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FAQs - Listings and Market Regulation

To provide transparency regarding Listings, Market Regulation and Enforcement rules, policies and procedures, Nasdaq maintains an extensive library of frequently asked questions (FAQs).

For your convenience, our system facilitates searches across our different reference sources (i.e., FAQs, Staff Interpretation Letters, and Listing Council Decisions) by category and sub-category (e.g., initial listing, disciplinary process, equity regulation). Users can also use our advanced search feature to target their search by applying filters and entering keywords.

Listing Council Decisions

The Nasdaq Listing and Hearing Review Council (Listing Council) is a standing independent advisory committee appointed by the Nasdaq Board of Directors to provide advice to the Board of the Nasdaq Stock Market LLC on issues relating to listed companies, consistent with the Board's core responsibility of seeking independent, outside advice. The Listing Council also plays an appellate role in the Nasdaq adjudicatory process, as described below, to promote the consistent and fair application of listing rules and policies.

The Listing Council was established nearly 20 years ago and Nasdaq is the only exchange with a permanent advisory body of this type. The charter of the Listing Council outlines its role and responsibilities. Members of the Listing Council come from diverse constituencies including institutional investor advocates, company representatives, lawyers, accountants, securities industry professionals and academics.

The Listing Council discharges its appellate responsibilities in part by hearing and deciding appeals of delisting decisions. As discussed more fully in Rule Series 5800 and in the frequently asked questions for the Hearings and Appeals Process, a company may seek review of a Staff Delist Determination before an independent Hearings Panel, and may appeal the Hearings Panel decision to the Listing Council. The Listing Council also reviews all Panel decisions, regardless of whether they are appealed, and may decide on its own to reverse or modify a Panel decision as a result of that review. The Listing Council decision is the final action of Nasdaq, unless the Nasdaq Board calls the matter for review. The Listing Council's decision, or that of the Nasdaq Board, may be appealed to the Securities and Exchange Commission.

To provide transparency regarding our Listing Rules and policies, Nasdaq publishes anonymous summaries of Listing Council decisions. For your convenience, our system facilitates searches across our different reference sources (i.e., FAQs , Staff Interpretation Letters, and Listing Council Decisions) by category and sub-category (e.g., Regulatory Authority-Public Interest). Users can also use our advanced search feature to target their search by applying filters and entering keywords.

If you have any questions after reviewing this material, please contact Staff by telephone at +1 301 978 8008 or by email at appeals@nasdaq.com.

Staff Interpretation Letters

To provide transparency regarding our Listing Rules and policies, Nasdaq publishes anonymous summaries of rule interpretation letters. For your convenience, our system facilitates searches across our different reference sources (i.e., FAQs, Staff Interpretation Letters, and Listing Council Decisions) by category and sub-category. Users can also use our advanced search feature to target their search by applying filters and entering keywords.

If you have any questions after reviewing this material, please contact Listing Qualifications Staff by telephone at +1 301 978 8008 or by email at StaffInterpretations@nasdaq.com.

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My broker dealer is a member of one or more of the Nasdaq exchanges. What is Nasdaq's requirement for submitting our Annual Audited Financial Statements?

Identification Number 1545

All Nasdaq members are required to submit their Annual Audited Financials through the FINRA Portal. Refer to the following instructions: Annual Audit Automation. Submission through the FINRA Portal satisfies the reporting requirements for all Nasdaq exchanges.

Publication Date*: 8/22/2019

Identification Number: 1545

Who at Nasdaq should be contacted with respect to Business Continuity matters?

Identification Number 1546

Please call 215-496-1571 or email optionshelpdesk@nasdaq.com for options-related matters and 212-231-5180 or email tradingservices@nasdaq.com for equity-related matters.

Publication Date*: 8/22/2019

Identification Number: 1546

As an approved Nasdaq member organization, should all representatives of the broker dealer be registered with Nasdaq?

Identification Number 1547

Yes. Nasdaq member organizations are required by rule to register all representatives with any of the Nasdaq exchanges on which it is an approved member. The relevant rule is Nasdaq Rule 1.1210 (contained within Nasdaq General 4, Section 1).

Publication Date*: 1/16/2020

Identification Number: 1547

What licenses are required by Nasdaq rules to qualify as Chief Compliance Officer of a member organization?

Identification Number 1548

Nasdaq exchanges require an associated person of a member organization who holds the title of Chief Compliance Officer to successfully complete the Series 24 qualification exam. Alternatively, Nasdaq may accept the Series 14 in certain circumstances where the individual’s responsibilities are limited. See Nasdaq Rule 1.1220 (contained within Nasdaq General 4, Section 1).

Publication Date*: 1/7/2020

Identification Number: 1548

How does my broker dealer pay its monthly invoices?

