Tag: Nasdaq phase-in schedules
SEC approves Nasdaq corporate governance rule changes
In May, Nasdaq proposed to revise some of its corporate governance rules—specifically Rules 5605, 5615 and 5810—to modify the phase-in schedules for the independent director and committee requirements in connection with a slew of different circumstances: IPOs, spin-offs and carve-outs, companies emerging from bankruptcy, companies ceasing to qualify as Foreign Private Issuers, companies ceasing to be controlled companies, companies transferring from other national securities exchanges, and companies listing securities that were, immediately prior to listing, registered pursuant to Section 12(g) of the Act. In addition, Nasdaq proposed to codify or amend its practices regarding the applicability of certain cure periods. Many of the changes proposed by Nasdaq were similar to rules that had previously been approved for the NYSE. There were apparently no comments received on the proposal, even after the SEC designated a longer time period for approval. On Monday, the SEC approved Nasdaq’s proposal.
Nasdaq proposes rule changes related to phase-ins and cure periods
Nasdaq has proposed to modify some of its corporate governance rules—specifically Rules 5605, 5615 and 5810—to modify the phase-in schedules for the independent director and committee requirements in connection with IPOs, spin-offs and carve-outs, bankruptcy and other specified circumstances and to clarify the applicability of certain cure periods.
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