[Federal Register Volume 85, Number 180 (Wednesday, September 16, 2020)]
[Notices]
[Pages 57895-57896]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-20361]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-89823; File No. SR-NASDAQ-2020-017]


Self-Regulatory Organizations; the Nasdaq Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on a 
Proposed Rule Change To Amend Nasdaq Rule 5704

September 10, 2020.
    On July 23, 2020, The Nasdaq Stock Market LLC (``Nasdaq'') 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 
Nasdaq Rule 5704 to: (1) Remove the requirement that a series of 
Exchange Traded Fund Shares have at least 50 beneficial holders 
following twelve months after listing on Nasdaq; and (2) replace the 
requirement that Nasdaq must establish a minimum number of shares of a 
series of Exchange Traded Fund Shares to be outstanding at the time of 
initial listing, with the requirement that a series of Exchange Traded 
Fund Shares must have a minimum number of shares outstanding to 
facilitate the formation of at least one creation unit on an initial 
and continued listing basis. The proposed rule change was published for 
comment in the Federal Register on August 7, 2020.\3\ The Commission 
has 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. 89464 (August 4, 
2020), 85 FR 48012.
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    Section 19(b)(2) of the Act \4\ provides that within 45 days of the 
publication of notice of the filing of a proposed rule change, or 
within such longer period up

[[Page 57896]]

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 September 21, 2020. The 
Commission is extending this 45-day time period.
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    \4\ 15 U.S.C. 78s(b)(2).
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    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 proposed rule change. Accordingly, the 
Commission, pursuant to Section 19(b)(2) of the Act,\5\ designates 
November 5, 2020 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-NASDAQ-2020-017).
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    \5\ Id.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\6\
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    \6\ 17 CFR 200.30-3(a)(31).
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J. Matthew DeLesDernier,
Assistant Secretary.
[FR Doc. 2020-20361 Filed 9-15-20; 8:45 am]
BILLING CODE 8011-01-P


