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ARTICLE · 13 AUGUST 2019

Nasdaq Rule Changes To Initial Listing Standards Related To Liquidity Effective

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Earlier this spring, the Nasdaq Stock Exchange (the "Nasdaq") filed a proposed amendment (the "Amendment") of its initial listing standards

United StatesCorporate/Commercial Law
Anna T. Pinedo
Anna T. Pinedo
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Earlier this spring, the Nasdaq Stock Exchange (the "Nasdaq") filed a proposed amendment (the "Amendment") of its initial listing standards with the Securities and Exchange Commission (the "SEC"). The SEC approved the changes to Nasdaq's initial listing standards in July 2019, and these changes became effective this week, on August 5, 2019.

The Nasdaq amended the requirements for entry onto its exchange based on the characterization of a security as "unrestricted" or "restricted." Previously, securities subject to resale restrictions were included in the Nasdaq's liquidity calculations, but such securities were not freely transferrable or purchasable on the exchange. The Nasdaq had some concerns that restricted securities did not accurately contribute to a listed security's liquidity. The Amendment also changed the definition of "restricted securities" under the Nasdaq rules to include any securities subject to resale restrictions for any reason, including those

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