Section 201.701 - Issuance of order(a) At any time following conclusion of the rebuttal period specified in 17 CFR 201.700(c)(3)(i) , the Commission may issue an order approving or disapproving the self-regulatory organization's proposed rule change together with a written statement of the reasons therefor.(b) At any time following conclusion of the rebuttal period specified in 17 CFR 201.700(c)(3)(ii) , the Commission may issue an order approving or disapproving the proposed national market system plan or proposed amendment to an effective national market system plan together with a written statement of the reasons therefor. 85 FR 65497 , Oct. 15, 2020