
[Federal Register Volume 82, Number 181 (Wednesday, September 20, 2017)]
[Notices]
[Pages 44010-44013]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-19968]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-81616; File Nos. SR-CHX-2017-11; SR-FINRA-2017-020]


Self-Regulatory Organizations; Chicago Stock Exchange, Inc.; 
Financial Industry Regulatory Authority, Inc.; Order Approving Proposed 
Rule Changes, as Modified by Amendments, To Adopt a Consolidated Audit 
Trail Fee Dispute Resolution Process

September 14, 2017.

I. Introduction

    On June 5, 2017 \1\ and June 19, 2017,\2\ Chicago Stock Exchange, 
Inc. (``CHX'') and Financial Industry Regulatory Authority, Inc. 
(``FINRA'') (each, ``SRO'' or ``Participant;'' collectively, the 
``Participants'') \3\ filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \4\ and Rule 19b-4 thereunder,\5\ 
proposed rule changes to establish the procedures for resolving 
potential disputes related to CAT Fees charged to Industry Members.\6\ 
The proposed rule change submitted by CHX was published for comment in 
the Federal Register on June 19, 2017.\7\ The proposed rule change 
submitted by FINRA was published for comment in the Federal Register on 
July 6, 2017.\8\ Pursuant to Section 19(b)(2) of the Act,\9\ the 
Commission designated a longer period within which to approve, 
disapprove, or institute proceedings to determine whether to approve or 
disapprove the proposed rule changes.\10\ The Commission received no 
comments in response to the proposed rule changes. On September 6, 
2017, CHX filed Amendment No. 1 to its proposed rule change,\11\ and on 
September 13, 2017, FINRA filed Amendment No. 2 to its proposed rule 
change.\12\ This order approves the proposed rule changes, as modified 
by the Amendments.\13\
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    \1\ Chicago Stock Exchange, Inc. filed its proposed rule change 
on June 5, 2017.
    \2\ Financial Industry Regulatory Authority, Inc. filed its 
proposed rule change on June 19, 2017.
    \3\ The Commission notes that Bats BYX Exchange, Inc. (``Bats 
BYX''), Bats BZX Exchange, Inc. (``Bats BZX''), Bats EDGA Exchange, 
Inc. (``Bats EDGA''), Bats EDGX Exchange, Inc. (``Bats EDGX''), BOX 
Options Exchange LLC (``BOX''), C2 Options Exchange, Inc., Chicago 
Board Options Exchange, Incorporated (``CBOE''), Investors Exchange 
LLC (``IEX''), Nasdaq ISE, LLC (``ISE''), Nasdaq MRX, LLC (``MRX''), 
Miami International Securities Exchange, LLC (``MIAX''), MIAX PEARL, 
LLC, The NASDAQ Stock Market LLC (``Nasdaq''), NASDAQ BX, Inc. 
(``BX''), Nasdaq GEMX, LLC (``GEMX''), NASDAQ PHLX LLC (``Phlx''), 
New York Stock Exchange LLC (``NYSE''), NYSE Arca, Inc. (``NYSE 
Arca''), NYSE MKT LLC (``NYSE MKT'') and NYSE National, Inc. are 
also deemed ``Participants'' for purposes of this Order as they, 
like CHX and FINRA, are also Participants of the National Market 
System Plan Governing the Consolidated Audit Trail (``CAT NMS Plan'' 
or ``Plan''). See infra note 17. The Commission also notes that CHX 
refers to Participants of the Plan as ``Plan Participants'' in its 
proposal.
    \4\ 15 U.S.C. 78s(b)(1).
    \5\ 17 CFR 240.19b-4.
    \6\ Bats BYX, Bats BZX, Bats EDGA, Bats EDGX, BOX, CBOE, IEX, 
ISE, MRX, MIAX, Nasdaq, BX, GEMX, Phlx, NYSE, NYSE Arca and NYSE MKT 
also submitted proposed rule changes to establish procedures for 
resolving potential disputes related to CAT Fees charged to Industry 
Members. See Securities Exchange Act Release Nos. 80780 (May 26, 
2017), 82 FR 25382 (June 1, 2017); 80781 (May 26, 2017), 82 FR 25369 
(June 1, 2017); 80782 (May 26, 2017), 82 FR 25379 (June 1, 2017); 
80837 (June 1, 2017), 82 FR 26526 (June 7, 2017); 80836 (June 1, 
2017), 82 FR 26539 (June 7, 2017); 80834 (June 1, 2017), 82 FR 26542 
(June 7, 2017); 80835 (June 1, 2017), 82 FR 26549 (June 7, 2017); 
80833 (June 1, 2017), 82 FR 26529 (June 7, 2017); 80831 (June 1, 
2017), 82 FR 26536 (June 7, 2017); 80832 (June 1, 2017), 82 FR 26523 
(June 7, 2017); 80936 (June 15, 2017), 82 FR 28153 (June 20, 2017); 
