83 FR 48356 - Consolidated Tape Association; Notice of Filing and Immediate Effectiveness of the Twenty-Fourth Charges Amendment to the Second Restatement of the CTA Plan and the Fifteenth Charges Amendment to the Restated CQ Plan
SECURITIES AND EXCHANGE COMMISSION Federal Register Volume 83, Issue 185 (September 24, 2018)
Federal Register Volume 83, Issue 185 (September 24, 2018)
| Page Range | 48356-48357 | |
| FR Document | 2018-20661 |
[Federal Register Volume 83, Number 185 (Monday, September 24, 2018)] [Notices] [Pages 48356-48357] From the Federal Register Online [www.thefederalregister.org] [FR Doc No: 2018-20661] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-84194; File No. SR-CTA/CQ-2018-03] Consolidated Tape Association; Notice of Filing and Immediate Effectiveness of the Twenty-Fourth Charges Amendment to the Second Restatement of the CTA Plan and the Fifteenth Charges Amendment to the Restated CQ Plan September 18, 2018. Pursuant to Section 11A of the Securities Exchange Act of 1934 (``Act''),\1\ and Rule 608 thereunder,\2\ notice is hereby given that on August 27, 2018, the Consolidated Tape Association (``CTA'') Plan participants (``Participants'') \3\ filed with the Securities and Exchange Commission (``Commission'') a proposal to amend the Second Restatement of the CTA Plan and the Restated CQ Plan (``Plans''). The amendment represents the twenty-fourth Charges Amendment to the CTA Plan and the fifteenth Charges Amendment to the CQ Plan (``Amendments''). The Participants seek to amend the Plans' fee schedules (applicable to Network A and Network B) to rescind the changes made to the Non-Display Use and the access fee schedules adopted pursuant to amendments filed in October 2017 (``2017 Amendments'').\4\ As a result of the Participants' decision to rescind the 2017 Amendments, the Participants believe that the stay order issued by the Commission in connection with the 2017 Amendments and the briefing schedule set therein are now moot.\5\ --------------------------------------------------------------------------- \1\ 15 U.S.C. 78k-1. \2\ 17 CFR 242.608. \3\ The Participants are: Cboe BYX Exchange, Inc.; Cboe BZX Exchange, Inc.; Cboe EDGA Exchange, Inc.; Cboe EDGX Exchange, Inc.; Cboe Exchange, Inc.; Chicago Stock Exchange, Inc.; Financial Industry Regulatory Authority, Inc.; Investors' Exchange LLC; Nasdaq BX, Inc.; Nasdaq ISE, LLC; Nasdaq PHLX Inc.; The Nasdaq Stock Market LLC; New York Stock Exchange LLC; NYSE American LLC; NYSE Arca, Inc.; NYSE National, Inc. \4\ See Securities Exchange Act Release No. 82072 (November 14, 2017), 82 FR 55137 (November 20, 2017). \5\ See Securities Exchange Act Release No. 83755 (July 31, 2018) (``Stay Order''). --------------------------------------------------------------------------- Pursuant to Rule 608(b)(3) under Regulation NMS,\6\ the Participants designate the Amendments as establishing or changing a fee or other charge collected on their behalf in connection with access to, or use of, the facilities contemplated by the Plans. As a result, the Amendments are effective upon filing with the Commission. --------------------------------------------------------------------------- \6\ 17 CFR 242.608(b)(3)(i). --------------------------------------------------------------------------- The Commission is publishing this notice to solicit comments from interested persons on the proposed Amendments. Set forth in Sections I and II is the statement of the purpose and summary of the Amendments, along with the information required by Rules 608(a) and 601(a) under the Act, prepared and submitted by the Participants to the Commission. I. Rule 608(a) A. Purpose of the Amendments As part of the 2017 Amendments, the Participants amended the definition of ``Non-Display Use'' in footnote eight of the Plans' fee schedules to explicitly state that any use of data that does not make data visibly available to a data recipient on a device would be a Non- Display Use. The Participants also made a parallel amendment to footnote two of the Plans' fee schedules to state that the device fee would only be applicable where the data was visibly available to the data recipient; any other data use on a device would be considered Non- Display Use. The Participants also