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[Federal Register Volume 90, Number 13 (Wednesday, January 22, 2025)]
[Notices]
[Pages 7715-7718]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2025-01415]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-102201; File No. SR-NYSE-2024-48]

Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Filing of Amendment No. 2 and Order Granting Accelerated 
Approval of a Proposed Rule Change, as Modified by Amendment No. 2, To 
Amend Section 802.01C of the NYSE Listed Company Manual (Price Criteria 
for Capital or Common Stock) To Restrict the Use of Reverse Stock 
Splits in Certain Circumstances

January 15, 2025.

I. Introduction

    On September 30, 2024, New York Stock Exchange LLC (``NYSE'' 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 amend Section 802.01C (Price Criteria for 
Capital or Common Stock) of the NYSE Listed Company Manual (``Manual'') 
to provide that (i) a listed company that falls below the price 
criteria set forth therein and effects a reverse stock split to regain 
compliance will not be eligible for a compliance period in certain 
circumstances, and (ii) a listed company may not effectuate a reverse 
stock split if it would result in the company falling below continued 
listing requirements. The proposed rule change was published for 
comment in the Federal Register on October 17, 2024.\3\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 101306 (Oct. 10, 
2024), 89 FR 83738 (``Notice''). Comments on the Notice are 
available at: https://www.sec.gov/comments/sr-nyse-2024-48/srnyse202448.htm.
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    On November 25, 2024, 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 December 20, 2024, the Exchange filed partial Amendment 
No. 1 to the proposed rule change, and on January 2, 2025, the Exchange 
withdrew partial Amendment No. 1 and filed partial Amendment No. 2 to 
the proposed rule change (``Amendment No. 2'').\6\ The Commission is 
publishing this notice to solicit comments on the proposed rule change, 
as modified by Amendment No. 2, from interested persons and is 
approving the proposed rule change, as modified by Amendment No. 2, on 
an accelerated basis.
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    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 101746, 89 FR 95301 
(Dec. 2, 2024) (designating January 15, 2025, as the date by which 
the Commission shall either approve, disapprove, or institute 
proceedings to determine whether to disapprove the proposed rule 
change).
    \6\ Amendment No. 2 is available on the Commission's website at 
https://www.sec.gov/comments/sr-nyse-2024-48/srnyse202448-554495-1588362.pdf. As discussed below, the Exchange's proposal would 
prohibit a listed company from effectuating a reverse stock split if 
the effectuation of such reverse stock split results in the 
company's security falling below the continued listing requirements 
of Section 802.01A of the Manual. In Amendment No. 2, the Exchange 
proposes to adopt additional rule text to provide that if a company 
effectuates a reverse stock split in such circumstances, the company 
would not be eligible to follow the procedures outlined in Sections 
802.02 and 802.03 of the Manual and the Exchange would immediately 
commence suspension and delisting procedures with respect to such 
security in accordance with Section 804.00 of the Manual.
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II. Description of the Proposed Rule Change, as Modified by Amendment 
No. 2

    The Exchange is proposing to amend Section 802.01C of the Manual to 
provide that (i) a listed company that falls below the price criteria 
set forth therein and effects a reverse stock split to regain 
compliance will not be eligible for a compliance period in certain 
circumstances, and (ii) a listed company may not effectuate a reverse 
stock split if it would result in the company falling below continued 
listing requirements.
    Section 802.01C of the Manual (``Section 802.01C'') provides that a 
listed company will be considered to be below compliance standards if 
the average closing price of a security as reported on the consolidated 
tape is less than $1.00 over a consecutive 30 trading-day period 
(``Price Criteria'').\7\ Under Section 802.01C, once the company is 
notified that it has fallen below the Price Criteria, the company must 
bring its share price and average share price back above $1.00 by six 
months following receipt of the notification. A listed company is not 
eligible to follow the procedures outlined in Sections 802.02 and 
802.03 of the Manual with respect to this criteria.\8\ The company 
must, however,

