Notice2022-21337
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, as Modified by Amendment No. 2, To Modify Certain Pricing Limitations for Companies Listing in Connection With a Direct Listing With a Capital Raise
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
October 3, 2022
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 87 Issue 190 (Monday, October 3, 2022)</title>
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[Federal Register Volume 87, Number 190 (Monday, October 3, 2022)]
[Notices]
[Pages 59844-59845]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2022-21337]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-95933; File No. SR-NASDAQ-2022-027]
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, as Modified by Amendment No. 2, To Modify Certain Pricing
Limitations for Companies Listing in Connection With a Direct Listing
With a Capital Raise
September 27, 2022.
On March 21, 2022, The Nasdaq Stock Market LLC (``Nasdaq'' 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
[[Page 59845]]
change to allow companies to modify certain pricing limitations for
companies listing in connection with a Direct Listing with a Capital
Raise in which the company will sell shares itself in the opening
auction on the first day of trading on Nasdaq. The proposed rule change
was published for comment in the Federal Register on April 8, 2022.\3\
On May 19, 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\
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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. 94592 (April 4,
2022), 87 FR 20905 (April 8, 2022) (``Notice''). Comments received
on the proposal are available on the Commission's website at:
<a href="https://www.sec.gov/comments/sr-nasdaq-2022-027/srnasdaq2022027.htm">https://www.sec.gov/comments/sr-nasdaq-2022-027/srnasdaq2022027.htm</a>.
\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 94947 (May 19,
2022), 87 FR 31915 (May 25, 2022). The Commission designated July 7,
2022, as the date by which it should approve, disapprove, or
institute proceedings to determine whether to disapprove the
proposed rule change.
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On May 23, 2022, the Exchange filed Amendment No. 1 to the proposed
rule change, which superseded the proposed rule change as originally
filed. Amendment No. 1 was published for comment in the Federal
Register on June 2, 2022.\6\ On July 7, 2022, the Commission instituted
proceedings under Section 19(b)(2)(B) of the Act \7\ to determine
whether to approve or disapprove the proposed rule change.\8\ On
September 15, 2022, the Exchange filed Amendment No. 2 to the proposed
rule change, which superseded the original filings, as modified by
Amendment No. 1, in its entirety.\9\
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\6\ See Securities Exchange Act Release No. 94989 (May 26,
2022), 87 FR 33558 (June 2, 2022).
\7\ 15 U.S.C. 78s(b)(2)(B).
\8\ See Securities Exchange Act Release No. 95220 (July 7,
2022), 87 FR 41780 (July 13, 2022).
\9\ See Securities Exchange Act Release No. 95811 (September 16,
2022), 87 FR 57951 (September 22, 2022).
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Section 19(b)(2) of the Act \10\ 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 8, 2022.\11\ The 180th day after publication of the Notice is
October 5, 2022. The Commission is extending the time period for
approving or disapproving the proposal for an additional 60 days.
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\10\ 15 U.S.C. 78s(b)(2).
\11\ See Notice, 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. 2, along with the
comments on the proposal. Accordingly, the Commission, pursuant to
Section 19(b)(2) of the Act,\12\ designates December 4, 2022, as the
date by which the Commission should either approve or disapprove the
proposed rule change (File No. SR-NASDAQ-2022-027), as modified by
Amendment No. 2.
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\12\ 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\13\
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\13\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-21337 Filed 9-30-22; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on October 3, 2022.
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