80952 (June 16, 2017), 82 FR 28540 (June 22, 2017); 80967 (June 19, 
2017), 82 FR 28719 (June 23, 2017); 80968 (June 19, 2017), 82 FR 
28705 (June 23, 2017); 80970 (June 19, 2017), 82 FR 28708 (June 23, 
2017); 80971 (June 19, 2017), 82 FR 28698 (June 23, 2017); and 80966 
(June 19, 2017), 82 FR 28702 (June 23, 2017).
    \7\ See Securities Exchange Act Release No. 80916 (June 13, 
2017), 82 FR 27904 (``Notice'').
    \8\ See Securities Exchange Act Release No. 81053 (June 29, 
2017), 82 FR 31366.
    \9\ 15 U.S.C. 78s(b)(2).
    \10\ See Securities Exchange Act Release No. 81163 (July 18, 
2017), 82 FR 34343 (July 24, 2017); 81275 (August 1, 2017), 82 FR 
36836 (August 7, 2017). See also Securities Exchange Act Release No. 
81110 (July 10, 2017), 82 FR 32598 (July 14, 2017); 81112 (July 10, 
2017), 82 FR 32592 (July 14, 2017); 81113 (July 10, 2017), 82 FR 
32596 (July 14, 2017); 81156 (July 18, 2017), 82 FR 34337 (July 24, 
2017); 81157 (July 18, 2017), 82 FR 34338 (July 24, 2017); 81158 
(July 18, 2017), 82 FR 34339 (July 24, 2017); 81159 (July 18, 2017), 
82 FR 34338 (July 24, 2017); 81161 (July 18, 2017), 82 FR 34337 
(July 24, 2017); 81162 (July 18, 2017), 82 FR 34336 (July 24, 2017); 
81164 (July 18, 2017), 82 FR 34346 (July 24, 2017); 81165 (July 18, 
2017), 82 FR 34345 (July 24, 2017); 81166 (July 18, 2017), 82 FR 
34345 (July 24, 2017); 81167 (July 18, 2017), 82 FR 34337 (July 24, 
2017); 81178 (July 20, 2017), 82 FR 34715 (July 26, 2017); 81179 
(July 20, 2017), 82 FR 34716 (July 26, 2017); 81180 (July 20, 2017), 
82 FR 34728 (July 26, 2017); and 81181 (July 20, 2017), 82 FR 34727 
(July 26, 2017).
    \11\ Amendment No. 1 is available on the Commission's Web site 
for CHX at: https://www.sec.gov/comments/sr-chx-2017-11/chx201711-2433023-161039.pdf.
    \12\ Amendment No. 2 replaced and superseded Amendment No. 1 in 
its entirety. Amendment No. 2 is available on the Commission's Web 
site for FINRA at: https://www.sec.gov/comments/sr-finra-2017-020/finra2017020-2442749-161061.pdf.
    \13\ The Amendments amended the original filings to make 
technical changes to the proposed rule changes. Specifically, each 
Participant amended the proposed rule text to remove references to 
proposed ``Consolidated Audit Trail Funding Fees,'' as such fees are 
currently suspended, and replaced such term with the phrase ``any 
fees contemplated by the CAT NMS Plan and imposed on Industry 
Members pursuant to [SRO] Rules.'' See infra note 18. Each 
Participant also removed references to ``Consolidated Audit Trail 
Funding Fees'' from paragraphs (a)(1), (b) and (c)(1) of the 
proposed rule text. The Amendments are not subject to notice and 
comment because they are technical amendments that do not materially 
alter the substance of the proposed rule changes or raise any novel 
regulatory issues. The Commission notes that on August 30, 2017, the 
Commission approved the proposed rule changes filed by the other 
Participants to the CAT NMS Plan to establish procedures for 
resolving potential disputes related to CAT Fees charged to Industry 
Members, as modified by such amendments. See Securities Exchange Act 
Release No. 81500 (August 30, 2017), 82 FR 42143 (September 6, 2017) 
(order approving proposed rule changes by Bats BYX, Bats BZX, Bats 
EDGA, Bats EDGX, BOX, CBOE, IEX, ISE, MRX, MIAX, Nasdaq, BX, GEMX, 
Phlx, NYSE, NYSE Arca and NYSE MKT to adopt a Consolidated Audit 
Trail Fee Dispute Resolution Process), at 42144 n.19. See also supra 
note 6.
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II. Description of the Proposed Rule Changes, as Modified by the 
Amendments \14\
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    \14\ The Commission notes that for purposes of this Order, 
unless otherwise specified, capitalized terms used in this Order are 
defined as set forth in the proposals, as modified by the 
Amendments, or in the CAT NMS Plan. See supra notes 11-12; see also 
infra note 17.
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    The Participants filed with the Commission, pursuant to Section 11A 
of the Act \15\ and Rule 608 of Regulation