[[Page 7716]]

notify the Exchange, within 10 business days of receipt of the 
notification, of its intent to cure the Price Criteria deficiency or be 
subject to suspension and delisting procedures as set forth in Section 
804.00 of the Manual.\9\ The company can regain compliance at any time 
during the six-month cure period if on the last trading day of any 
calendar month during the cure period the company has a closing share 
price of at least $1.00 and an average closing share price of at least 
$1.00 over the 30 trading-day period ending on the last trading day of 
that month. In the event that at the expiration of the six-month cure 
period, both a $1.00 closing share price on the last trading day of the 
cure period and a $1.00 average closing share price over the 30 
trading-day period ending on the last trading day of the cure period 
are not attained, the Exchange will commence suspension and delisting 
procedures as set forth in Section 804.00.\10\
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    \7\ While the term ``Price Criteria'' is used as a defined term 
in Section 802.01C, the current rule does not actually provide a 
definition for the term. The Exchange is now proposing to define the 
term in the rule. See Notice, supra note 3, at 83738.
    \8\ Sections 802.02 and 802.03 of the Manual set forth specific 
procedures for listed domestic companies and listed non-U.S. 
companies that are identified as being below the Exchange's 
continued listing criteria. In general, Sections 802.02 and 802.03 
of the Manual provide that if the Exchange identifies a company as 
being below the Exchange's continued listing criteria, the Exchange 
will notify the company within 10 business days and provide the 
company with an opportunity to submit a plan to regain compliance 
with the continued listing standards within 18 months. If the 
company does not submit a plan within a required deadline, or if the 
Exchange does not accept a plan, the Exchange will initiate 
suspension and delisting procedures. If the Exchange accepts a plan, 
the Exchange will review the company on a periodic basis for 
compliance with the plan.
    \9\ See Section 802.01C. See also Notice, supra note 3, at 
83738.
    \10\ See Section 802.01C. See also Notice, supra note 3, at 
83738.
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    Notwithstanding the foregoing, Section 802.01C provides that if a 
listed company determines that, if necessary, it will cure the price 
condition by taking an action that will require approval of its 
shareholders, it must so inform the Exchange in the above referenced 
notification, must obtain the shareholder approval by no later than its 
next annual meeting, and must implement the action promptly thereafter. 
The company will be deemed to have regained compliance with the Price 
Criteria if the price promptly exceeds $1.00 per share, and the price 
remains above the level for at least the following 30 trading days.\11\ 
The Exchange states that the action taken by a listed company to cure 
its noncompliance with the Price Criteria that is subject to 
shareholder approval is generally a reverse stock split.\12\
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    \11\ See Section 802.01C. See also Notice, supra note 3, at 
83738.
    \12\ See Notice, supra note 3, at 83738.
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    The Exchange now proposes to amend Section 802.01C to limit the 
circumstances under which a listed company that fails to meet the Price 
Criteria may be provided a compliance period under Section 802.01C. 
Specifically, the Exchange proposes that, notwithstanding the general 
ability of a listed company to utilize a reverse stock split as a 
mechanism for regaining compliance with the Price Criteria, if a listed 
company's security fails to meet the Price Criteria and the company (i) 
has effected a reverse stock split over the prior one-year period \13\ 
or (ii) has effected one or more reverse stock splits over the prior 
two-year period with a cumulative ratio of 200 shares or more to one, 
then the company shall not be eligible for any compliance period 
specified in Section 802.01C and the Exchange will immediately commence 
