Document ID: SEC-2022-1393-0001
Agency: sec
Document Type: Notice
Title: Joint Industry Plan: National Market System Plan Governing the Consolidated Audit Trail; Withdrawal
Posted Date: 2022-10-24T04:00Z

[Federal Register Volume 87, Number 204 (Monday, October 24, 2022)]
[Notices]
[Pages 64294-64295]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-23071]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96102; File No. 4-698]

Joint Industry Plan; Notice of Withdrawal of Amendment to the 
National Market System Plan Governing the Consolidated Audit Trail

October 19, 2022.

I. Introduction

    On May 20, 2022, the Operating Committee for Consolidated Audit 
Trail, LLC (``CAT LLC''), on behalf of the following parties to the 
National Market

[[Page 64295]]

System Plan Governing the Consolidated Audit Trail (the ``CAT NMS 
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., Miami International Securities Exchange LLC, MEMX 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'') filed with the Securities and Exchange Commission 
(``Commission'') pursuant to Section 11A(a)(3) of the Exchange Act,\2\ 
and Rule 608 thereunder,\3\ a proposed amendment (``Proposed 
Amendment'') to the CAT NMS Plan that would authorize CAT LLC to revise 
the Consolidated Audit Trail Reporter Agreement and the Consolidated 
Audit Trail Reporter Agent Agreement by: (1) removing the arbitration 
provision from each agreement and replacing it with a forum selection 
provision, which would require that any dispute regarding CAT reporting 
be filed in a United States District Court for the Southern District of 
New York, or, in the absence of federal subject matter jurisdiction, a 
New York State Supreme Court within the First Judicial Department; (2) 
adding a jury waiver provision; (3) adding a disclaimer of warranties 
clause; and (4) revising the existing choice of law clause to provide 
that any dispute will be governed by federal law (in addition to New 
York law).\4\ The Proposed Amendment was published for comment in the 
Federal Register on June 9, 2022.\5\
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    \1\ The CAT NMS Plan is a national market system plan approved 
by the Commission pursuant to Section 11A of the Securities Exchange 
Act of 1934 (``Exchange Act'') and the rules and regulations 
thereunder. See Securities Exchange Act Release No. 79318 (Nov. 15, 
2016), 81 FR 84696 (Nov. 23, 2016). The CAT NMS Plan functions as 
the limited liability company agreement of the jointly owned limited 
liability company (CAT LLC) formed under Delaware state law through 
which the Participants conduct the activities of the CAT. On August 
29, 2019, the Participants replaced the CAT NMS Plan in its entirety 
with the limited liability company agreement of a new limited 
liability company named Consolidated Audit Trail, LLC. The latest 
version of the CAT NMS Plan is available at https://catnmsplan.com/about-cat/cat-nms-plan.
    \2\ 15 U.S.C. 78k-1(a)(3).
    \3\ 17 CFR 242.608.
    \4\ See Letter from Michael Simon, Chair, CAT NMS Plan Operating 
Committee, to Vanessa Countryman, Secretary, Commission, dated May 
20, 2022.
    \5\ See Notice of Filing of Amendment to the National Market 
System Plan Governing the Consolidated Audit Trail, Securities 
Exchange Act Release No. 95031 (June 3, 2022), 87 FR 35273 (June 9, 
2022) (``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-b.htm.
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    The Commission is publishing this notice to reflect that on 
September 6, 2022, prior to the end of the 90-day period provided for 
in Exchange Act Rule 608(b)(2)(i),\6\ the Participants withdrew the 
Proposed Amendment.\7\
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    \6\ 17 CFR 242.608(b)(2)(i).
    \7\ See Letter from Michael Simon, Chair, CAT NMS Plan Operating 
Committee, to Vanessa Countryman, Secretary, Commission, dated 
September 6, 2022.

    By the Commission.
J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-23071 Filed 10-21-22; 8:45 am]
BILLING CODE 8011-01-P