Search Results for keywords:"beneficial holders"

In July 2020, The Nasdaq Stock Market filed a proposed rule change with the Securities and Exchange Commission (SEC) to adjust listing requirements for maintaining a minimum number of beneficial holders and shares outstanding. The SEC initially had until February 3, 2021, to decide whether to approve or disapprove the change, but extended the deadline to April 4, 2021, to allow for a thorough review. This extension ensures the SEC has enough time to consider comments and make an informed decision about the proposal.

The Securities and Exchange Commission (SEC) has disapproved a proposed rule change submitted by the Cboe BZX Exchange, Inc., which aimed to extend the time allowed for certain exchange-traded products (ETPs) to meet minimum listing requirements. The Exchange wanted to increase the compliance period from 12 to 36 months for ETPs to have a minimum of 50 beneficial holders, arguing it aligns better with the ETP lifecycle and current market conditions. However, the SEC found that the Exchange did not provide enough evidence to ensure this change would protect against market manipulation and protect investors. Despite receiving some support from commenters, the proposal was deemed inconsistent with the necessary regulatory requirements.