suspension and delisting procedures with respect to such security in 
accordance with Section 804.00 of the Manual.
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    \13\ The Exchange states that, for the avoidance of doubt, the 
proposed rule would apply to a listed company even if the company 
was in compliance with the Price Criteria at the time of its prior 
reverse stock split. See Notice, supra note 3, at 83738 n.4.
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    The Exchange also proposes to amend Section 802.01C to prohibit a 
listed company from effectuating a reverse stock split, for purposes of 
regaining compliance with the Price Criteria or otherwise, if the 
effectuation of such reverse stock split results in the company's 
security falling below the continued listing requirements of Section 
802.01A of the Manual (Distribution Criteria for Capital or Common 
Stock (including Equity Investment Tracking Stock)). If a listed 
company effectuates a reverse stock split notwithstanding this 
limitation, the company would not be eligible to follow the procedures 
outlined in Sections 802.02 and 802.03 of the Manual \14\ and the 
Exchange would immediately commence suspension and delisting procedures 
with respect to such security in accordance with Section 804.00 of the 
Manual.\15\
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    \14\ See supra note 8. A company identified as being below the 
continued listing requirements of Section 802.01A of the Manual 
(``Distribution Criteria'') would normally be eligible to follow the 
procedures outlined in Sections 802.02 and 802.03 of the Manual, 
including to submit a plan to regain compliance with the Exchange's 
continued listing criteria. See Sections 802.01A, 802.02 and 802.03 
of the Manual. Section 802.01A of the Manual sets forth alternative 
distribution criteria for continued listing based on number of total 
stockholders, average monthly trading volume, or number of publicly 
held shares, as applicable.
    \15\ See Amendment No. 2, supra note 6.
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    In support of its proposal, the Exchange states that it has 
observed that some companies, typically those in financial distress or 
experiencing a prolonged operational downturn, engage in a pattern of 
repeated reverse stock splits.\16\ The Exchange states that such 
behavior is often indicative of deep financial or operational distress 
within such companies, rendering them inappropriate for trading on the 
Exchange for investor protection reasons.\17\ The Exchange states that 
it has observed that the challenges facing such companies generally are 
not temporary and may be so severe that the company is not likely to 
maintain compliance with the Price Criteria on a sustained basis.\18\ 
Accordingly, the Exchange states the proposal protects investors and 
the public interest by enhancing the Exchange's listing requirements. 
In particular, the Exchange states that the proposal limits the ability 
of listed companies with a history of having a low stock price to use 
reverse stock splits as a means to remain qualified for listing and 
will result in the delisting of companies whose history of recurring 
inability to maintain price compliance is indicative of their financial 
instability and unsuitability for continued listing.\19\ Furthermore, 
the Exchange states that it is consistent with the protection of 
investors and the public interest to delist any company that takes a 
deliberate action that causes it to fall below an Exchange listing 
standard, including the effectuation of a reverse split that causes a 
company to fall below the Distribution Criteria.\20\
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    \16\ See Notice, supra note 3, at 83739.
    \17\ See id.
    \18\ See id. The Exchange further states that the price concerns 
with these companies can be a leading indicator of other listing 
compliance concerns, and these companies often become subject to 
delisting for other reasons within a short period of time. See id.
    \19\ See id.
    \20\ See id.
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III. Discussion and Commission Findings