[[Page 44011]]

NMS thereunder,\16\ the CAT NMS Plan.\17\ The Plan is designed to 
create, implement and maintain a consolidated audit trail (``CAT'') 
that would capture customer and order event information for orders in 
NMS Securities and OTC Equity Securities, across all markets, from the 
time of order inception through routing, cancellation, modification, or 
execution in a single consolidated data source. The Plan accomplishes 
this by creating CAT NMS, LLC (``Company''), of which each Participant 
is a member, to operate the CAT.
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    \15\ 15 U.S.C. 78k-1.
    \16\ 17 CFR 242.608.
    \17\ See Letter from the Participants to Brent J. Fields, 
Secretary, Commission, dated September 30, 2014; and Letter from 
Participants to Brent J. Fields, Secretary, Commission, dated 
February 27, 2015. On December 24, 2015, the Participants submitted 
an amendment to the CAT NMS Plan. See Letter from Participants to 
Brent J. Fields, Secretary, Commission, dated December 23, 2015. The 
Plan was published for comment in the Federal Register on May 17, 
2016, and approved by the Commission, as modified, on November 15, 
2016. See Securities Exchange Act Release Nos. 77724 (April 27, 
2016), 81 FR 30614 (May 17, 2016); 79318 (November 15, 2016), 81 FR 
84696 (November 23, 2016).
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    Under the CAT NMS Plan, the Operating Committee of the Company 
(``Operating Committee'') has the discretion to establish funding for 
the Company to operate the CAT, including establishing fees that the 
Participants and Industry Members will pay (``CAT Fees'').\18\ Section 
11.5 of the CAT NMS Plan requires the Participants to adopt rules 
requiring that disputes with respect to fees charged to Industry 
Members pursuant to the CAT NMS Plan be determined by the Operating 
Committee or a designated Subcommittee. Section 11.5 of the CAT NMS 
Plan also states that decisions by the Operating Committee or a 
designated Subcommittee on such matters shall be binding on Industry 
Members, without prejudice to the right of any Industry Member to seek 
redress from the Commission pursuant to Rule 608 \19\ or in any other 
appropriate forum. The Participants filed the proposed rule changes to 
establish the procedures for resolving potential disputes related to 
CAT Fees charged to Industry Members.
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    \18\ Section 11.1(b) of the CAT NMS Plan. The Commission notes 
that the Participants filed proposed rule changes to adopt fees to 
be charged to Industry Members, including Industry Members that are 
Execution Venues. See Securities Exchange Act Release Nos. 80691 
(May 16, 2017), 82 FR 23344 (May 22, 2017); 80710 (May 17, 2017), 82 
FR 23639 (May 23, 2017). See also Securities Exchange Act Release 
Nos. 80675 (May 15, 2017), 82 FR 23100 (May 19, 2017); 80697 (May 
16, 2017), 82 FR 23398 (May 22, 2017); 80692 (May 16, 2017), 82 FR 
23325 (May 22, 2017); 80696 (May 16, 2017), 82 FR 23439 (May 22, 
2017); 80693 (May 16, 2017), 82 FR 23363 (May 22, 2017) 80698 (May 
16, 2017), 82 FR 23457 (May 22, 2017); 80694 (May 16, 2017), 82 FR 
23416 (May 22, 2017); 80721 (May 18, 2017), 82 FR 23864 (May 24, 
2017); 80713 (May 18, 2017), 82 FR 23956 (May 24, 2017); 80715 (May 
18, 2017), 82 FR 23895 (May 24, 2017); 80726 (May 18, 2017), 82 FR 
23915 (May 24, 2017); 80725 (May 18, 2017), 82 FR 23935 (May 24, 
2017); 80785 (May 26, 2017), 82 FR 25404 (June 1, 2017); 80784 (May 
26, 2017), 82 FR 25448 (June 1, 2017); 80809 (May 30, 2017), 82 FR 
25837 (June 5, 2017); 80822 (May 31, 2017), 82 FR 26148 (June 6, 
2017); and 80821 (May 31, 2017), 82 FR 26177 (June 6, 2017). On June 
30, 2017, the Commission temporarily suspended the proposed rule 
changes and instituted proceedings to determine whether to approve 
or disapprove the proposed rule changes. See Securities Exchange Act 
Release No. 81067, 82 FR 31656 (July 7, 2017).
    \19\ 17 CFR 242.608.
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Fee Dispute Resolution

