83524 Federal Register / Vol. 89, No. 200 / Wednesday, October 16, 2024 / Notices 

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

2 17 CFR 240.19b–4. 

other forms of information technology, 

e.g., permitting electronic submissions 

of responses. 

Background 

OPM’s Human Resources Strategy and 

Evaluation Solutions performs 

assessment and related consultation 

activities for Federal agencies on a 

reimbursable basis. The assessments are 

authorized by various statutes and 

regulations: Section 4702 of Title 5, 

U.S.C.; E.O. 12862; E.O. 13715; Section 

1128 of the National Defense 

Authorization Act for Fiscal Year 2004, 

Public Law 108–136; 5 U.S.C. 1101 note, 

1103(a)(5), 1104, 1302, 3301, 3302, 

4702, 7701 note; E.O. 13197, 66 FR 

7853, 3 CFR 748 (2002); E.O. 10577, 12 

FR 1259, 3 CFR, 1954–1958 Comp., p. 

218; and Section 4703 of Title 5, United 

States Code. 

This collection request includes 

surveys we currently use and plan to 

use during the next three years to 

measure Federal leaders’ effectiveness. 

These surveys all measure leadership 

characteristics. Non-Federal 

respondents will almost never receive 

more than one of these surveys. All 

these surveys consist of Likert-type, 

mark-one, and mark-all-that-apply 

items, and may include a small number 

of open-ended comment items. OPM’s 

Leadership 360TM assessment measures 

the 28 competencies that comprise the 

five Executive Core Qualifications and 

Fundamental Competencies in the OPM 

leadership model. The OPM Leadership 

360TM consists of 116 items and is 

almost never customized, although 

customization to meet an agency’s needs 

is possible. OPM’s Leadership Potential 

Assessment consists of 103 items 

focused on identifying individuals 

ready to move into supervisory 

positions. OPM’s Personality 

Assessment for Leaders consists of 236 

items that measure leadership 

personality characteristics within a ‘‘Big 

5’’ framework. OPM’s Leadership for 

Engagement and Leadership for 

Inclusion surveys consist of 140 items 

that measure 30 leadership behaviors 

and employees’ perceptions of their 

work unit related to engagement and 

Diversity, Equity, Inclusion, and 

Accessibility (DEIA), respectively. The 

DEIA Pulse Survey consists of 50 items 

that provide leaders with information 

related to the demographics of their 

workforce, perceptions of the leader’s 

policies, procedures, and practices 

related to DEIA, and attitudes toward 

working in the leader’s organization. 

These assessments are almost always 

administered electronically. 

Analysis 

Agency: Office of Personnel 

Management. 

Title: Leadership Assessment Surveys. 

OMB Number: 3206–0253. 

Frequency: On occasion. 

Affected Public: Individuals. 

Number of Respondents: 

Approximately 8,300 annually, 24,900 

over 3 years. 

Estimated Time per Respondent: 15 

minutes for the OPM Leadership 360TM

and Leadership Potential Assessment; 

45 minutes for the OPM Personality 

Assessment for Leaders; 20 minutes for 

the Leadership for Engagement Survey 

and the Leadership for Inclusion 

Survey; and 10 minutes for the DEIA 

Pulse Survey. The OPM Personality 

Assessment for Leaders will almost 

never be administered to non-Federal 

employees so the average time to 

complete these surveys is approximately 

16 minutes. 

Total Burden Hours: 2,088 hours 

annually, 6,264 over 3 years. 

Alexys Stanley, 

Federal Register Liaison. 

[FR Doc. 2024–23813 Filed 10–15–24; 8:45 am] 

BILLING CODE 6325–43–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101291; File No. SR– 

NASDAQ–2024–057] 

Self-Regulatory Organizations; The 

Nasdaq Stock Market LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change To Amend the 

Exchange’s Schedule of Credits at 

Equity 7, Section 118(a) 

October 9, 2024. 

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 October 

1, 2024, 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, II, 

and III, 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 amend the 

Exchange’s schedule of credits at Equity 

7, Section 118(a), as described further 

below. 

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 

The purpose of the proposed rule 

change is to amend the Exchange’s 

schedule of credits, at Equity 7, Section 

118(a). Specifically, with respect to its 

schedule of credits for non-displayed 

midpoint orders (other than 

Supplemental Orders) that provide 

liquidity, the Exchange proposes to (i) 

add a new credit in Tapes A, B, and C, 

(ii) cap the maximum credit per share 

executed that a member can receive 

when certain requirements are met 

within Section 118(a)(1), and (iii) 

reorder the schedule of credits. 