    After careful review, the Commission finds that the proposed rule 
change, as modified by Amendment No. 2, is consistent with the 
requirements of the Act and the rules and regulations thereunder 
applicable to a national securities exchange.\21\ In particular, the 
Commission finds that the proposed rule change, as modified by 
Amendment No. 2, is consistent with Section 6(b)(5) of the Act,\22\ 
which requires, among other things, that the rules of an exchange be 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to remove impediments 
to and perfect the mechanism of a free and open market

[[Page 7717]]

and a national market system, and, in general, to protect investors and 
the public interest, and not be designed to permit unfair 
discrimination between customers, issuers, brokers, or dealers; and 
with Section 6(b)(7) of the Act,\23\ which requires, among other 
things, that the rules of a national securities exchange provide a fair 
procedure for the prohibition or limitation by the exchange of any 
person with respect to access to services offered by the exchange.
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    \21\ In approving this proposed rule change, the Commission has 
considered the proposed rule's impact on efficiency, competition, 
and capital formation. See 15 U.S.C. 78c(f).
    \22\ 15 U.S.C. 78f(b)(5).
    \23\ 15 U.S.C. 78f(b)(7).
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    The development and enforcement of meaningful listing standards 
\24\ for an exchange is of critical importance to financial markets and 
the investing public. Among other things, such listing standards help 
ensure that exchange-listed companies will have sufficient public 
float, investor base, and trading interest to provide the depth and 
liquidity to promote fair and orderly markets. Meaningful listing 
standards also are important given investor expectations regarding the 
nature of securities that have achieved an exchange listing, and the 
role of an exchange in overseeing its market and assuring compliance 
with its listing standards.\25\
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    \24\ The Commission notes that this reference to ``listing 
standards'' is referring to both initial and continued listing 
standards.
    \25\ See, e.g., Securities Exchange Act Release Nos. 101271 
(Oct. 7, 2024), 89 FR 82652, 82653 n.23 and accompanying text (Oct. 
11, 2024) (SR-NASDAQ-2024-029) (Order Granting Approval of a 
Proposed Rule Change, as Modified by Amendment No. 2, to Modify the 
Application of Bid Price Compliance Periods); 88716 (Apr. 21, 2020), 
85 FR 23393 (Apr. 27, 2020) (SR-NASDAQ-2020-001) (Order Approving a 
Proposed Rule Change To Modify the Delisting Process for Securities 
With a Bid Price at or Below $0.10 and for Securities That Have Had 
One or More Reverse Stock Splits With a Cumulative Ratio of 250 
Shares or More to One Over the Prior Two-Year Period); 88389 (Mar. 
16, 2020), 85 FR 16163 (Mar. 20, 2020) (SR-NASDAQ-2019-089) (Notice 
of Filing of Amendment No. 1 and Order Granting Accelerated Approval 
of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend 
Rule 5815 To Preclude Stay During Hearing Panel Review of Staff 
Delisting Determinations in Certain Circumstances). See also 
Securities Exchange Act Release No. 81856 (Oct. 11, 2017), 82 FR 
48296, 48298 (Oct. 17, 2017) (SR-NYSE-2017-31) (Notice of Filing of 
Amendment No. 1 and Order Granting Accelerated Approval of a 
Proposed Rule Change, as Modified by Amendment No. 1, To Amend the 
Listed Company Manual To Adopt Initial and Continued Listing 
Standards for Subscription Receipts) (stating that ``[a]dequate 
standards are especially important given the expectations of 
investors regarding exchange trading and the imprimatur of listing 
on a particular market'' and that ``[o]nce a security has been 
approved for initial listing, maintenance criteria allow an exchange 
to monitor the status and trading characteristics of that issue . . 
. so that fair and orderly markets can be maintained.'').
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    The Exchange's proposal would eliminate the compliance periods 
available to listed companies to cure a Price Criteria deficiency in 
certain circumstances, which could lead to earlier delisting of 
companies that fail to comply with the Price Criteria. In particular, a 
listed company that fails to meet the Price Criteria and that has 
effected a reverse stock split during the prior one-year period or has 
effected reverse stock splits with a cumulative ratio of 200 shares or 
more to one over the prior two-year period would not be eligible for 
any compliance periods under Section 802.01C \26\ and the Exchange 
would immediately commence suspension and delisting of such company. In 
