[Federal Register Volume 85, Number 149 (Monday, August 3, 2020)]
[Notices]
[Pages 46762-46763]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-16808]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-89420; 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 MEMX LLC as a Participant
July 29, 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 July 6, 2020, MEMX LLC (``MEMX'' 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 amendment adds MEMX 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 Anders Franzon, General Counsel, MEMX, dated
July 6, 2020, to Vanessa A. 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 16086
(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
As noted above, the sole proposed amendment to the LULD Plan is to
add the Exchange as a Participant. On May 4, 2020, the Commission
issued an order granting MEMX's application for registration as a
national securities exchange.\5\ A condition of the Commission's
approval was the requirement for MEMX to join the Plan.
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\5\ See Securities Exchange Act Release No. 88806, 85 FR 27451
(May 8, 2020).
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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 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.
MEMX 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 MEMX to each of
the other Participants. MEMX has also submitted the executed Plan to
the Commission. Accordingly, all of the Plan requirements for effecting
an
[[Page 46763]]
amendment to the Plan to add MEMX as a Participant have been satisfied.
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\6\ See Letter from Robert Books, Chairman, Operating Committee,
CTA/CQ Plans, to Vanessa A. Countryman, Secretary, Commission, dated
June 29, 2020 to Vanessa A. Countryman, Secretary, SEC (relating to
Thirty-Fourth Substantive Amendment to the Second Restatement of the
CTA Plan and Twenty-Fifth Substantive Amendment to the Restated CQ
Plan adding MEMX as a participant) and letter from Robert Books,
Chairman, Operating Committee, UTP Plan, to Vanessa A. Countryman,
Secretary, Commission, dated June 29, 2020 (relating to Forty-Eighth
Amendment to the UTP Plan adding MEMX 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. At any time within sixty days of the filing of this amendment,
the Commission may summarily abrogate the amendment and require that it
be refiled pursuant to paragraph (a)(1) of Rule 608,\8\ if it appears
to the Commission that such action is necessary or appropriate in the
public interest, for the protection of investors, or the maintenance of
fair and orderly markets, to remove impediments to, and perfect the
mechanisms of, a national market system or otherwise in furtherance of
the purposes of the Act.
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\7\ 17 CFR 242.608(b)(3)(iii).
\8\ 17 CFR 242.608(a)(1).
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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 4-631 and should be submitted
on or before August 24, 2020.
By the Commission.
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-16808 Filed 7-31-20; 8:45 am]
BILLING CODE 8011-01-P