The Exchange proposes to provide a 

new supplemental credit of $0.0001 

with a maximum cap of $0.0029 for 

midpoint orders (excluding buy (sell) 

orders with Midpoint pegging that 

receive an execution price that is lower 

(higher) than the midpoint of the NBBO) 

if the member executes a daily average 

of at least 5 million shares of nondisplayed liquidity through M–ELO. 

This change will apply to Tapes A, B, 

and C. The purpose of the new credit is 

to incentivize liquidity adding activity 

and provide an incentive to members 

that provide non-displayed liquidity to 

the Exchange to do so through M–ELO. 

The Exchange believes that if such 

incentive is effective, then any ensuing 

increase in liquidity to the Exchange 

will improve market quality, to the 

benefit of all participants. 

The Exchange currently provides a 

supplemental credit for midpoint orders 


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Federal Register / Vol. 89, No. 200 / Wednesday, October 16, 2024 / Notices 83525 

3 15 U.S.C. 78f(b). 

4 15 U.S.C. 78f(b)(4) and (5). 

5NetCoalition v. SEC, 615 F.3d 525, 539 (D.C. Cir. 

2010) (quoting Securities Exchange Act Release No. 

59039 (December 2, 2008), 73 FR 74770, 74782–83 

(December 9, 2008) (SR–NYSEArca–2006–21)). 

6Securities Exchange Act Release No. 51808 

(June 9, 2005), 70 FR 37496, 37499 (June 29, 2005) 

(‘‘Regulation NMS Adopting Release’’). 

(excluding buy (sell) orders with 

Midpoint pegging that receive an 

execution price that is lower (higher) 

than the midpoint of the NBBO), in 

addition to the other credits provided 

for non-displayed orders that provide 

liquidity, if the member executes a 

requisite ADV of shares through M– 

ELO, as follows: (a) member that (i) 

executes at least 0.35% of Consolidated 

Volume through providing midpoint 

orders and through M–ELO during the 

month, and (ii) executes at least 0.20% 

of Consolidated Volume through 

providing midpoint orders during the 

month. A member receiving this 

supplemental credit may receive 

combined credits (regular and 

supplemental) of up to a maximum of 

$0.0028 per share executed. 

The existing supplemental credit will 

continue alongside the new one. The 

proposed credit has a cap of $0.0029, 

allowing members to use the new 

$0.0001 without affecting other credits. 

This applies to Tapes A, B, and C. The 

goal is to encourage liquidity-adding 

activity and incentivize members 

providing non-displayed liquidity via 

M–ELO. 

The Exchange notes that it proposes 

to cap combined regular and 

supplemental credits at $0.0029 to 

manage the costs to the Exchange of 

providing these incentives. The 

Exchange has only limited resources 

available to it for incentive programs, 

and it must ensure that it allocates such 

resources appropriately to optimize 

their intended impacts. 

Lastly, for clarifying purposes, the 

Exchange proposes to reorder the 

schedule of credits for non-displayed 

orders (other than Supplemental Orders) 

that provide liquidity by adding the 

aforementioned supplemental credit to 

the rebate schedule as number 4 and 

moving ‘‘All other non-displayed 

orders’’ to number 5. 

2. Statutory Basis 

The Exchange believes that its 

proposal is consistent with Section 6(b) 

of the Act,3 in general, and furthers the 

objectives of Sections 6(b)(4) and 6(b)(5) 

of the Act,4 in particular, in that it 

provides for the equitable allocation of 

reasonable dues, fees and other charges 

among members and issuers and other 

persons using any facility, and is not 

designed to permit unfair 

discrimination between customers, 

issuers, brokers, or dealers. 

The Proposals Are Reasonable 

The Exchange’s proposed changes to 

its schedule of credits are reasonable in 

several respects. As a threshold matter, 

the Exchange is subject to significant 

competitive forces in the market for 

equity securities transaction services 

that constrain its pricing determinations 

in that market. The fact that this market 

is competitive has long been recognized 

by the courts. In NetCoalition v. 

