[Federal Register Volume 86, Number 51 (Thursday, March 18, 2021)]
[Notices]
[Pages 14778-14779]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-05556]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91309; File No. SR-NYSEArca-2020-54]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of 
Designation of a Longer Period for Commission Action on Proceedings To 
Determine Whether To Approve or Disapprove a Proposed Rule Change, as 
Modified by Amendment No. 1, To Amend NYSE Arca Rule 5.3-E To Exempt 
Registered Investment Companies That List Certain Categories of the 
Securities Defined as Derivative and Special Purpose Securities Under 
NYSE Arca Rules From Having To Obtain Shareholder Approval Prior to the 
Issuance of Securities in Connection With Certain Acquisitions of the 
Stock or Assets of an Affiliated Company

March 12, 2021.
    On August 28, 2020, NYSE Arca, Inc. (``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 amend NYSE Arca 
Rule 5.3-E (Corporate Governance and Disclosure Policies) to exempt 
certain categories of derivative and special purpose securities from 
the requirement to obtain shareholder approval prior to the issuance of 
securities in connection with certain acquisitions of the stock or 
assets of another company. The proposed rule change was published in 
the Federal Register on September 17, 2020.\3\ On October 30, 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 
December 1, 2020, the Exchange filed Amendment No. 1 to the proposed 
rule change, which superseded the proposed rule change as originally 
filed.\6\ On December 15, 2020, the Commission published notice of 
Amendment No. 1 and instituted proceedings under Section 19(b)(2)(B) of 
the Act \7\ to determine whether to approve or disapprove the proposed 
rule change, as modified by Amendment No. 1.\8\ The Commission has 
received no comments on the proposed rule change.
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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. 89834 (September 11, 
2020), 85 FR 58090.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 90297, 85 FR 70701 
(November 5, 2020).
    \6\ Amendment No. 1 is available on the Commission's website at 
https://www.sec.gov/rules/sro/nysearca.htm.
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ See Securities Exchange Act Release No. 90675, 85 FR 83121 
(Dec. 21, 2020).
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    Section 19(b)(2) of the Act \9\ provides that, after initiating 
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 proposed rule 
change was published for comment in the Federal Register on September 
17, 2020.\10\ The 180th day after publication of the Notice is March 
16, 2021. The Commission is extending the time period for approving or 
disapproving the proposal for an additional 60 days.
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    \9\ 15 U.S.C. 78s(b)(2).
    \10\ See supra note 3.
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    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 it has sufficient time to consider the 
proposed rule change, as modified by Amendment No. 1. Accordingly, the 
Commission, pursuant to Section 19(b)(2) of the Act,\11\ designates May 
15, 2021, as the date by which the Commission shall either approve or 
disapprove or the proposed rule change (File Number SR-NYSEArca-2020-
54), as modified by Amendment No. 1.
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    \11\ 15 U.S.C. 78s(b)(2).


[[Page 14779]]


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    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2021-05556 Filed 3-17-21; 8:45 am]
BILLING CODE 8011-01-P