79062 Federal Register / Vol. 85, No. 236 / Tuesday, December 8, 2020 / Notices 

16 15 U.S.C. 78s(b)(3)(A)(iii). 

17 17 CFR 240.19b–4(f)(6). 

18 Id. 

19 17 CFR 240.19b–4(f)(6)(iii). 

20For purposes only of waiving the 30-day 

operative delay, the Commission has also 

considered the proposed rule’s impact on 

efficiency, competition, and capital formation. See 

15 U.S.C. 78c(f). 

21 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 89028 

(June 8, 2020), 85 FR 35967. Comments on the 

proposed rule change can be found at: https://

www.sec.gov/comments/sr-nasdaq-2020-026/ 

srnasdaq2020026.htm. 

4 15 U.S.C. 78s(b)(2). 

5See Securities Exchange Act Release No. 89342, 

85 FR 44951 (July 24, 2020). The Commission 

designated September 10, 2020 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. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The Exchange has filed the proposed 

rule change pursuant to Section 

19(b)(3)(A)(iii) of the Act 16 and Rule 

19b–4(f)(6) thereunder.17 Because the 

proposed rule change does not: (i) 

Significantly affect the protection of 

investors or the public interest; (ii) 

impose any significant burden on 

competition; and (iii) become operative 

prior to 30 days from the date on which 

it was filed, or such shorter time as the 

Commission may designate, if 

consistent with the protection of 

investors and the public interest, the 

proposed rule change has become 

effective pursuant to Section 19(b)(3)(A) 

of the Act and Rule 19b–4(f)(6)(iii) 

thereunder. 

A proposed rule change filed under 

Rule 19b–4(f)(6) 18 normally does not 

become operative prior to 30 days after 

the date of the filing. However, pursuant 

to Rule 19b–4(f)(6)(iii),19 the 

Commission may designate a shorter 

time if such action is consistent with the 

protection of investors and the public 

interest. The Exchange has asked the 

Commission to waive the 30-day 

operative delay so that the proposal may 

become operative immediately upon 

filing. The Commission believes waiver 

of the 30-day operative delay is 

consistent with the protection of 

investors and the public interest 

because it would permit the Trusts to 

immediately disseminate enhanced 

price and other information, as 

described herein. The Commission 

notes that other than changes to 

information to be disclosed on a Trust’s 

website as described herein, each of the 

Trusts would continue to comply with 

all other listing requirements set forth in 

the Orders and the Amex Gold Notice 

and in NYSE Arca Rules 8.201–E and 

8.203–E, respectively. The Commission 

therefore waives the 30-day operative 

delay and designates the proposed rule 

change to be operative upon filing.20

At any time within 60 days of the 

filing of such proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is necessary or appropriate in the 

public interest, for the protection of 

investors, or otherwise in furtherance of 

the purposes of the Act. 

IV. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed rule 

change is consistent with the Act. 

Comments may be submitted by any of 

the following methods: 

Electronic Comments 

• Use the Commission’s internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include File Number SR– 

NYSEArca–2020–99 on the subject line. 

Paper Comments 

• Send paper comments in triplicate 

to: Secretary, Securities and Exchange 

Commission, 100 F Street NE, 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSEArca–2020–99. This 

file number should be included on the 

subject line if email is used. To help the 

Commission process and review your 

comments more efficiently, please use 

only one method. The Commission will 

post all comments on the Commission’s 

internet website (http://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549 on official 

business days between the hours of 

10:00 a.m. and 3:00 p.m. Copies of the 

filing also will be available for 

inspection and copying at the principal 

office of the Exchange. All comments 

received will be posted without change. 

Persons submitting comments are 

cautioned that we do not redact or edit 

personal identifying information from 

comment submissions. You should 

submit only information that you wish 

to make available publicly. All 

submissions should refer to File 

Number SR–NYSEArca–2020–99 and 

should be submitted on or before 

December 29, 2020. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–26902 Filed 12–7–20; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90553; File No. SR– 

NASDAQ–2020–026] 

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 Nos. 1 and 

2, To Adopt a New Requirement 

Related to the Qualification of 

Management for Companies From 

Restrictive Markets 

December 2, 2020. 

On May 29, 2020, 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 

change to adopt a new requirement 

related to the qualification of 

management for companies whose 

business is principally administered in 

a jurisdiction that has secrecy laws, 

blocking statutes, national security laws, 

or other laws or regulations restricting 

access to information by regulators of 

U.S.-listed companies. The proposed 

rule change was published for comment 

in the Federal Register on June 12, 

2020.3 On July 20, 2020, 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 August 21, 

2020, the Exchange filed Amendment 

No. 1 to the proposed rule change, 


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Federal Register / Vol. 85, No. 236 / Tuesday, December 8, 2020 / Notices 79063 

6Amendment No. 1 is available at https://

www.sec.gov/comments/sr-nasdaq-2020-026/ 

srnasdaq2020026.htm. 

7 15 U.S.C. 78s(b)(2)(B). 

8See Securities Exchange Act Release No. 89794, 

85 FR 57260 (September 15, 2020). 

9Amendment No. 2 is available at https://

www.sec.gov/comments/sr-nasdaq-2020-026/ 

srnasdaq2020026.htm. 

10 15 U.S.C. 78s(b)(2). 

11 Id. 

12 17 CFR 200.30–3(a)(57). 

which replaced and superseded the 

proposed rule change as originally 

filed.6 On September 9, 2020, the 

Commission published notice of 

Amendment No. 1 and instituted 

proceedings under Section 19(b)(2)(B) of 

the Act 7 to determine whether to 

approve or disapprove the proposed 

rule change, as modified by Amendment 

No. 1.8 On November 17, 2020, the 

Exchange submitted Amendment No. 2 

to the proposed rule change.9

Section 19(b)(2) of the Act 10 provides 

that, after initiating disapproval 

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 date of publication 

of notice of filing of the proposed rule 

change was June 12, 2020. December 9, 

2020 is 180 days from that date, and 

February 7, 2021 is 240 days from that 

date. 

