Rules and Regulations. SECURITIES AND EXCHANGE COMMISSION
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/register/2019/04/18/2019-07824·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
BILLING CODE 8011-01-P SECURITIES AND EXCHANGE COMMISSION [Release No. 34-85644; File No. SR-NYSE-2018-46] Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend the Listed Company Manual for Special Purpose Acquisition Companies To Reduce the Continued Listing Standards for Public Holders From 300 to 100 and To Enable the Exchange To Exercise Discretion To Allow Special Purpose Acquisition Companies a Reasonable Time Period Following a Business Combination To Demonstrate Compliance With the Applicable Quantitative Listing Standards April 15, 2019.
On October 1, 2018, New York Stock Exchange LLC (“NYSE” 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 amend the Listed Company Manual for Acquisition Companies (“ACs”) to reduce the continued listing standards for public holders from 300 to 100 and to enable the Exchange to exercise discretion to allow ACs a reasonable time period following a business combination to demonstration compliance with the applicable quantitative listing standards. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4.
The proposed rule change was published for comment in the **Federal Register** on October 18, 2018. 3 In response, the Commission received one comment on the proposed rule change. 4 On November 29, 2018, pursuant to Section 19(b)(2) of the Act, 5 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 proposed rule change. 6 On January 15, 2019, the Commission issued an order instituting proceedings under Section 19(b)(2)(B) of the Act 7 to determine whether to approve or disapprove the proposed rule change (“OIP”). 8 The Commission received one comment on the proposal in response to the OIP. 9 3 *See* Securities Exchange Act Release No. 84420 (October 12, 2018), 83 FR 52854 (October 18, 2018) (“Notice”). 4 *See* Letter to Secretary, Commission, from Jeffrey P.
Mahoney, General Counsel, Council of Institutional Investors, dated November 8, 2018 (“CII Letter”). 5 15 U.S.C. 78s(b)(2). 6 *See* Securities Exchange Act Release No. 84680 (November 29, 2018), 83 FR 62942 (December 8, 2018). The Commission designated January 16, 2019, as the date by which it should approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule change. 7 15 U.S.C. 78s(b)(2)(B). 8 *See* Securities Exchange Act Release No. 84984 (January 15, 2019), 84 FR 0855 (January 31, 2019). 9 *See* Letter to Secretary, Commission, from Jeffrey P.
Mahoney, General Counsel, Council of Institutional Investors, dated February 11, 2019 (“CII Letter II”). Section 19(b)(2) of the Act 10 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.
The proposed rule change was published for notice and comment in the **Federal Register** on October 18, 2018. The 180th day after publication of the Notice is April 16, 2019, and June 15, 2019 is an additional 60 days from that date. The Commission finds it 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 and the comment letters. Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, 11 designates June 15, 2019, as the date by which the Commission shall either approve or disapprove the proposed rule change (File No.
SR-NYSE-2018-46). 10 15 U.S.C. 78s(b)(2). 11 *Id.* For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 12 12 17 CFR 200.30-3(a)(57). Eduardo A. Aleman, Deputy Secretary. [FR Doc. 2019-07824 Filed 4-17-19; 8:45 am]
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