Notice2025-03804
Self-Regulatory Organizations; New York Stock Exchange 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. 1, To Amend Section 102.01 of the NYSE Listed Company Manual To Provide That the Stockholder Requirements Set Forth Therein Will Be Calculated on a Worldwide Basis When Listing a Company From Outside North America That Is Listing in Connection With Its Initial Public Offering and Is Not Listed on Any Other Regulated Stock Exchange
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
March 11, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 46 (Tuesday, March 11, 2025)</title>
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[Federal Register Volume 90, Number 46 (Tuesday, March 11, 2025)]
[Notices]
[Page 11760]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-03804]
[[Page 11760]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102530; File No. SR-NYSE-2024-47]
Self-Regulatory Organizations; New York Stock Exchange 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. 1, To Amend Section 102.01 of
the NYSE Listed Company Manual To Provide That the Stockholder
Requirements Set Forth Therein Will Be Calculated on a Worldwide Basis
When Listing a Company From Outside North America That Is Listing in
Connection With Its Initial Public Offering and Is Not Listed on Any
Other Regulated Stock Exchange
March 5, 2025.
On August 22, 2024, New York Stock Exchange LLC (``NYSE'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Exchange Act'') \1\ and Rule 19b-4
thereunder,\2\ a proposed rule change to amend Section 102.01 of the
NYSE Listed Company Manual to provide that the distribution standard
therein would be calculated on a worldwide basis. The proposed rule
change was published for comment in the Federal Register on September
10, 2024.\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. 100918 (Sept. 4,
2024), 89 FR 73463 (``Notice'').
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On October 22, 2024, pursuant to Section 19(b)(2) of the Exchange
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 November 18, 2024, the Exchange filed
Amendment No. 1 to the proposed rule change, which amended and replaced
the proposed rule change as originally filed and superseded such filing
in its entirety. On December 9, 2024, the Commission published notice
of the proposed rule change, as modified by Amendment No. 1, and issued
an order instituting proceedings under Section 19(b)(2) of the Exchange
Act \6\ to determine whether to approve or disapprove the proposed rule
change, as modified by Amendment No. 1.\7\ The Commission has received
no comment letters on the proposed rule change, as modified by
Amendment No. 1.
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\4\ 15 U.S.C. 78s(b)(2).
\5\ See Securities Exchange Act Release No. 101402, 89 FR 85574
(Oct. 18, 2024). The Commission designated December 9, 2024, as the
date by which the Commission shall approve or disapprove, or
institute proceedings to determine whether to disapprove, the
proposed rule change.
\6\ 15 U.S.C. 78s(b)(2).
\7\ See Securities Exchange Act Release No. 101844, 89 FR 101064
(December 13, 2024).
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Section 19(b)(2) of the Exchange 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 September 10, 2024.\9\ The 180th day after publication of the
proposed rule change is March 9, 2025. The Commission is extending this
time period for approving or disapproving the proposed rule change, as
modified by Amendment No. 1, for an additional 60 days.
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\8\ 15 U.S.C. 78s(b)(2).
\9\ See Notice, supra note 3, and accompanying text.
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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. 1, so that it has sufficient
time to consider the proposed rule change, as modified by Amendment No.
1. Accordingly, the Commission, pursuant to Section 19(b)(2) of the
Exchange Act,\10\ designates May 8, 2025, as the date by which the
Commission shall either approve or disapprove the proposed rule change,
as modified by Amendment No. 1 (File No. SR-NYSE-2024-47).
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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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Vanessa A. Countryman,
Secretary.
[FR Doc. 2025-03804 Filed 3-10-25; 8:45 am]
BILLING CODE 8011-01-P
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