[Federal Register Volume 85, Number 126 (Tuesday, June 30, 2020)]
[Notices]
[Page 39226]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-14012]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89147; File No. SR-NYSE-2019-67]


Self-Regulatory Organizations; New York Stock Exchange LLC; 
Notice of Designation of Longer Period for Commission Action on 
Proceedings To Determine Whether To Approve or Disapprove a Proposed 
Rule Change, as Modified by Amendment No. 2, To Amend Chapter One of 
the Listed Company Manual To Modify the Provisions Relating to Direct 
Listings

June 24, 2020.
    On December 11, 2019, New York Stock Exchange LLC (``NYSE'' or the 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) \1\ of the Securities 
Exchange Act of 1934 (``Act'') \2\ and Rule 19b-4 thereunder,\3\ a 
proposed rule change to amend Chapter One of the Listed Company Manual 
to modify the provisions relating to direct listings. On December 13, 
2019, the Exchange filed Amendment No. 1 to the proposed rule change, 
which amended and replaced the proposed rule change in its entirety. 
The proposed rule change, as modified by Amendment No. 1, was published 
for comment in the Federal Register on December 30, 2019.\4\ On 
February 13, 2020, pursuant to Section 19(b)(2) of the Exchange Act,\5\ 
the Commission designated a longer period within which to either 
approve the proposed rule change, disapprove the proposed rule change, 
or institute proceedings to determine whether to disapprove the 
proposed rule change.\6\ On March 26, 2020, the Commission instituted 
proceedings to determine whether to approve or disapprove the proposed 
rule change, as modified by Amendment No. 1.\7\ On June 22, 2020, the 
Exchange filed Amendment No. 2 to the proposed rule change, which 
superseded the proposed rule change as modified by Amendment No. 1.\8\
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 15 U.S.C. 78a.
    \3\ 17 CFR 240.19b-4.
    \4\ See Securities Exchange Act Release No. 87821 (December 20, 
2019), 84 FR 72065 (December 30, 2019) (``Notice''). Comments 
received on the Notice are available on the Commission's website at: 
https://www.sec.gov/comments/sr-nyse-2019-67/srnyse201967.htm.
    \5\ 15 U.S.C. 78s(b)(2).
    \6\ See Securities and Exchange Act Release No. 88190 (February 
13, 2020), 85 FR 9891 (February 20, 2020).
    \7\ See Securities and Exchange Act Release No. 88485 (March 26, 
2020), 85 FR 18292 (April 1, 2020).
    \8\ See Securities and Exchange Act Release No. 89148 (June 24, 
2020).
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    Section 19(b)(2) of the Act \9\ provides that, after initiating 
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 the 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 December 30, 2019.\10\ The 180th day after publication of the Notice 
is June 27, 2020. 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).
    \10\ See supra note 4.
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    The Commission finds that it is 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. 2, along with the 
comments received on the proposal and the Exchange's response. 
Accordingly, the Commission, pursuant to Section 19(b)(2) of the 
Act,\11\ designates August 26, 2020, as the date by which the 
Commission should either approve or disapprove the proposed rule change 
(File No. SR-NYSE-2019-67), as modified by Amendment No. 2.
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    \11\ 15 U.S.C. 78s(b)(2).

    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)(12).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-14012 Filed 6-29-20; 8:45 am]
BILLING CODE 8011-01-P


