83_FR_63176 83 FR 62942 - 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 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 Acquisition Companies a Reasonable Time Period Following a Business Combination To Demonstrate Compliance With the Applicable Quantitative Listing Standards

83 FR 62942 - 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 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 Acquisition Companies a Reasonable Time Period Following a Business Combination To Demonstrate Compliance With the Applicable Quantitative Listing Standards

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 83, Issue 234 (December 6, 2018)

Page Range62942-62942
FR Document2018-26397

Federal Register, Volume 83 Issue 234 (Thursday, December 6, 2018) 
[Federal Register Volume 83, Number 234 (Thursday, December 6, 2018)]
[Notices]
[Page 62942]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-26397]



[[Page 62942]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-84680; 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 a 
Proposed Rule Change To Amend the Listed Company Manual for 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 Acquisition Companies a Reasonable Time Period Following a 
Business Combination To Demonstrate Compliance With the Applicable 
Quantitative Listing Standards

November 29, 2018.
    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. The proposed rule change was published 
for comment in the Federal Register on October 18, 2018.\3\ The 
Commission received one comment on the proposal.\4\
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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. 84420 (October 12, 
2018), 83 FR 52854 (October 18, 2018) (``Notice'').
    \4\ See Letter to Brent J. Fields, Secretary, Commission, from 
Jeffrey P. Mahoney, General Counsel, Council of Institutional 
Investors, dated November 8, 2018 (``CII Letter'').
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    Section 19(b)(2) of the Act \5\ 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 December 2, 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 letter. 
Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\6\ designates January 16, 2019, 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-2018-46).
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    \5\ 15 U.S.C. 78s(b)(2).
    \6\ Id.
    \7\ 17 CFR 200.30-3(a)(31).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-26397 Filed 12-4-18; 8:45 am]
 BILLING CODE 8011-01-P