amended footnote ten of the Plans' fee schedules to clarify when the access fee was applicable. In particular, the Participants amended footnote ten in the Plans' fee schedules to provide the access fee would be applicable if: (1) The data recipient uses the data for non-display; or (2) the data recipient receives the data in such a manner that the data can be manipulated and disseminated to one or more devices, display or otherwise, regardless of encryption or instructions from the redistribution vendor regarding who has authorized access to the data. [[Page 48357]] Although the Participants believed that the 2017 Amendments would have a positive effect on competition, Bloomberg and SIFMA filed denial of access petitions with the Commission with respect to the 2017 Amendments. On July 31, 2018, the Commission issued an order granting a motion made by Bloomberg to stay the 2017 Amendments. Having reviewed the Stay Order, the Participants have decided to rescind the 2017 Amendments. The result of the Participants' decision is to revert the fee schedule to the form it had immediately prior to the 2017 Amendments. B. Governing or Constituent Documents Not applicable. C. Implementation of the Amendments Pursuant to Rule 608(b)(3)(i) under Regulation NMS, the Participants have designated the proposed amendment as establishing or changing fees and are submitting the amendment for immediate effectiveness. D. Development and Implementation Phases See Item C above. E. Analysis of Impact on Competition The amendments proposed herein do not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act because the proposed amendments simply rescind the 2017 Amendments and revert the fee schedule to the form it had immediately prior to the 2017 Amendments. F. Written Understanding or Agreements Relating to Interpretation of, or Participation in, Plan Not applicable. G. Approval by Sponsors in Accordance With Plan Section XII (b)(iii) of the CTA Plan provides that ``[a]ny addition of any charge to . . . the charges set forth in Exhibit E . . . shall be effected by an amendment to this CTA Plan . . . that is approved by affirmative vote of not less than two-thirds of all of the then voting members of CTA. Any such amendment shall be executed on behalf of each Participant that appointed a voting member of CTA who approves such amendment and shall be filed with the SEC.'' Further, Section IX(b)(iii) of the CQ Plan provides that ``additions, deletions, or modifications to any charges under this CQ Plan shall be effected by an amendment . . . that is approved by affirmative vote of two-thirds of all the members of the Operating Committee.'' The Participants have executed this Amendment and represent not less than two-thirds of all of the parties to the Plan. That satisfies the Plans' Participant-approval requirements. H. Description of Operation of Facility Contemplated by the Proposed Amendments Not applicable. I. Terms and Conditions of Access Not applicable. J. Method of Determination and Imposition, and Amount of, Fees and Charges Not applicable. K. Method and Frequency of Processor Evaluation Not applicable. L. Dispute Resolution Not applicable. II. Rule 601(a) A. Equity Securities for Which Transaction Reports Shall Be Required by the Plan Not applicable. B. Reporting Requirements Not applicable. C. Manner of Collecting, Processing, Sequencing, Making Available and Disseminating Last Sale Information Not applicable. D. Manner of Consolidation Not applicable. E. Standards and Methods Ensuring Promptness, Accuracy and Completeness of Transaction Reports Not applicable. F. Rules and Procedures Addressed to Fraudulent or Manipulative Dissemination Not applicable. G. Terms of Access to Transaction Reports Not applicable. H. Identification of Marketplace of Execution Not applicable. III. Solicitation of Comments The Commission seeks comment on the Amendments. Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed Amendments are consistent with the Act. Comments may be submitted by any of the following methods: Electronic CommentsUse the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or Send an email to [email protected]. Please include File Number SR-CTA/CQ-2018-03 on the subject line. Paper Comments Send paper comments in triplicate to Brent J. Fields, Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090. All submissions should refer to File Number SR-CTA/CQ-2018-03. 