Federal Register / Vol. 86, No. 15 / Tuesday, January 26, 2021 / Notices 7155 

21 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Listing Rule IM–5900–7. Companies 

switching from a national securities exchange other 

than the NYSE are not eligible to receive 

complimentary services under IM–5900–7. 

4 In addition, all companies listed on Nasdaq 

receive other standard services from Nasdaq, 

including Nasdaq Online and the Market 

Intelligence Desk. 

5Listing Rule IM–5900–7(c)(1). In this proposed 

rule change, Nasdaq proposes to update the value 

of certain of the services and the approximate retail 

value of the package offered to each of the tiers of 

services. 

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–2021–06, and 

should be submitted on or before 

February 16, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.21

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–01588 Filed 1–25–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–90955; File No. SR– 

NASDAQ–2021–002] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing of Proposed Rule Change To 

Modify and Expand the Package of 

Complimentary Services Provided to 

Eligible Companies and Update the 

Values of Certain Complimentary 

Services 

January 19, 2021. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’),1 and Rule 19b–4 thereunder,2

notice is hereby given that on January 8, 

2021, The Nasdaq Stock Market LLC 

(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the 

Securities and Exchange Commission 

(‘‘SEC’’ or ‘‘Commission’’) the proposed 

rule change as described in Items I and 

II below, which Items have been 

prepared by the Exchange. The 

Commission is publishing this notice to 

solicit comments on the proposed rule 

change from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to modify and 

expand the package of complimentary 

services provided to eligible companies 

and update the values of certain 

complimentary. 

The text of the proposed rule change 

is available on the Exchange’s website at 

https://listingcenter.nasdaq.com/ 

rulebook/nasdaq/rules, at the principal 

office of the Exchange, and at the 

Commission’s Public Reference Room. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, the 

Exchange included statements 

concerning the purpose of and basis for 

the proposed rule change and discussed 

any comments it received on the 

proposed rule change. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Exchange has prepared summaries, set 

forth in sections A, B, and C below, of 

the most significant aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Nasdaq offers complimentary services 

under IM–5900–7 to companies listing 

on the Nasdaq Global and Global Select 

Markets in connection with an initial 

public offering in the United States, 

including American Depository Receipts 

(other than a company listed under IM– 

5101–2), upon emerging from 

bankruptcy, in connection with a spinoff or carve-out from another company, 

in connection with a direct listing as 

defined in IM–5315–1 (including the 

listing of American Depository 

Receipts), or in conjunction with a 

business combination that satisfies the 

conditions in Nasdaq IM–5101–2(b) 

(‘‘Eligible New Listings’’) and to 

companies (other than a company listed 

under IM–5101–2) switching their 

listing from the New York Stock 

Exchange (‘‘NYSE’’) to the Global or 

Global Select Markets, or that have 

switched its listing from the NYSE and 

listed on Nasdaq under IM–5101–2 after 

the company publicly announced that it 

entered into a binding agreement for a 

business combination and that 

subsequently satisfies the conditions in 

IM–5101–2(b) and lists on the Global or 

Global Select Market in conjunction 

with that business combination 

(‘‘Eligible Switches’’).3 Nasdaq believes 

that the complimentary service program 

offers valuable services to newly listing 

companies, designed to help ease the 

transition of becoming a public 

company or switching markets, and 

makes listing on Nasdaq more attractive 

to these companies. The services offered 

include a whistleblower hotline, 

investor relations website, disclosure 

services for earnings or other press 

releases, webcasting, market analytic 

tools, and may include market advisory 

tools such as stock surveillance 

(collectively the ‘‘Service Package’’).4

Currently, Nasdaq provides 

complimentary services from the 

Service Package to the Eligible New 

Listings based on the following tiers: 

Eligible New Listing Tier 1: An 

Eligible New Listing that has a market 

capitalization less than $750 million 

will receive the following 

complimentary services for two years: 

Whistleblower Hotline, Investor 

Relations website, $15,000 per year of 

Disclosure Services, Audio Webcasting 

and Market Analytic Tools for two 

users. The total retail value of these 

services is reflected in the existing rule 

as approximately $75,500 per year. In 

addition, one-time development fees of 

approximately $5,000 to establish the 

services in the first year will be waived.5

Eligible New Listing Tier 2: An 

Eligible New Listing that has a market 

capitalization of $750 million or more 

but less than $5 billion will receive the 

following complimentary services for 

two years: Whistleblower Hotline, 

Investor Relations website, $20,000 per 

year of Disclosure Services, Audio 

Webcasting, Market Analytic Tools for 

two users and the choice of one Market 

Advisory Tool. The total retail value of 

these services is reflected in the existing 

rule as up to approximately $137,000 

per year. In addition, one-time 

7156 Federal Register / Vol. 86, No. 15 / Tuesday, January 26, 2021 / Notices 

6Listing Rule IM–5900–7(c)(2). 

