Document ID: SEC-2020-0350-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: The Nasdaq Stock Market LLC
Posted Date: 2020-03-11T04:00Z

[Federal Register Volume 85, Number 48 (Wednesday, March 11, 2020)]
[Notices]
[Page 14264]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-04903]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-88325; File No. SR-NASDAQ-2020-001]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Designation of Longer Period for Commission Action on 
Proposed Rule Change To Modify the Delisting Process for Securities 
With a Bid Price Below $0.10 and for Securities That Have Had One or 
More Reverse Stock Splits With a Cumulative Ratio of 250 or More to One 
Over the Prior Two-Year Period

March 5, 2020.
    On January 2, 2020, The Nasdaq Stock Market LLC (``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 
modify the delisting process for securities that are in a bid price 
compliance period and have a bid price below $0.10 and for securities 
that have had one or more reverse stock splits with a cumulative ratio 
of 250 or more to one over the prior two-year period. The proposed rule 
change was published for comment in the Federal Register on January 22, 
2020.\3\ The Commission has received no comments on the proposal.
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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. 87982 (January 15, 
2020), 85 FR 3736.
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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 for this filing is March 7, 2020.
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    \4\ 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 within which to take action on 
the proposed rule change so that it has sufficient time to consider the 
proposed rule change.
    Accordingly, pursuant to Section 19(b)(2) of the Act,\5\ the 
Commission designates April 21, 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-2020-001).
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    \5\ 15 U.S.C. 78s(b)(2).

    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. 2020-04903 Filed 3-10-20; 8:45 am]
BILLING CODE 8011-01-P