[Federal Register Volume 85, Number 218 (Tuesday, November 10, 2020)]
[Notices]
[Page 71708]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-24882]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90331; File No. SR-NASDAQ-2020-057]


Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 
Notice of Designation of a Longer Period for Commission Action on a 
Proposed Rule Change, To Allow Companies To List in Connection With a 
Direct Listing With a Primary Offering in Which the Company Will Sell 
Shares Itself in the Opening Auction on the First Day of Trading on 
Nasdaq and To Explain How the Opening Transaction for Such a Listing 
Will Be Effected

November 4, 2020.
    On September 4, 2020, The Nasdaq Stock Market LLC (``Nasdaq'' 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 allow companies to list in connection with a 
direct listing with a primary offering in which the company will sell 
shares itself in the opening auction in the first day of trading on 
Nasdaq and to explain how the opening transaction for such a listing 
will be effected. The proposed rule change was published for comment in 
the Federal Register on September 21, 2020.\3\
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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. 89878 (September 15, 
2020), 85 FR 59349 (September 21, 2020). Comments received on the 
proposed rule change available at: https://www.sec.gov/comments/sr-nasdaq-2020-057/srnasdaq2020057.htm.
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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 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 November 5, 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 and the comments 
received. Accordingly, the Commission, pursuant to Section 19(b)(2) of 
the Act,\5\ designates December 20, 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-2020-057).
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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. 2020-24882 Filed 11-9-20; 8:45 am]
BILLING CODE 8011-01-P