7Listing Rule IM–5900–7(c)(3). 

8Listing Rule IM–5900–7(d)(1). 

9Listing Rule IM–5900–7(d)(2). 10Listing Rule IM–5900–7(d)(3). 

11The Service Package currently provides that 

one-time development fees of approximately $5,000 

to establish the services in the first year will be 

waived for Eligible New Listings and Eligible 

Switches. With the additional waiver of one-time 

development fees of approximately $1,000, the New 

Service Package provides that one-time 

development fees of approximately $6,000 will be 

waived. 

development fees of approximately 

$5,000 to establish the services in the 

first year will be waived.6

Eligible New Listing Tier 3: An 

Eligible New Listing that has a market 

capitalization of $5 billion or more will 

receive the following complimentary 

services for two years: Whistleblower 

Hotline, Investor Relations website, 

$20,000 per year of Disclosure Services, 

Audio Webcasting, Market Analytic 

Tools for two users and the choice of 

two Market Advisory Tools. The total 

retail value of these services is reflected 

in the existing rule as up to 

approximately $181,000 per year. In 

addition, one-time development fees of 

approximately $5,000 to establish the 

services in the first year will be waived.7

Nasdaq also provides certain 

complimentary services from the 

Service Package to the Eligible Switches 

based on the following tiers: 

Eligible Switch Tier 1: An Eligible 

Switch that has a market capitalization 

less than $750 million will receive the 

following complimentary services for 

two years: Whistleblower Hotline, 

Investor Relations website, $15,000 per 

year of Disclosure Services, Audio 

Webcasting and Market Analytic Tools 

for two users. The total retail value of 

these services is reflected in the existing 

rule as approximately $75,500 per year. 

In addition, one-time development fees 

of approximately $5,000 to establish the 

services in the first year will be waived.8

Eligible Switch Tier 2: An Eligible 

Switch that has a market capitalization 

of $750 million or more but less than $5 

billion will receive the following 

complimentary services for four years: 

Whistleblower Hotline, Investor 

Relations website, $20,000 per year of 

Disclosure Services, Audio Webcasting, 

Market Analytic Tools for three users 

and the choice of one Market Advisory 

Tool. The total retail value of these 

services is reflected in the existing rule 

as up to approximately $150,000 per 

year. In addition, one-time development 

fees of approximately $5,000 to 

establish the services in the first year 

will be waived.9

Eligible Switch Tier 3: An Eligible 

Switch that has a market capitalization 

of $5 billion or more will receive the 

following complimentary services for 

four years: Whistleblower Hotline, 

Investor Relations website, $20,000 per 

year of Disclosure Services, Audio 

Webcasting, Market Analytic Tools for 

four users and the choice of two Market 

Advisory Tools. The total retail value of 

these services is reflected in the existing 

rule as up to approximately $207,000 

per year. In addition, one-time 

development fees of approximately 

$5,000 to establish the services in the 

first year will be waived.10

Based on Nasdaq’s experience with 

offering the Service Package to the 

Eligible New Listings and Eligible 

Switches, as well as in response to 

changes in the competitive landscape, 

Nasdaq proposes to simplify the 

structure of the Service Package by 

eliminating Tier 3 for Eligible New 

Listings, extending the complimentary 

services period for the Eligible New 

Listings from two to three years and 

including Media Monitoring/Social 

Listening service, Virtual Event service, 

and certain ESG services, as described 

in more detail below, in the 

complimentary service package for 

Eligible New Listings and Eligible 

Switches. 

To improve transparency and ease the 

application of the rules, Nasdaq 

proposes to adopt Listing Rule IM 5900– 

7A to describe the current Service 

Package, applicable to eligible 

companies that list before the effective 

date of this proposed rule change. 

Listing Rule IM 5900–7 is intended to be 

substantively identical to Listing Rule 

IM 5900–7A, except as modified by this 

proposal (the ‘‘New Service Package’’). 

Accordingly, Listing Rule IM 5900–7 

will describe the service package for 

eligible companies listing on or after the 

effective date of this SR–NASDAQ– 

2021–002, whereas Listing Rule IM 

5900–7A will describe the service 

package for eligible companies that 

listed before the effective date of this 

SR–NASDAQ–2021–002. To that end, 

Nasdaq proposes to update the title of 

Listing Rule IM–5700–7. 

