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 Modify Certain Pricing Limitations for Securities Listed on the Exchange Pursuant to a Primary Direct Floor Listing

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-96023; File No. SR-NYSE-2022-14]

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 Modify Certain Pricing Limitations for Securities Listed on the Exchange Pursuant to a Primary Direct Floor Listing

October 11, 2022.

On April 7, 2022, 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 allow companies to modify certain pricing limitations for securities listed on the Exchange pursuant to a direct listing with a primary offering in which the company will sell shares itself in the opening auction on the first day of trading on the Exchange. The proposed rule change was published for comment in the

Federal Register

on April 19, 2022.

3

On May 26, 2022, pursuant to section 19(b)(2) of the Act,

4

the Commission designated a longer period within which to either approve or disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.

5

On July 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

1

15 U.S.C. 78s(b)(1).

2

17 CFR 240.19b-4.

3

See

Securities Exchange Act Release No. 94708 (April 13, 2022), 87 FR 23300 (April 19, 2022) (“Notice”). Comments received on the proposal are available on the Commission's website at:

https://www.sec.gov/comments/sr-nyse-2022-14/srnyse202214.htm.

4

15 U.S.C. 78s(b)(2).

5

See

Securities Exchange Act Release No. 94991 (May 26, 2022), 87 FR 33518 (June 2, 2022). The Commission designated July 18, 2022, as the date by which it should approve, 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. 95312 (July 18, 2022), 87 FR 43914 (July 22, 2022).

Section 19(b)(2) of the Act

8

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 the 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 April 19, 2022.

9

The 180th day after publication of the Notice is October 16, 2022. The Commission is extending the time period for approving or disapproving the proposal for an additional 60 days.

8

15 U.S.C. 78s(b)(2).

9

See

Notice.

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 along with the comments on the proposal. Accordingly, the Commission, pursuant to section 19(b)(2) of the Act,

10

designates December 15, 2022, as the

10

15 U.S.C. 78s(b)(2).

date by which the Commission should either approve or disapprove the proposed rule change (File No. SR-NYSE-2022-14).

For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.

11

11

17 CFR 200.30-3(a)(57).

J. Matthew DeLesDernier,

Deputy Secretary.

[FR Doc. 2022-22449 Filed 10-14-22; 8:45 am]

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