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 Amendments that are filed with the Commission, and all written communications relating to the Amendments 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 on official business days between the hours of 10:00 a.m. and 3:00 p.m. Copies of the Amendments also will be available for inspection and copying at the principal office of the CTA. 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 SR-CTA/CQ-2018-03 and should be submitted on or before October 15, 2018. By the Commission. Brent J. Fields, Secretary. [FR Doc. 2018-20661 Filed 9-21-18; 8:45 am] BILLING CODE 8011-01-P
![48356 Federal Register / Vol. 83, No. 185 / Monday, September 24, 2018 / Notices
At any time within 60 days of the filing also will be available for schedules adopted pursuant to
filing of such proposed rule change, the inspection and copying at the principal amendments filed in October 2017
Commission summarily may office of the Exchange. All comments (‘‘2017 Amendments’’).4 As a result of
temporarily suspend such rule change if received will be posted without change. the Participants’ decision to rescind the
it appears to the Commission that such Persons submitting comments are 2017 Amendments, the Participants
action is necessary or appropriate in the cautioned that we do not redact or edit believe that the stay order issued by the
public interest, for the protection of personal identifying information from Commission in connection with the
investors, or otherwise in furtherance of comment submissions. You should 2017 Amendments and the briefing
the purposes of the Act. If the submit only information that you wish schedule set therein are now moot.5
Commission takes such action, the to make available publicly. All Pursuant to Rule 608(b)(3) under
Commission shall institute proceedings submissions should refer to File Regulation NMS,6 the Participants
under Section 19(b)(2)(B) 15 of the Act to Number SR–Nasdaq–2018–074, and designate the Amendments as
determine whether the proposed rule should be submitted on or before establishing or changing a fee or other
change should be approved or October 15, 2018. charge collected on their behalf in
disapproved. For the Commission, by the Division of connection with access to, or use of, the
IV. Solicitation of Comments Trading and Markets, pursuant to delegated facilities contemplated by the Plans. As
authority.16 a result, the Amendments are effective
Interested persons are invited to Eduardo A. Aleman, upon filing with the Commission.
submit written data, views, and
Assistant Secretary. The Commission is publishing this
arguments concerning the foregoing,
[FR Doc. 2018–20660 Filed 9–21–18; 8:45 am] notice to solicit comments from
including whether the proposed rule
BILLING CODE 8011–01–P interested persons on the proposed
change is consistent with the Act.
Amendments. Set forth in Sections I and
Comments may be submitted by any of
II is the statement of the purpose and
the following methods:
SECURITIES AND EXCHANGE summary of the Amendments, along
Electronic Comments COMMISSION with the information required by Rules
• Use the Commission’s internet [Release No. 34–84194; File No. SR–CTA/
608(a) and 601(a) under the Act,
comment form (http://www.sec.gov/ CQ–2018–03] prepared and submitted by the
rules/sro.shtml); or Participants to the Commission.
• Send an email to rule-comments@ Consolidated Tape Association; Notice I. Rule 608(a)
sec.gov. Please include File Number SR– of Filing and Immediate Effectiveness
Nasdaq–2018–074 on the subject line. of the Twenty-Fourth Charges A. Purpose of the Amendments
Amendment to the Second As part of the 2017 Amendments, the
Paper Comments Restatement of the CTA Plan and the Participants amended the definition of
• Send paper comments in triplicate Fifteenth Charges Amendment to the ‘‘Non-Display Use’’ in footnote eight of
to Secretary, Securities and Exchange Restated CQ Plan the Plans’ fee schedules to explicitly
Commission, 100 F Street NE,
September 18, 2018. state that any use of data that does not
Washington, DC 20549–1090.
