[Federal Register Volume 85, Number 54 (Thursday, March 19, 2020)]
[Notices]
[Pages 15836-15837]
[FR Doc No: 2020-05706]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88384; File No. SR-CTA-2019-02]

Consolidated Tape Association; Order Approving the Thirty-First
Substantive Amendment to the Second Restatement of the CTA Plan
Regarding Publication of Trade Reports During Race Conditions

March 13, 2020.

I. Introduction

    On September 11, 2019, participants \1\ of the Consolidated Tape
Association Plan (``CTA Plan'' or ``Plan'') filed \2\ with the
Securities and Exchange Commission (``SEC'' or ``Commission''),
pursuant to Section 11A of the Securities Exchange Act of 1934
(``Act'') \3\ and Rule 608 of Regulation NMS thereunder,\4\ a proposal
to amend the Second Restatement of the CTA Plan.\5\ This amendment
represents the Thirty-First Substantive Amendment to the CTA Plan
(``Amendment''). The Participants have proposed to align provisions of
the Plan that govern dissemination of last-sale price reports by the
Processor \6\ during a Regulatory Halt \7\ with corresponding
provisions of the Nasdaq/UTP Plan.\8\ The Amendment was published for
comment in the Federal Register on January 28, 2020.\9\ One comment
letter was received.\10\ This order approves the Amendment to the Plan.
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    \1\ These participants are: Cboe BYX Exchange, Inc.; Cboe BZX
Exchange, Inc.; Cboe EDGA Exchange, Inc.; Cboe EDGX Exchange, Inc.;
Cboe Exchange, Inc.; Financial Industry Regulatory Authority, Inc.;
The Investors' Exchange LLC; Long-Term Stock Exchange, Inc.; 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 Chicago, Inc.; and NYSE National, Inc. (each a
``Participant'' and collectively, the ``Participants'').
    \2\ See Letter from Robert Books, Chairman, Operating Committee,
CTA Plan, to Vanessa Countryman, Secretary, Commission (dated
September 6, 2019).
    \3\ 15 U.S.C 78k-1(a)(3).
    \4\ 17 CFR 242.608.
    \5\ The CTA Plan, pursuant to which markets collect and
disseminate last-sale price information for non-NASDAQ-listed
securities, is a ``transaction reporting plan'' under Rule 601 of
Regulation NMS, 17 CFR 242.601, and a ``national market system
plan'' under Rule 608 of Regulation NMS, 17 CFR 242.608. See
Securities Exchange Act Release No. 10787 (May 10, 1974), 39 FR at
17799 (May 20, 1974) (declaring the CTA Plan effective).
    \6\ See Section I(x) of the Plan (defining ``Processor'').
    \7\ See Section XI(a) of the Plan (defining ``Regulatory
Halt'').
    \8\ The Joint Self-Regulatory Organization Plan Governing the
Collection, Consolidation and Dissemination of Quotation and
Transaction Information for NASDAQ-Listed Securities Traded on
Exchanges on an Unlisted Trading Privilege Basis (``Nasdaq/UTP
Plan'') governs the collection, consolidation, processing, and
dissemination of last-sale and quotation information for Network C
securities.
    \9\ See Securities Exchange Act Release No. 88016 (January 23,
2020), 85 FR 5060 (January 28, 2020).
    \10\ See Letter from Kelvin To, Founder and President, Data
Boiler Technologies LLC, to Vanessa Countryman, Secretary,
Commission (dated February 4, 2020). The comment letter is not
germane to the Amendment.
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II. Description of the Proposal

    The Plan currently prohibits the Processor from disseminating last-
sale reports that are received by the Processor during a Regulatory
Halt.\11\ This prohibition applies even if a trade occurs on the
Participant just before the Participant receives notification from the
Processor of a Regulatory Halt. If the Participant reports the trade to
the Processor during this ``race condition,'' the Processor might not
be able to determine whether the trade occurred before or after the
Participant had received notification of the Regulatory Halt. Under the
Nasdaq/UTP Plan, the Processor immediately disseminates trade reports
in this instance.\12\
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    \11\ See Section XI(a) of the Plan (providing, in relevant part,
that ``[d]uring the period of any Regulatory Halt in trading in any
Eligible Security by the listing market therefor, the consolidated
tape shall not include any reports of last-sale prices in such
Security received by the Processor during the period of the
Regulatory Halt'').
    \12\ See Section X.C of the Nasdaq/UTP Plan (providing, in
relevant part, that ``[d]uring a Regulatory Halt, the Processor
shall collect and disseminate Transaction Information'').
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    The Participants have proposed to amend the Plan to provide that,
during a Regulatory Halt, the consolidated tape shall include any last-
sale report that is received by the Processor during the Regulatory
Halt. Thus, the Processor would act as a pass-through for information
received from the Participants, and the Processor would not have to
attempt to ascertain whether a trade reported to it by a Participant
happened before or after the Participant had received notification of a
Regulatory Halt. This proposal by the CTA Plan Participants is designed
to harmonize with Nasdaq/UTP Plan provisions for how trades are handled
by Plan Processors during race conditions and apply a uniform procedure
for all trading in NMS stocks throughout the national market system.

