[Federal Register Volume 87, Number 199 (Monday, October 17, 2022)]
[Notices]
[Page 62902]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-22449]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96023; File No. SR-NYSE-2022-14]


Self-Regulatory Organizations; New York Stock Exchange 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 Modify Certain Pricing Limitations for Securities Listed 
on the Exchange Pursuant to a Primary Direct Floor Listing

October 11, 2022.
    On April 7, 2022, New York Stock Exchange LLC (``NYSE'' 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 allow companies to modify certain pricing 
limitations for securities listed on the Exchange pursuant to a direct 
listing with a primary offering in which the company will sell shares 
itself in the opening auction on the first day of trading on the 
Exchange. The proposed rule change was published for comment in the 
Federal Register on April 19, 2022.\3\ On May 26, 2022, pursuant to 
section 19(b)(2) of the Act,\4\ the Commission designated a longer 
period within which to either approve or disapprove the proposed rule 
change, or institute proceedings to determine whether to disapprove the 
proposed rule change.\5\ On July 18, 2022, 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\
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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. 94708 (April 13, 
2022), 87 FR 23300 (April 19, 2022) (``Notice''). Comments received 
on the proposal are available on the Commission's website at: 
https://www.sec.gov/comments/sr-nyse-2022-14/srnyse202214.htm.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 94991 (May 26, 
2022), 87 FR 33518 (June 2, 2022). The Commission designated July 
18, 2022, 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. 95312 (July 18, 
2022), 87 FR 43914 (July 22, 2022).
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    Section 19(b)(2) of the Act \8\ 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 the 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 April 19, 2022.\9\ The 180th day after publication of the Notice is 
October 16, 2022. The Commission is extending the time period for 
approving or disapproving the proposal for an additional 60 days.
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    \8\ 15 U.S.C. 78s(b)(2).
    \9\ See Notice.
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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 along with the comments on the proposal. 
Accordingly, the Commission, pursuant to section 19(b)(2) of the 
Act,\10\ designates December 15, 2022, as the
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    \10\ 15 U.S.C. 78s(b)(2).
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    date by which the Commission should either approve or disapprove 
the proposed rule change (File No. SR-NYSE-2022-14).

    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)(57).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-22449 Filed 10-14-22; 8:45 am]
BILLING CODE 8011-01-P