[Federal Register Volume 87, Number 154 (Thursday, August 11, 2022)]
[Notices]
[Pages 49631-49632]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2022-17221]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-95434; File No. SR-NASDAQ-2022-015]


Self-Regulatory Organizations; The Nasdaq Stock Market 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. 1, To Exempt Non-Convertible 
Bonds Listed Under Rule 5702 From Certain Corporate Governance 
Requirements

August 5, 2022.
    On February 4, 2022, 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 exempt non-convertible bonds listed under Rule 
5702 from certain corporate governance requirements. The proposed rule 
change was published for comment in the Federal Register on February 
23, 2022.\3\ On March 18, 2022, pursuant to Section 19(b)(2) of the 
Act,\4\ the Commission designated a longer period within which to 
approve the proposed rule change, disapprove the proposed rule change, 
or institute proceedings to determine whether to disapprove the

[[Page 49632]]

proposed rule change.\5\ On May 18, 2022, the Commission instituted 
proceedings under Section 19(b)(2)(B) of the Act \6\ to determine 
whether to approve or disapprove the proposed rule change.\7\ On June 
13, 2022, Exchange filed Amendment No. 1 to the proposed rule change, 
which supersedes the original filing in its entirety.\8\ The Commission 
has received no comment letters 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. 94265 (February 16, 
2022), 87 FR 10265 (``Notice).
    \4\ 15 U.S.C. 78s(b)(2).
    \5\ See Securities Exchange Act Release No. 94471, 87 FR 16778 
(March 24, 2022). The Commission designated May 24, 2022, as the 
date by which the Commission shall approve or disapprove, or 
institute proceedings to determine whether to disapprove, the 
proposed rule change.
    \6\ 15 U.S.C. 78s(b)(2)(B).
    \7\ See Securities Exchange Act Release No. 94941, 87 FR 31594 
(May 24, 2022).
    \8\ In Amendment 1, the Exchange: (i) clarified the purpose and 
rationale of the proposed rule change; and (ii) made technical 
changes to improve the structure, clarity and readability of the 
proposed rule. The full text of Amendment No. 1 is available on the 
Commission's website at: https://www.sec.gov/comments/sr-nasdaq-2022-015/srnasdaq2022015-20131121-301311.pdf.
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    Section 19(b)(2) of the Act \9\ provides that, after initiating 
disapproval 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 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.\10\ The 
proposed rule change was published for notice and comment in the 
Federal Register on February 23, 2022.\11\ August 22, 2022, is 180 days 
from that date, and October 21, 2022, is 240 days from that date.
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    \9\ 15 U.S.C. 78s(b)(2).
    \10\ Id.
    \11\ See Notice, supra note 3.
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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. 1. Accordingly, the 
Commission, pursuant to Section 19(b)(2) of the Act,\12\ designates 
October 21, 2022, as the date by which the Commission shall either 
approve or disapprove the proposed rule change, as modified by 
Amendment No. 1 (File No. SR-NASDAQ-2022-015).
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    \12\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\13\
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    \13\ 17 CFR 200.30-3(a)(57).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2022-17221 Filed 8-10-22; 8:45 am]
BILLING CODE 8011-01-P


