[Federal Register Volume 81, Number 102 (Thursday, May 26, 2016)]
[Notices]
[Pages 33571-33572]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-12387]


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

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-77879; File No. SR-Nasdaq-2016-013]


Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on 
Proposed Rule Change To Require Listed Companies to Publicly Disclose 
Compensation or Other Payments by Third Parties to Board of Director's 
Members or Nominees

 May 20, 2016.
    On March 15, 2016, The Nasdaq Stock Market LLC (``Exchange'') filed 
with the

[[Page 33572]]

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 relating to 
requiring listed companies to publicly disclose compensation or other 
payments by third parties to board of director's members or nominees. 
The proposed rule change was published for comment in the Federal 
Register on April 5, 2016.\3\ The Commission has received five comments 
on the proposal by four commenters.\4\
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 77481 (Mar. 30, 
2016), 81 FR 19678.
    \4\ See Letters to Brent J. Fields, Secretary, Commission, from 
Andrew A. Schwartz, Associate Professor of Law, University of 
Colorado Law School, Boulder, Colorado dated April 25 and 26, 2016; 
Bobby Franklin, President & CEO, National Venture Capital 
Association dated April 26, 2016; John Hayes, Chair, Corporate 
Governance Committee, Business Roundtable dated April 26, 2016; and 
John Endean, President, American Business Conference dated April 28, 
2016.
---------------------------------------------------------------------------

    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 after publication of the notice for this proposed rule change 
is May 20, 2016. The Commission is extending this 45-day time period 
for Commission action on the proposed rule change.
---------------------------------------------------------------------------

    \5\ 15 U.S.C. 78s(b)(2).
---------------------------------------------------------------------------

    The Commission finds it appropriate to designate a longer period 
within which to take action on the proposed rule change so that it has 
sufficient time to consider this proposed rule change. Accordingly, the 
Commission, pursuant to Section 19(b)(2) of the Act,\6\ and for the 
reason noted above, designates July 4, 2016, as the date by which the 
Commission shall either approve or disapprove, or institute proceedings 
to determine whether to disapprove, the proposed rule change (File No. 
SR-Nasdaq-2016-013).
---------------------------------------------------------------------------

    \6\ Id.
    \7\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-12387 Filed 5-25-16; 8:45 am]
 BILLING CODE 8011-01-P