[Federal Register Volume 76, Number 71 (Wednesday, April 13, 2011)]
[Notices]
[Pages 20760-20761]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-8872]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64259; File No. SR-NASDAQ-2010-134]


Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Designation of Longer Time Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove Proposed Rule 
Change To Adopt Additional Criteria for Listing Commodity Stockpiling 
Companies That Have Indicated That Their Business Plan Is To Buy and 
Hold Commodities

April 8, 2011.
    On October 15, 2010, The NASDAQ Stock Market LLC (``Nasdaq'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act''),\1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to adopt additional criteria for listing commodity 
stockpiling companies (``CSCs'') that have indicated that their 
business plan is to buy and hold commodities. The proposed rule change 
was published for comment in the Federal Register on November 3, 
2010.\3\ The Commission received no comments on the proposal. The 
Commission subsequently extended the time period in which to either 
approve the proposed rule change, disapprove the proposed rule change, 
or to institute proceedings to determine whether to disapprove the 
proposed rule change, to February 1, 2011.\4\ The Commission received 
one comment letter on the proposal.\5\ On January 31, 2011, the 
Commission issued an order instituting proceedings to determine whether 
to disapprove the proposed rule change.\6\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 63207 (October 28, 
2010), 75 FR 67788.
    \4\ See Securities Exchange Act Release No. 63508 (December 9, 
2010), 75 FR 78300 (December 15, 2010).
    \5\ See Letter from Edward H. Smith, Jr. to Florence E. Harmon, 
Deputy Secretary, Commission, dated January 18, 2011.
    \6\ See Securities Exchange Act Release No. 63804 (January 31, 
2011), 76 FR 6506 (February 4, 2011).
---------------------------------------------------------------------------

    Section 19(b)(2) of the Act \7\ provides that not later than 180 
days after the date of publication of notice of the filing of a 
proposed rule change, the Commission shall issue an order approving or 
disapproving the proposed rule change. Section 19(b)(2) of the Act \8\ 
further provides that the Commission may extend the period for issuance 
of

[[Page 20761]]

the order approving or disapproving the proposed rule change by not 
more than 60 days if the Commission determines that a longer period is 
appropriate and publishes the reasons for such determination, or the 
self-regulatory organization that filed the proposed rule change 
consents to the longer period.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78s(b)(2)(B)(ii)(I).
    \8\ 15 U.S.C. 78s(b)(2)(B)(ii)(II).
---------------------------------------------------------------------------

    The Commission is extending the 180-day time period for the 
issuance of an order approving or disapproving the proposed rule change 
for an additional 60 days.\9\ The Commission finds that it is 
appropriate to designate a longer period within which to issue an order 
approving or disapproving the proposed rule change so that the 
Commission has sufficient time to consider the Exchange's proposal and 
whether it is consistent with the Act. The proposal would establish, 
for the first time, standards for listing securities of companies whose 
business plan is to buy and hold commodities.
---------------------------------------------------------------------------

    \9\ The proposed rule change was published for notice and 
comment in the Federal Register on November 3, 2010. See supra note 
2. The 180th date from publication in the Federal Register is May 2, 
2011 and an additional 60-days from that date would extend the time 
period to July 1, 2011.
---------------------------------------------------------------------------

    Accordingly, pursuant to Section 19(b)(2) of the Act,\10\ the 
Commission designates July 1, 2011 as the date by which the Commission 
shall issue an order either approving or disapproving the proposed rule 
change (File Number SR-NASDAQ-2010-134).
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(31).
---------------------------------------------------------------------------

Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-8872 Filed 4-12-11; 8:45 am]
BILLING CODE 8011-01-P