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Frequently Asked Questions
  Must a company obtain approval from Nasdaq in order to utilize the exceptional and limited circumstances provision for its audit committee pursuant to Listing Rule 5605(c)(2)(B)?
Identification Number 91
No. A company may choose to rely on the exception without obtaining Nasdaq's approval. A company, other than a Foreign Private Issuer, that relies on this exception must comply with the disclosure requirements set forth in Item 407(d)(2) of Regulation S-K. A Foreign Private Issuer that relies on this exception must disclose in its next annual report (e.g., Form 20-F or 40-F) the nature of the relationship that makes the individual not independent and the reasons for the board's determination. A member appointed under this exception may not serve longer than two years and may not chair the audit committee.  
Publication Date*: 7/31/2012 Mailto Link Identification Number: 91
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