Notice2022-00058
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 Modify Listing Rule IM-5101-2 To Permit an Acquisition Company To Contribute a Portion of Its Deposit Account to Another Entity in a Spin-Off or Similar Corporate Transaction
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 7, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 5 (Friday, January 7, 2022)</title>
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[Federal Register Volume 87, Number 5 (Friday, January 7, 2022)]
[Notices]
[Page 998]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-00058]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-93891; File No. SR-NASDAQ-2021-054]
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 Modify Listing Rule IM-5101-2 To Permit an Acquisition
Company To Contribute a Portion of Its Deposit Account to Another
Entity in a Spin-Off or Similar Corporate Transaction
January 3, 2022.
On June 24, 2021, 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 modify
Listing Rule IM-5101-2 to permit an acquisition company to contribute a
portion of the amount held in its deposit account to a deposit account
of a new acquisition company in a spin-off or similar corporate
transaction. The proposed rule change was published for comment in the
Federal Register on July 13, 2021.\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. 92344 (July 7,
2021), 86 FR 36841. Comments received on the proposal are available
on the Commission's website at: <a href="https://www.sec.gov/comments/sr-nasdaq-2021-054/srnasdaq2021054.htm">https://www.sec.gov/comments/sr-nasdaq-2021-054/srnasdaq2021054.htm</a>.
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On August 25, 2021, 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 September 30, 2021, 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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\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 92751, 86 FR 48780
(Aug. 31, 2021).
\6\ 15 U.S.C. 78s(b)(2)(B).
\7\ See Securities Exchange Act Release No. 93219, 86 FR 55664
(Oct. 6, 2021).
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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 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 July 13,
2021.\9\ The 180th day after publication of the proposed rule change is
January 9, 2022. The Commission is extending the time period for
approving or disapproving the proposed rule change for an additional 60
days.
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\8\ 15 U.S.C. 78s(b)(2).
\9\ 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 and comments received. Accordingly, the
Commission, pursuant to Section 19(b)(2) of the Act,\10\ designates
March 10, 2022, as the date by which the Commission shall either
approve or disapprove the proposed rule change (File Number SR-NASDAQ-
2021-054).
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\10\ 15 U.S.C. 78s(b)(2).
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,
Assistant Secretary.
[FR Doc. 2022-00058 Filed 1-6-22; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on January 7, 2022.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.