Under the proposal, the New Service 

Package will include the Media 

Monitoring/Social Listening service. 

This service tracks coverage of company 

mentions, news and events across 

online and social media and has a retail 

value of approximately $12,000 per 

year. The New Service Package will also 

include a Virtual Event service. Through 

this service a company will receive 

access to a virtual event platform for one 

investor or capital market day 

presentation event. A company is 

eligible to receive this service once in 

the period during which the company is 

eligible to receive services from the New 

Service Package. This service has a 

retail value of approximately $20,400. 

Given the increased attention from 

shareholders and other stakeholders to 

Environmental, Social and Governance 

(ESG) disclosure, Nasdaq proposes to 

offer Eligible Switches and Eligible New 

Listings an ESG Core service. Through 

this service, companies will receive 

access to a software solution that will 

simplify the gathering, tracking, 

approving, managing and disclosing of 

ESG data, including the most universal 

and useful ESG metrics to provide 

insight into the sustainability 

performance of the company. This 

service has a retail value of 

approximately $20,000 per year. In 

addition, one-time development fees of 

approximately $1,000 to establish the 

product in the first year will be 

waived.11

Nasdaq also proposes to offer Eligible 

New Listings and Eligible Switches that 

have a market capitalization of $750 

million or more an ESG Education & 

Sector Benchmarking Services, whereby 

companies will receive access to ESG 

education, insight and sector 

benchmarks to help them understand 

the ESG landscape. The education 

provided will include insight into 

capital invested in ESG strategies, 

overview of ESG frameworks, insight 

into ESG rating providers and other ESG 

information. The sector benchmarks 

will provide transparency into 

aggregated ESG disclosure practices for 

the company’s specified sector. This 

service has a retail value of 

approximately $30,000 per year. 

As such, under the proposal, Eligible 

New Listings and Eligible Switches that 

have a market capitalization less than 

$750 million will be eligible to receive 

the ESG Core Service. Eligible New 

Listings and Eligible Switches that have 

a market capitalization of $750 million 

or more will be eligible to receive the 

ESG Core Service and the ESG 

Education & Sector Benchmarking 

Service. 

The Exchange believes that offering 

the Media Monitoring/Social Listening 

service, the Virtual Event service, and 

the ESG services, as described above, to 

newly public companies will help them 

fulfill their responsibilities as public 

companies and provide information 

important for communicating with their 

investors. However, no company is 

required to use these services as a 

condition of listing. As is the case with 

other complimentary services, at the 

end of the package term, companies may 

Federal Register / Vol. 86, No. 15 / Tuesday, January 26, 2021 / Notices 7157 

12The exact values are set forth in proposed IM– 

5900–7, IM–5900–8 and IM–5900–7A. Under the 

current rule the stated value of the services 

provided ranges from $151,000 to $828,000, and 

one-time development fees of approximately $5,000 

are waived. In describing the total value of the 

services for companies that can select more than 

one market advisory tool, Nasdaq presumes that a 

company would use stock surveillance, which has 

an approximate retail value of $56,500, and global 

targeting, which has an approximate retail value of 

$48,000 as revised ($44,000 previously). Companies 

could, of course, select different combinations of 

the three services offered, but these other 

combinations would have lower total approximate 

retail values. 

13 15 U.S.C. 78f(b). 

14 15 U.S.C. 78f(b)(5). 

15 15 U.S.C. 78f(4). 

16 15 U.S.C. 78f(8). 

17The Justice Department has noted the intense 

competitive environment for exchange listings. See 

‘‘NASDAQ OMX Group Inc. and Intercontinental 

Exchange Inc. Abandon Their Proposed Acquisition 

Of NYSE Euronext After Justice Department 

Threatens Lawsuit’’ (May 16, 2011), available at 

http://www.justice.gov/atr/public/press_releases/ 

2011/271214.htm. 

18Exchange Act Release No. 65963, 76 FR at 

79265. 

19Nasdaq does not propose changes to the tier 

structure for Eligible Switches. 

choose to renew these services or 

discontinue them. If a company chooses 

to discontinue the services, there would 

be no affect on the company’s continued 

listing on the Exchange. 

