On May 13, 2022, the Operating Committee for Consolidated Audit Trail, LLC (“CAT LLC”), on behalf of the Participants ^[1] to the National Market System Plan Governing the Consolidated Audit Trail (the “CAT NMS Plan”),^[2] filed with the Securities and Exchange Commission (“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 proposed amendment to the CAT NMS Plan (“Proposed Amendment”) to implement a revised funding model (“Executed Share Model”) for the consolidated audit trail (“CAT”) and to establish a fee schedule for Participant CAT fees in accordance with the Executed Share Model.^[5] The Proposed Amendment was published for comment in the Federal Register on June 1, 2022.^[6]

On August 30, 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 Amendment with any changes or subject to any conditions the Commission deems necessary or appropriate.^[8] On November 15, 2022, CAT LLC submitted a letter to propose a partial amendment of the Proposed Amendment (“Partial Amendment No. 1”) and to respond to the Commission's solicitation of comments in the OIP and comments received on the OIP.^[9] On November 23, 2022, pursuant to Rule 608(b)(2)(i) of Regulation NMS,^[10] the Commission extended the period within which to conclude proceedings regarding the Proposed Amendment to 240 days from the date of publication of the Notice.^[11] Notice of the filing of Partial Amendment No. 1 was published for comment in the Federal Register on December 2, 2022.^[12]

Rule 608(b)(2)(ii) of Regulation NMS provides that the time for conclusion of proceedings to determine whether a national market system plan or proposed amendment should be disapproved may be extended for an additional period up to 60 days (up to 300 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 the longer period.^[13] The 240th day after publication of the Notice for the Proposed Amendment is January 27, 2023. The Commission is extending this 240-day period.

The Commission finds that it is appropriate to designate a longer period within which to conclude proceedings regarding the Proposed Amendment, as modified by Partial Amendment No. 1, so that it has sufficient time to consider the proposed modifications and the justifications provided in support thereof, and the comments received. Accordingly, pursuant to Rule 608(b)(2)(ii) of Regulation NMS,^[14] the Commission designates March 28, 2023, as the date by which the Commission shall conclude the proceedings to determine whether to approve or disapprove the Proposed Amendment, as modified by Partial Amendment No. 1 (File No. 4-698).