Securities and Exchange Commission, 

the D.C. Circuit stated as follows: ‘‘[n]o 

one disputes that competition for order 

flow is ‘fierce.’ . . . As the SEC 

explained, ‘[i]n the U.S. national market 

system, buyers and sellers of securities, 

and the broker-dealers that act as their 

order-routing agents, have a wide range 

of choices of where to route orders for 

execution’; [and] ‘no exchange can 

afford to take its market share 

percentages for granted’ because ‘no 

exchange possesses a monopoly, 

regulatory or otherwise, in the execution 

of order flow from broker 

dealers’. . . .’’ 5

The Commission and the courts have 

repeatedly expressed their preference 

for competition over regulatory 

intervention in determining prices, 

products, and services in the securities 

markets. In Regulation NMS, while 

adopting a series of steps to improve the 

current market model, the Commission 

highlighted the importance of market 

forces in determining prices and SRO 

revenues and, also, recognized that 

current regulation of the market system 

‘‘has been remarkably successful in 

promoting market competition in its 

broader forms that are most important to 

investors and listed companies.’’ 6

Numerous indicia demonstrate the 

competitive nature of this market. For 

example, clear substitutes to the 

Exchange exist in the market for equity 

security transaction services. The 

Exchange is only one of several equity 

venues to which market participants 

may direct their order flow. Competing 

equity exchanges offer similar tiered 

pricing structures to that of the 

Exchange, including schedules of 

rebates and fees that apply based upon 

members achieving certain volume 

thresholds. 

Within this environment, market 

participants can freely and often do shift 

their order flow among the Exchange 

and competing venues in response to 

changes in their respective pricing 

schedules. As such, the proposal 

represents a reasonable attempt by the 

Exchange to increase its liquidity and 

market share relative to its competitors. 

The Exchange believes that it is 

reasonable to establish a new 

supplemental credit of $0.0001 with a 

maximum of up to $0.0029 for midpoint 

orders (excluding buy (sell) orders with 

Midpoint pegging that receive an 

execution price that is lower (higher) 

than the midpoint of the NBBO) if the 

member executes an ADV of at least 5 

million shares of non-displayed 

liquidity through M–ELO for Tapes A, 

B, and C. This proposal is reasonable 

because it will incentivize liquidity 

adding activity and provide an incentive 

to members that provide non-displayed 

liquidity to the Exchange to do so 

through midpoint orders. The Exchange 

believes that if such incentive is 

effective, then any ensuring increase in 

liquidity to the Exchange will improve 

market quality, to the benefit of all 

participants. 

The Exchange believes that it is 

reasonable to cap the amount of 

combined regular and supplemental 

credits it proposes to offer members that 

execute an ADV of at least 5 million 

shares of non-displayed liquidity 

through M–ELO to $0.0029 per share 

executed. This cap will allow the 

Exchange to manage its costs of 

providing these incentives. The 

Exchange has only limited resources 

available to it for incentive programs, 

and it must ensure that it allocates such 

resources appropriately to optimize 

their intended impacts. 

The Exchange also believes that it is 

reasonable to reorder the schedule of 

credits for non-displayed orders (other 

than Supplemental Orders) that provide 

liquidity to increase clarity in the Rules, 

consistent with the public interest and 

protection of investors. 

The Proposals are Equitable Allocations 

of Credits 

The Exchange believes that it is 

equitable to establish a new 

supplemental transaction credit and 

otherwise increase the amount of net 

credit (regular plus supplemental) a 

member may receive for providing nondisplayed liquidity through midpoint 

orders. To the extent that the Exchange 

succeeds in increasing the levels of 

liquidity and activity on the Exchange, 

the Exchange will experience 

improvements in its market quality, 

which stands to benefit all market 

participants. The Exchange also believes 

that the proposed clarifying changes 

(i.e., reordering the schedule of credits) 

and the proposal to cap rebates at 


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83526 Federal Register / Vol. 89, No. 200 / Wednesday, October 16, 2024 / Notices 

7 15 U.S.C. 78s(b)(3)(A)(ii). 

$0.0029 for members receiving certain 

supplemental credits are equitable 

because the changes and the cap will be 

applied uniformly to all members. 

Any participant that is dissatisfied 

with the proposals is free to shift their 

order flow to competing venues that 

provide more generous pricing or less 

stringent qualifying criteria. 

