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Frequently Asked Questions
  When should I fill out a Listing Application?
Identification Number 40
A Listing Application must be completed by all companies that wish to initially list on Nasdaq or by a company that is already listed on Nasdaq but wishes to transfer between the Nasdaq Global Market and the Nasdaq Capital Market. A listed company should also complete and submit a listing application if it wishes to list a secondary security on Nasdaq.
 
Publication Date*: 7/31/2012 Mailto Link Identification Number: 40
Frequently Asked Questions
  How do I update the application after it has been submitted?
Identification Number 45
Once your application is submitted, you must submit any changes directly to your Listing Analyst. You can, however, submit additional documentation and update information contained in your Corporate Governance Certification and Listing Agreement at any time during the process.  Once updated, you can re-submit these documents or upload any additional documents through the Listing Center.
 
Publication Date*: 7/31/2012 Mailto Link Identification Number: 45
Frequently Asked Questions
  Does Nasdaq require the filing of SEC reports and documents?
Identification Number 313
Yes. Nasdaq-listed companies are required to file with Nasdaq copies of all reports and other documents filed or required to be filed with the SEC (or other appropriate regulatory authority) on or before the applicable due date. This requirement is considered fulfilled if the company files the report or document with the SEC through the EDGAR system. A company that does not file through the EDGAR system is required to provide two copies of the report to Nasdaq unless the company emails a copy to continuedlisting@nasdaq.com. Please see the Distribution of Annual & Interim Reports Frequently Asked Questions for more information regarding the filing of SEC periodic reports.
 
Banks and officers and directors of listed companies that file with the FDIC must still provide paper copies to Nasdaq. Currently, Nasdaq systems do not have an electronic link with FDICconnect; therefore, Nasdaq is not notified when filings are made through that system.
 
For additional information regarding the reporting requirements of Nasdaq's listed companies, please refer to the Continued Listing Guide.
 
Publication Date*: 7/31/2012 Mailto Link Identification Number: 313
Frequently Asked Questions
  Where are the forms and instructions to list an Exchange Traded Product on Nasdaq?
Identification Number 1383
The Listing applications and related forms are available through the Nasdaq Listing Center. Before completing your application electronically, please take a few minutes to review our Exchange Traded Products website. Generally, companies will need to complete the Listing Application, Listing Agreement, Corporate Governance Certification Form, and Logo Submission Form. However, please note that Issuers registered under the Investment Company Act of 1940 are not required to submit a Corporate Governance Certification Form.
 
Issuers of ETPs should complete the following application: "Listing Application - Seeking to List an Exchange Traded Fund or Other Structured Product". If you are unfamiliar with the contents of the application and related forms, we recommend that you preview the forms prior to logging into the Listing Center. This will help you gather all the information you will need to complete the forms. In addition, you can find instructions for completing the listing application here.
 
An issuer does not need to complete all forms, or all information on a form, at the same time, and the Listing Application can be submitted when it is complete even if the other documents are still pending.
 
Questions regarding the listing process should be directed to Listing Qualifications Staff at +1 301 978 8008.
 
Publication Date*: 6/20/2017 Mailto Link Identification Number: 1383
Frequently Asked Questions
  Are the application fees to list an Exchange Traded Product refundable?
Identification Number 1384
There is a $1,000 non-refundable application fee that must be submitted with the application. Any remaining amounts that are paid, such as pre-payment of the entry fee, are refundable. Please refer to the Fees section for further details.
 
Publication Date*: 6/20/2017 Mailto Link Identification Number: 1384
Frequently Asked Questions
  When will the new continued listing standards be implemented?
Identification Number 1387
The new continued listing standards for Exchange Traded Products became effective on January 1, 2018. Nasdaq now requires submissions in order to monitor compliance with the new rules beginning with an ETPs first fiscal quarter ending on or after that date.
 
Publication Date*: 6/20/2017 Mailto Link Identification Number: 1387
Frequently Asked Questions
  What are the new continued listing standards and where can they be found?
Identification Number 1463

The new continued listing standards require ETPs listed on Nasdaq to maintain compliance with certain listing standards related to the composition of the ETP's underlying index, portfolio or reference assets on a continuous basis. Previously, these standards generally were only reviewed upon initial listing.  The new standards also clarify that issuers of ETPs are subject to Nasdaq's rules requiring prompt notification to Nasdaq when the issuer becomes aware of non-compliance with the listing requirements. The new continued listing standards are contained in the Nasdaq Rule 5700 series and the changes can be found here.