addition, the Exchange proposes to immediately commence suspension and 
delisting procedures with respect to any company that effects a reverse 
stock split that results in the company falling below the Distribution 
Criteria.
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    \26\ See supra notes 8-11 and accompanying text.
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    The Exchange's proposal is reasonably designed to enhance its 
continued listing standards, thereby protecting investors and the 
public interest. In particular, the proposal is reasonably designed to 
curtail the use of reverse stock splits to inappropriately delay 
delisting and thereby allow a company's security to remain listed on 
the Exchange for an extended period despite not being able to maintain 
compliance with the Price Criteria or Distribution Criteria. As 
discussed above, the Exchange states that engaging in a pattern of 
repeated reverse stock splits is often indicative of deep financial or 
operational distress that renders a company inappropriate for trading 
on the Exchange for investor protection reasons.\27\ The Exchange can 
reasonably conclude from its experience that a listed company that has 
effected a reverse stock split over the prior one-year period or has 
effected one or more reverse stock splits over the prior two-year 
period with a cumulative ratio of 200 shares or more to one and is 
unable to maintain compliance with the Price Criteria, or a listed 
company that effects a reverse stock split that results in the company 
being unable to maintain compliance with the Distribution Criteria, 
indicates serious difficulties within such company that are likely to 
put continued downward pressure on the stock price, such that the 
company is less likely to regain compliance within any compliance 
periods. In this respect, the proposal is appropriately targeted to 
those listed companies' securities that are more likely to have serious 
recurrent issues in regaining and maintaining compliance with the 
Exchange's Price Criteria and other continued listing standards.
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    \27\ See Notice, supra note 3, at 83739.
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    The Exchange's proposal is reasonably designed to further investor 
protection by limiting the ability of listed companies with a history 
of having a low stock price to use reverse stock splits to remain 
qualified for listing.\28\ The Exchange states that it has observed 
that the challenges facing such companies generally are not temporary 
and may be so severe that the companies are not likely to regain or 
maintain compliance on a sustained basis.\29\ In addition, the Exchange 
states that the price concerns with such companies can be a leading 
indicator of other listing compliance concerns, and that these 
companies often become subject to delisting for other reasons within a 
short period of time.\30\ Further, the continued listing of low-priced 
securities raises concerns that these securities may not have 
sufficient public float, investor base, and trading interest to promote 
fair and orderly markets and relatedly may have heightened 
susceptibility to manipulation. Given these concerns, the Exchange's 
proposal to immediately suspend and delist a company that is non-
compliant with the Price Criteria or Distribution Criteria in the 
circumstances described above is appropriate and consistent with 
Section 6(b)(5) of the Act.
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    \28\ See id.
    \29\ See id.
    \30\ See id.
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    While the Commission recognizes that the Exchange delisting process 
is in part designed to allow listed companies experiencing temporary 
financial and/or business issues to regain compliance with continued 
listing standards, the proposal reasonably balances the intent of the 
delisting process with the need to prevent companies from taking 
advantage of the delisting process for an extended period of time 
despite not being able to comply with Exchange standards for continued 
listing, which is contrary to the goal of protecting investors and the 
public interest.
    The proposed rule change, as modified by Amendment No. 2, is also 
consistent with Section 6(b)(7) of the Act \32\ in that it provides a 
fair procedure for the prohibition or limitation by the Exchange of any 
person with respect to access to services offered. A listed company 
whose securities are subject to immediate suspension and delisting 
under the proposal would still be able to seek review of a delisting 
determination from the Committee for Review of the Board of Directors 
of the Exchange as set forth in Section 804.00 of the Manual. 
Accordingly, the

