Document ID: SEC-2011-1091-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: NASDAQ Stock Market LLC
Posted Date: 2011-07-29T04:00Z

[Federal Register Volume 76, Number 146 (Friday, July 29, 2011)]
[Notices]
[Page 45636]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-19231]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-64956; File No. SR-NASDAQ-2011-073]

Self-Regulatory Organizations; The NASDAQ Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on 
Proposed Rule Change To Adopt Additional Listing Requirements for 
Reverse Mergers

 July 25, 2011.
    On May 26, 2011, The NASDAQ Stock Market LLC (``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 proposed rule change to 
adopt additional listing requirements for reverse mergers. The proposed 
rule change was published for comment in the Federal Register on June 
14, 2011.\3\ The Commission 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. 64633 (June 8, 
2011), 76 FR 34781.
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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 July 29, 2011.
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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 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 
reverse merger companies, whereby an operating company becomes public 
by combining with a public shell.
    Accordingly, pursuant to Section 19(b)(2) of the Act,\5\ the 
Commission designates September 12, 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-NASDAQ-2011-073).
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    \5\ 15 U.S.C. 78s(b)(2).
    \6\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-19231 Filed 7-28-11; 8:45 am]
BILLING CODE 8011-01-P