Notices. SECURITIES AND EXCHANGE COMMISSION
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/register/2021/03/18/2021-05556A 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. 34-91309; File No. SR-NYSEArca-2020-54] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Designation of a 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 Amend NYSE Arca Rule 5.3-E To Exempt Registered Investment Companies That List Certain Categories of the Securities Defined as Derivative and Special Purpose Securities Under NYSE Arca Rules From Having To Obtain Shareholder Approval Prior to the Issuance of Securities in Connection With Certain Acquisitions of the Stock or Assets of an Affiliated Company March 12, 2021.
On August 28, 2020, NYSE Arca, Inc. (“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 NYSE Arca Rule 5.3-E (Corporate Governance and Disclosure Policies) to exempt certain categories of derivative and special purpose securities from the requirement to obtain shareholder approval prior to the issuance of securities in connection with certain acquisitions of the stock or assets of another company.
The proposed rule change was published in the **Federal Register** on September 17, 2020. 3 On October 30, 2020, 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the proposed rule change. 5 On December 1, 2020, the Exchange filed Amendment No. 1 to the proposed rule change, which superseded the proposed rule change as originally filed. 6 On December 15, 2020, the Commission published notice of Amendment No. 1 and instituted proceedings under Section 19(b)(2)(B) of the Act 7 to determine whether to approve or disapprove the proposed rule change, as modified by Amendment No. 1. 8 The Commission has received no comments on the proposed rule change. 1 15 U.S.C. 78s(b)(1). 2 17 CFR 240.19b-4. 3 *See* Securities Exchange Act Release No. 89834 (September 11, 2020), 85 FR 58090. 4 15 U.S.C. 78s(b)(2). 5 *See* Securities Exchange Act Release No. 90297, 85 FR 70701 (November 5, 2020). 6 Amendment No. 1 is available on the Commission's website at *https://www.sec.gov/rules/sro/nysearca.htm.* 7 15 U.S.C. 78s(b)(2)(B). 8 *See* Securities Exchange Act Release No. 90675, 85 FR 83121 (Dec. 21, 2020).
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 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 September 17, 2020. 10 The 180th day after publication of the Notice is March 16, 2021. The Commission is extending the time period for approving or disapproving the proposal for an additional 60 days. 9 15 U.S.C. 78s(b)(2). 10 *See supra* note 3. 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, 11 designates May 15, 2021, as the date by which the Commission shall either approve or disapprove or the proposed rule change (File Number SR-NYSEArca-2020-54), as modified by Amendment No. 1. 11 15 U.S.C. 78s(b)(2). For the Commission, by the Division of Trading and Markets, pursuant to delegated authority. 12 12 17 CFR 200.30-3(a)(57). J. Matthew DeLesDernier, Assistant Secretary. [FR Doc. 2021-05556 Filed 3-17-21; 8:45 am]
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