Nasdaq amends FAQ re Exchange status

By:  Cydney Posner

Nasdaq has amended the FAQ it posted in May 2006 (see my email of May 16, 2006) regarding its conversion into an Exchange. Currently, the FAQ indicates that Nasdaq anticipates that the operational date of the conversion will be August of 2006; however, the caveat remains regarding the possibility of delay to satisfy conditions in the SEC approval order and uncertainties associated with some of these conditions.

(Note that the Nasdaq proposal to rename the Nasdaq National Market as the Nasdaq Global Market and to create the Nasdaq Global Select Market, a new tier within the Nasdaq Global Market with higher initial listing standards, is still expected to be implemented on July 1, 2006.)

The revised FAQ also indicates that, once Nasdaq becomes a national securities exchange, Section 16 and Form 144 filings related to Nasdaq-listed securities will have to be filed with Nasdaq. However, Nasdaq has requested, and expects to receive, relief from the SEC that will allow the electronic filing of Section 16 reports and Forms 144 on EDGAR to satisfy this obligation. If filings are not made on EDGAR, a copy of these Section 16 and Form 144 filings will need to be sent to Nasdaq Listing Qualifications.

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