditions 
the Commission deems necessary or appropriate after considering public 
comment.\8\ Rule 608(b)(2)(i) of Regulation NMS provides that such 
proceedings shall be concluded within 180 days of the date of the 
publication of notice of the plan or amendment 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 the plan participants consent to a 
longer period.\9\ The 180th day after publication of the Notice for the 
Proposed Amendments is May 25, 2022. The Commission is extending this 
180-day period.
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    \7\ 17 CFR 242.608(b)(2)(i).
    \8\ See Securities Exchange Act Release No. 94310 (Feb. 24, 
2022), 87 FR 11748 (Mar. 2, 2022) (``OIP''). Comments received in 
response to the OIP can be found on the Commission's website at 
https://www.sec.gov/comments/sr-ctacq-2021-03/srctacq202103.htm.
    \9\ 17 CFR 242.608(b)(2)(i).
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    The Commission finds that it is appropriate to designate a longer 
period within which to conclude proceedings regarding the Proposed 
Amendments so that it has sufficient time to consider the Proposed 
Amendments and the comments received. Accordingly, pursuant to Rule 
608(b)(2)(i) of Regulation NMS,\10\ the Commission designates July 24, 
2022, as the date by which the Commission shall conclude the 
proceedings to determine whether to approve or disapprove the Proposed 
Amendments or to approve the Proposed Amendments with any changes or 
subject to any conditions the Commission deems necessary or appropriate 
(File No. SR-CTA/CQ-2021-03).
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    \10\ Id.
    \11\ 17 CFR 200.30-3(a)(85).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-11203 Filed 5-24-22; 8:45 am]
BILLING CODE 8011-01-P