62942 Federal Register / Vol. 83, No. 234 / Thursday, December 6, 2018 / Notices SECURITIES AND EXCHANGE after publication of the notice for this The text of the proposed rule change COMMISSION proposed rule change is December 2, is available on the Exchange’s website at 2018. The Commission is extending this http://nasdaqphlx.cchwallstreet.com/, [Release No. 34–84680; File No. SR–NYSE– 2018–46] 45-day time period. at the principal office of the Exchange, The Commission finds it appropriate and at the Commission’s Public Self-Regulatory Organizations; New to designate a longer period within Reference Room. York Stock Exchange LLC; Notice of which to take action on the proposed rule change so that it has sufficient time II. Self-Regulatory Organization’s Designation of a Longer Period for to consider the proposal and the Statement of the Purpose of, and Commission Action on a Proposed comment letter. Accordingly, the Statutory Basis for, the Proposed Rule Rule Change To Amend the Listed Commission, pursuant to Section Change Company Manual for Acquisition Companies To Reduce the Continued 19(b)(2) of the Act,6 designates January In its filing with the Commission, the Listing Standards for Public Holders 16, 2019, as the date by which the Exchange included statements From 300 to 100 and To Enable the Commission shall either approve or concerning the purpose of and basis for Exchange To Exercise Discretion To disapprove, or institute proceedings to the proposed rule change and discussed Allow Acquisition Companies a determine whether to disapprove, the proposed rule change (File No. SR– any comments it received on the Reasonable Time Period Following a proposed rule change. The text of these Business Combination To NYSE–2018–46). statements may be examined at the Demonstrate Compliance With the For the Commission, by the Division of places specified in Item IV below. The Applicable Quantitative Listing Trading and Markets, pursuant to delegated authority.7 Exchange has prepared summaries, set Standards forth in sections A, B, and C below, of Eduardo A. Aleman, November 29, 2018. the most significant aspects of such Assistant Secretary. On October 1, 2018, New York Stock statements. [FR Doc. 2018–26397 Filed 12–4–18; 8:45 am] Exchange LLC (‘‘NYSE’’ or ‘‘Exchange’’) A. Self-Regulatory Organization’s BILLING CODE 8011–01–P filed with the Securities and Exchange Statement of the Purpose of, and Commission (‘‘Commission’’), pursuant Statutory Basis for, the Proposed Rule to Section 19(b)(1) of the Securities SECURITIES AND EXCHANGE Change Exchange Act of 1934 (‘‘Act’’) 1 and Rule COMMISSION 19b-4 thereunder,2 a proposed rule 1. Purpose change to amend the Listed Company [Release No. 34–84685; File No. SR–Phlx– Manual for Acquisition Companies 2018–76] In August 2017 the Commission (‘‘ACs’’) to reduce the continued listing approved a proposed rule change for the Self-Regulatory Organizations; Nasdaq listing on the Exchange of NDXPM standards for public holders from 300 to PHLX LLC; Notice of Filing and 100 and to enable the Exchange to options on a pilot basis, with the pilot Immediate Effectiveness of Proposed to terminate on the earlier to occur of (i) exercise discretion to allow ACs a Rule Change To Amend the Pilot reasonable time period following a 12 months following the date of the first Period for the Listing of P.M.-Settled listing of the NDXPM options, or (ii) business combination to demonstration Nasdaq-100 Index Options Expiring on compliance with the applicable December 29, 2018.3 Notwithstanding the Third Friday of the Month this approval, due to unforeseen quantitative listing standards. The proposed rule change was published for November 29, 2018. technical programming delays P.M.– comment in the Federal Register on Pursuant to Section 19(b)(1) of the settled options on the NASDAQ–100 October 18, 2018.3 The Commission Securities Exchange Act of 1934 Index (‘‘NASDAQ–100’’) have not yet received one comment on the proposal.4 (‘‘Act’’),1 and Rule 19b–4 thereunder,2 been listed by the Exchange. In order to Section 19(b)(2) of the Act 5 provides notice is hereby given that on November allow sufficient time to realize the that within 45 days of the notice 20, 2018, Nasdaq PHLX LLC benefits of a pilot program for NDXPM publication of the filing of a proposed (‘‘Exchange’’) filed with the Securities options, the Exchange proposes to rule change, or within such longer and Exchange Commission amend Rule 1101A, Commentary .05 period up to 90 days as the Commission (‘‘Commission’’) the proposed rule such that he pilot will terminate on May may designate if it finds such longer change as described in Items I, II, and 6, 2019. By extending the outer limit of period to be appropriate and publishes III below, which Items have been the pilot period, the Exchange believes its reasons for so finding, or as to which prepared by the Exchange. The it will have adequate time to resolve the the self-regulatory organization Commission is publishing this notice to programming issues, implement the consents, the Commission shall either solicit comments on the proposed rule listing of NDXPM options, and provide approve the proposed rule change, change from interested persons. the pilot reports associated with the disapprove the proposed rule change, or initial approval order over a meaningful institute proceedings to determine I. Self-Regulatory Organization’s period of time. Without the amendment, whether the proposed rule change Statement of the Terms of Substance of the pilot period would end on December should be disapproved. The 45th day the Proposed Rule Change 29, 2018 and would not afford the The Exchange proposes to amend the Exchange or Commission a sufficient 1 15 U.S.C. 78s(b)(1). pilot period for the listing of P.M.- period of time within which NDXPM khammond on DSK30JT082PROD with NOTICES 2 17 CFR 240.19b–4. settled Nasdaq-100 Index Options options may trade in order to be 3 See Securities Exchange Act Release No. 84420 expiring on the third Friday of the meaningfully evaluated by the Exchange (October 12, 2018), 83 FR 52854 (October 18, 2018) (‘‘Notice’’). month (‘‘NDXPM options’’). as provided in the August 2017 4 See Letter to Brent J. Fields, Secretary, 6 Id. Commission, from Jeffrey P. Mahoney, General 3 See Rule 1101A Commentary .05 and Securities 7 17 CFR 200.30–3(a)(31). Counsel, Council of Institutional Investors, dated Exchange Act Release No. 81293 (August 2, 2017), November 8, 2018 (‘‘CII Letter’’). 1 15 U.S.C. 78s(b)(1). 82 FR 37138 (August 8, 2017) (approving SR–Phlx– 5 15 U.S.C. 78s(b)(2). 2 17 CFR 240.19b–4. 2017–04). VerDate Sep<11>2014 20:35 Dec 04, 2018 Jkt 247001 PO 00000 Frm 00110 Fmt 4703 Sfmt 4703 E:\FR\FM\06DEN1.SGM 06DEN1


Document Created: 2018-12-05 02:36:23
Document Modified: 2018-12-05 02:36:23
CategoryRegulatory Information
CollectionFederal Register
sudoc ClassAE 2.7:
GS 4.107:
AE 2.106:
PublisherOffice of the Federal Register, National Archives and Records Administration
SectionNotices
FR Citation83 FR 62942 
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