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ARTICLE · 27 DECEMBER 2022

Nasdaq Changes Compliance Deadlines For Board Diversity Rules

McDermott Will & Emery
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On August 6, 2021, the US Securities and Exchange Commission (SEC) approved the listing rules proposed by The Nasdaq Stock Market LLC (Nasdaq) to advance board diversity and enhance...

United KingdomCorporate/Commercial Law
Thomas P. Conaghan
Thomas P. Conaghan
Eric Orsic
Eric Orsic
Heidi J. Steele
Heidi J. Steele
David A. Cifrino
David A. Cifrino

On August 6, 2021, the US Securities and Exchange Commission (SEC) approved the listing rules proposed by The Nasdaq Stock Market LLC (Nasdaq) to advance board diversity and enhance the transparency of diversity statistics (Board Diversity Rule). Nasdaq's Board Diversity Rule phases in the new requirements over a five-year period, from 2022 to 2026.

On December 12, 2022, Nasdaq filed a proposed rule change with the SEC to modify the compliance deadline for its board diversity requirements. The SEC declared the proposed rule change effective as of December 14, 2022. If adopted, the proposed rule change will extend and simplify the compliance deadline for all Nasdaq-listed public companies.

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