    The Participants also proposed to update certain cross-references
to exchanges rules relating to re-opening procedures.

III. Discussion

    After careful review, the Commission finds that the Amendment is
consistent with the requirements of the Act and the rules and
regulations thereunder.\13\ In particular, the Commission finds that
the Amendment is consistent with Section 11A of the Act which provides,
among other things, that the Commission may prescribe rules as
necessary or appropriate in the public interest, for the protection of
investors, or otherwise in furtherance of the purposes of the Act to
assure the prompt, accurate, reliable, and fair collection, processing,
distribution, and publication of information with respect to quotations
for and transactions in securities and the fairness and usefulness of
the form and content of such information.\14\ The Commission also finds
that the Amendment is consistent with Rule 608 of Regulation NMS, which
provides that the Commission shall approve an amendment to a Plan if it
finds that such amendment is necessary or appropriate in the public
interest, for the protection of investors and 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.\15\
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    \13\ The Commission has considered the Amendment's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
    \14\ See 15 U.S.C. 78k-1(c)(1)(B).
    \15\ See 17 CFR 240.608(b)(2).
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    The Commission believes that the Amendment furthers these goals by
eliminating any burden on the Processor to determine whether a trade
that is reported to the Processor during a race condition occurred
before or after the Participant who reported the trade had received
notice of a Regulatory Halt. Under the Amendment, the Processor could
presume that any such trades occurred before the Regulatory Halt,
thereby allowing the Processor to continue publishing those trade
reports to the consolidated tape. The Commission believes that market
observers could derive benefits from continuing to learn about trades
occurring just before a Regulatory Halt that, under the existing Plan
provisions, the Plan Processor might not print to the consolidated
tape.
    The Commission notes that it is also approving today a similar
proposal by the Nasdaq/UTP Plan Participants to eliminate an ambiguity
in that Plan regarding how the Processor handles last-sale price
reports during a Regulatory Halt.\16\ As a result, both Plans will have
uniform provisions in this regard. The Commission believes that
approving these two Plan amendments furthers the principle set forth in
Section 11A of the Act that ``[t]he linking of all markets for
qualified securities through communication and data processing
facilities will foster efficiency, enhance competition, increase the
information available to brokers, dealers, and investors, facilitate
the offsetting of investors' orders, and contribute to best execution
of such orders'' \17\ by harmonizing across the entire national market
system how last-sale price reports for all NMS stocks are printed to
the consolidated tape during race conditions and by eliminating any
ambiguity in the duties of the Plan Processors in this regard.
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    \16\ See Securities Exchange Act Release No. 34-88385 (March 13,
2020) (File No. S7-24-89).
    \17\ 15 U.S.C. 78k-1(a)(1)(D).
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    Finally, the Commission finds that updating cross-references in the
Plan is consistent with the Act.

VI. Conclusion

    It is therefore ordered, pursuant to Section 11A of the Act and the
rules thereunder that the Amendment to the Plan (File No. SR-CTA-2019-
02) is approved.
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    \18\ 17 CFR 200.30-3(a)(29).

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\18\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-05706 Filed 3-18-20; 8:45 am]
 BILLING CODE 8011-01-P


[Federal Register Volume 79, Number 10 (Wednesday, January 15, 2014)]
[Notices]
[Page 2652]
[FR Doc No: 2014-00590]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

Combined Notice of Filings

    Take notice that the Commission has received the following Natural
Gas Pipeline Rate and Refund Report filings:

Filings Instituting Proceedings

    Docket Numbers: RP14-359-000.
    Applicants: Iroquois Gas Transmission System, L.P.
    Description: 01/08/14 Negotiated Rates--Sequent Energy Management
(HUB) 3075-89 to be effective 1/7/2014.
    Filed Date: 1/8/14.
    Accession Number: 20140108-5094.
    Comments Due: 5 p.m. ET 1/21/14.

    Docket Numbers: RP14-360-000.
    Applicants: Iroquois Gas Transmission System, L.P.
    Description: 01/08/14 Negotiated Rates--Trafigura AG (HUB) 7445-89
to be effective 1/7/2014.
    Filed Date: 1/8/14.
    Accession Number: 20140108-5134.
    Comments Due: 5 p.m. ET 1/21/14.

