Document ID: SEC-2021-0407-0001
Agency: sec
Document Type: Notice
Title: Self-Regulatory Organizations; Proposed Rule Changes: The Nasdaq Stock Market, LLC
Posted Date: 2021-03-24T04:00Z

[Federal Register Volume 86, Number 55 (Wednesday, March 24, 2021)]
[Notices]
[Page 15747]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-05994]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-91348; File No. SR-NASDAQ-2020-062]

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, as Modified by Amendment, No. 1, To Amend Listing Rules 
Applicable to Special Purpose Acquisition Companies Whose Business Plan 
Is To Complete One or More Business Combinations

March 18, 2021.
    On September 3, 2020, The Nasdaq Stock Market LLC (``Nasdaq'' 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 its listing rules to permit companies 
whose business plan is to complete one or more business combinations 
(``SPACs'' or ``Acquisition Companies'') 15 calendar days following the 
closing of a business combination to demonstrate that the SPAC has 
satisfied the applicable round lot shareholder requirement. The 
proposed rule change was published for comment in the Federal Register 
on September 22, 2020.\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. 89897 (September 16, 
2020), 85 FR 59574 (``Notice''). Comments received on the proposal 
are available on the Commission's website at: https://www.sec.gov/comments/sr-nasdaq-2020-062/srnasdaq2020062.htm.
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    On November 4, 2020, pursuant to Section 19(b)(2) of the Exchange 
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 December 16, 2020, 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\ 
On February 25, 2021, the Exchange filed Amendment No. 1 to the 
proposed rule change, which superseded the proposed rule change as 
originally filed. Amendment No. 1 to the proposed rule change was 
published for comment in the Federal Register on March 16, 2021.\8\
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    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 90340, 85 FR 71704 
(November 10, 2020). The Commission designated December 21, 2020, 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. 90682, 85 FR 83113 
(December 16, 2020).
    \8\ See Securities Exchange Act Release No. 91294 (March 10, 
2021), 86 FR 14508 (March 16, 2021).
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    Section 19(b)(2) of the Exchange 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 comment in the Federal Register 
on September 22, 2020. The 180th day after publication of the Notice is 
March 21, 2021. The Commission is extending the time period for 
approving or disapproving the proposal for an additional 60 days.
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    \9\ 15 U.S.C. 78s(b)(2).
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    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 as modified by Amendment No. 1, along with the comments 
received on the proposal and the Exchange's response. Accordingly, the 
Commission, pursuant to Section 19(b)(2) of the Exchange Act,\10\ 
designates May 20, 2021 as the date by which the Commission shall 
either approve or disapprove the proposed rule change (File No. SR-
NASDAQ-2020-062) as modified by Amendment No. 1.
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    \10\ Id.

    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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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2021-05994 Filed 3-23-21; 8:45 am]
BILLING CODE 8011-01-P