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Federal Register / Vol. 86, No. 152 / Wednesday, August 11, 2021 / Notices
issue. Once a Regulatory Halt under subparagraph bi has been declared, the Primary Listing Market will continue to evaluate the circumstances to determine when trading may resume in accordance with the rules of the Primary Listing Market.
c Initiating a Regulatory Halt.
i The start time of a Regulatory Halt is when the Primary Listing Market declares the halt, regardless of whether an issue with communications impacts the dissemination of the notice.
ii If a Processor is unable to disseminate notice of a Regulatory Halt or the Primary Listing Market is not open for trading, the Primary Listing Market will take reasonable steps to provide notice of a Regulatory Halt, which shall include both the type and start time of the Regulatory Halt, by dissemination through:
A PDP;
B posting on a publicly-available Member website; or C system status messages.
iii Except in exigent circumstances, the Primary Listing Market will not declare a Regulatory Halt retroactive to a time earlier than the notice of such halt.
iv Resumption of Trading After Regulatory Halts Other Than SIP Halts. The Primary Listing Market will declare a resumption of trading when it makes a goodfaith determination that trading may resume in a fair and orderly manner and in accordance with its rules.
v For a Regulatory Halt that is initiated by another Member that is a Primary Listing Market, a Member may resume trading after the Member receives notification from the Primary Listing Market that the Regulatory Halt has been terminated.
d Resumption of Trading After SIP Halt.
i The Primary Listing Market will determine the SIP Halt Resume Time. In making such determination, the Primary Listing Market will make a good-faith determination and consider the totality of information to determine whether resuming trading would promote a fair and orderly market, including input from the Processors, the other Members, or the operator of the system in question as well as any Trading Centers to which such system is linked, regarding operational readiness to resume trading. The Primary Listing Market retains discretion to delay the SIP Halt Resume Time if it believes trading will not resume in a fair and orderly manner.
ii The Primary Listing Market will terminate a SIP Halt with a notification that specifies a SIP Halt Resume Time. The Primary Listing Market shall provide a minimum notice of a SIP Halt Resume Time, as specified by the rules of the Primary Listing Market, during which period market participants may enter quotes and orders in the affected securities. During Regular Trading Hours, the last SIP Halt Resume Time before the end of Regular Trading Hours shall be an amount of time as specified by the rules of the Primary Listing Market.
The Primary Listing Market may stagger the SIP Halt Resume Times for multiple symbols in order to reopen in a fair and orderly manner.
iii During Regular Trading Hours, if the Primary Listing Market does not open a
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security within the amount of time as specified by the rules of the Primary Listing Market after the SIP Halt Resume Time, a Member may resume trading in that security.
Outside Regular Trading Hours, a Member may resume trading immediately after the SIP Halt Resume Time.
e Member to Halt Trading During Regulatory Halt. A Member will halt trading for any security traded on its Market if the Primary Listing Market declares a Regulatory Halt for the security.
f Communications. Whenever, in the exercise of its regulatory functions, the Primary Listing Market for an Eligible Security determines it is appropriate to initiate a Regulatory Halt, the Primary Listing Market will notify all other Members and the affected Processors of such Regulatory Halt as well as provide notice that a Regulatory Halt has been lifted using such protocols and other emergency procedures as may be mutually agreed to between the Members and the Primary Listing Market. The affected Processors shall disseminate to Members notice of the Regulatory Halt as well as notice of the lifting of a Regulatory Halt i through the CT Feeds or ii any other means the affected Processors, in its sole discretion, considers appropriate. Each Member shall be required to continuously monitor these communication protocols established by the Operating Committee and the Processors during market hours, and the failure of a Member to do so shall not prevent the Primary Listing Market from initiating a Regulatory Halt in accordance with the procedures specified herein.
Section 7.2 Hours of Operation of the System.
a Quotation Information shall be entered, as applicable, by Members as to all Eligible Securities in which they make a market during Regular Trading Hours on all days the Processors are in operation. Transaction Reports shall be entered between 9:30 a.m.
and 4:00:10 p.m. ET by Members as to all Eligible Securities in which they execute transactions during Regular Trading Hours on all days the Processors are in operation.
b Members that execute transactions in Eligible Securities outside of Regular Trading Hours, shall report such transactions as follows:
i transactions in Eligible Securities executed between 4:00 a.m. and 9:29:59 a.m.
ET and between 4:00:01 p.m. and 8:00 p.m.
ET, shall be designated with an appropriate indicator to denote their execution outside normal market hours;
ii transactions in Eligible Securities executed after 8:00 p.m. and before 12:00
a.m. midnight shall be reported to the Processors between the hours of 4:00 a.m.
and 8:00 p.m. ET on the next business day T+1, and shall be designated as/of trades to denote their execution on a prior day, and be accompanied by the time of execution;
iii transactions in Eligible Securities executed between 12:00 a.m. midnight and 4:00 a.m. ET shall be transmitted to the Processors between 4:00 a.m. and 9:30 a.m.
ET, on trade date, shall be designated with an appropriate indicator to denote their execution outside normal market hours, and
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shall be accompanied by the time of execution; and iv transactions reported pursuant to this Section 7.3 shall be included in the calculation of total trade volume for purposes of determining Net Distributable Operating Revenue, but shall not be included in the calculation of the daily high, low, or last sale.
c Late trades shall be reported in accordance with the rules of the Member in whose Market the transaction occurred and can be reported between the hours of 4:00
a.m. and 8:00 p.m. ET.
d The Processors shall collect, process and disseminate Quotation Information in Eligible Securities at other times between 4:00 a.m. and 9:30 a.m. ET, and after 4:00
p.m. ET, when any Member or FINRA
Participant is open for trading, until 8:00
p.m. ET the Additional Period; provided, however, that the National Best Bid and Offer quotation will not be disseminated before 4:00 a.m. or after 8:00 p.m. ET. Members that enter Quotation Information or submit Transaction Reports to the Processors during the Additional Period shall do so for all Eligible Securities in which they enter quotations.
Article VIII.
CAPITAL CONTRUBITIONS; CAPITAL
ACCOUNTS
Section 8.1 Capital Accounts.
a A separate capital account Capital Account shall be established and maintained by the Company for each Member in accordance with section 704b of the Code and Treasury Regulation section 1.7041
b2iv. There shall be credited to each Members Capital Account i the Capital Contributions at fair market value in the case of contributed property made by such Member which shall be deemed to be zero for the initial Members, ii allocations of Company profits and gain or items thereof to such Member pursuant to Section 109.2
and iii any recaptured tax credits, or portion thereof, to the extent such increase to the tax basis of a Members interest in the Company may be allowed pursuant to the Code. Each Members Capital Account shall be decreased by x the amount of distributions at fair market value in the case of property distributed in kind to such Member, y allocations of Company losses to such Member including expenditures which can neither by capitalized nor deducted for tax purposes, organization and syndication expenses not subject to amortization and loss on sale or disposition of the Companys assets, whether or not disallowed under sections 267 or 707 of the Code pursuant to Section 109.2 and z any tax credits, or portion thereof, as may be required to be charged to the tax basis of a Membership Interest pursuant to the Code. Capital Accounts shall not be adjusted to reflect a Members share of liabilities under section 752 of the Code.
b The fair market value of contributed, distributed, or revalued property shall be agreed to by the Operating Committee or, if there is no such agreement, by an appraisal.
c The foregoing provisions and the other provisions of this Agreement relating to the
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