Proposed Collection; Comment Request, 8582 [2016-03398]
Download as PDF
<![CDATA[
8582
Federal Register / Vol. 81, No. 33 / Friday, February 19, 2016 / Notices
Information Officer, Securities and
Exchange Commission, c/o Remi PavlikSimon, 100 F Street NE., Washington,
DC 20549 or send an email to: PRA_
Mailbox@sec.gov.
SECURITIES AND EXCHANGE
COMMISSION
Proposed Collection; Comment
Request
Upon Written Request Copies Available
From: Securities and Exchange
Commission, Office of FOIA Services,
100 F Street NE., Washington, DC
20549–2736.
Dated: February 12, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016–03398 Filed 2–18–16; 8:45 am]
BILLING CODE 8011–01–P
asabaliauskas on DSK5VPTVN1PROD with NOTICES
Extension: Industry Guides, SEC File No.
270–069, OMB Control No. 3235–0069.
Notice is hereby given that, pursuant
to the Paperwork Reduction Act of 1995
(44 U.S.C. 3501 et seq.), the Securities
and Exchange Commission
(‘‘Commission’’) is soliciting comments
on the collection of information
summarized below. The Commission
plans to submit this existing collection
of information to the Office of
Management and Budget for extension
and approval.
Industry Guides are used by
registrants in certain industries as
disclosure guidelines to be followed in
presenting information to investors in
Securities Act (15 U.S.C. 77a et seq.)
and Exchange Act (15 U.S.C. 78a et seq.)
registration statements and certain other
Exchange Act filings. The paperwork
burden from the Industry Guides is
imposed through the forms that are
subject to the disclosure requirements in
the Industry Guides and is reflected in
the analysis of these documents. To
avoid a Paperwork Reduction Act
inventory reflecting duplicative
burdens, for administrative convenience
the Commission estimates the total
annual burden imposed by the Industry
Guides to be one hour.
Written comments are invited on: (a)
Whether this proposed collection of
information is necessary for the proper
performance of the functions of the
agency, including whether the
information will have practical utility;
(b) the accuracy of the agency’s estimate
of the burden imposed by the collection
of information; (c) ways to enhance the
quality, utility, and clarity of the
information collected; and (d) ways to
minimize the burden of the collection of
information on respondents, including
through the use of automated collection
techniques or other forms of information
technology. Consideration will be given
to comments and suggestions submitted
in writing within 60 days of this
publication.
An agency may not conduct or
sponsor, and a person is not required to
respond to, a collection of information
unless it displays a currently valid
control number.
Please direct your written comment to
Pamela Dyson, Director/Chief
VerDate Sep<11>2014
17:59 Feb 18, 2016
Jkt 238001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–77137; File No. SR–
NASDAQ–2015–144]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Order
Granting Approval of Proposed Rule
Change To Amend Rules 5810(4),
5810(c), 5815(c) and 5820(d) To
Provide Staff With Limited Discretion
To Grant a Listed Company That Failed
To Hold Its Annual Meeting of
Shareholders an Extension of Time To
Comply With the Annual Meeting
Requirement
February 12, 2016.
I. Introduction
On December 9, 2015, The NASDAQ
Stock Market LLC (‘‘NASDAQ’’ or
‘‘Exchange’’) filed with the Securities
and Exchange Commission
(‘‘Commission’’), pursuant to Section
19(b)(1) 1 of the Securities Exchange Act
of 1934 (‘‘Act’’),2 and Rule 19b–4
thereunder,3 a proposed rule change to
provide staff of NASDAQ’s Listing
Qualifications Department (‘‘Staff’’)
with limited discretion to grant a listed
company, that failed to timely hold its
annual meeting of shareholders, a
certain period of time to comply with
the annual meeting requirement.4 The
proposed rule change was published for
comment in the Federal Register on
December 30, 2015.5 The Commission
received no comments on the proposed
rule change. This order approves the
proposed rule change.
II. Description of the Proposed Rule
Change
Companies listed on the Exchange
must comply with various continued
listing requirements, one of which is to
1 15
U.S.C. 78s(b)(1).
U.S.C. 78a.
3 17 CFR 240.19b–4.
4 As described in more detail below, the total
amount of time a listed company that fails to hold
an annual meeting of shareholders can remain
listed on the Exchange will not be changing under
the proposed rule change.
5 See Securities Exchange Act Release No. 76731
(December 22, 2015), 80 FR 81573 (‘‘Notice’’).