    Docket Numbers: RP14-361-000.
    Applicants: Iroquois Gas Transmission System, L.P.
    Description: 01/08/14 Negotiated Rates--JP Morgan Ventures Energy
Corp (HUB) 6025-89 to be effective 1/7/2014.
    Filed Date: 1/8/14.
    Accession Number: 20140108-5136.
    Comments Due: 5 p.m. ET 1/21/14.

    Docket Numbers: RP14-362-000.
    Applicants: Iroquois Gas Transmission System, L.P.
    Description: 01/08/14 Negotiated Rates--United Energy Trading, LLC
(HUB) 5095-89 to be effective 1/7/2014.
    Filed Date: 1/8/14.
    Accession Number: 20140108-5143.
    Comments Due: 5 p.m. ET 1/21/14.

    Any person desiring to intervene or protest in any of the above
proceedings must file in accordance with Rules 211 and 214 of the
Commission's Regulations (18 CFR 385.211 and 385.214) on or before 5:00
p.m. Eastern time on the specified comment date. Protests may be
considered, but intervention is necessary to become a party to the
proceeding.

Filings in Existing Proceedings

    Docket Numbers: RP13-606-001.
    Applicants: Columbia Gas Transmission, LLC.
    Description: Submits tariff filing per 154.203: LNG Settlement to
be effective 2/1/2014.
    Filed Date: 1/2/14.
    Accession Number: 20140102-5005.
    Comments Due: 5 p.m. ET 1/14/14.

    Any person desiring to protest in any of the above proceedings must
file in accordance with Rule 211 of the Commission's Regulations (18
CFR 385.211) on or before 5:00 p.m. Eastern time on the specified
comment date.
    The filings are accessible in the Commission's eLibrary system by
clicking on the links or querying the docket number.
    eFiling is encouraged. More detailed information relating to filing
requirements, interventions, protests, service, and qualifying
facilities filings can be found at: http://www.ferc.gov/docs-filing/efiling/filing-req.pdf. For other information, call<PHONE_NUMBER>
(toll free). For TTY, call<PHONE_NUMBER>.

    Dated: January 9, 2014.
 Nathaniel J. Davis, Sr.,
 Deputy Secretary.
[FR Doc. 2014-00590 Filed 1-14-14; 8:45 am]
BILLING CODE 6717-01-P


[Federal Register Volume 82, Number 174 (Monday, September 11, 2017)]
[Notices]
[Pages 42666-42667]
[FR Doc No: 2017-19163]

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DEPARTMENT OF ENERGY

Federal Energy Regulatory Commission

[Docket No. ER17-2403-000]

SP Pawpaw Solar, LLC; Supplemental Notice That Initial Market-
Based Rate Filing Includes Request for Blanket Section 204
Authorization

    This is a supplemental notice in the above-referenced proceeding of
SP Pawpaw Solar, LLC's application for market-based rate authority,
with an accompanying rate tariff, noting that such application includes
a request for blanket authorization, under 18 CFR part 34, of future
issuances of securities and assumptions of liability.
    Any person desiring to intervene or to protest should file with the
Federal Energy Regulatory Commission, 888 First Street NE., Washington,
DC 20426, in accordance with Rules 211 and 214 of the Commission's
Rules of Practice and Procedure (18 CFR 385.211 and 385.214). Anyone
filing a motion to intervene or protest must serve a copy of that
document on the Applicant.
    Notice is hereby given that the deadline for filing protests with
regard to the applicant's request for blanket authorization, under 18
CFR part 34, of future issuances of securities and assumptions of
liability, is September 25, 2017.
    The Commission encourages electronic submission of protests and
interventions in lieu of paper, using the FERC Online links at http://www.ferc.gov. To facilitate electronic service, persons with Internet
access who will eFile a document and/or be listed as a contact for an
intervenor must create and validate an eRegistration account using the
eRegistration link. Select the eFiling link to log on and submit the
intervention or protests.
    Persons unable to file electronically should submit an original and
5 copies of the intervention or protest to the Federal Energy
Regulatory Commission, 888 First Street NE., Washington, DC 20426.
    The filings in the above-referenced proceeding are accessible in
the Commission's eLibrary system by clicking on the appropriate link in
the above list. They are also available for electronic review in the
Commission's Public Reference Room in Washington, DC. There is an
eSubscription link on the Web site that enables subscribers to receive
email notification when a document is added to a subscribed docket(s).
For assistance with any FERC Online service, please email

<EMAIL_ADDRESS>or call<PHONE_NUMBER> (toll free). For
TTY, call<PHONE_NUMBER>.

    Dated: September 5, 2017.
Nathaniel J. Davis, Sr.,
Deputy Secretary.
[FR Doc. 2017-19163 Filed 9-8-17; 8:45 am]
 BILLING CODE 6717-01-P