Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Listing Rules 5815 and 5820 To Modify the Deadline To Submit the Required Fee for a Hearing Request and To Remove Obsolete Language, 11886-11887 [2024-03101]
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Federal Register / Vol. 89, No. 32 / Thursday, February 15, 2024 / Notices
an additional venue for executing
nonconforming stock-option orders
electronically. For these reasons, the
Commission believes that waiver of the
30-day operative delay is consistent
with the protection of investors and the
public interest. Accordingly, the
Commission waives the 30-day
operative delay and designates the
proposed rule change operative upon
filing.35
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission will institute proceedings
to determine whether the proposed rule
change should be approved or
disapproved.
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–CboeEDGX–2024–012 and should be
submitted on or before March 7, 2024.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.36
Sherry R. Haywood,
Assistant Secretary.
khammond on DSKJM1Z7X2PROD with NOTICES
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include File Number SR–
CboeEDGX–2024–012 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to File
Number SR–CboeEDGX–2024–012. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
35 For purposes only of waiving the 30-day
operative delay, the Commission has also
considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
VerDate Sep<11>2014
18:36 Feb 14, 2024
Jkt 262001
[FR Doc. 2024–03099 Filed 2–14–24; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–99512; File No. SR–
NASDAQ–2024–004]
Self-Regulatory Organizations; The
Nasdaq Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Amend
Listing Rules 5815 and 5820 To Modify
the Deadline To Submit the Required
Fee for a Hearing Request and To
Remove Obsolete Language
February 9, 2024.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 and Rule 19b–4 thereunder,2
notice is hereby given that on January
30, 2024, The Nasdaq Stock Market LLC
(‘‘Nasdaq’’ or ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(‘‘Commission’’) the proposed rule
change as described in Items I and II,
below, which Items have been prepared
by the Exchange. The Commission is
publishing this notice to solicit
comments on the proposed rule change
from interested persons.
36 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
PO 00000
Frm 00078
Fmt 4703
Sfmt 4703
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
Listing Rules 5815 and 5820 to modify
the deadline to submit the required fee
for a hearing request and to remove
obsolete language.
The text of the proposed rule change
is available on the Exchange’s website at
https://listingcenter.nasdaq.com/
rulebook/nasdaq/rules, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
Exchange included statements
concerning the purpose of and basis for
the proposed rule change and discussed
any comments it received on the
proposed rule change. The text of these
statements may be examined at the
places specified in Item IV below. The
Exchange has prepared summaries, set
forth in sections A, B, and C below, of
the most significant aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The purpose of the proposed rule
change is to align the deadline to
request a hearing contained in Rule
5815(a)(1) with the deadline to submit
the hearing fee in Rule 5815(a)(3) so that
both requirements are seven calendar
days. Under the current rule, a company
must request a hearing within seven
calendar days of a Staff Delisting
Determination, Public Reprimand
Letter, or written denial of an initial
listing application, but is allowed 15
calendar days to submit the required
hearing fee. The extended period to
submit the hearing fee was adopted
originally to allow time for companies
to mail checks for the payment.
However, technology has become more
efficient, and companies now can easily
and inexpensively submit the required
payment by wire or other electronic
means, so there is no longer a need to
wait for checks to be mailed and
received. As such, Nasdaq proposes to
modify the rule to require payment of
the required $20,000 hearing fee within
seven calendar days of the Staff
Delisting Determination, Public
Reprimand Letter, or written denial of
an initial listing application to reflect
the ease and speed with which
E:\FR\FM\15FEN1.SGM
15FEN1
Federal Register / Vol. 89, No. 32 / Thursday, February 15, 2024 / Notices
payments may be made by wire or other
electronic means. The change also will
avoid circumstances where a company
benefits from remaining listed for an
additional eight calendar days after a
hearing request is made due to a Staff
Delisting Determination if the required
fee is not ever submitted.3
The proposed rule change would also
remove from Rules 5815(a)(3) and
5820(a) obsolete language that describes
the fees applicable for hearings before a
Hearings Panel and appeals to the
Listing Council requested before
February 10, 2023.
The proposed rule change will
become operative for Staff Delisting
Determinations, Public Reprimand
Letters, or written denials of an initial
listing application issued after March 1,
2024. This will help assure that all
affected companies have timely
notification of the change in the
deadline to submit the fee.