2 15
PO 00000
Frm 00109
Fmt 4703
Sfmt 4703
hold an annual meeting no later than
one year after the end of the company’s
fiscal year.6 Currently, if an Exchangelisted company fails to hold its annual
meeting, Staff has no discretion to allow
additional time for the company to
regain compliance. Instead, Staff is
required to issue a Delisting
Determination, subjecting the company
to immediate suspension and delisting,
unless the company appeals the
Delisting Determination to the Hearings
Panel.7 The only other Exchange rules
where a listed company is subject to
immediate suspension and delisting is
when a company fails to timely solicit
proxies and when the Staff determines
that the company’s continued listing
raises a public interest concern.8 For all
other deficiencies under the NASDAQ
Listing Rules, a listed company is
provided with either the opportunity to
submit a plan to regain compliance or
given a fixed cure period to regain
compliance.9
The Exchange asserted in its filing
that there are a variety of mitigating
reasons why a listed company may fail
to timely hold an annual meeting of
shareholders.10 For example, the
Exchange states that it has observed
6 Each company listing common stock or voting
preferred stock, and their equivalents, must hold an
annual meeting of shareholders no later than one
year after the end of the company’s fiscal year and
solicit proxies for that meeting. See Exchange Rules
5620(a) and (b), respectively. The proposed rule
change will also apply to Exchange listed
companies that are limited partnerships required to
hold an annual meeting. A company that is a
limited partnership is not be required to hold an
annual meeting of limited partners unless required
by statute or regulation in the state in which the
limited partnership is formed or doing business or
by the terms of the partnership’s limited
partnership agreement. See Exchange Rules
5615(a)(4)(D) and (F); see also Notice, supra note 5,
at 81573 n.3.
7 See Exchange Rule 5810(c)(1). A listed company
may request review of a Staff delisting
determination by a Hearings Panel. See Exchange
Rule 5815. A timely request for a hearing will stay
the suspension and delisting pending the issuance
of a written Panel Decision. See Exchange Rule
5815(a)(1)(A).
8 See Exchange Rule 5810(c)(1); see also Notice,
supra note 5, at 81573.
9 See Exchange Rules 5810(c)(2) and (3); see also
Notice, supra note 5, at 81573. Generally, a listed
company is allowed 45 calendar days to submit a
plan of compliance for certain deficiencies set forth
in Exchange Rule 5810(c)(2)(i)–(iii). Upon review of
the plan, Staff may grant the company up to 180
calendar days from the date of Staff’s initial
notification of the company’s non-compliance to
regain compliance. See Exchange Rule 5810(c)(2)(A)
and (B); see also Exchange Rule 5810(c)(2)(F),
which provides a company 60 calendar days to
submit a plan to regain compliance for filing
deficiencies. If upon review of the company’s plan
Staff determines that an extension is not warranted,
Staff will issue a Delisting Determination, which
triggers the company’s right to request review by a
Hearings Panel. See Exchange Rule 5815; see also
Exchange Rule 5810(c)(2)(F).
10 See Notice, supra note 5, at 81573.
E:\FR\FM\19FEN1.SGM
19FEN1
]]>Agencies
[Federal Register Volume 81, Number 33 (Friday, February 19, 2016)]
[Notices]
[Page 8582]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-03398]
[[Page 8582]]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
Proposed Collection; Comment Request
Upon Written Request Copies Available From: Securities and Exchange
Commission, Office of FOIA Services, 100 F Street NE., Washington, DC
20549-2736.
Extension: Industry Guides, SEC File No. 270-069, OMB Control No.
3235-0069.
Notice is hereby given that, pursuant to the Paperwork Reduction
Act of 1995 (44 U.S.C. 3501 et seq.), the Securities and Exchange
Commission (``Commission'') is soliciting comments on the collection of
information summarized below. The Commission plans to submit this
existing collection of information to the Office of Management and
Budget for extension and approval.
Industry Guides are used by registrants in certain industries as
disclosure guidelines to be followed in presenting information to
investors in Securities Act (15 U.S.C. 77a et seq.) and Exchange Act
(15 U.S.C. 78a et seq.) registration statements and certain other
Exchange Act filings. The paperwork burden from the Industry Guides is
imposed through the forms that are subject to the disclosure
requirements in the Industry Guides and is reflected in the analysis of
these documents. To avoid a Paperwork Reduction Act inventory
reflecting duplicative burdens, for administrative convenience the
Commission estimates the total annual burden imposed by the Industry
Guides to be one hour.
Written comments are invited on: (a) Whether this proposed
collection of information is necessary for the proper performance of
the functions of the agency, including whether the information will
have practical utility; (b) the accuracy of the agency's estimate of
the burden imposed by the collection of information; (c) ways to
enhance the quality, utility, and clarity of the information collected;
and (d) ways to minimize the burden of the collection of information on
respondents, including through the use of automated collection
techniques or other forms of information technology. Consideration will
be given to comments and suggestions submitted in writing within 60
days of this publication.
An agency may not conduct or sponsor, and a person is not required
to respond to, a collection of information unless it displays a
currently valid control number.
Please direct your written comment to Pamela Dyson, Director/Chief
Information Officer, Securities and Exchange Commission, c/o Remi
Pavlik-Simon, 100 F Street NE., Washington, DC 20549 or send an email
to: PRA_Mailbox@sec.gov.
Dated: February 12, 2016.
Robert W. Errett,
Deputy Secretary.
[FR Doc. 2016-03398 Filed 2-18-16; 8:45 am]
BILLING CODE 8011-01-P
