81 FR 92885 - Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Designation of a Longer Period for Commission Action on Proposed Rule Change To Enhance the Reopening Auction Process Following a Trading Halt Declared Pursuant to the Plan To Address Extraordinary Market Volatility

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 244 (December 20, 2016)

[Federal Register Volume 81, Number 244 (Tuesday, December 20, 2016)]
[Notices]
[Page 92885]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-30557]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-79551; File No. SR-NASDAQ-2016-131]


Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on 
Proposed Rule Change To Enhance the Reopening Auction Process Following 
a Trading Halt Declared Pursuant to the Plan To Address Extraordinary 
Market Volatility

December 14, 2016.
    On October 13, 2016, 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 
related to the reopening auction process following a trading halt 
declared pursuant to the Plan to Address Extraordinary Market 
Volatility. The proposed rule change was published for comment in the 
Federal Register on November 1, 2016.\3\ On December 5, 2016, the 
Exchange filed Amendment No. 1 to its proposed rule change.\4\ The 
Commission received no comments on the proposed rule change.
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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. 79158 (October 26, 
2016), 81 FR 75879.
    \4\ In Amendment No. 1, the Exchange proposed to use the Auction 
Reference Price in determining whether or not a security was priced 
at $3 or less for purposes of calculating the Auction Collar. In 
addition, the Exchange proposed to amend Rule 4754(b)(6) to make a 
conforming change to state that the rule applies to Trading Pauses 
in existence at or after 3:50 p.m. and before 4:00 p.m. Amendment 
No. 1 is available at https://www.sec.gov/comments/sr-nasdaq-2016-
131/nasdaq2016131-1.pdf.
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    Section 19(b)(2) of the Act \5\ provides that, within 45 days of 
the publication of notice 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 December 16, 2016. The Commission is extending this 45-day time 
period.
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    \5\ 15 U.S.C. 78s(b)(2).
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    The Commission finds that it is 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 proposed rule change. 
Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates January 30, 2017 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 Number 
SR-NASDAQ-2016-131).
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    \6\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
Robert W. Errett,
Deputy Secretary.
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    \7\ 17 CFR 200.30-3(a)(31).
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[FR Doc. 2016-30557 Filed 12-19-16; 8:45 am]
BILLING CODE 8011-01-P