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1463
Frequently Asked Questions
  Which ETPs will be subject to the new continued listing standards beginning on January 1, 2018?
Identification Number 1461

The new continued listing standards are effective January 1, 2018 for all ETPs listed on Nasdaq.

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1461
Frequently Asked Questions
  How do the new continued listing standards apply to ETPs listed pursuant to a product-specific rule filing under SEC Rule 19b-4?
Identification Number 1458
ETPs listed pursuant to a product-specific rule filing under SEC Rule 19b-4 will be required to maintain compliance with the representations made in the filing regarding the index composition, description of the portfolio or reference assets, limitations on portfolio holdings or reference assets, dissemination and availability of index reference asset and intraday indicative values, and the applicability of Nasdaq rules and surveillance procedures (the "19b-4 Representations"). Such ETPs do not also have to meet the continued listing standards otherwise included in the listing rules for the specific type of ETP.

Example

An ETF listed pursuant to Rule 5705(b)(3) files a rule proposal requesting relief because it does not meet Rule 5705(b)(3)(A)(i)(a) (90% of the component weight of the index has a minimum market value of $75 million). If the rule proposal is approved, the ETF would thereafter be required to comply with 1) the 19b-4 Representations contained in the rule proposal and 2) the requirements of Rule 5705(b)(3) except for Rule 5705(b)(3(A)(i)(a).

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1458
Frequently Asked Questions
  Will listed Exchange Traded Products be required to submit any data or certifications in connection with the new continued listing standards?
Identification Number 1388
Yes. ETPs will be required to submit portfolio or index component data (as applicable) on a quarterly basis based on the fund's fiscal year end or in connection with an index rebalance or reconstitution. The table below describes the information required for various ETPs, based on the listing requirements under which the ETP is listed.
 

FAQ-ETP-table

 

Nasdaq will send an email reminder 30 days prior to the ETPs period end date indicating when the submissions are due. In lieu of submitting the quarterly component file, issuers can submit the file following an index rebalance or reconstitution if the rebalance or reconstitution took place within the fiscal quarter. Issuers who submit the file in connection with a rebalance or reconstitution do not have to submit a separate file for the same fiscal quarter.

ETP sponsors must use our template for submitting index or portfolio component data. Certifications and submissions of data can be submitted using the Listing Center's Company Event Form. A preview of that form can be found here.
 
Publication Date*: 12/1/2017 Mailto Link Identification Number: 1388
Frequently Asked Questions
  When does an ETP have to submit component or portfolio data in connection with the continued listing standards?
Identification Number 1487

In order to allow Nasdaq to determine an ETPs compliance with the continued listing standards, ETPs are required to submit portfolio or index component data (as applicable) on a quarterly basis based on the fund's fiscal year end or in connection with an index rebalance or reconstitution. All data submissions are due no later than 30 calendar days following the end of the applicable quarter.

Passive ETFs and ETNs: The index component file must be as of a date within 30 calendar days following the end of the applicable quarter OR if the index was subject to a rebalance or reconstitution during the quarter, as of the date of the rebalance or reconstitution.

Active ETFs: The portfolio component file must be as of a date within 30 calendar days following the end of the applicable quarter.

NextShares: The portfolio component file should be as of the date of the most recent publicly available portfolio.

If you have questions, please contact ETP_regulation@nasdaq.com.

Publication Date*: 1/17/2018 Mailto Link Identification Number: 1487
Frequently Asked Questions
  When must an index-based ETF determine compliance with Nasdaq's continued listing requirements?
Identification Number 1412
When the new continued listing requirements in the Rule 5700 Series become effective, the issuer of an index-based ETF will be required to provide Nasdaq with the index components on a quarterly basis and Nasdaq will assess compliance with the listing requirements at that time. In addition, Nasdaq believes issuers should review the index components underlying their product for compliance with the continued listing requirements in connection with index rebalances, reconstitutions, or when there are other material changes to the index components. Nasdaq rules require that an ETF issuer notify Nasdaq of any non-compliance identified at those times. In lieu of submitting the quarterly component file, issuers can submit an index component file following an index rebalance or reconstitution, if the rebalance or reconstitution took place within the fiscal quarter. Issuers who submit the file in connection with a rebalance or reconstitution do not have to submit a separate file for the same fiscal quarter.
 
Publication Date*: 12/1/2017 Mailto Link Identification Number: 1412
Frequently Asked Questions
  For index-based ETPs, will compliance with the continued listing standards be determined based on the portfolio or the underlying index?
Identification Number 1460

Currently, the continued listing standards require that the underlying index must meet the requirements.

