SEC approves Nasdaq proposal to facilitate listed issuers' 12(b) registration

By:  Cydney Posner

The SEC has approved Nasdaq's proposal to adopt NASD Rule 4130 to allow Nasdaq and its subsidiary, The Nasdaq Stock Market LLC ("Nasdaq Exchange"), to file an application with the SEC on behalf of its listed issuers to register their listed securities under Section 12(b) of the Exchange Act or to seek a temporary exemption from Section 12, in connection with Nasdaq Exchange’s anticipated operation as a national securities exchange. (Because Nasdaq has been approved to operate as an Exchange, Nasdaq issuers may no longer be registered under Section 12(g) of the Exchange Act.) Nasdaq is expected to provide notice to the public and its issuers of any request and provide issuers with an opportunity to opt-out of the process. (See my postings of 2/27/06 and 1/16/06.)

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