[Federal Register Volume 85, Number 113 (Thursday, June 11, 2020)] [Notices] [Pages 35687-35688] From the Federal Register Online via the Government Publishing Office [www.gpo.gov] [FR Doc No: 2020-12590] ----------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION [Release No. 34-89026; File No. SR-NASDAQ-2019-091] Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Adopt a New Rule Concerning Nasdaq's Ability To Request Information From a Listed Company Regarding the Number of Unrestricted Publicly Held Shares in Certain Circumstances and Halt Trading in the Company's Security Upon the Request, and in Certain Circumstances Request a Plan To Increase the Number of Unrestricted Publicly Held Shares To an Amount That is Higher Than the Applicable Publicly Held Shares Requirement June 5, 2020. On November 22, 2019, 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 a rule specifying Nasdaq's ability to request information from a listed company regarding the number of unrestricted publicly held shares when Nasdaq observes unusual trading characteristics in a security or a company announces an event that may cause a contracting in the number of unrestricted publicly held shares, halt trading in such company's securities upon such a request, and potentially request a listed company to increase its number of unrestricted publicly held shares. The proposed rule change was published for comment in the Federal Register on December 12, 2019.\3\ --------------------------------------------------------------------------- \1\ 15 U.S.C. 78s(b)(1). \2\ 17 CFR 240.19b-4. \3\ See Securities Exchange Act Release No. 87677 (December 6, 2019), 84 FR 67974 (December 12, 2019). --------------------------------------------------------------------------- [[Page 35688]] On January 24, 2020, pursuant to Section 19(b)(2) of the Act,\4\ the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.\5\ On March 4, 2020, the Commission instituted proceedings under Section 19(b)(2)(B) of the Act \6\ to determine whether to approve or disapprove the proposed rule change.\7\ The Commission has received no comment letters on the proposal. --------------------------------------------------------------------------- \4\ 15 U.S.C. 78s(b)(2). \5\ See Securities Exchange Act Release No. 88028 (January 24, 2020), 85 FR 5500 (January 30, 2020). The Commission designated March 11, 2020, as the date by which it should approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule change. \6\ 15 U.S.C. 78s(b)(2)(B). \7\ See Securities Exchange Act Release No. 88315 (March 4, 2020), 85 FR 13954 (March 10, 2020). --------------------------------------------------------------------------- Section 19(b)(2) of the Act \8\ provides that, after initiating disapproval proceedings, the Commission shall issue an order approving or disapproving the proposed rule change not later than 180 days after the date of publication of notice of filing of the proposed rule change. The Commission may extend the period for issuing an order approving or disapproving the proposed rule change, however, by not more than 60 days if the Commission determines that a longer period is appropriate and publishes the reasons for such determination. The date of publication of notice of filing of the proposed rule change was December 12, 2019. June 9, 2020, is 180 days from that date, and August 8, 2020, is 240 days from that date. --------------------------------------------------------------------------- \8\ 15 U.S.C. 78s(b)(2). --------------------------------------------------------------------------- The Commission finds it appropriate to designate a longer period within which to issue an order approving or disapproving 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,\9\ designates August 8, 2020, as the date by which the Commission shall either approve or disapprove the proposed rule change (File No. SR-NASDAQ-2019-091). --------------------------------------------------------------------------- \9\ Id. \10\ 17 CFR 200.30-3(a)(57). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\10\ J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2020-12590 Filed 6-10-20; 8:45 am] BILLING CODE 8011-01-P