Finally, Nasdaq proposes to update 

the values of the services contained in 

Listing Rules IM–5900–7, IM–5900–8, 

and proposed IM–5900–7A to their 

current values. Depending on a 

company’s market capitalization and 

whether it is an Eligible New Listing or 

an Eligible Switch, the total revised 

value of the services provided in the 

New Service Package ranges from 

$238,200 to $1,118,000, and one-time 

development fees of approximately 

$6,000 are waived.12

Nasdaq notes that no other company 

will be required to pay higher fees as a 

result of the proposed amendments and 

represents that providing this service 

will have no impact on the resources 

available for its regulatory programs. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,13 in general, and furthers the 

objectives of Section 6(b)(5) of the Act,14

in particular, in that it is designed to 

promote just and equitable principles of 

trade, to remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system, and, in general to protect 

investors and the public interest. It is 

also consistent with this provision 

because it is not designed to permit 

unfair discrimination between issuers. 

Nasdaq also believes that the proposed 

rule change is consistent with the 

provisions of Sections 6(b)(4) 15 and 

6(b)(8),16 in that the proposal is 

designed, among other things, to 

provide for the equitable allocation of 

reasonable dues, fees, and other charges 

among Exchange members and issuers 

and other persons using its facilities and 

that the rules of the Exchange do not 

impose any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Exchange Act. 

Nasdaq faces competition in the 

market for listing services,17 and 

competes, in part, by offering valuable 

services to companies. Nasdaq believes 

that it is reasonable to offer 

complimentary services to attract and 

retain listings as part of this 

competition. All similarly situated 

companies are eligible for the same 

package of services. Nasdaq previously 

created different tiers of services based 

on a market capitalization. Nasdaq 

believes that it is appropriate to offer 

different services based on a company’s 

market capitalization given that larger 

companies generally will need more and 

different governance, communication 

and intelligence services.18

Nasdaq believes offering the ESG Core 

service and the ESG Education & Sector 

Benchmarking service which, in part, 

provide access to ESG education and 

promote disclosure of ESG data, 

including the most universal and useful 

ESG metrics to provide insight into the 

sustainability performance of companies 

promotes just and equitable principles 

of trade and protects investors and the 

public interest by allowing Nasdaq 

listed companies to enhance ESG 

disclosure relevant to shareholders 

investment decisions. Nasdaq believes 

that by making this service available 

more companies will seek to enhance 

their ESG disclosure to achieve these 

benefits. However, no company is 

required to use this service. 

Nasdaq believes that offering different 

ESG services based on a company’s 

market capitalization is not unfairly 

discriminatory because larger 

companies generally will need more and 

different ESG services. The distinction 

based on market capitalization is also 

clear and transparent. 

Nasdaq believes that it is appropriate 

to eliminate the third tier for Eligible 

New Listings that have a market 

capitalization of $5 billion or more 

because it simplifies the structure of the 

New Service Package by removing one 

level of discrimination among the 

Eligible New Listings.19 Nasdaq believes 

that the removal this tier is not unfairly 

discriminatory because all similarly 

situated companies are eligible for the 

same package of services. 

Similarly, Nasdaq believes that 

offering Media Monitoring/Social 

Listening service and Virtual Event 

service, as described above, to newly 

public companies promotes just and 

equitable principles of trade and 

protects investors and the public 

interest by helping Eligible New Listings 

and Eligible Switches fulfill their 

responsibilities as public companies 

through enhanced stakeholder 

engagement. However, no company is 

required to use this service. 

Nasdaq believes that it is appropriate 

to offer complimentary services for a 

longer period to Eligible New Listings 

that list after approval of this proposal 

than the period for which such services 

are provided to companies already 

listed on Nasdaq. The purpose of the 

proposal is to attract future listings and 

this competitive purpose would not be 

served by providing the complimentary 

services for an extended period to 

companies that are already listed. 

In addition, the Exchange expects that 

companies that consider listing on 

Nasdaq after the proposal is approved 

will take the enhanced offering into 

account when choosing their listing 

market and budgeting for their needs 

that are met by the complimentary 

services, whereas existing listed 

companies will have made their market 

choice and undertaken their financial 

planning on the basis of the current 

services offering and will not in any 

way be harmed by the proposed change. 

Based on the above, the Exchange 

believes that, upon approval of this 

proposal, the complimentary services 

will be equitably allocated among 

issuers as required by Section 6(b)(4) of 

the Act and the proposal does not 

unfairly discriminate among issuers as 

required by Section 6(b)(5) of the Act. 

As a result of extending the 

complimentary services period for the 

Eligible New Listings from two to three 

years, an Eligible New Listing that has 

a market capitalization less than $750 

million will receive the complimentary 

services for three years, whereas an 

Eligible Switch that has a market 

capitalization less than $750 million 

will continue to receive the 

complimentary services for two years. 

