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The Securities and Exchange Commission has approved a rule change proposed by The Nasdaq Stock Market LLC. This change allows special purpose acquisition companies (SPACs) to be excluded from the requirement that at least 50% of a company's round lot holders must each hold unrestricted securities valued at a minimum of $2,500 at the time of the company's initial listing. Nasdaq believes that this rule is not necessary for SPACs, as their structure and investor base differ significantly from typical operating companies. The approval aims to align Nasdaq's standards more closely with those of other exchanges while ensuring investor protection and market liquidity.

The Nasdaq Stock Market LLC proposed new rules requiring additional criteria for companies primarily operating in regions where the Public Company Accounting Oversight Board (PCAOB) cannot inspect public accounting firms, referred to as "Restrictive Markets." These rules mandate that these companies meet minimum offering sizes or public float percentages to list on Nasdaq in connection with Initial Public Offerings (IPOs) or business combinations. The goal is to enhance investor protection by ensuring that enough shares are available to support stable trading and prevent fraudulent activities, particularly in markets with limited regulatory oversight. The proposed changes aim to ensure sufficient investor interest and market liquidity for companies from Restrictive Markets when listing on Nasdaq.

The Nasdaq Stock Market LLC has submitted a proposed rule change aimed at increasing all-inclusive annual listing fees for certain companies. These fees affect both domestic and foreign companies that list equity securities on the Nasdaq Global Select, Global, and Capital Markets. Effective January 1, 2025, these increases are intended to align fees with the value provided by listing on Nasdaq, taking into account the Exchange's increased costs and competitive positioning. Although the fee structure itself remains unchanged, the fee amounts for specific categories, such as Acquisition Companies, are proposed to be adjusted, while ensuring that all similar companies are charged uniformly.

The Nasdaq Stock Market LLC has filed a proposed rule change with the Securities and Exchange Commission to delay the implementation of a new Options Regulatory Fee (ORF) and its methodology. Initially set to start earlier, the new ORF will now be implemented on June 1, 2025, and will end on December 1, 2025. Additionally, Nasdaq plans to revert the ORF to the rate of $0.0016 per contract side, effective March 1, 2025. The Securities and Exchange Commission is inviting public comments on this proposed rule change until March 5, 2025.

Nasdaq ISE, LLC is introducing a rule change to simplify its membership rules by incorporating the membership policies of The Nasdaq Stock Market LLC. This move aims to harmonize the rules across affiliated exchanges like Nasdaq and BX to create a consistent and efficient process for membership applications. Existing rules will apply to applications submitted before the new rules take effect, and the transition will be managed orderly to avoid confusion. The Securities and Exchange Commission is inviting public comments on this proposal.

The Nasdaq Stock Market LLC has proposed a rule change to adjust its fees based on inflation. The fees have been unchanged for a long time and will now be adjusted through a one-time increase spread over three years: 45% in 2025, 30% in 2026, and 25% in 2027. The adjustments aim to restore fees to their intended real value and support continued investment in technology. These proposed changes apply to various Nasdaq products and are intended to ensure fair value and support the quality of Nasdaq's services.

The Securities and Exchange Commission (SEC) received a notice from The Nasdaq Stock Market LLC about a proposed rule change related to the ALPS Active REIT ETF, allowing it to list and trade shares under Nasdaq Rule 5750. This rule pertains to the trading of Proxy Portfolio Shares, a type of actively managed exchange-traded fund (ETF) whose portfolio details are disclosed after a delay to protect against market manipulation. Nasdaq emphasizes the importance of maintaining transparency and compliance with regulations while ensuring that all necessary information about the fund and its trading is accessible to both regulators and investors. The SEC is seeking public comments on this proposal within a specified time frame.

The Nasdaq Stock Market LLC has proposed a rule change to the Securities and Exchange Commission (SEC) related to shares of the iShares Bitcoin Trust. This proposal will allow "in-kind" transfers of bitcoin, alongside the existing cash process, in the trust's creation and redemption of shares. The change aims to enhance efficiency by letting specific participants source bitcoin themselves, which may reduce the trust's market impact and benefit investors. The SEC is seeking public comments on this proposal.

The Nasdaq Stock Market has proposed a rule change to clarify their credit system for stock trades. The change aims to make sure traders understand they cannot combine certain types of credits and discounts, specifically the M-ELO Supplemental Credit B with either M-ELO Supplemental Credit A or the QMM Tier 2 Program discount. This update doesn't change how the fee system works; rather, it clearly explains the rules to avoid confusion. The proposal is intended to ensure fairness and transparency among market participants.