Document ID: SEC-2020-1169-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: The Nasdaq Stock Market, LLC
Posted Date: 2020-07-24T04:00Z

[Federal Register Volume 85, Number 143 (Friday, July 24, 2020)]
[Notices]
[Page 44951]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-16017]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89344; File No. SR-NASDAQ-2020-028]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on a 
Proposed Rule Change To Amend IM-5101-1 (Use of Discretionary 
Authority) To Deny Listing or Continued Listing or To Apply Additional 
and More Stringent Criteria to an Applicant or Listed Company Based on 
Considerations Related to the Company's Auditor or When a Company's 
Business Is Principally Administered in a Jurisdiction That Is a 
Restrictive Market

July 20, 2020.
    On May 19, 2020, The Nasdaq Stock Market LLC (``Nasdaq'' 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 IM-5101-1 (Use of Discretionary 
Authority) to deny listing or continued listing or to apply additional 
and more stringent criteria to an applicant or listed company based on 
considerations related to the company's auditor or when a company's 
business is principally administered in a jurisdiction that has secrecy 
laws, blocking statutes, national security laws, or other laws or 
regulations restricting access to information by regulators of U.S.-
listed companies in such jurisdiction. The proposed rule change was 
published for comment in the Federal Register on June 8, 2020.\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. 88987 (June 2, 
2020), 85 FR 34774. Comments on the proposed rule change can be 
found at: https://www.sec.gov/comments/sr-nasdaq-2020-028/srnasdaq2020028.htm.
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    Section 19(b)(2) of the Act \4\ 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 after publication of the notice for this proposed rule change 
is July 23, 2020. The Commission is extending this 45-day time period.
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    \4\ 15 U.S.C. 78s(b)(2).
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    The Commission finds it appropriate to designate a longer period 
within which to take action on the proposed rule change so that it has 
sufficient time to consider the proposed rule change and the comments 
received. Accordingly, the Commission, pursuant to Section 19(b)(2) of 
the Act,\5\ designates September 6, 2020 as the date by which the 
Commission shall either approve or disapprove, or institute proceedings 
to determine whether to disapprove, the proposed rule change (File No. 
SR-NASDAQ-2020-028).
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    \5\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-16017 Filed 7-23-20; 8:45 am]
BILLING CODE 8011-01-P