84 FR 16299 - Self-Regulatory Organizations; New York Stock Exchange 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 Listed Company M

[Federal Register Volume 84, Number 75 (Thursday, April 18, 2019)]
[Notices]
[Pages 16299-16300]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2019-07824]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-85644; File No. SR-NYSE-2018-46]


Self-Regulatory Organizations; New York Stock Exchange 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 Listed Company Manual for Special Purpose 
Acquisition Companies To Reduce the Continued Listing Standards for 
Public Holders From 300 to 100 and To Enable the Exchange To Exercise 
Discretion To Allow Special Purpose Acquisition Companies a Reasonable 
Time Period Following a Business Combination To Demonstrate Compliance 
With the Applicable Quantitative Listing Standards

April 15, 2019.
    On October 1, 2018, 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 Acquisition 
Companies (``ACs'') to reduce the continued listing standards for 
public holders from 300 to 100 and to enable the Exchange to exercise 
discretion to allow ACs a reasonable time period following a business 
combination to demonstration compliance with the applicable 
quantitative listing standards.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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    The proposed rule change was published for comment in the Federal 
Register on October 18, 2018.\3\ In response, the Commission received 
one comment on the proposed rule change.\4\ On November 29, 2018, 
pursuant to Section 19(b)(2) of the Act,\5\ the

[[Page 16300]]

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.\6\ On January 15, 2019, the Commission issued an order 
instituting proceedings under Section 19(b)(2)(B) of the Act \7\ to 
determine whether to approve or disapprove the proposed rule change 
(``OIP'').\8\ The Commission received one comment on the proposal in 
response to the OIP.\9\
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    \3\ See Securities Exchange Act Release No. 84420 (October 12, 
2018), 83 FR 52854 (October 18, 2018) (``Notice'').
    \4\ See Letter to Secretary, Commission, from Jeffrey P. 
Mahoney, General Counsel, Council of Institutional Investors, dated 
November 8, 2018 (``CII Letter'').
    \5\ 15 U.S.C. 78s(b)(2).
    \6\ See Securities Exchange Act Release No. 84680 (November 29, 
2018), 83 FR 62942 (December 8, 2018). The Commission designated 
January 16, 2019, as the date by which it should approve, 
disapprove, or institute proceedings to determine whether to 
disapprove the proposed rule change.
    \7\ 15 U.S.C. 78s(b)(2)(B).
    \8\ See Securities Exchange Act Release No. 84984 (January 15, 
2019), 84 FR 0855 (January 31, 2019).
    \9\ See Letter to Secretary, Commission, from Jeffrey P. 
Mahoney, General Counsel, Council of Institutional Investors, dated 
February 11, 2019 (``CII Letter II'').
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    Section 19(b)(2) of the Act \10\ 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 October 18, 2018. The 180th day after publication 
of the Notice is April 16, 2019, and June 15, 2019 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 letters. Accordingly, the Commission, 
pursuant to Section 19(b)(2) of the Act,\11\ designates June 15, 2019, 
as the date by which the Commission shall either approve or disapprove 
the proposed rule change (File No. SR-NYSE-2018-46).
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    \10\ 15 U.S.C. 78s(b)(2).
    \11\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\12\
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    \12\ 17 CFR 200.30-3(a)(57).
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Eduardo A. Aleman,
Deputy Secretary.
[FR Doc. 2019-07824 Filed 4-17-19; 8:45 am]
 BILLING CODE 8011-01-P