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1460
Frequently Asked Questions
  How will Nasdaq obtain index data to perform reviews of an ETP's compliance with the continued listing standards?
Identification Number 1462

Nasdaq will obtain basic index component data (component tickers, identifiers, weights, etc.) from the issuer or the index provider. In instances where Nasdaq does not have additional component data (market value data, volume date, issuer financials, etc.) used in determining compliance, data will be obtained from a third-party vendor. Please contact Nasdaq if there are any issues related to the delivery of basic index component data.

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1462
Frequently Asked Questions
  How will Nasdaq assess compliance with the fixed income index requirements relating to total issuer debt, market value of non-affiliate equity, or Section 13 or 15(d) filer status as prescribed in Rule 5705(b)(4)(A)(vi)?
Identification Number 1464

Nasdaq will use data from a third party to determine the total issuer debt and worldwide market value of its outstanding common equity held by non-affiliates. The issuer is the entity that issued the security.

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1464
Frequently Asked Questions
  Are agency mortgage-backed securities, agency collateralized mortgage-backed securities, and securities issued by government-sponsored entities considered to be exempted securities?
Identification Number 1465

Yes, Nasdaq considers these securities to be exempt securities as defined in Section 3(a)(12) of the Exchange Act.

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1465
Frequently Asked Questions
  Does Nasdaq aggregate agency mortgage-backed securities ("Agency MBS") for purposes of determining compliance?
Identification Number 1466

Nasdaq will generally aggregate Agency MBS components from the same Agency issuer when they have the same rate, term and year of issuance.

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1466
Frequently Asked Questions
  Does Nasdaq maintain a list of non-U.S. exchanges that have last sale reporting?
Identification Number 1467

Yes. A copy of the current list is available upon request.

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1467
Frequently Asked Questions
  How does Nasdaq define securities as "equity" or "fixed income"?
Identification Number 1468

Equity

Nasdaq rules allow "U.S. Component Stocks" and "Non-U.S. Component Stocks" to be treated as equities within indices. This includes, but is not limited to, common stock, preferred stock, ordinary shares, and American Depositary Receipts (ADRs).

Fixed Income

"Fixed Income Securities" are defined as "notes, bonds, debentures or evidence of indebtedness that include, but are not limited to, U.S. Department of Treasury securities ("Treasury Securities"), government-sponsored entity securities ("GSE Securities"), municipal securities, trust preferred securities, supranational debt and debt of a foreign country or subdivision thereof." Please see Nasdaq Rule 5705(b)(4).

Securities not specifically mentioned above will be defined on a case by case basis.

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1468
Frequently Asked Questions
  What is a Leveraged ETP?
Identification Number 1537

A leveraged ETP seeks to provide daily returns that are based on a multiple of the long performance of the underlying index. Because of their structure, these ETPs can perform much differently than expected when held for periods longer than a day. Investors should consult the ETP prospectus prior to investing. The SEC and FINRA have published guidance on investing in these types of products.

Publication Date*: 5/29/2018 Mailto Link Identification Number: 1537
Frequently Asked Questions
  What is an Inverse ETP?
Identification Number 1538

An inverse ETP seeks to provide daily returns that are based on a multiple of the opposite performance of the underlying index. Because of their structure, these ETPs can perform much differently than expected when held for periods longer than a day. Investors should consult the ETP prospectus prior to investing. The SEC and FINRA have published guidance on investing in these types of products.

Publication Date*: 5/29/2018 Mailto Link Identification Number: 1538
Frequently Asked Questions
  Are there additional risks associated with investing in Leveraged and Inverse ETPs?
Identification Number 1539

Unlike many ETPs, Leveraged and Inverse ETPs are constructed to provide a stated return on a daily basis. Holding these ETPs for longer than a day significantly increases the risk that the product will not perform as intended. Compounding returns of periods greater than a day could cause the return at the end of the holding period to differ significantly from the expected return.

For example, a fund is designed to track the inverse return (-1x) of an index. Both the fund and the index begin with a value of 100.

Day 1: the index declines 10% to 90. Thus, the fund increases 10% to $110.

Day 2: the index increases 20% to 108. Thus, the fund decreases 20% to $88.

Day 3: the index declines 20% to 86.4. Thus, the fund increases 20% to $105.60.

Day 4: the index increases 20% to 103.68. Thus, the fund decreases 20% to $84.48.

Over the four day period, the index increased 3.68% but the value of the fund decreased 15.52%. While the fund operated as designed, investors could be confused that the decrease in the value of the fund over these four days was significantly different than the simple inverse return of -3.68%. In fact, because of daily compounding, it is actually more than four times lower.