2. Statutory Basis
The Exchange believes that its
proposal is consistent with Section 6(b)
of the Act,4 in general, and furthers the
objectives of Section 6(b)(5) of the Act,5
in particular, in that it is designed to
promote just and equitable principles of
trade, to remove impediments to and
perfect the mechanism of a free and
open market and a national market
system, and, in general to protect
investors and the public interest, by
shortening the current 15-day deadline
for the hearing fee payments to align
with the seven-day window for a
company to request a hearing. This
change reflects the ease and speed with
which payments may be made by wire
or other electronic means. This also will
avoid circumstances where a company
benefits from remaining listed for an
additional eight calendar days after a
hearing request is made for review of a
Staff Delisting Determination if the
required fee is not ever submitted.6 The
proposed change to eliminate obsolete
language from the rules will have no
substantive impact but will enhance the
readability of the Exchange’s rulebook.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
khammond on DSKJM1Z7X2PROD with NOTICES
3 Rule 5815(a)(2) provides that if a company fails
to timely request a hearing to review a Delisting
Determination, the Hearings Department will take
action to suspend trading of the securities and
follow procedures to delist the securities. Delisting
will also commence if a timely hearing request is
made but the required fee is not paid timely.
4 15 U.S.C. 78f(b).
5 15 U.S.C. 78f(b)(5).
6 See footnote 3, supra.
18:36 Feb 14, 2024
Jkt 262001
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were either
solicited or received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, it has
become effective pursuant to Section
19(b)(3)(A)(iii) of the Act 7 and
subparagraph (f)(6) of Rule 19b–4
thereunder.8
At any time within 60 days of the
filing of the proposed rule change, the
Commission summarily may
temporarily suspend such rule change if
it appears to the Commission that such
action is necessary or appropriate in the
public interest, for the protection of
investors, or otherwise in furtherance of
the purposes of the Act. If the
Commission takes such action, the
Commission shall institute proceedings
to determine whether the proposed rule
should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views and
The Exchange does not believe that
the proposed rule change will impose
VerDate Sep<11>2014
any burden on competition not
necessary or appropriate in furtherance
of the purposes of the Act because the
proposal does not have a competitive
impact. The proposal merely aligns the
time to request a hearing with the time
to pay the required fee, with both being
seven calendar days, and improves the
readability of the Exchange’s rulebook
by removing obsolete language that is no
longer applicable. Each of these changes
will affect all listed companies in the
same manner and will have no impact
on intramarket competition. In addition,
the proposed rule change relates only to
Nasdaq’s review process and will have
no impact on intermarket competition
because other markets are free to
structure their review processes as they
see fit.
7 15
U.S.C. 78s(b)(3)(A)(iii).
8 17 CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
give the Commission written notice of its intent to
file the proposed rule change, along with a brief
description and text of the proposed rule change,
at least five business days prior to the date of filing
of the proposed rule change, or such shorter time
as designated by the Commission. The Exchange
has satisfied this requirement.
PO 00000
Frm 00079
Fmt 4703
Sfmt 4703
11887
arguments concerning the foregoing,
including whether the proposed rule
change is consistent with the Act.
Comments may be submitted by any of
the following methods:
Electronic Comments
• Use the Commission’s internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an email to rule-comments@
sec.gov. Please include file number SR–
NASDAQ–2024–004 on the subject line.
Paper Comments
• Send paper comments in triplicate
to Secretary, Securities and Exchange
Commission, 100 F Street NE,
Washington, DC 20549–1090.
All submissions should refer to file
number SR–NASDAQ–2024–004. This
file number should be included on the
subject line if email is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
internet website (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for website viewing and
printing in the Commission’s Public
Reference Room, 100 F Street NE,
Washington, DC 20549, on official
business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also
will be available for inspection and
copying at the principal office of the
Exchange. Do not include personal
identifiable information in submissions;
you should submit only information
that you wish to make available
publicly. We may redact in part or
withhold entirely from publication
submitted material that is obscene or
subject to copyright protection. All
submissions should refer to file number
SR–NASDAQ–2024–004 and should be
submitted on or before March 7, 2024.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.9
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024–03101 Filed 2–14–24; 8:45 am]
BILLING CODE 8011–01–P
9 17
E:\FR\FM\15FEN1.SGM
CFR 200.30–3(a)(12).
15FEN1
]]>Agencies
[Federal Register Volume 89, Number 32 (Thursday, February 15, 2024)]
[Notices]
[Pages 11886-11887]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-03101]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-99512; File No. SR-NASDAQ-2024-004]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change To
Amend Listing Rules 5815 and 5820 To Modify the Deadline To Submit the
Required Fee for a Hearing Request and To Remove Obsolete Language
February 9, 2024.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 30, 2024, The Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in Items I and
II, below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to amend Listing Rules 5815 and 5820 to
modify the deadline to submit the required fee for a hearing request
and to remove obsolete language.