[[Page 7718]]

proposal is appropriate in light of the need to protect investors and 
the public interest and the Exchange's process for review of a 
delisting determination will continue to provide a fair procedure for 
the review of delisting determinations in accordance with Section 
6(b)(7) of the Act.
    Finally, the comment letters received on the proposal were 
generally supportive.\31\
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    \31\ See Letters from Barbara Rairden, dated Oct. 15, 2024, and 
Anonymous, dated Oct. 15, 2024. See also Letter from the American 
Consumer and Investor Institute, dated Nov. 4, 2024 (``ACII 
Letter''), at 2 (stating that recent Exchange proposals, including 
SR-NYSE-2024-48, to amend listing rules to address concerns 
regarding ``exchange-listed penny stocks and reverse stock splits'' 
are ``another incremental step towards protecting retail investors 
from the risks associated with such penny stocks and reverse 
splits''). This commenter also expresses support for additional 
proposals to enhance exchange listing standards to further address 
investor protection concerns, particularly those involving Nasdaq 
and NYSE listed companies with low-priced securities. In particular, 
this commenter recommends that the Commission engage with the 
industry, including a review of suggestions that have already been 
made, and update the penny stock rules and exchange listing 
standards. See ACII Letter at 4 (citing to Petition for Rulemaking 
on Exchange Listings of Penny Stocks filed with the Commission by 
Virtu Financial, Inc., dated July 15, 2024; and Letter from Ellen 
Greene, Managing Director and Joseph Corcoran, Managing Director, 
Securities Industry and Financial Markets Association, dated Oct. 8, 
2024 (available at https://www.sec.gov/comments/sr-nasdaq-2024-045/srnasdaq2024045-527615-1515662.pdf)). These additional 
recommendations are not before the Commission in the NYSE proposal 
being considered herein. In approving this proposal, the Commission 
is finding the proposal before us is consistent with the Act.
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    In sum, the Exchange's proposal appropriately identifies securities 
listed on its market that are more likely to have serious recurrent 
issues in regaining and maintaining compliance with the Exchange's 
continued listing standards, including the Price Criteria, and proposes 
reasonable changes to shorten the time that such non-compliant 
securities can remain trading on the Exchange, thereby protecting 
investors and the public interest in accordance with Section 6(b)(5) of 
the Act,\32\ while at the same time maintaining a fair procedure for 
affected listed companies to seek review of a delisting determination 
from the Committee for Review of the Board of Directors of the Exchange 
in accordance with Section 6(b)(7) of the Act.\33\ For these reasons, 
the Commission finds that the proposed rule change, as modified by 
Amendment No. 2, is consistent with the requirements of the Act.
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    \32\ 15 U.S.C. 78f(b)(5).
    \33\ 15 U.S.C. 78f(b)(7).
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IV. Solicitation of Comments on Amendment No. 2 to the Proposed Rule 
Change

    Interested persons are invited to submit written data, views, and 
arguments concerning whether the proposed rule change, as modified by 
Amendment No. 2, 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 [email protected]. Please include 
file number SR-NYSE-2024-48 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-NYSE-2024-48. 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-NYSE-2024-48, and should be 
submitted on or before February 12, 2025.

V. Accelerated Approval of Proposed Rule Change, as Modified by 
Amendment No. 2

    The Commission finds good cause to approve the proposed rule 
change, as modified by Amendment No. 2, prior to the thirtieth day 
after the date of publication of notice of the filing of Amendment No. 
2 in the Federal Register. The changes in Amendment No. 2 provide 
greater clarity to the proposal. The proposed additional rule text in 
Amendment No. 2 clarifies the delisting process applicable to a company 
that effectuates a reverse stock split where the effectuation of such 
reverse stock split results in the company's security falling below the 
Distribution Criteria and is consistent with the Exchange's statements 
in the Notice.\34\ Accordingly, the Commission finds good cause, 
pursuant to Section 19(b)(2) of the Act,\35\ to approve the proposed 
rule change, as modified by Amendment No. 2, on an accelerated basis.
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    \34\ See Notice, supra note 3, at 83739 (``Furthermore, the 
Exchange proposes that a listed company would not be allowed to 
effectuate a reverse stock split, for purposes of regaining 
compliance with the Price Criteria or otherwise, if the effectuation 
of such reverse stock split results in the company's security 
falling below the continued listing requirements of Section 802.01A. 
If a listed company effectuated a reverse stock split 
notwithstanding this proposed limitation, the Exchange would 
promptly commence suspension and delisting procedures with respect 
to such company in accordance with Section 804.00.'').
    \35\ 15 U.S.C. 78s(b)(2).
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VI. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\36\ that the proposed rule change (SR-NYSE-2024-48), as modified 
by Amendment No. 2, be, and it hereby is, approved on an accelerated 
basis.
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    \36\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\37\
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    \37\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-01415 Filed 1-21-25; 8:45 am]
BILLING CODE 8011-01-P
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