[Federal Register Volume 86, Number 19 (Monday, February 1, 2021)]
[Notices]
[Pages 7750-7751]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-02009]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90994; File No. SR-NASDAQ-2020-017]


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 Amend Nasdaq Rule 5704

January 26, 2021.
    On July 23, 2020, The Nasdaq Stock Market LLC filed with the 
Securities and Exchange Commission (``Commission''), pursuant to 
Section 19(b)(1) of the Securities Exchange Act of 1934 (``Exchange 
Act'') \1\ and Rule 19b-4 thereunder,\2\ a proposed rule change to 
amend certain listing requirements relating to maintaining a minimum 
number of beneficial holders and minimum number of shares outstanding. 
The proposed rule change was published for comment in the Federal 
Register on August 7, 2020.\3\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 89464 (August 4, 
2020), 85 FR 48012.
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    On September 10, 2020, pursuant to Section 19(b)(2) of the Exchange 
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 November 5, 2020, the Commission instituted 
proceedings under Section 19(b)(2)(B) of the Exchange Act \6\ to 
determine whether to approve or disapprove the proposed rule change.\7\ 
The Commission has received comment letters on the proposed rule 
change.\8\
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    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 89823, 85 FR 57895 
(September 16, 2020).
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 90355, 85 FR 71977 
(November 12, 2020).
    \8\ Comments on the proposed rule change can be found on the 
Commission's website at: https://www.sec.gov/comments/sr-nasdaq-2020-017/srnasdaq2020017.htm.
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    Section 19(b)(2) of the Exchange Act \9\ provides that, after 
initiating disapproval proceedings, the

[[Page 7751]]

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 by not more than 60 days if the Commission determines that 
a longer period is appropriate and publishes reasons for such 
determination. The proposed rule change was published for notice and 
comment in the Federal Register on August 7, 2020. February 3, 2021 is 
180 days from that date, and April 4, 2021 is 240 days from that date.
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    \9\ 15 U.S.C. 78s(b)(2).
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    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 the proposed 
rule change. Accordingly, the Commission, pursuant to Section 19(b)(2) 
of the Exchange Act,\10\ designates April 4, 2021 as the date by which 
the Commission shall either approve or disapprove the proposed rule 
change (File No. SR-NASDAQ-2020-017).
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    \10\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(31).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-02009 Filed 1-29-21; 8:45 am]
BILLING CODE 8011-01-P