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Tuesday, April 09, 2019

Options Regulatory Alert #2019 - 6
Amendment, Reorganization and Enhancement of Registration Rules

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  • Regulatory

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The Nasdaq Stock Market (“NQX” or “Exchange”) announces proposed amendments to its membership rules that update, reorganize, and clarify the existing rules, procedures, and forms.

Proposed amendments include the following:

  1. Revising the standards for what qualifies as a “filed” application subject to processing and what qualifies as an abandoned or “lapsed” application; the revisions also clarify the circumstances in which the Exchange may reject an application.
  2. Expansion of the existing waive-in membership application process to include reciprocity for approved members of any of the exchanges affiliated with Nasdaq.
  3. Clarifying events that would require a member to file an application for approval of a change in ownership, control or business operations; relieving members from the burden of filing for such Exchange approvals when the proposed changes have already been approved by the member’s Designated Examining Authority or another Nasdaq-affiliated exchange.
  4. Removal of the 30-day time period required for resignation of exchange membership.

The operative date for the amended membership rules is May 6, 2019 for all new applicants. Applications and appeals of application determinations that are pending as of May 6, 2019 will continue to be governed in accordance with the current rules and the Exchange will maintain a transitional rulebook for this purpose.

The rule filings are available for review at the following link: SR-NASDAQ-2019-22

Questions regarding these rules should be directed to Susan Murray, Membership Services at (215) 496-5322.


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