Document ID: SEC-2020-0222-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange, LLC
Posted Date: 2020-02-20T05:00Z

[Federal Register Volume 85, Number 34 (Thursday, February 20, 2020)]
[Notices]
[Pages 9891-9892]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-03325]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88190; File No. SR-NYSE-2019-67]

Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Designation of a Longer Period for Commission Action on a 
Proposed Rule Change, as Modified by Amendment No. 1, To Amend Chapter 
One of the Listed Company Manual To Modify the Provisions Relating to 
Direct Listings

February 13, 2020.
    On December 11, 2019, 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 Chapter One of the Listed Company Manual 
to modify the provisions relating to direct listings. On December 13, 
2019, the Exchange filed Amendment No. 1 to the proposed rule change, 
which amended and replaced the proposed rule change in its entirety. 
The proposed rule change, as modified by Amendment No. 1, was published 
for comment in the Federal Register on December 30, 2019.\3\ The 
Commission has received eight comment letters on the proposed rule 
change.\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. 87821 (December 20, 
2019), 84 FR 72065 (December 30, 2019).
    \4\ See Letter from Allan Rosenbalm (December 4, 2019); Letter 
from Anonymous (December 4, 2019); Letter from Tina Rosenbalm 
(December 5, 2019); Letter from Christopher J. Iacovella, Chief 
Executive Officer, ACA (December 12, 2019); Letter from Anonymous 
(January 3, 2020); Letter from Jeffrey P. Mahoney, General Counsel, 
Council of Institutional Investors (January 16, 2020); Matthew B. 
Venturi, Founder & CEO, ClearingBid, Inc. (January 21, 2020); David 
Ludwig, Head of Americas Equity Capital Markets, Goldman Sachs 
Group, Inc. (February 7, 2020).
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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 after publication of the notice for this

[[Page 9892]]

proposed rule change is February 13, 2020. The Commission is extending 
this 45-day time period.
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    \5\ 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,\6\ designates March 29, 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-NYSE-2019-67).
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    \6\ Id.
    \7\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 2020-03325 Filed 2-19-20; 8:45 am]
 BILLING CODE 8011-01-P