Document ID: SEC-2022-0020-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: The Nasdaq Stock Market, LLC
Posted Date: 2022-01-07T05:00Z

[Federal Register Volume 87, Number 5 (Friday, January 7, 2022)]
[Notices]
[Page 998]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-00058]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-93891; File No. SR-NASDAQ-2021-054]

Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove a Proposed 
Rule Change To Modify Listing Rule IM-5101-2 To Permit an Acquisition 
Company To Contribute a Portion of Its Deposit Account to Another 
Entity in a Spin-Off or Similar Corporate Transaction

January 3, 2022.
    On June 24, 2021, 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 
Listing Rule IM-5101-2 to permit an acquisition company to contribute a 
portion of the amount held in its deposit account to a deposit account 
of a new acquisition company in a spin-off or similar corporate 
transaction. The proposed rule change was published for comment in the 
Federal Register on July 13, 2021.\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. 92344 (July 7, 
2021), 86 FR 36841. Comments received on the proposal are available 
on the Commission's website at: https://www.sec.gov/comments/sr-nasdaq-2021-054/srnasdaq2021054.htm.
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    On August 25, 2021, pursuant to Section 19(b)(2) of the Act,\4\ the 
Commission designated a longer period within which to approve the 
proposed rule change, disapprove the proposed rule change, or institute 
proceedings to determine whether to disapprove the proposed rule 
change.\5\ On September 30, 2021, the Commission instituted proceedings 
under Section 19(b)(2)(B) of the Act \6\ to determine whether to 
approve or disapprove the proposed rule change.\7\
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    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 92751, 86 FR 48780 
(Aug. 31, 2021).
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 93219, 86 FR 55664 
(Oct. 6, 2021).
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    Section 19(b)(2) of the Act \8\ provides that, after initiating 
proceedings, the Commission shall issue an order approving or 
disapproving the proposed rule change not later than 180 days after the 
date of publication of notice of filing of the proposed rule change. 
The Commission may extend the period for issuing an order approving or 
disapproving the proposed rule change, however, by not more than 60 
days if the Commission determines that a longer period is appropriate 
and publishes the reasons for such determination. The proposed rule 
change was published for comment in the Federal Register on July 13, 
2021.\9\ The 180th day after publication of the proposed rule change is 
January 9, 2022. The Commission is extending the time period for 
approving or disapproving the proposed rule change for an additional 60 
days.
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    \8\ 15 U.S.C. 78s(b)(2).
    \9\ See supra note 3.
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    The Commission finds that it is appropriate to designate a longer 
period within which to issue an order approving or disapproving the 
proposed rule change so that it has sufficient time to consider the 
proposed rule change and comments received. Accordingly, the 
Commission, pursuant to Section 19(b)(2) of the Act,\10\ designates 
March 10, 2022, as the date by which the Commission shall either 
approve or disapprove the proposed rule change (File Number SR-NASDAQ-
2021-054).
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    \10\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2022-00058 Filed 1-6-22; 8:45 am]
BILLING CODE 8011-01-P