Nasdaq believes that this distinction is 

not unfairly discriminatory because an 

Eligible Switch that has a market 

capitalization less than $750 million, 

generally, already received certain 

complimentary services while listed on 

the NYSE. In addition, the NYSE 

recently extended the period for the 

complimentary services provided to 

eligible new listings and eligible transfer 

7158 Federal Register / Vol. 86, No. 15 / Tuesday, January 26, 2021 / Notices 

20Exchange Act Release No. 90466 (November 20, 

2020), 85 FR 76129 (November 27, 2020) (SR– 

NYSE–2020–94). 

21 15 U.S.C. 78s(b). 

22See Exchange Act Release No. 72669 (July 24, 

2014), 79 FR 44234 (July 30, 2014) (SR–NASDAQ– 

2014–058) (footnote 39 and accompanying text: 

‘‘We would expect Nasdaq, consistent with Section 

19(b) of the Exchange Act, to periodically update 

the retail values of services offered should they 

change. This will help to provide transparency to 

listed companies on the value of the free services 

they receive and the actual costs associated with 

listing on Nasdaq.’’). 

23See Exchange Act Release No. 79366, 81 FR 

85663 at 85665 (citing Securities Exchange Act 

Release No. 65127 (August 12, 2011), 76 FR 51449, 

51452 (August 18, 2011) (approving NYSE–2011– 

20)). 24 17 CFR 200.30–3(a)(12). 

companies from 24 months to 48 

months.20 As stated above, Nasdaq faces 

competition in the market for listing 

services, and competes, in part, by 

offering valuable services to companies. 

Accordingly Nasdaq believes that it is 

reasonable to enhance complimentary 

services to attract Eligible New Listings 

as part of this competition. 

The Commission has previously 

indicated pursuant to Section 19(b) of 

the Exchange Act 21 that updating the 

values of the services within the rule is 

necessary,22 and Nasdaq does not 

believe this update has an effect on the 

allocation of fees nor does it permit 

unfair discrimination, as issuers will 

continue to receive the same services, 

except for the additional services 

described above. Further, this update 

will enhance the transparency of 

Nasdaq’s rules and the value of the 

services it offers companies, thus 

promoting just and equitable principles 

of trade. As such, the proposed rule 

change is consistent with the 

requirements of Section 6(b)(4) and (5) 

of the Exchange Act. 

Finally, Nasdaq notes that the 

proposed change to update the title in 

IM–5900–7 is consistent with Section 

6(b)(5) of the Exchange Act because it 

will clarify the rule without making any 

substantive change. 

Nasdaq represents, and this proposed 

rule change will help ensure, that 

individual listed companies are not 

given specially negotiated packages of 

products or services to list, or remain 

listed, which the Commission has 

previously stated would raise unfair 

discrimination issues under the 

Exchange Act.23

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition not 

necessary or appropriate in furtherance 

of the purposes of the Act. As noted 

above, Nasdaq faces competition in the 

market for listing services, and 

competes, in part, by offering valuable 

services to companies. The proposed 

rule changes reflect that competition, 

but do not impose any burden on the 

competition with other exchanges. 

Other exchanges can also offer similar 

services to companies, thereby 

increasing competition to the benefit of 

those companies and their shareholders. 

Accordingly, Nasdaq does not believe 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Exchange Act, as 

amended. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within 45 days of the date of 

publication of this notice in the Federal 

Register or within such longer period 

up to 90 days (i) as the Commission may 

designate if it finds such longer period 

to be appropriate and publishes its 

reasons for so finding or (ii) as to which 

the Exchange consents, the Commission 

shall: (a) By order approve or 

disapprove such proposed rule change, 

or (b) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

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– 

NASDAQ–2021–002 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–NASDAQ–2021–002. 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–NASDAQ–2021–002 and 

should be submitted on or before 

February 16, 2021. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.24

J. Matthew DeLesDernier, 

Assistant Secretary. 

[FR Doc. 2021–01593 Filed 1–25–21; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–86, OMB Control No. 

3235–0080] 

Submission for OMB Review; 

Comment Request 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Extension: 

Rule 12d2–2 and Form 25 

Notice is hereby given that pursuant 

to the Paperwork Reduction Act of 1995 

(‘‘PRA’’) (44 U.S.C. 3501 et seq.), the 

Securities and Exchange Commission 

(‘‘Commission’’) has submitted to the 

Office of Management and Budget 

(‘‘OMB’’) a request for approval of