Notice2024-01949
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 Create a New, Non-Trading Limited Underwriter Membership Class and Impose Related Requirements for Principal Underwriting Activity
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
February 1, 2024
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 89 Issue 22 (Thursday, February 1, 2024)</title>
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[Federal Register Volume 89, Number 22 (Thursday, February 1, 2024)]
[Notices]
[Page 6559]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-01949]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99433; File No. SR-NASDAQ-2023-022]
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 Create a New, Non-
Trading Limited Underwriter Membership Class and Impose Related
Requirements for Principal Underwriting Activity
January 26, 2024.
On July 12, 2023, 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 create a
new, non-trading limited underwriter membership class and impose
related requirements for principal underwriting activity in connection
with a company applying for initial listing on the exchange with a
transaction involving an underwriter. The proposed rule change was
published for comment in the Federal Register on July 31, 2023.\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. 97985 (July 25,
2023), 88 FR 49508.
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On September 12, 2023, 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 29, 2023, the Commission instituted proceedings
under Section 19(b)(2)(B) of Act \6\ to determine whether to approve or
disapprove the proposed rule change.\7\ On September 29, 2023, the
Exchange filed Amendment No. 1 to the proposed rule change, which
amended and replaced the proposed rule change in its entirety.\8\ On
January 22, 2024, the Exchange filed Amendment No. 2 to the proposed
rule change which amended and replaced the proposed rule change, as
modified by Amendment No. 1, in its entirety.\9\ The Commission has
received no comment letters on the proposed rule change.
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\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 98366, 88 FR 63999
(Sept. 18, 2023). The Commission designated October 29, 2023, as the
date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to approve or disapprove,
the proposed rule change.
\6\ 15 U.S.C. 78s(b)(2)(B).
\7\ See Securities Exchange Act Release No. 98659, 88 FR 68726
(Oct. 4, 2023).
\8\ Amendment No. 1 is available at <a href="https://www.sec.gov/comments/sr-nasdaq-2023-022/srnasdaq2023022-267740-644342.pdf">https://www.sec.gov/comments/sr-nasdaq-2023-022/srnasdaq2023022-267740-644342.pdf</a>.
\9\ Amendment No. 2 is available at <a href="https://www.sec.gov/comments/sr-nasdaq-2023-022/srnasdaq2023022-414859-982462.pdf">https://www.sec.gov/comments/sr-nasdaq-2023-022/srnasdaq2023022-414859-982462.pdf</a>.
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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 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 31,
2023.\11\ The 180th day after publication of the proposed rule change
is January 27, 2024. The Commission is extending the time period for
approving or disapproving the proposed rule change, as modified by
Amendment No. 2, for an additional 60 days.
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\10\ 15 U.S.C. 78s(b)(2).
\11\ See supra note 3.
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The Commission finds it appropriate to designate a longer period
within which to issue an order approving or disapproving the proposed
rule change, as modified by Amendment No. 2, so that it has sufficient
time to consider the proposed rule change, as modified by Amendment No.
2. Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Act,\12\ designates March 27, 2024, as the date by which the Commission
shall either approve or disapprove the proposed rule change, as
modified by Amendment No. 2 (File No. SR-NASDAQ-2023-022).
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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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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-01949 Filed 1-31-24; 8:45 am]
BILLING CODE 8011-01-P
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</html>Indexed from Federal Register on February 1, 2024.
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