Document ID: SEC-2012-0379-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NASDAQ Stock Market LLC
Posted Date: 2012-03-07T05:00Z

[Federal Register Volume 77, Number 45 (Wednesday, March 7, 2012)]
[Notices]
[Page 13680]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2012-5471]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-66499; File No. SR-NASDAQ-2012-002]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on 
Proposed Rule Change To Adopt an Alternative to the $4 Initial Listing 
Bid Price Requirement for the Nasdaq Capital Market of Either $2 or $3, 
if Certain Other Listing Requirements Are Met

March 1, 2012.
    On January 3, 2012, The NASDAQ Stock Market LLC (``Exchange'' or 
``Nasdaq'') 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 
proposal to adopt an alternative to the $4 minimum bid price initial 
listing requirement for the Nasdaq Capital Market of either $2 or $3, 
if certain other listing requirements are met. The proposed rule change 
was published for comment in the Federal Register on January 20, 
2012.\3\ The Commission received one comment 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. 66159 (January 13, 
2012), 77 FR 3021.
    \4\ See Letter from David A. Donohoe, Jr., Donohoe Advisory 
Associates LLC, to Elizabeth M. Murphy, Secretary, Commission, dated 
February 10, 2012.
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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 March 5, 2012.
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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 and the comment received. The Exchange's proposal would, among 
other things, allow a company's primary equity securities to be 
initially listed on the Nasdaq Capital Market if those securities have 
a minimum bid price of $2 or $3 per share and certain other listing 
requirements are met.
    Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates April 19, 2012, as the date by which the Commission 
should either approve or disapprove or institute proceedings to 
determine whether to disapprove the proposed rule change.
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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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Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2012-5471 Filed 3-6-12; 8:45 am]
BILLING CODE 8011-01-P