[Federal Register Volume 83, Number 69 (Tuesday, April 10, 2018)]
[Notices]
[Pages 15441-15442]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2018-07245]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-82994; File No. SR-NASDAQ-2018-008]


Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Designation of Longer Period for Commission Action on a 
Proposed Rule Change To Modify the Listing Requirements Contained in 
Listing Rule 5635(d) To Change the Definition of Market Value for 
Purposes of the Shareholder Approval Rules and Eliminate the 
Requirement for Shareholder Approval of Issuances at a Price Less Than 
Book Value but Greater Than Market Value

April 4, 2018.
    On January 30, 2018, 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 
proposed rule change to modify the listing requirements contained in 
Listing Rule 5635(d) to change the definition of market value for 
purposes of the shareholder approval rules and eliminate the 
requirement for shareholder approval of issuances at a price less than 
book value but greater than market value. The proposed rule change was 
published for comment in the Federal Register on February 20, 2018.\3\ 
The Commission received three comments in response to the proposed rule 
change.\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. 82702 (February 13, 
2018), 83 FR 7269 (February 20, 2018).
    \4\ See Letters to Brent J. Fields, Secretary, Commission, from 
Michael A. Adelstein, Partner, Kelley Drye & Warren LLP, dated 
February 28, 2018; Penny Somer-Grief, Chair, and Gregory T. 
Lawrence, Vice-Chair, Committee on Securities Law of the Business 
Law Section of the Maryland State Bar Association, dated March 13, 
2018; and Greg Rodgers, Latham Watkins, dated March 14, 2018. The 
comment letters are available at: https://www.sec.gov/comments/sr-nasdaq-2018-008/nasdaq2018008.htm.
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    Section 19(b)(2) of the Act \5\ provides that, within 45 days of 
the publication of the 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 approve the proposed rule 
change, disapprove the proposed rule change, or institute

[[Page 15442]]

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 April 6, 2018. 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 and the 
comment letters. Accordingly, the Commission, pursuant to Section 
19(b)(2) of the Act,\6\ designates May 21, 2018, as the date by which 
the Commission should approve, disapprove, or institute proceedings to 
determine whether to disapprove the proposed rule change (File No. SR-
NASDAQ-2018-008).
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    \6\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\7\
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    \7\ 17 CFR 200.30-3(a)(31).
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Eduardo A. Aleman,
Assistant Secretary.
[FR Doc. 2018-07245 Filed 4-9-18; 8:45 am]
 BILLING CODE 8011-01-P


