Document ID: SEC-2011-1444-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange LLC
Posted Date: 2011-09-27T04:00Z

[Federal Register Volume 76, Number 187 (Tuesday, September 27, 2011)]
[Notices]
[Pages 59756-59757]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-24723]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-65368; File No. SR-NYSE-2011-38]

Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Designation of a Longer Period for Commission Action on 
Proposed Rule Change Amending Sections 102.01 and 103.01 of the 
Exchange's Listed Company Manual To Adopt Additional Listing 
Requirements for Companies Applying To List After Consummation of a 
``Reverse Merger'' With a Shell Company

September 21, 2011.
    On July 22, 2011, New York Stock Exchange LLC (``NYSE'' 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 adopt additional listing requirements for 
companies applying to list after consummation of a ``reverse merger'' 
with a shell company. The proposed rule change was published for 
comment in the Federal Register on August 10, 2011.\3\ The Commission 
received one comment letter on the proposal.\4\
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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. 65034 (August 4, 
2011), 76 FR 49513.
    \4\ See Letter from James Davidson, Hermes Equity Ownership 
Services Limited to Elizabeth Murphy, Secretary, Commission dated 
August 31, 2011.
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    Section 19(b)(2) of the Act \5\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up to 90 days as the Commission may designate 
if it finds such longer period to be appropriate and publishes its 
reasons for so finding or as to which the self-regulatory organization 
consents, the Commission shall either approve the proposed rule change, 
disapprove the proposed rule change, or institute proceedings to 
determine whether the proposed rule change should be disapproved. The 
45th day for this filing is September 24, 2011.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission is extending the 45-day time period for Commission 
action on the proposed rule change. The Commission finds that it is 
appropriate to designate a longer period to take action on the proposed 
rule change so that it has sufficient time to consider the Exchange's 
proposal, which would establish additional listing requirements for 
companies applying to list after consummation of a ``reverse merger''

[[Page 59757]]

with a shell company, and to consider the comment letter that has been 
submitted in connection with the proposed rule change.
    Accordingly, pursuant to Section 19(b)(2) of the Act,\6\ the 
Commission designates November 8, 2011 as the date by which the 
Commission should either approve or disapprove, or institute 
proceedings to determine whether to disapprove, the proposed rule 
change (File Number SR-NYSE-2011-38).
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    \6\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).
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Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-24723 Filed 9-26-11; 8:45 am]
BILLING CODE 8011-01-P