Type:Notice
Citation:86 FR 8955
Reading Time:about 2 minutes
The Nasdaq Stock Market LLC submitted a proposed rule to the Securities and Exchange Commission (SEC) that aimed to set new qualifications for the management of companies operating in countries with restrictive information laws. Initially filed in May 2020, the proposal underwent several amendments to address regulatory concerns. Despite a detailed review process including public comments and multiple amendments, the proposal was ultimately withdrawn by Nasdaq on February 1, 2021.
Simple Explanation
The Nasdaq Stock Market wanted to make a new rule about who can run companies from countries that don't share information easily, but after thinking about it and hearing from others, they decided not to go ahead with the rule.