    The proposals state that disputes initiated by an Industry Member 
with respect to CAT Fees charged to such Industry Member, including 
disputes related to the designated tier and the fee calculated pursuant 
to such tier, shall be resolved by the Operating Committee, or a 
Subcommittee designated by the Operating Committee, pursuant to the Fee 
Dispute Resolution Procedures adopted by the Operating Committee 
pursuant to the CAT NMS Plan.\20\ The proposals further indicate that 
decisions on such matters shall be binding on Industry Members, without 
prejudice to the rights of any such Industry Member to seek redress 
from the Commission or in any other appropriate forum.\21\
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    \20\ See, e.g., Notice, supra note 7, at 27905. The Participants 
also represent that the Fee Dispute Resolution Procedures were 
modeled after the adverse action procedures adopted by various 
exchanges and that such Procedures will be posted on the CAT NMS 
Plan Web site (www.catnmsplan.com). See, e.g., id.
    \21\ See, e.g., id.
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    Under the Fee Dispute Resolution Procedures, an Industry Member 
that disputes CAT Fees charged to such Industry Member and that desires 
to have an opportunity to be heard with respect to such disputed CAT 
Fees must file a written application with the Company within 15 
business days after being notified of such disputed CAT Fees.\22\ The 
application must identify the disputed CAT Fees, state the specific 
reasons why the applicant takes exception to such CAT Fees, and set 
forth the relief sought.\23\ In addition, if the applicant intends to 
submit any additional documents, statements, arguments or other 
material in support of the application, the same should be so stated 
and identified under the Fee Dispute Resolution Procedures.\24\
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    \22\ See, e.g., id.
    \23\ See, e.g., id.
    \24\ See, e.g., id.
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    The Participants state that the Company will refer applications for 
hearing and review promptly to the Fee Review Subcommittee designated 
by the Operating Committee with responsibility for conducting the 
reviews of CAT Fee disputes pursuant to these Fee Dispute Resolution 
Procedures.\25\ The proposals note that the Fee Review Subcommittee 
will keep a record of the proceedings.\26\
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    \25\ See, e.g., id. The Participants further indicate that the 
members of the Fee Review Subcommittee will be subject to the 
provisions of Section 4.3(d) of the CAT NMS Plan regarding recusal 
and Conflicts of Interest. See, e.g., id.
    \26\ See, e.g., id.
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    The proposals further specify that the Fee Review Subcommittee will 
hold hearings promptly and will set a hearing date.\27\ Under the 
proposed rule changes, the parties to the hearing shall furnish the Fee 
Review Subcommittee with all materials relevant to the proceedings at 
least 72 hours prior to the hearing, and each party will have the right 
to inspect and copy the other party's materials prior to the 
hearing.\28\
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    \27\ See, e.g., id.
    \28\ See, e.g., id.
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    The Participants state that the parties to the hearing will consist 
of the applicant and a representative of the Company who shall present 
the reasons for the action taken by the Company that allegedly 
aggrieved the applicant.\29\ The applicant is entitled to be 
accompanied, represented and advised by counsel at all stages of the 
proceedings under the proposed rule changes.\30\
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    \29\ See, e.g., id.
    \30\ See, e.g., id.
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    The proposals further indicate that the Fee Review Subcommittee 
will determine all questions concerning the admissibility of evidence 
and will otherwise regulate the conduct of the hearing.\31\ Each of the 
parties will be permitted, under the proposed rule changes, to make an 
opening statement, present witnesses and documentary evidence, cross 
examine opposing witnesses and present closing arguments orally or in 
writing as determined by the Fee Review Subcommittee.\32\ In addition, 
the Fee Review Subcommittee will have the right to question all parties 
and witnesses to the proceeding.\33\ The proposals require the Fee 
Review Subcommittee to keep a record of the hearing, to set forth its 
decision in writing, and to send the written decision to the parties to 
the proceeding.\34\ Such decisions must contain the reasons supporting 
the conclusions of the Fee Review