The Proposals are not Unfairly 

Discriminatory 

The Exchange believes that its 

proposals are not unfairly 

discriminatory. As an initial matter, the 

Exchange believes that nothing about its 

volume-based tiered pricing model is 

inherently unfair; instead, it is a rational 

pricing model that is well-established 

and ubiquitous in today’s economy 

among firms in various industries—from 

co-branded credit cards to grocery stores 

to cellular telephone data plans—that 

use it to reward the loyalty of their best 

customers that provide high levels of 

business activity and incent other 

customers to increase the extent of their 

business activity. It is also a pricing 

model that the Exchange and its 

competitors have long employed with 

the assent of the Commission. It is fair 

because it enhances price discovery and 

improves the overall quality of the 

equity markets. 

The Exchange believes that its 

proposals to adopt a new supplemental 

credit for providing non-displayed 

liquidity through midpoint orders, 

impose a cap on the amount of 

combined regular and supplemental 

credits it proposes to offer members 

receiving certain supplemental credits, 

and make clarifying changes, as 

described above, are not unfairly 

discriminatory because the changes are 

not intended to advantage any particular 

member and will be applied uniformly 

to all members. Moreover, the proposals 

stand to improve the overall market 

quality of the Exchange, to the benefit 

of all market participants, by 

incentivizing members to increase the 

extent of their liquidity adding activity 

in midpoint orders on the Exchange. 

Any participant that is dissatisfied 

with the proposals is free to shift their 

order flow to competing venues that 

provide more generous pricing or less 

stringent qualifying criteria. 

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. 

Intramarket Competition 

The Exchange does not believe that its 

proposals will place any category of 

Exchange participant at a competitive 

disadvantage. 

As noted above, the Exchange’s 

proposals to add a new supplemental 

transaction credit, impose a cap on the 

maximum rebate offered to members 

receiving certain supplemental credits, 

and make clarifying changes are 

intended to have market-improving 

effects, to the benefit of all members. 

Any member may elect to achieve the 

level of liquidity in midpoint orders 

required to qualify for the new credit. 

The other proposed changes also apply 

equally and will be applied uniformly to 

all members. 

The Exchange notes that its members 

are free to trade on other venues to the 

extent they believe that the Exchange’s 

fee schedule is not attractive. As one 

can observe by looking at any market 

share chart, price competition between 

exchanges is fierce, with liquidity and 

market share moving freely between 

exchanges in reaction to fee and credit 

changes. 

Intermarket Competition 

In terms of inter-market competition, 

the Exchange notes that it operates in a 

highly competitive market in which 

market participants can readily favor 

competing venues if they deem fee 

levels at a particular venue to be 

excessive, or rebate opportunities 

available at other venues to be more 

favorable. In such an environment, the 

Exchange must continually adjust its 

credits and fees to remain competitive 

with other exchanges and with 

alternative trading systems that have 

been exempted from compliance with 

the statutory standards applicable to 

exchanges. Because competitors are free 

to modify their credit and own fees in 

response, and because market 

participants may readily adjust their 

order routing practices, the Exchange 

believes that the degree to which credit 

or fee changes in this market may 

impose any burden on competition is 

extremely limited. 

The proposed new supplemental 

credit is reflective of this competition 

because, as a threshold issue, even as 

one of the largest U.S. equities 

exchanges by volume, the Exchange has 

less than 20% market share, which in 

most markets could hardly be 

categorized as having enough market 

power to burden competition. Moreover, 

price competition between exchanges is 

fierce, with liquidity and market share 

moving freely between exchanges in 

reaction to credit and fee changes. This 

is an addition to free flow of order flow 

to and among off-exchange venues 

which comprises more than 40% of 

industry volume in recent months. 

The Exchange’s proposal to add a new 

supplemental transaction credit is procompetitive in that the Exchange 

intends for the credit to increase 

liquidity addition activity in midpoint 

orders on the Exchange, thereby 

rendering the Exchange more attractive 

and vibrant to participants. 

In sum, if the changes proposed 

herein are unattractive to market 

participants, it is likely that the 

Exchange will lose market share as a 

result. Accordingly, the Exchange does 

not believe that the proposed changes 

will impair the ability of members or 

competing order execution venues to 

maintain their competitive standing in 

the financial markets. 

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 

The foregoing rule change has become 

effective pursuant to Section 

19(b)(3)(A)(ii) of the Act.7

At any time within 60 days of the 

filing of the proposed rule change, the 

Commission summarily may 

temporarily suspend such rule change if 

it appears to the Commission that such 

action is: (i) necessary or appropriate in 

the public interest; (ii) for the protection 

of investors; or (iii) otherwise in 

furtherance of the purposes of the Act. 