Pursuant to Section 11A of the make data visibly available to a data
All submissions should refer to File recipient on a device would be a Non-
Number SR–Nasdaq–2018–074. This file Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 608 thereunder,2 Display Use. The Participants also made
number should be included on the a parallel amendment to footnote two of
subject line if email is used. To help the notice is hereby given that on August
27, 2018, the Consolidated Tape the Plans’ fee schedules to state that the
Commission process and review your device fee would only be applicable
comments more efficiently, please use Association (‘‘CTA’’) Plan participants
(‘‘Participants’’) 3 filed with the where the data was visibly available to
only one method. The Commission will the data recipient; any other data use on
post all comments on the Commission’s Securities and Exchange Commission
(‘‘Commission’’) a proposal to amend a device would be considered Non-
internet website (http://www.sec.gov/ Display Use. The Participants also
rules/sro.shtml). Copies of the the Second Restatement of the CTA Plan
and the Restated CQ Plan (‘‘Plans’’). The amended footnote ten of the Plans’ fee
submission, all subsequent schedules to clarify when the access fee
amendments, all written statements amendment represents the twenty-
fourth Charges Amendment to the CTA was applicable. In particular, the
with respect to the proposed rule Participants amended footnote ten in
change that are filed with the Plan and the fifteenth Charges
Amendment to the CQ Plan the Plans’ fee schedules to provide the
Commission, and all written access fee would be applicable if: (1)
communications relating to the (‘‘Amendments’’). The Participants seek
to amend the Plans’ fee schedules The data recipient uses the data for non-
proposed rule change between the display; or (2) the data recipient
Commission and any person, other than (applicable to Network A and Network
B) to rescind the changes made to the receives the data in such a manner that
those that may be withheld from the the data can be manipulated and
public in accordance with the Non-Display Use and the access fee
disseminated to one or more devices,
provisions of 5 U.S.C. 552, will be 16 17 display or otherwise, regardless of
CFR 200.30–3(a)(12).
available for website viewing and 1 15 U.S.C. 78k–1. encryption or instructions from the
printing in the Commission’s Public 2 17 CFR 242.608. redistribution vendor regarding who has
Reference Room, 100 F Street NE,
amozie on DSK3GDR082PROD with NOTICES1
3 The Participants are: Cboe BYX Exchange, Inc.;
authorized access to the data.
Washington, DC 20549, on official Cboe BZX Exchange, Inc.; Cboe EDGA Exchange,
business days between the hours of Inc.; Cboe EDGX Exchange, Inc.; Cboe Exchange,
4 See Securities Exchange Act Release No. 82072
Inc.; Chicago Stock Exchange, Inc.; Financial
10:00 a.m. and 3:00 p.m. Copies of the Industry Regulatory Authority, Inc.; Investors’ (November 14, 2017), 82 FR 55137 (November 20,
Exchange LLC; Nasdaq BX, Inc.; Nasdaq ISE, LLC; 2017).
efficiency, competition, and capital formation. See Nasdaq PHLX Inc.; The Nasdaq Stock Market LLC; 5 See Securities Exchange Act Release No. 83755
15 U.S.C. 78c(f). New York Stock Exchange LLC; NYSE American (July 31, 2018) (‘‘Stay Order’’).
15 15 U.S.C. 78s(b)(2)(B). LLC; NYSE Arca, Inc.; NYSE National, Inc. 6 17 CFR 242.608(b)(3)(i).
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![Federal Register / Vol. 83, No. 185 / Monday, September 24, 2018 / Notices 48357
Although the Participants believed thirds of all the members of the with the Act. Comments may be
that the 2017 Amendments would have Operating Committee.’’ submitted by any of the following
a positive effect on competition, The Participants have executed this methods:
Bloomberg and SIFMA filed denial of Amendment and represent not less than
access petitions with the Commission two-thirds of all of the parties to the Electronic Comments
with respect to the 2017 Amendments. Plan. That satisfies the Plans’ • Use the Commission’s internet
On July 31, 2018, the Commission Participant-approval requirements.
comment form (http://www.sec.gov/
issued an order granting a motion made H. Description of Operation of Facility rules/sro.shtml); or
by Bloomberg to stay the 2017 Contemplated by the Proposed
Amendments. Having reviewed the Stay • Send an email to rule-comments@
Amendments sec.gov. Please include File Number SR–
Order, the Participants have decided to
rescind the 2017 Amendments. The Not applicable. CTA/CQ–2018–03 on the subject line.
result of the Participants’ decision is to I. Terms and Conditions of Access Paper Comments
revert the fee schedule to the form it had
Not applicable.
immediately prior to the 2017 • Send paper comments in triplicate
Amendments. J. Method of Determination and to Brent J. Fields, Secretary, Securities
B. Governing or Constituent Documents Imposition, and Amount of, Fees and and Exchange Commission, 100 F Street
Charges NE, Washington, DC 20549–1090.