Publication Date*: 5/29/2018 Mailto Link Identification Number: 1539
Frequently Asked Questions
  What should an issuer do in the event of an early or accelerated redemption of a listed ETP?
Identification Number 1540

If a listed ETP is going to be redeemed on an early or accelerated basis, the issuer should contact Nasdaq staff prior to the public announcement of the redemption to coordinate the cessation of trading for the ETP. In determining when to cease trading, Nasdaq will consider, among other factors, the final valuation date, when dissemination of the intraday and closing indicative values will be discontinued, and whether the indicative value will continue to be representative of the product's cash value per share.

Issuers are also reminded to contact the MarketWatch department at least 10 minutes prior to the release of any material information. See this FAQ for further details.

Publication Date*: 5/29/2018 Mailto Link Identification Number: 1540
Frequently Asked Questions
  What happens if an Exchange Traded Product fails to meet a listing requirement?
Identification Number 1385
If the issuer is aware that an ETP has become deficient, they must notify the Nasdaq Listing Qualifications' Analyst. ETPs that fail to meet the continued listing standards contained in the Rule 5700 Series are subject to the procedures described in Listing Rule 5810. Under these procedures, the Listing Qualifications' Analyst will send the ETP a letter requesting that the company submit a plan to regain compliance. The plan is generally due within 45 calendar days. If Nasdaq staff accepts the plan, the company can be granted an extension of up to 180 calendar days from the date of the initial notification letter. If the plan is not accepted, Nasdaq staff will notify the issuer by phone and subsequently send a delisting letter. The ETP can request that an independent Panel review the Nasdaq staff's decision. More information about this Hearing Process is available here.
 
Publication Date*: 6/20/2017 Mailto Link Identification Number: 1385
Frequently Asked Questions
  Is there a compliance period for an ETP issuer to cure non-compliance with a continued listing requirement?
Identification Number 1413
When Nasdaq believes that an ETP is not in compliance with a continued listing requirement, Nasdaq will contact the issuer to confirm the underlying facts. Following this initial notification, Nasdaq will draft a deficiency notification, as described in the Rule 5800 Series. The letter generally will be issued within ten business days from the initial contact (following re-confirmation of the non-compliance) and the issuer has 45 calendar days from the date of Nasdaq's letter to submit a plan to regain compliance. Based on this plan, Nasdaq can grant up to 180 calendar days from the date of the deficiency notification for the issuer to cure the deficiency.
 
Publication Date*: 8/14/2017 Mailto Link Identification Number: 1413
Frequently Asked Questions
  How and when does Nasdaq inform the market if an ETP is no longer compliant with the continued listing standards?
Identification Number 1459
A list of non-compliant securities is available here and is updated on a daily basis. An ETP will be added to the list five calendar days after Nasdaq notifies the issuer of the ETP of the non-compliance by issuing a letter of deficiency is issued.  A Financial Status Indicator signifying that the security is non-compliant with the continued listing standards also will be distributed to data vendors starting five calendar days after the letter of deficiency is issued. The ETP will continue to appear on the list and will retain the Financial Status Indicator until Nasdaq has determined that the ETP has regained compliance with the continued listing standards.

Publication Date*: 12/1/2017 Mailto Link Identification Number: 1459
Frequently Asked Questions
  Who can I contact if I have questions about Nasdaq's Exchange Traded Product listing standards or the forms that listed ETPs are required to submit?
Identification Number 1386
For questions on listing requirements, including forms for listed ETPs, please see the "Contact Us" section of the Exchange Traded Products website. Representatives of listed ETPs can also log into the Listing Center to get contact information for their dedicated Listing Qualifications' Analyst.
 
Publication Date*: 6/20/2017 Mailto Link Identification Number: 1386
Frequently Asked Questions
  How does a company reserve a symbol to trade on Nasdaq?
Identification Number 486
A company may request a symbol for trading on the Nasdaq Stock Market by using our online form.
 
A company may request to reserve a symbol up to 24 months in advance of an initial listing application submission. If the symbol is not used during the 24-month reservation period, it will be made free and available for other potential applicants. A company may then re-apply for a symbol reservation after the original reservation expires provided that no other company has reserved the symbol. A reserved symbol may also be released at any time with given notice. A new symbol reservation can then be made if the applicant wishes to change its reserved symbol, assuming the new symbol is free and available.
 
The Nasdaq Stock Market does not reserve symbols for the OTCBB or the OTC Markets. Symbol reservations for OTCBB or OTC Markets are managed by FINRA. Any inquiries regarding symbol reservation for OTCBB or the OTC Markets should be forwarded to otcsymbols@finra.org
 
Publication Date*: 7/31/2012 Mailto Link Identification Number: 486
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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