Clearhouse
Enhancing Transparency in Regulation
Publication Date: January 10, 2019

At Nasdaq, we believe transparency is fundamental to investor protection and fair regulation, ensuring that investors are protected and listed companies understand our rules, can structure compliant transactions and are never surprised. To this end, in 2012, Nasdaq created the Listing Center's Reference Library, which today houses more than 450 frequently asked questions about listing matters, 100 anonymized versions of appellate listing decisions and 350 written Staff interpretations of the Listing Rules. To reinforce the critical role transparency plays in our regulatory program, we are publishing, together with the Nasdaq Listing and Hearing Review Council, our second annual Transparency Report.

This report describes the facts and circumstances that prompted Nasdaq Regulation Staff and Listing Hearing Panels to exercise discretionary authority under our Listing Rules with respect to a company's listing. It also describes the factors we considered in requesting that listed companies make significant changes to certain share issuances and in shortening compliance time frames otherwise available to listed companies under our rules. In all of these cases, we removed information that might identify the companies involved.

We believe that sharing this information helps companies better understand how Nasdaq applies its listing rules, which helps companies and their advisors better comply with those rules. As always, we welcome your comments, which can be emailed to us at staffinterpretations@nasdaq.com.

View the 2017 Transparency Report Here >>

View the 2016 Transparency Report Here >>