Document ID: SEC-2019-1898-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: The Nasdaq Stock Market, LLC
Posted Date: 2019-12-18T05:00Z

[Federal Register Volume 84, Number 243 (Wednesday, December 18, 2019)]
[Notices]
[Pages 69401-69402]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2019-27196]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-87721; File No. SR-NASDAQ-2019-049]

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 Amend the Definition of Family Member in Listing Rule 
5605(a)(2) for Purposes of the Definition of Independent Director

December 12, 2019.
    On May 29, 2019, The Nasdaq Stock Market LLC (``Nasdaq'' or the 
``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 
proposal to modify the definition of a ``Family Member'', for purposes 
of the independence of directors, under Nasdaq Rule 5605(a)(2). The 
proposed rule change was published for comment in the Federal Register 
on June 18, 2019.\3\ On August 1, 2019, 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\

[[Page 69402]]

On September 13, 2019, the Commission issued an order instituting 
proceedings under Section 19(b)(2)(B) of the Act \6\ to determine 
whether to approve or disapprove the proposed rule change (``OIP'').\7\ 
The Commission received one comment letter, from Nasdaq, in response to 
the OIP.\8\
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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. 86095 (June 12, 
2019), 84 FR 28379.
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 86545 (August 1, 
2019), 84 FR 38704 (August 7, 2019). The Commission designated 
September 16, 2019, as the date by which it should approve, 
disapprove, or institute proceedings to determine whether to 
disapprove the proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 86969 (September 13, 
2019), 84 FR 49353 (September 19, 2019).
    \8\ See letter from Jeffrey S. Davis, Senior Vice President and 
Senior Deputy General Counsel, Nasdaq, to Vanessa A. Countryman, 
Secretary, Commission, dated November 12, 2019.
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    Section 19(b)(2) of the Act \9\ provides that, after initiating 
disapproval 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 notice and comment in the 
Federal Register on June 18, 2019. The 180th day after publication of 
the Notice is December 15, 2019, and February 13, 2020 is an additional 
60 days from that date.
    The Commission finds it 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 the comment letter. Accordingly, the Commission, 
pursuant to Section 19(b)(2) of the Act,\10\ designates February 13, 
2020 as the date by which the Commission shall either approve or 
disapprove the proposed rule change (File No. SR-NASDAQ-2019-049).
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    \9\ 15 U.S.C. 78s(b)(2).
    \10\ Id.
    \11\ 17 CFR 200.30-3(a)(57).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2019-27196 Filed 12-17-19; 8:45 am]
 BILLING CODE 8011-01-P