The Nasdaq Stock Market LLC proposed a rule that would allow them to deny or impose stricter listing criteria on companies based on their auditors or if their business activities occur in countries with restrictive laws, such as those that limit information access. This proposal was submitted to the Securities and Exchange Commission (SEC), which spent several months reviewing it and considering amendments. However, on February 1, 2021, before a final decision was reached, Nasdaq chose to withdraw the proposed rule change.
Simple Explanation
Nasdaq wanted to make new rules to be more careful about which companies it lists on its market, especially if the companies' accountants are not trustworthy or if the companies do business in countries where itβs hard to get information. But before these rules could be finalized, they decided not to make these changes.