Securities and Exchange Commission
Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission [Release No. 34-104144] I. Introduction The Securities and Exchange Commission (the “Commission” or the “SEC”) has determined to grant the Participants conditional exemptive relief from certain requirements of the national market system plan governing the consolidated audit trail (the “CAT NMS Plan”), Rule 613 of Regulation NMS, and Rule 17a-1 under the Exchange Act in order to reduce the operating costs of the consolidated audit trail (the “CAT”). [ 1 ] These requirements, and the conditional exemptive relief granted, are described in more detail below. On July 18, 2012, the Commission adopted Rule 613 of Regulation NMS, which required national securities exchanges and national securities associations (the “Participants”)  [ 2 ] to jointly develop and submit to the Commission the CAT NMS Plan. [ 3 ] The goal of Rule 613 was to create a modernized audit trail system that would provide regulators with timely access to a comprehensive set of trading data, thus enabling regulators to more efficiently and effectively analyze and reconstruct market events, monitor market behavior, conduct market analysis to support regulatory decisions, and perform surveillance, investigation, and enforcement activities. [ 4 ] On November 15, 2016, the Commission approved the national market system plan required by Rule 613—the CAT NMS Plan. [ 5 ] In the CAT NMS Plan Approval Order issued in…
Citation: 90 FR 47853