[[Page 44012]]

Subcommittee under the proposed rule changes.\35\
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    \31\ See, e.g., id. The proposed rule changes note, however, 
that the formal rules of evidence will not apply.
    \32\ See, e.g., id.
    \33\ See, e.g., id.
    \34\ See, e.g., id.
    \35\ See, e.g., id.
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    The Participants state that the decision of the Fee Review 
Subcommittee will be subject to review by the Operating Committee 
either on its own motion within 20 business days after issuance of the 
decision or upon written request submitted by the applicant within 15 
business days after issuance of the decision.\36\ The applicant's 
petition for review must be in writing and must specify the findings 
and conclusions to which the applicant objects, together with the 
reasons for such objections.\37\ According to the proposed rule 
changes, any objection to a decision not specified in writing will be 
considered to have been abandoned and may be disregarded.\38\ The 
proposed rule changes allow parties to petition to submit a written 
argument to the Operating Committee and to request an opportunity to 
make an oral argument before the Operating Committee.\39\ The Operating 
Committee will then have sole discretion to grant or deny either 
request.\40\
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    \36\ See, e.g., id. at 27905-27906.
    \37\ See, e.g., id. at 27906.
    \38\ See, e.g., id.
    \39\ See, e.g., id.
    \40\ See, e.g., id.
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    Under the proposed rule changes, any review conducted by the 
Operating Committee will be made upon the record and will be made after 
such further proceedings, if any, as the Operating Committee may 
order.\41\ Based upon such record, the Operating Committee may affirm, 
reverse or modify, in whole or in part, the decision of the Fee Review 
Subcommittee.\42\ The Participants state that the decision of the 
Operating Committee will be in writing, will be sent to the parties to 
the proceeding, and will be final.\43\
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    \41\ See, e.g., id.
    \42\ See, e.g., id.
    \43\ See, e.g., id.
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    A final decision regarding the disputed CAT Fees by the Operating 
Committee, or the Fee Review Subcommittee (if there is no review by the 
Operating Committee), must be provided within 90 days of the date on 
which the Industry Member filed a written application regarding 
disputed CAT Fees with the Company.\44\ The proposed rule changes 
indicate, however, that the Operating Committee may extend the 90-day 
time limit at its discretion.\45\ The Fee Dispute Resolution Procedures 
also state that any time limits for the submission of answers, 
petitions or other materials may be extended by permission of the 
Operating Committee.\46\
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    \44\ See, e.g., id.
    \45\ See, e.g., id.
    \46\ See, e.g., id.
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    Finally, the Participants state that an Industry Member that files 
a written application with the Company disputing CAT Fees in accordance 
with the Fee Dispute Resolution Procedures is not required to pay such 
CAT Fees until the dispute is resolved in accordance with the 
Procedures, including any review by the Commission or in any other 
appropriate forum.\47\ The Participants state that, if it is determined 
that the Industry Member owes any of the disputed CAT Fees, then the 
Industry Member must pay such disputed CAT Fees that are owed as well 
as interest on such disputed CAT Fees from the original due date until 
such disputed CAT Fees are paid at a per annum rate equal to the lesser 
of (i) the Prime Rate plus 300 basis points, or (ii) the maximum rate 
permitted by applicable law.\48\
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    \47\ See, e.g., id. The Participants clarify that the Industry 
Member may only withhold any invoiced CAT Fees that the Industry 
Member has disputed; under the proposed rule changes, the Industry 
Member must pay any invoiced CAT Fees that are not disputed when 
such fees are due, as set forth in the invoice. See, e.g., id.
    \48\ See, e.g., id.
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III. Discussion and Commission Findings

