On December 7th, the SEC provided notice that it is instituting proceedings to determine whether to disapprove NASDAQ OMX BX's proposed new listing market, the "BX Venture Market." The Exchange has stated that it expects that the securities listed on BX would not be classified as national market system securities. As a result, BX-listed securities would not be subject to an NMS plan and would not be subject to Regulation NMS. BX-listed securities would trade on the Exchange and also could trade over-the-counter. BX-listed securities would be considered penny stocks unless they qualify for an exemption. No "blue sky" exemption would be available, so companies would be required to satisfy state law registration requirements and other state laws that regulate the sale and offering of securities. BX would not list any company that meets the quantitative (e.g., financial) requirements for listing on The NASDAQ Stock Market. Comments should be submitted on or before January 24, 2011. SEC Release No. 34-63448.