Not applicable. Not applicable. All submissions should refer to File
C. Implementation of the Amendments K. Method and Frequency of Processor Number SR–CTA/CQ–2018–03. This file
Pursuant to Rule 608(b)(3)(i) under Evaluation number should be included on the
Regulation NMS, the Participants have Not applicable. subject line if email is used. To help the
designated the proposed amendment as Commission process and review your
establishing or changing fees and are L. Dispute Resolution comments more efficiently, please use
submitting the amendment for Not applicable. only one method. The Commission will
immediate effectiveness. post all comments on the Commission’s
II. Rule 601(a)
internet website (http://www.sec.gov/
D. Development and Implementation
Phases A. Equity Securities for Which rules/sro.shtml). Copies of the
Transaction Reports Shall Be Required submission, all subsequent
See Item C above. by the Plan amendments, all written statements
E. Analysis of Impact on Competition Not applicable. with respect to the Amendments that
are filed with the Commission, and all
The amendments proposed herein do B. Reporting Requirements written communications relating to the
not impose any burden on competition Not applicable. Amendments between the Commission
that is not necessary or appropriate in and any person, other than those that
furtherance of the purposes of the Act C. Manner of Collecting, Processing,
Sequencing, Making Available and may be withheld from the public in
because the proposed amendments accordance with the provisions of 5
simply rescind the 2017 Amendments Disseminating Last Sale Information
U.S.C. 552, will be available for website
and revert the fee schedule to the form Not applicable.
viewing and printing in the
it had immediately prior to the 2017
D. Manner of Consolidation Commission’s Public Reference Room
Amendments.
Not applicable. on official business days between the
F. Written Understanding or Agreements hours of 10:00 a.m. and 3:00 p.m.
Relating to Interpretation of, or E. Standards and Methods Ensuring Copies of the Amendments also will be
Participation in, Plan Promptness, Accuracy and available for inspection and copying at
Completeness of Transaction Reports the principal office of the CTA.
Not applicable.
Not applicable. All comments received will be posted
G. Approval by Sponsors in Accordance
F. Rules and Procedures Addressed to without change. Persons submitting
With Plan
Fraudulent or Manipulative comments are cautioned that we do not
Section XII (b)(iii) of the CTA Plan Dissemination redact or edit personal identifying
provides that ‘‘[a]ny addition of any information from comment submissions.
Not applicable.
charge to . . . the charges set forth in You should submit only information
Exhibit E . . . shall be effected by an G. Terms of Access to Transaction that you wish to make available
amendment to this CTA Plan . . . that Reports publicly. All submissions should refer
is approved by affirmative vote of not Not applicable. to File Number SR–CTA/CQ–2018–03
less than two-thirds of all of the then and should be submitted on or before
voting members of CTA. Any such H. Identification of Marketplace of
Execution October 15, 2018.
amendment shall be executed on behalf
of each Participant that appointed a By the Commission.
Not applicable.
voting member of CTA who approves Brent J. Fields,
amozie on DSK3GDR082PROD with NOTICES1
such amendment and shall be filed with III. Solicitation of Comments Secretary.
the SEC.’’ Further, Section IX(b)(iii) of The Commission seeks comment on [FR Doc. 2018–20661 Filed 9–21–18; 8:45 am]
the CQ Plan provides that ‘‘additions, the Amendments. Interested persons are BILLING CODE 8011–01–P
deletions, or modifications to any invited to submit written data, views,
charges under this CQ Plan shall be and arguments concerning the
effected by an amendment . . . that is foregoing, including whether the
approved by affirmative vote of two- proposed Amendments are consistent
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Document Created: 2018-09-22 00:32:51
Document Modified: 2018-09-22 00:32:51
| Category | Regulatory Information | |
| Collection | Federal Register | |
| sudoc Class | AE 2.7: GS 4.107: AE 2.106: | |
| Publisher | Office of the Federal Register, National Archives and Records Administration | |
| Section | Notices | |
| FR Citation | 83 FR 48356 |
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