    After carefully considering the proposed rule changes, the 
Commission finds that the proposals, as modified by the Amendments, are 
consistent with the requirements of the Act and the rules and 
regulations thereunder applicable to national securities exchanges and 
national securities associations.\49\ Specifically, the Commission 
finds that the proposed rule changes are consistent with Section 
6(b)(5) \50\ and Section 15A(b)(6) \51\ of the Act, which require, 
among other things, that the rules of a national securities exchange or 
national securities association be designed to prevent fraudulent and 
manipulative acts and practices, to promote just and equitable 
principles of trade, to remove impediments to and perfect the mechanism 
of a free and open market and a national market system, and, in 
general, to protect investors and the public interest, and are not 
designed to permit unfair discrimination between customers, issuers, 
brokers or dealers. In addition, the Commission finds that the proposed 
rule changes are consistent with Section 6(b)(8) \52\ and Section 
15A(b)(9) \53\ of the Act, which require that the rules of a national 
securities exchange or national securities association not impose any 
burden on competition that is not necessary or appropriate.
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    \49\ In approving these proposed rule changes, the Commission 
has considered the proposed rules' impact on efficiency, 
competition, and capital formation. See 15 U.S.C. 78c(f). The 
Commission notes that on August 30, 2017, the Commission approved 
the proposed rule changes filed by the other Participants to the CAT 
NMS Plan to establish procedures for resolving potential disputes 
related to CAT Fees charged to Industry Members, as modified by such 
amendments. See Securities Exchange Act Release No. 81500 (August 
30, 2017), 82 FR 42143 (September 6, 2017).
    \50\ 15 U.S.C. 78f(b)(5).
    \51\ 15 U.S.C. 78o-3(b)(6).
    \52\ 15 U.S.C. 78f(b)(8).
    \53\ 15 U.S.C. 78o-3(b)(9).
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    The Commission believes that the proposals are consistent with 
Section 6(b) \54\ and Section 15A(b) \55\ of the Act in general, and 
furthers the objectives of Section 6(b)(5) \56\ and Section 15A(b)(6) 
\57\ of the Act in particular, because they are designed to promote 
just and equitable principles of trade, to remove impediments to and 
perfect the mechanism of a free and open market and a national market 
system, and, in general to protect investors and the public interest, 
by providing a uniform mechanism by which Industry Members may dispute 
CAT Fees and receive a timely review of such disputes. The Commission 
notes that the Fee Dispute Resolution Procedures provide for a hearing 
before the Fee Review Subcommittee, and if the Industry Member is not 
satisfied with the decision of the Fee Review Subcommittee, it may 
request a review of the decision by the Operating Committee. Further, 
the proposals provide that, although the decisions of the Operating 
Committee or Fee Review Subcommittee are binding on an Industry Member, 
the Industry Member may seek redress from the Commission or in any 
other appropriate forum.
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    \54\ 15 U.S.C. 78f(b).
    \55\ 15 U.S.C. 78o-3(b).
    \56\ 15 U.S.C. 78f(b)(5).
    \57\ 15 U.S.C. 78o-3(b)(6).
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    The Commission also notes that the proposals implement Section 11.5 
of the CAT NMS Plan.\58\ Specifically, Section 11.5 states that the 
Participants will adopt rules requiring that disputes with respect to 
fees charged to Industry Members pursuant to Article XI of the CAT NMS 
Plan be determined by the Operating Committee or a designated 
Subcommittee. Section 11.5 further provides that such fee disputes will 
be determined by the Operating Committee or a designated Subcommittee, 
and that decisions on such matters will be binding on Industry Members 
without prejudice to the rights of any Industry Member to seek redress 
from the

[[Page 44013]]

Commission pursuant to Rule 608 of Regulation NMS or in any other 
appropriate forum.
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    \58\ The Commission previously approved the CAT NMS Plan. See 
supra note 17.
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IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the Act, 
that the proposed rule changes (SR-CHX-2017-11; SR-FINRA-2017-020), as 
modified by the Amendments, are approved.
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    \59\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\59\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2017-19968 Filed 9-19-17; 8:45 am]
 BILLING CODE 8011-01-P