Identification Number 1562

Nasdaq rules require that all broker dealer members provide an NSCC clearing account number for purposes of collecting, via direct debit, exchange fees.

Publication Date*: 8/22/2019

Identification Number: 1562

What is the process for terminating my broker dealer's Nasdaq Stock Market (NQX) membership?

Identification Number 1563

NQX members are required to file, via WebCRD, a full or partial broker dealer withdraw (BDW) removing NQX which begins the 30 day process of termination. Thirty days from the date of the BDW filing, the membership will be terminated and you will receive written confirmation for your records.

Publication Date*: 8/22/2019

Identification Number: 1563

What is the process for terminating my broker dealer's Nasdaq BX (BX) membership?

Identification Number 1564

BX members are required to file, via WebCRD, a full or partial broker dealer withdraw (BDW) removing BX which begins the 30 day process of termination. Thirty days from the date of the BDW filing, the membership will be terminated and you will receive written confirmation for your records.

Publication Date*: 8/22/2019

Identification Number: 1564

What is the process for withdrawing from one or more of the Nasdaq exchanges (NQX, BX,PHLX,ISE, GEMX, MRX)?

Identification Number 1565

Members wishing to withdraw from a Nasdaq exchange should email a request for termination to membership@nasdaq.com. This request should specify from which market the member wishes to terminate and the date of anticipated effectiveness. Most terminations will be processed in approximately three business days.

Publication Date*: 1/7/2020

Identification Number: 1565

Are my broker dealer's monthly trading rights and/or permit fees pro-rated?

Identification Number 1567

No. If a broker dealer is approved or terminates mid-month, they will be assessed the total fee for that month.

Publication Date*: 8/22/2019

Identification Number: 1567

If my PHLX broker dealer has a change in its business operation, whom do I notify?

Identification Number 1608

Broker dealers designated to PHLX for regulatory responsibility are required to submit written notification of a change in business operation at least 10 business days prior to the change pursuant to PHLX Rule 610. Written notice should be submitted to the Nasdaq Membership Department at membership@nasdaq.com.

Publication Date*: 8/22/2019

Identification Number: 1608

My broker dealer is considering entering into an office sharing arrangement, what must we do in order to comply with exchange rules?

Identification Number 1714

Members of PHLX (see Rule 603) and/or ISE (see Rule Options 9, Section 3) are required to disclose office sharing arrangements to the Membership Department for consideration. The following information should be submitted to membership@nasdaq.com: name and description of businesses being conducted; blueprints of space identifying barriers and common areas; what, if any, communication lines are shared; and information barrier procedures specific to shared space. Upon receipt, the Department will review to determine whether the arrangement is acceptable provided that it does not appear to mislead the public.

Publication Date*: 8/22/2019

Identification Number: 1714

What is the contact information for questions concerning FINRA Consolidated Audit Trail ("FINRA CAT")?

Identification Number 1721

Broker Dealers who have questions or require assistance related to FINRA CAT may contact the FINRA CAT Helpdesk at 888-696-3348 or via email at help@finracat.com.

Publication Date*: 1/14/2020

Identification Number: 1721

Does my broker dealer require membership on the Nasdaq Stock Market ("Nasdaq") if I want to participate on the Nasdaq Options Market ("NOM")?

Identification Number 1722

Yes. Broker dealers who wish to participate on NOM must be approved members of the Nasdaq SRO.

Publication Date*: 1/14/2020

Identification Number: 1722

Does my broker dealer require membership approval on Nasdaq BX ("BX") if I want to participate on BX Options ("BXO")?

Identification Number 1723

Yes. Broker dealers who wish to participate on BXO must be approved members of the Nasdaq BX SRO.

Publication Date*: 1/14/2020

Identification Number: 1723

Does my broker dealer require membership approval on Nasdaq PHLX ("PHLX") if I want to participate on PSX?

Identification Number 1724

Yes. Broker dealers who wish to participate on PSX must be approved members of the Nasdaq PHLX SRO.

Publication Date*: 1/14/2020

Identification Number: 1724

Can my organization become a member of a U.S. Nasdaq exchange if we are domiciled outside of the U.S.?

Identification Number 1725

In order to qualify as a member on any U.S. based Nasdaq SRO, your organization must be registered as a U.S. broker dealer with the U.S. Securities and Exchange Commission.

Publication Date*: 1/14/2020

Identification Number: 1725

Does my clearing firm require membership?

Identification Number 1726

Yes, a clearing firm must be an approved member on each of the exchanges for which they offer clearing services.

Publication Date*: 1/14/2020

Identification Number: 1726

material_search_footer*The Publication Date reflects the date of first inclusion in the Reference Library, which was launched on July 31, 2012, or a subsequent update to the material. Material may have been previously available on a different Nasdaq web site.

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