[Federal Register Volume 90, Number 95 (Monday, May 19, 2025)]
[Notices]
[Page 21377]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-08847]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-103033; File No. SR-FINRA-2025-001]


Self-Regulatory Organizations; Financial Industry Regulatory 
Authority, Inc.; Notice of Designation of a Longer Period for 
Commission Action on a Proposed Rule Change To Exempt Certain Business 
Development Companies From FINRA Rules 5130 (Restrictions on the 
Purchase and Sale of Initial Equity Public Offerings) and 5131 (New 
Issue Allocations and Distributions)

May 13, 2025.
    On March 20, 2025, the Financial Industry Regulatory Authority, 
Inc. (``FINRA'') 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 exempt certain business development companies 
from FINRA Rules 5130 (Restrictions on the Purchase and Sale of Initial 
Equity Public Offerings) and 5131 (New Issue Allocations and 
Distributions). The proposed rule change was published for comment in 
the Federal Register on March 31, 2025.\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. 102723 (March 25, 
2025), 90 FR 14284. Comments received on the proposed rule change 
are available at: https://www.sec.gov/comments/sr-finra-2025-001/srfinra2025001.htm.
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    Section 19(b)(2) of the Act \4\ 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 15, 2025. The Commission is extending this 45-day time period.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission finds that it is appropriate to designate a longer 
period within which to take action on the proposed rule change so that 
it has sufficient time to consider the proposed rule change and the 
comments received. Accordingly, pursuant to Section 19(b)(2) of the 
Act, the Commission designates June 29, 2025, 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-FINRA-2025-001).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\5\
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    \5\ 17 CFR 200.30-3(a)(31).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-08847 Filed 5-16-25; 8:45 am]
BILLING CODE 8011-01-P