If the Commission takes such action, the 

Commission shall institute proceedings 

to determine whether the proposed rule 

should be approved or 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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NASDAQ–2024–057 on the subject line. 


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Federal Register / Vol. 89, No. 200 / Wednesday, October 16, 2024 / Notices 83527 

8 17 CFR 200.30–3(a)(12). 

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

2 15 U.S.C. 78a. 

3 17 CFR 240.19b–4. 

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–2024–057. 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 (https://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 

a.m. and 3 p.m. Copies of the filing also 

will be available for inspection and 

copying at the principal office of the 

Exchange. Do not include personal 

identifiable information in submissions; 

you should submit only information 

that you wish to make available 

publicly. We may redact in part or 

withhold entirely from publication 

submitted material that is obscene or 

subject to copyright protection. All 

submissions should refer to file number 

SR–NASDAQ–2024–057 and should be 

submitted on or before November 6, 

2024. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2024–23801 Filed 10–15–24; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–101295; File No. SR–NYSE– 

2024–44] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing of Proposed Rule Change To 

Adopt a Provision That the Exchange 

Will Not Review a Compliance Plan 

Submitted by a Listed Company That 

Is Below Compliance With a Continued 

Listing Standard if the Company Owes 

Any Unpaid Fees to the Exchange and 

Will Instead Immediately Commence 

Suspension and Delisting Procedures 

if Such Fees Are Not Paid in Full 

October 9, 2024. 

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

Securities Exchange Act of 1934 

(‘‘Act’’) 2 and Rule 19b–4 thereunder,3

notice is hereby given that on 

September 27, 2024, New York Stock 

Exchange LLC (‘‘NYSE’’ or the 

‘‘Exchange’’) filed with the Securities 

and Exchange Commission (the 

‘‘Commission’’) the proposed rule 

change as described in Items I, II, and 

III below, which Items have been 

prepared by the self-regulatory 

organization. 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 adopt a 

provision that the Exchange will not 

review a compliance plan submitted by 

a listed company that is below 

compliance with a continued listing 

standard if the company owes any 

unpaid fees to the Exchange and will 

instead immediately commence 

suspension and delisting procedures if 

such fees are not paid in full by the plan 

submission deadline or at the time of 

any required periodic review of such 

plan. The text of the proposed rule 

change is set forth in Exhibit 5 attached 

hereto. The proposed rule change is 

available on the Exchange’s website at 

www.nyse.com, 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 

self-regulatory organization 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 those 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 parts of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Section 802.02 (‘‘Evaluation and 

Follow-Up Procedures for Domestic 

Companies’’) of the NYSE Listed 

Company Manual (‘‘Manual’’) provides 

that when the Exchange identifies a 

domestic listed company as being below 

certain continued listing criteria set 

forth in Section 802.01 of the Manual 

(and not able to otherwise qualify under 

an original listing standard), the 

Exchange will notify the company of 

such noncompliance by letter and 

provide the company with an 

opportunity to provide the Exchange 

with a plan (the ‘‘Plan’’) advising the 

Exchange of definitive action the 

company has taken, or is taking, that 

would bring it into conformity with 

continued listing standards within 18 

months of receipt of the letter. 

Similarly, Section 802.03 (‘‘Continued 

Listing—Evaluation and Follow-up 

Procedures for Non-U.S. Companies’’) 

sets forth provisions under which nonU.S. listed companies can submit a Plan 

to cure noncompliance with continued 

listing standards. 

If a company submits a Plan pursuant 

to Sections 802.02 or 802.03, it must 

identify specific quarterly or semiannual milestones against which the 

Exchange will evaluate the company’s 

progress. The company has 45 days (in 

the case of a domestic company subject 

to Section 802.02) (the ‘‘Domestic Plan 

Deadline’’) or 90 days (in the case of a 

non-U.S. company subject to Section 

802.03) (the ‘‘Non-U.S. Plan Deadline’’ 

and, together with the Domestic Plan 

Deadline, the ‘‘Plan Deadline’’) from the 

receipt of a letter from the Exchange 

identifying an event of noncompliance 

to submit its Plan to the Exchange for 

review; otherwise, suspension and 

delisting procedures will commence in 

accordance with Section 804.00 of the 

Manual. The Plan must demonstrate 

how the company will return to 

compliance with the applicable 

continued listing standard by the end of 

the Plan period. All companies 

submitting a Plan must include 


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