Document ID: SEC-2018-0142-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: New York Stock Exchange LLC
Posted Date: 2018-01-24T05:00Z

[Federal Register Volume 83, Number 16 (Wednesday, January 24, 2018)]
[Notices]
[Pages 3371-3372]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-01208]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82531; File No. SR-NYSE-2017-53]

Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Designation of a Longer Period for Commission Action on a 
Proposed Rule Change To Amend the Listed Company Manual for Special 
Purpose Acquisition Companies To Lower the Initial Holders Requirement 
From 300 to 150 Round Lot Holders and To Eliminate Completely the 300 
Public Stockholders Continued Listing Requirement, To Require at Least 
$5 Million in Net Tangible Assets for Initial and Continued Listing, 
and To Impose a 30-Day Deadline To Demonstrate Compliance With the 
Initial Listing Requirements Following a Business Combination

January 18, 2018.
    On November 16, 2017, 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 the Listed Company Manual for Special 
Purpose Acquisition Companies (``SPACs'') \3\ to lower the initial 
holders requirement from 300 to 150 round lot holders and to eliminate 
the continued listing requirement of 300 public stockholders 
completely, to require at least $5 million in net tangible assets for 
initial listing and continued listing, and to impose a 30-day deadline 
to demonstrate compliance with initial listing requirements following a

[[Page 3372]]

business combination. The proposed rule change was published for 
comment in the Federal Register on December 6, 2017.\4\ The Commission 
received two comments on the proposal.\5\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ The Commission notes that throughout this Notice we have 
used the term ``SPAC'' or ``SPACs.'' These terms have the same 
meaning as an ``Acquisition Company'' or ``AC'' which is the term 
used by NYSE in its current proposed rule filing and rule text.
    \4\ See Securities Exchange Act Release No. 82180 (November 30, 
2017), 82 FR 57632 (December 6, 2017) (``Notice'').
    \5\ See Letters to Brent J. Fields, Secretary, Commission, from 
Michael Kitlas, dated November 30, 2017 (``Kitlas Letter'') and 
Jeffrey P. Mahoney, General Counsel, Council of Institutional 
Investors, dated December 20, 2017 (``CII Letter'').
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    Section 19(b)(2) of the Act \6\ provides that within 45 days of the 
notice publication 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 proposed rule change 
is January 20, 2018. The Commission is extending this 45-day time 
period.
    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 proposal and the comment letters. 
Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\7\ designates March 6, 2018, 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-2017-53).
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    \6\ 15 U.S.C. 78s(b)(2).
    \7\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(31).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-01208 Filed 1-23-18; 8:45 am]
 BILLING CODE 8011-01-P