The Commission finds it 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 

this proposed rule change. Accordingly, 

the Commission, pursuant to Section 

19(b)(2) of the Act,11 designates 

February 7, 2021, as the date by which 

the Commission shall either approve or 

disapprove the proposed rule change, as 

modified by Amendment Nos. 1 and 2 

(File No. SR–NASDAQ–2020–026). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2020–26897 Filed 12–7–20; 8:45 am] 

BILLING CODE 8011–01–P 

SOCIAL SECURITY ADMINISTRATION 

[Docket No. SSA–2020–0023] 

Rescission of Acquiescence Ruling 

15–1(4) 

AGENCY: Social Security Administration. 

ACTION: Notice of Rescission of Social 

Security Acquiescence Ruling (AR) 15– 

1(4)—Radford v. Colvin, 734 F.3d 288 

(4th Cir. 2013)—Standard for Meeting 

the Listing for Disorders of the Spine 

with Evidence of Nerve Root 

Compression. 

SUMMARY: In accordance with 20 CFR 

402.35(b)(2), 404.985(e) and 

416.1485(e), the Commissioner of Social 

Security gives notice of the rescission of 

Social Security Acquiescence Ruling 

15–1(4). 

DATES: We will apply this rescission 

notice on April 2, 2021. 

FOR FURTHER INFORMATION CONTACT: 

Cheryl A. Williams, Office of Disability 

Policy, Social Security Administration, 

6401 Security Boulevard, Baltimore, MD 

21235–6401, (410) 965–1020 or TTY 

410–966–5609. For information on 

eligibility or filing for benefits, call our 

national toll-free number, 1–800–772– 

1213 or TTY 1–800–325–0778, or visit 

our internet site, Social Security Online, 

at http://www.socialsecurity.gov. 

SUPPLEMENTARY INFORMATION: An AR 

explains how we will apply the holding 

in a decision of a United States Court of 

Appeals that we determine conflicts 

with our interpretation of a provision of 

the Social Security Act (Act) or 

regulations when the Government has 

decided not to seek further review of 

that decision or is unsuccessful on 

further review. 

As provided by 20 CFR 404.985(e)(4) 

and 416.1485(e)(4), we may rescind an 

AR as obsolete and apply our 

interpretation of the Act or regulations 

if we subsequently clarify, modify or 

revoke the regulation or ruling that was 

the subject of a circuit court holding 

that we determined conflicts with our 

interpretation of the Act or regulations. 

On September 23, 2015, we published 

AR 15–1(4) (80 FR 57418) to reflect the 

holding in Radford v. Colvin, 734 F.3d 

288 (4th Cir. 2013). In Radford, the 

United States Court of Appeals for the 

Fourth Circuit held that listing 1.04A 

required a claimant to show only ‘‘that 

each of the symptoms are present, and 

that the claimant has suffered or can be 

expected to suffer from nerve root 

compression continuously for at least 12 

months,’’ 734 F.3d at 294. Contrary to 

our policy that the requisite level of 

severity requires the simultaneous 

presence of all the medical criteria in 

paragraph A, the Court of Appeals held 

that a claimant need not show that each 

criterion was present simultaneously or 

in particularly close proximity. 

This rescission notice is the result of 

publication of the final rule, ‘‘Revised 

Medical Criteria for Evaluating 

Musculoskeletal Disorders,’’ published 

on December 3, 2020 at 85 FR 78164. 

The final rule clarified our longstanding 

policy that the requisite level of severity 

requires the simultaneous presence of 

all the medical criteria in the listing. 

Specifically, the final rule state in 

section 1.00C7 that, when the listing 

criteria are linked by the word ‘‘and,’’ 

the requirements must be present within 

a ‘‘close proximity of time.’’ We define 

‘‘close proximity of time’’ as meaning 

that all of the relevant criteria must 

appear in the medical record within a 

consecutive 4 month period. 

We incorporated the provisions of 

former Listing 1.04A, the subject of the 

court’s holding in Radford, into the final 

rule in Listing 1.15. Since Listing 1.15 

links the symptoms, signs, findings, and 

impairment-related physical limitations 

found in A, B, C, and D of the listing 

with the word ‘‘AND,’’ these criteria, 

must appear in the medical record 

within a consecutive 4-month period. 

Further, the final rule also clarified that 

the requirement that all the medical 

criteria in the listing be present 

simultaneously or within a close 

proximity of time applies to other 

listings that use the word ‘‘and’’ to link 

the elements of the required criteria. 

Accordingly, because the regulation 

that was the subject of the Radford AR 

has been revised, we are rescinding AR 

15–1(4) concurrently with the effective 

date of the final rule. The final rule and 

this notice of rescission restore 

uniformity to our nationwide system of 

rules in accordance with our 

commitment to the goal of 

administering our programs through 

uniform national standards. 

(Catalog of Federal Domestic Assistance, 

Program Nos. 96.001 Social Security— 

Disability Insurance; 6.002 Social Security— 

Retirement Insurance; 96.004 Social 

Security—Survivors Insurance; 96.006— 

Supplemental Security Income.) 

The Commissioner of the Social 

Security Administration, Andrew Saul, 

having reviewed and approved this 

document, is delegating the authority to 

electronically sign this document to 

Faye I. Lipsky, who is the primary 

Federal Register Liaison for SSA, for 


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