The text of the proposed rule change is available on the Exchange's
website at https://listingcenter.nasdaq.com/rulebook/nasdaq/rules, at
the principal office of the Exchange, and at the Commission's Public
Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The purpose of the proposed rule change is to align the deadline to
request a hearing contained in Rule 5815(a)(1) with the deadline to
submit the hearing fee in Rule 5815(a)(3) so that both requirements are
seven calendar days. Under the current rule, a company must request a
hearing within seven calendar days of a Staff Delisting Determination,
Public Reprimand Letter, or written denial of an initial listing
application, but is allowed 15 calendar days to submit the required
hearing fee. The extended period to submit the hearing fee was adopted
originally to allow time for companies to mail checks for the payment.
However, technology has become more efficient, and companies now can
easily and inexpensively submit the required payment by wire or other
electronic means, so there is no longer a need to wait for checks to be
mailed and received. As such, Nasdaq proposes to modify the rule to
require payment of the required $20,000 hearing fee within seven
calendar days of the Staff Delisting Determination, Public Reprimand
Letter, or written denial of an initial listing application to reflect
the ease and speed with which
[[Page 11887]]
payments may be made by wire or other electronic means. The change also
will avoid circumstances where a company benefits from remaining listed
for an additional eight calendar days after a hearing request is made
due to a Staff Delisting Determination if the required fee is not ever
submitted.\3\
---------------------------------------------------------------------------
\3\ Rule 5815(a)(2) provides that if a company fails to timely
request a hearing to review a Delisting Determination, the Hearings
Department will take action to suspend trading of the securities and
follow procedures to delist the securities. Delisting will also
commence if a timely hearing request is made but the required fee is
not paid timely.
---------------------------------------------------------------------------
The proposed rule change would also remove from Rules 5815(a)(3)
and 5820(a) obsolete language that describes the fees applicable for
hearings before a Hearings Panel and appeals to the Listing Council
requested before February 10, 2023.
The proposed rule change will become operative for Staff Delisting
Determinations, Public Reprimand Letters, or written denials of an
initial listing application issued after March 1, 2024. This will help
assure that all affected companies have timely notification of the
change in the deadline to submit the fee.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\4\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\5\ in particular, in that it is designed to promote
just and equitable principles of trade, to remove impediments to and
perfect the mechanism of a free and open market and a national market
system, and, in general to protect investors and the public interest,
by shortening the current 15-day deadline for the hearing fee payments
to align with the seven-day window for a company to request a hearing.
This change reflects the ease and speed with which payments may be made
by wire or other electronic means. This also will avoid circumstances
where a company benefits from remaining listed for an additional eight
calendar days after a hearing request is made for review of a Staff
Delisting Determination if the required fee is not ever submitted.\6\
The proposed change to eliminate obsolete language from the rules will
have no substantive impact but will enhance the readability of the
Exchange's rulebook.
---------------------------------------------------------------------------
\4\ 15 U.S.C. 78f(b).
\5\ 15 U.S.C. 78f(b)(5).
\6\ See footnote 3, supra.
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act because the proposal does not
have a competitive impact. The proposal merely aligns the time to
request a hearing with the time to pay the required fee, with both
being seven calendar days, and improves the readability of the
Exchange's rulebook by removing obsolete language that is no longer
applicable. Each of these changes will affect all listed companies in
the same manner and will have no impact on intramarket competition. In
addition, the proposed rule change relates only to Nasdaq's review
process and will have no impact on intermarket competition because
other markets are free to structure their review processes as they see
fit.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, it has become
effective pursuant to Section 19(b)(3)(A)(iii) of the Act \7\ and
subparagraph (f)(6) of Rule 19b-4 thereunder.\8\
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78s(b)(3)(A)(iii).
\8\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file the proposed rule change, along
with a brief description and text of the proposed rule change, at
least five business days prior to the date of filing of the proposed
rule change, or such shorter time as designated by the Commission.
The Exchange has satisfied this requirement.
---------------------------------------------------------------------------
At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
Use the Commission's internet comment form (https://www.sec.gov/rules/sro.shtml); or
Send an email to [email protected]. Please include
file number SR-NASDAQ-2024-004 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-NASDAQ-2024-004. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (https://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating to
the proposed rule change between the Commission and any person, other
than those that may be withheld from the public in accordance with the
provisions of 5 U.S.C. 552, will be available for website viewing and
printing in the Commission's Public Reference Room, 100 F Street NE,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of the filing also will be available for
inspection and copying at the principal office of the Exchange. Do not
include personal identifiable information in submissions; you should
submit only information that you wish to make available publicly. We
may redact in part or withhold entirely from publication submitted
material that is obscene or subject to copyright protection. All
submissions should refer to file number SR-NASDAQ-2024-004 and should
be submitted on or before March 7, 2024.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\9\
---------------------------------------------------------------------------
\9\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2024-03101 Filed 2-14-24; 8:45 am]
BILLING CODE 8011-01-P
