Federal Register / Vol. 89, No. 249 / Monday, December 30, 2024 / Notices 106719 

12Securities Exchange Act Release No. 86314 

(July 5, 2019), 84 FR 33102 (July 11, 2019) 

(approving SR–NASDAQ–2019–009). 13 17 CFR 200.30–3(a)(12). 

the Capital Market and to $8 million on 

the Global Market because, in the case 

where a company does not meet the 

ADV Requirement, the offering serves as 

the primary source of price discovery in 

the same way the offering does in an 

IPO, as described above. Moreover, 

failure to align these requirements could 

allow a company to begin trading on the 

OTC market and then uplist to Nasdaq 

a short time later with an offering that 

does not satisfy the proposed new 

requirements for companies listed in 

connection with an IPO, as described 

above. 

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. While 

Nasdaq does not believe there will be 

any impact on inter-market competition 

from the proposed change, any impact 

on competition that does arise will be 

necessary to better protect investors, in 

furtherance of a central purpose of the 

Act. Moreover, each national securities 

exchange can elect how to structure its 

listing requirements and respond in a 

competitive manner. In that regard, 

Nasdaq notes, for example, that in 2019 

Nasdaq first enhanced its initial listing 

requirements to exclude holders of 

restricted stock from the calculation of 

the market value of publicly held shares 

and to impose a requirement that a 

minimum number of shareholders hold 

at least $2,500 worth of unrestricted 

stock, however New York Stock 

Exchange and NYSE American have not 

adopted comparable requirements and 

compete for listings on such basis.12

Nasdaq also believes that any impact 

on intra-market competition from the 

proposed change affecting companies 

listing on the Nasdaq Global and Capital 

Markets in connection with an IPO or 

uplisting form the OTC market, as 

described above, will be necessary to 

better protect investors, in furtherance 

of a central purpose of the Act. In that 

regard, companies listing on Nasdaq 

through other means, such as those 

listing on the Nasdaq Global Select 

Market or listing through a Direct 

Listing, are already subject to higher 

initial listing standards than companies 

impacted by this proposed change and 

Nasdaq has not observed similar 

concerns with the trading of these 

companies’ securities. 

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 (i) 

as the Commission may designate up to 

90 days of such date 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 (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NASDAQ–2024–084 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–2024–084. 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–2024–084 and should be 

submitted on or before January 21, 2025. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.13

Vanessa A. Countryman, 

Secretary. 

[FR Doc. 2024–30898 Filed 12–27–24; 8:45 am] 

BILLING CODE 8011–01–P 

SMALL BUSINESS ADMINISTRATION 

Interest Rates 

The Small Business Administration 

publishes an interest rate called the 

Optional Peg Rate (13 CFR 120.214) on 

a quarterly basis. This rate is a weighted 

average cost of money to the 

government for maturities similar to the 

average SBA direct loan. This rate may 

be used as a base rate for guaranteed 

fluctuating interest rate SBA loans. This 

rate will be 4.38 percent for the 

January–March quarter of FY 2025. 

Pursuant to 13 CFR 120.921(b), the 

maximum legal interest rate for any 

Third Party Lender’s commercial loan 

which funds any portion of the cost of 

a 504 project (see 13 CFR 120.801) shall 

be 6% over the New York Prime rate or, 

if that exceeds the maximum interest 

rate permitted by the constitution or 

laws of a given State, the maximum 

interest rate will be the rate permitted 

by the constitution or laws of the given 

State. 

David Parrish, 

Chief, Secondary Market Division. 

[FR Doc. 2024–31199 Filed 12–27–24; 8:45 am] 

BILLING CODE 8026–09–P 


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