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Federal Register / Vol. 86, No. 152 / Wednesday, August 11, 2021 / Notices h Counterparts Article XIII, Section 13.8 of the CT
Plan provides that the Members to the CT Plan may execute the CT Plan individually in any number of counterparts. The Commission received no comment on Section 13.8
and, because this is the manner in which NMS plans are typically executed, the Commission is approving the provision as proposed.
i Headings Article XIII, Section 13.9 of the CT
Plan provides that CT Plan headings are for reference purposes only and shall not be deemed to be a part of this Agreement or to affect the meaning or interpretation of any provisions of this Agreement. The Commission received no comment on Section 13.9 and is approving the provision as proposed.
j Validity and Severability Article XIII, Section 13.10 of the CT
Plan provides that any determination that any provision of the CT Plan is invalid or unenforceable shall not affect the validity or enforceability of any other provisions of the CT Plan, all of which shall remain in full force and effect. The Commission received no comment on Section 13.10, and is approving the provision as proposed.
k Statutory References Article XIII, Section 13.11 of the CT
Plan provides that the references in the CT Plan to a particular statute or regulation, or a provision thereof, shall be deemed to refer to such statute or regulation, or provision thereof, or to any similar or superseding statute or regulation, or provision thereof, as is from time to time in effect. The Commission received no comment on Section 13.11, and is approving the provision as proposed.

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l Modifications To Be in Writing Article XIII, Section 13.12 of the CT
Plan provides that any amendment, modification, or alteration of the CT
Plan must in writing and must be adopted in accordance with the provisions of Section 13.5. The Commission received no comment on Section 13.12 and is approving the provision as proposed.
III. Conclusion For the reasons discussed above, the Commission finds that the CT Plan, as modified, is consistent with the requirements of Section 11A of the Act,891 and Rule 608 thereunder,892 that 891 15
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the provisions of an NMS plan be 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 mechanism of, a national market system, or otherwise in furtherance of the purposes of the Act.
It is therefore ordered, that pursuant to Section 11A of the Act,893 and the rules and regulations thereunder, that the CT Plan File No. 4757, as modified, be and it hereby is approved and declared effective, and the Participants are authorized to act jointly to implement the CT Plan as a means of facilitating a national market system.
By the Commission.
J. Matthew DeLesDernier, Assistant Secretary.

Attachment A
LIMITED LIABILITY COMPANY
AGREEMENT
OF
CT PLAN LLC
a Delaware limited liability company As modified by the Commission; additions are italicized; deletions are bracketed.
This LIMITED LIABILITY COMPANY
AGREEMENT this Agreement dated as of the day of , is made and entered into by and among the parties identified in Exhibit A, as Exhibit A may be amended from time to time the Members, which are the members of CT Plan LLC, a Delaware limited liability company the Company.
The Members shall constitute the members as that term is defined in the Delaware Act of the Company.
RECITALS
a On May 6, 2020, the Commission ordered the Members to act jointly in developing and filing with the Commission by August 11, 2020, a proposed new single national market system NMS plan to govern the public dissemination of real-time consolidated equity market data for NMS
stocks. See Order Directing the Exchanges and the Financial Industry Regulatory Authority to Submit a New National Market System Plan Regarding Consolidated Equity Market Data, Release No. 3488827 May 6, 2020, 85 FR 28702 May 13, 2020 File No.
4757 the Order. This Agreement is being filed with the Commission, as directed in the Order.
b This Agreement will become effective after the last of the following has occurred the Effective Date:
i this Agreement is approved by the Commission pursuant to Rule 608 of Regulation NMS as an NMS plan governing the public dissemination of real-time consolidated market data for Eligible Securities the Effective Date on the date that it is approved by the Commission pursuant to Rule 608 of Regulation NMS.
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Within ten 10 business days of the Effective Date, ; and ii the Members haveshall formed the Company as a limited liability company pursuant to the Delaware Act by filing a certificate of formation the Certificate with the Delaware Secretary of State.
c Following the Effective Date, tThis Agreement will become operative as an NMS
Plan that governs the public dissemination of real-time consolidated equity market data for Eligible Securities on the first day of the month that is at least 90 days after the last of the following have occurredwithin twelve months of the Effective Date the Operative Date.:
d In support of ensuring that the CT Plan is fully operational by the Operative Date, the following actions shall be completed within the specified periods:
i Within two months of the Effective Date, the SRO Voting Representatives and NonSRO Voting Representatives of the Operating Committee shall behave been determined pursuant to Section 4.2 of the Agreement;
ii Fees have been established byWithin four months of the Effective Date, the Operating Committee, are effective shall file with the Commission proposed fees with respect to the existing exclusive SIP model as an amendment to this Agreement pursuant to Rule 608 of Regulation NMS, and are ready to be implemented on the Operative Date;
iii Within eight months of the Effective Date, the Operating Committee shall enterCompany has entered into an agreement with the Processors currently performing under the CQ Plan, CTA Plan, and UTP Plan;
iv Within eight months of the Effective Date, the Operating Committee shall enterCompany has entered into an agreement with an Administrator selected pursuant to Section 6.34 of this Agreement and such Administrator has completed theshall prepare to transition from prior Administrators under the CQ Plan, CTA Plan, and UTP Plan such that, before the Operative Date, it is able to provide services under the Administrative Services Agreement, as determined by the Operating Committee pursuant to Section 4.3 of this Agreement, including that 1 new contracts between the Company and Vendors and the Company and Subscribers have been finalized such that all Vendors and Subscribers under the CQ Plan, CTA Plan, and UTP Plan are ready to transition to such new contracts by the Operative Date, 2 the Administrator has in place a system to administer Distributions, and 3 the Administrator has in place a system to administer Fees; and v Before the Operative Date, the Operating Committee and, if applicable, the Commission, have approved allwill be required to ensure that the Administrator and the Processors have developed, implemented, and suitably tested the systems necessary with respect to the existing exclusive SIP modelincluding dissemination systems, billing and audit systems, and appropriate contracts with Vendors and Subscribersand, if applicable, the Operating Committee has expeditiously filed any necessary policies and procedures that are necessary or appropriate for the
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