Federal Register / Vol. 83, No. 163 / Wednesday, August 22, 2018 / Notices 42545 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 82702 

(February 13, 2018), 83 FR 7269 (February 20, 

2018). 

4See Letters to Brent J. Fields, Secretary, 

Commission, from Michael A. Adelstein, Partner, 

Kelley Drye & Warren LLP, dated February 28, 

2018; Penny Somer-Greif, Chair, and Gregory T. 

Lawrence, Vice-Chair, Committee on Securities Law 

of the Business Law Section of the Maryland State 

Bar Association, dated March 13, 2018; and Greg 

Rodgers, Latham Watkins, dated March 14, 2018. 

5See Securities Exchange Act Release No. 82994 

(April 4, 2018), 83 FR 15441 (April 10, 2018). 

6 15 U.S.C. 78s(b)(2)(B). 

7See Securities Exchange Act Release No. 83294 

(May 21, 2018), 83 FR 24379 (May 25, 2018). 

8See Letter to Brent J. Fields, Secretary, 

Commission, from Arnold Golub, Vice President, 

Listing Qualifications, Deputy General Counsel, 

Nasdaq, dated July 18, 2018. 

9 15 U.S.C. 78s(b)(2). 

10See supra note 3. 

11 15 U.S.C. 78s(b)(2). 

12 17 CFR 200.30–3(a)(57). 

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

2 17 CFR 240.19b–4. 

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

4 17 CFR 240.19b–4(f)(2). 

5The Commission recently approved a proposed 

rule change to adopt rules relating to the 

establishment of the FINRA/Nasdaq TRF Chicago. 

See Securities Exchange Act Release No. 83559 

(June 29, 2018), 83 FR 31589 (July 6, 2018) (Order 

Approving File No. SR–FINRA–2018–013). Among 

other things, the proposed rule change amended the 

Rule 7600A Series to provide that the schedules of 

credits and fees apply to reporting activity that 

occurs on either or both of the FINRA/Nasdaq TRFs 

and that a participant’s eligibility for any volumebased credits or fee caps will be determined based 

upon its aggregate reporting volume between the 

two FINRA/Nasdaq TRFs. SR–FINRA–2018–013 

will be effective on the date that the FINRA/Nasdaq 

TRF Chicago commences operation, which FINRA 

anticipates will be in September 2018. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83865; File No. SR– 

NASDAQ–2018–008] 

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 

To Modify the Listing Requirements 

Contained in Listing Rule 5635(d) To 

Change the Definition of Market Value 

for Purposes of the Shareholder 

Approval Rule and Eliminate the 

Requirement for Shareholder Approval 

of Issuances at a Price Less Than 

Book Value but Greater Than Market 

Value 

August 16, 2018. 

On January 30, 2018, The Nasdaq 

Stock Market LLC (‘‘Nasdaq’’ or the 

‘‘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 

modify the listing requirements 

contained in Nasdaq Rule 5635(d) to (1) 

change the definition of market value 

for purposes of shareholder approval 

under Nasdaq Rule 5635(d); (2) 

eliminate the requirement for 

shareholder approval of issuances at a 

price less than book value but greater 

than market value; and (3) make other 

conforming changes. The proposed rule 

change was published for comment in 

the Federal Register on February 20, 

2018.3 In response, the Commission 

received three comments on the 

proposal.4 On April 4, 2018, the 

Commission extended the time 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 to May 21, 2018.5

The Commission issued an order 

instituting proceedings under Section 

19(b)(2)(B) of the Act 6 to determine 

whether to approve or disapprove the 

proposed rule change on May 21, 2018 

(‘‘OIP’’).7 The Commission received a 

letter from the Exchange in response to 

the OIP.8

Section 19(b)(2) of the Act 9 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, however, 

extend the period for issuing an order 

approving or disapproving the proposed 

rule change 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 notice and 

comment in the Federal Register on 

February 20, 2018.10 August 19, 2018 is 

180 days from that date, and October 18, 

2018 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 

the proposed rule change and the 

comment letters. Accordingly, the 

Commission, pursuant to Section 

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

18, 2018, as the date by which the 

Commission shall either approve or 

disapprove the proposed rule change 

(File No. SR–Nasdaq–2018–008). 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Eduardo A. Aleman, 

Assistant Secretary. 

[FR Doc. 2018–18059 Filed 8–21–18; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–83866; File No. SR–FINRA– 

2018–029] 

Self-Regulatory Organizations; 

Financial Industry Regulatory 

Authority, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend FINRA Rule 

7620A Relating to Fees Applicable to 

the FINRA/Nasdaq Trade Reporting 

Facilities 

August 16, 2018. 

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 August 

10, 2018, Financial Industry Regulatory 

Authority, Inc. (‘‘FINRA’’) filed with the 

Securities and Exchange Commission 

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

rule change as described in Items I, II, 

and III below, which Items have been 

prepared by FINRA. FINRA has 

designated the proposed rule change as 

‘‘establishing or changing a due, fee or 

other charge’’ under Section 

19(b)(3)(A)(ii) of the Act 3 and Rule 19b– 

4(f)(2) thereunder,4 which renders the 

proposal effective upon receipt of this 

filing by the Commission. 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 

FINRA is proposing to amend FINRA 

Rule 7620A to modify certain fees 

applicable to members that use the 

FINRA/Nasdaq Trade Reporting Facility 

Carteret (the ‘‘FINRA/Nasdaq TRF 

Carteret’’) and the FINRA/Nasdaq Trade 

Reporting Facility Chicago (the ‘‘FINRA/ 

Nasdaq TRF Chicago’’) (collectively, the 

‘‘FINRA/Nasdaq TRFs’’).5

The text of the proposed rule change 

is available on FINRA’s website at 


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