[Federal Register Volume 85, Number 28 (Tuesday, February 11, 2020)]
[Notices]
[Pages 7805-7806]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-02633]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-88122; File No. 4-631]
Joint Industry Plan; Notice of Filing and Immediate Effectiveness
of Amendment to the Plan To Address Extraordinary Market Volatility To
Add the Long-Term Stock Exchange LLC as a Participant
February 5, 2020.
Pursuant to Section 11A(a)(3) of the Securities Exchange Act of
1934 (``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given
that on November 20, 2019, Long-Term Stock Exchange LLC (``LTSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') an amendment to the Plan to Address Extraordinary
Market Volatility (``LULD Plan'' or ``Plan'') as a Participant.\3\ The
[[Page 7806]]
amendment adds LTSE as a Participant \4\ to the LULD Plan. The
Commission is publishing this notice to solicit comments on the
amendment from interested persons.
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\1\ 15 U.S.C. 78k-1(a)(3).
\2\ 17 CFR 242.608.
\3\ See Letter from Howard Steinberg, General Counsel, LTSE,
dated November 18, 2019, to Vanessa Countryman, Secretary,
Commission. On May 6, 2012, the Commission issued an order approving
the Plan on a pilot basis (the ``Approval Order''). See Securities
Exchange Act Release No. 67091 (May 31, 2012), 77 FR 33498 (June 6,
2012). The Commission approved the LULD Plan on a permanent basis on
April 11, 2019. See Securities Exchange Act Release No. 85623, 84 FR
16079 (April 17, 2019).
\4\ Defined in Section I(K) of the Plan as follows:
``Participant'' means a Party to the Plan.
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I. Description and Purpose of the Amendment
On May 10, 2019, the Commission issued an order granting LTSE's
application for registration as a national securities exchange.\5\ As
noted above, the proposed amendment adds LTSE as a Participant to the
LULD Plan.
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\5\ See Securities Exchange Act Release No. 85828 (May 10,
2019), 84 FR 21841 (May 15, 2019).
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Under Section II(C) of the LULD Plan, any entity registered as a
national securities exchange or national securities association under
the Exchange Act may become a Participant by: (1) Becoming a
participant in the applicable Market Data Plans; (2) executing a copy
of the Plan, as then in effect; (3) providing each then-current
Participant with a copy of such executed Plan; and (4) effecting an
amendment to the Plan as specified in Section III (B) of the Plan.
Section III(B) of the LULD Plan sets forth the process for a
prospective new Participant to effect an amendment of the Plan.
Specifically, the LULD Plan provides that such an amendment to the Plan
may be effected by the new national securities exchange or national
securities association by executing a copy of the Plan as then in
effect (with the only changes being the addition of the new
Participant's name in Section II(A) of the Plan); and submitting such
executed Plan to the Commission. The amendment will be effective when
it is approved by the Commission in accordance with Rule 608 of
Regulation NMS, or otherwise becomes effective pursuant to Rule 608 of
Regulation NMS.
LTSE has become a participant in the applicable Market Data
Plans,\6\ executed a copy of the Plan currently in effect, with the
only change being the addition of its name in Section II(A) of the
Plan, and has provided a copy of the Plan executed by LTSE to each of
the other Participants. LTSE has also submitted the executed Plan to
the Commission. Accordingly, all of the Plan requirements for effecting
an amendment to the Plan to add LTSE as a Participant have been
satisfied.
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\6\ See Letter from Robert Books, Chairman, Operating Committee,
CTA/CQ Plans, to Vanessa Countryman, Secretary, Commission, dated
October 23, 2018 [sic]to Vanessa Countryman, Secretary, SEC, from
Robert Books (relating to Thirty-Second Substantive Amendment to the
Second Restatement of the CTA Plan and Twenty-Third Substantive
Amendment to the Restated CQ Plan adding LTSE as a participant) and
letter from Robert Books, Chairman, Operating Committee, UTP Plan,
to Vanessa Countryman, Secretary, Commission, dated October 23, 2019
(relating to Forty-Sixth Amendment to the UTP Plan adding LTSE as a
participant).
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II. Effectiveness of the Proposed Amendment
The foregoing Plan amendment has become effective pursuant to Rule
608(b)(3)(iii) \7\ because it involves solely technical or ministerial
matters.
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\7\ 17 CFR 242.608(b)(3)(iii).
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III. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the 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 (http://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
File Number 4-631 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 4-631. 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 (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed plan amendment that are filed
with the Commission, and all written communications relating to the
proposed plan 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 20549-1090 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 the Exchange. All
comments received will be posted without change. Persons submitting
comments are cautioned that we do not redact or edit personal
identifying information from comment submissions. You should submit
only information that you wish to make available publicly. All
submissions should refer to File Number 4-631and should be submitted on
or before March 3, 2020.
By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-02633 Filed 2-10-20; 8:45 am]
BILLING CODE 8011-01-P