[Federal Register Volume 80, Number 121 (Wednesday, June 24, 2015)]
[Notices]
[Page 36385]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2015-15456]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-75248; File No. SR-NYSE-2015-02]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Designation of a Longer Period for Commission Action on 
Proposed Rule Change Amending Sections 312.03(b) and 312.04 of the NYSE 
Listed Company Manual To Exempt Early Stage Companies From Having To 
Obtain Shareholder Approval Before Issuing Shares for Cash to Related 
Parties, Affiliates of Related Parties or Entities In Which a Related 
Party has a Substantial Interest

June 18, 2015.
    On April 16, 2015, New York Stock Exchange (``NYSE'') 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 amend sections 
312.03(b) and 312.04 of the NYSE Listed Company Manual (``Manual'') to 
exempt early stage companies \3\ from having to obtain shareholder 
approval before issuing shares for cash to related parties, affiliates 
of related parties or entities in which a related party has a 
substantial interest. A related party is defined under section 312.04 
of the Manual as a director, officer or substantial security holder of 
a company. The proposed rule change was published for comment in the 
Federal Register on May 6, 2015.\4\ The Commission received no comment 
letters on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ The Exchange proposes to define the term ``Early Stage 
Company'' to mean ``a company that has not reported revenues greater 
than $20 million in any two consecutive fiscal years since its 
incorporation and any Early Stage Company will lose that designation 
at any time after listing on the Exchange that it files an annual 
report with the SEC in which it reports two consecutive fiscal years 
in which it has revenues greater than $20 million in each year.''
    \4\ See Securities Exchange Act Release No. 74849 (April 30, 
2015), 80 FR 26118.
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    Section 19(b)(2) of the Act \5\ provides that, within 45 days of 
the publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day for this filing is June 20, 2015.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day time period for Commission 
action on the proposed rule change. The Commission finds that it is 
appropriate to designate a longer period within which to take action on 
the proposed rule change so that it has sufficient time to consider the 
Exchange's proposal, as described above.
    Accordingly, pursuant to section 19(b)(2) of the Act,\6\ the 
Commission designates August 4, 2015, as the date by which the 
Commission should either approve or disapprove or institute proceedings 
to determine whether to disapprove the proposed rule change (File No. 
SR-NYSE-2015-02).
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).
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Brent J. Fields,
Secretary.
[FR Doc. 2015-15456 Filed 6-23-15; 8:45 am]
BILLING CODE 8011-01-P