[Federal Register Volume 90, Number 187 (Tuesday, September 30, 2025)]
[Notices]
[Pages 46973-46974]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-18948]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-104058; File No. SR-NASDAQ-2025-069]


Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on a 
Proposed Rule Change, as Modified by Amendment No. 1, To Adopt 
Additional Initial Listing Criteria for Companies Primarily Operating 
in China

September 25, 2025.
    On September 4, 2025, the Nasdaq Stock Market LLC (``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 additional initial listing criteria for companies primarily 
operating in China, including the Hong Kong Special Administrative 
Region and the Macau Special Administrative Region. On September 12, 
2025, the Exchange filed Amendment No. 1 to the proposed rule change, 
which replaced and superseded the original filing in its entirety. The 
proposed rule change, as modified by Amendment No. 1, was published for 
comment in the Federal Register on September 19, 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. 103979 (Sept. 16, 
2025), 90 FR 45298. Comments received on the proposed rule change 
are available at: https://www.sec.gov/comments/sr-nasdaq-2025-069/srnasdaq2025069.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 November 3, 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 it 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 issues 
raised therein. Accordingly, the Commission, pursuant

[[Page 46974]]

to Section 19(b)(2) of the Act,\5\ designates December 18, 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, as modified by Amendment No. 1 (File No. SR-NASDAQ-2025-
069).
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    \5\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-18948 Filed 9-29-25; 8:45 am]
BILLING CODE 8011-01-P