By: Cydney Posner

Some Nasdaq news: First, Nasdaq has named the companies to be included in the Nasdaq Global Select Market. Approximately 1,200 companies qualified for the new tier. Click here for listing requirements and fees.  Although the reclassification is effective on July 3rd, newspapers may not display the new tiers until July 5th.

Second, on Friday, the SEC approved NASD's proposed changes to its rules to reflect the registration of the Nasdaq Stock Market LLC as a national securities exchange. Approval of these NASD rule changes is a critical step in the operation of the Nasdaq Stock Market as a national securities exchange, which was approved by the SEC on January 13, 2006.

The SEC also issued an order modifying the conditions for the operation of the Nasdaq Stock Market as a national securities exchange. The order enables Nasdaq to begin operating as an exchange in Nasdaq-listed securities separately from other exchange-listed securities, subject to completion of specified conditions. The SEC's order notes that all of the other conditions set forth in the Nasdaq Exchange Order remain and must be satisfied before the Nasdaq Exchange can begin operations as an exchange.

This content is provided for general informational purposes only, and your access or use of the content does not create an attorney-client relationship between you or your organization and Cooley LLP, Cooley (UK) LLP, or any other affiliated practice or entity (collectively referred to as "Cooley"). By accessing this content, you agree that the information provided does not constitute legal or other professional advice. This content is not a substitute for obtaining legal advice from a qualified attorney licensed in your jurisdiction, and you should not act or refrain from acting based on this content. This content may be changed without notice. It is not guaranteed to be complete, correct or up to date, and it may not reflect the most current legal developments. Prior results do not guarantee a similar outcome. Do not send any confidential information to Cooley, as we do not have any duty to keep any information you provide to us confidential. When advising companies, our attorney-client relationship is with the company, not with any individual. This content may have been generated with the assistance of artificial intelligence (Al) in accordance with our Al Principles, may be considered Attorney Advertising and is subject to our legal notices.