By Cydney Posner

Here's something to look forward to on Monday: Nasdaq has completely reorganized its Listing Rulebook, and the reorganization will become effective on Monday, April 13, 2009. Nasdaq alleges that the revised rules contain the same requirements as the current rules, but they're supposed to be easier to understand and navigate (could they be much harder?), less ambiguous and illogical, and, here's the scary part, they purport to apply plain English principles where needed. That said, the reorganization required a 478-page conversion chart. For your reading pleasure over the weekend, here's a link to the chart.

Generally, the revised rules are organized as follows:

  • 5000 Series contains general definitions applicable to all listed companies
  • 5100 Series contains a description of Nasdaq's discretionary authority
  • 5200 Series contains qualitative requirements relating to all companies seeking to list or already listed on Nasdaq
  • 5300 Series contains the requirements for the Nasdaq Global Select Market
  • 5400 Series contains the requirements for the Nasdaq Global Market
  • 5500 Series contains the requirements for the Nasdaq Capital Market
  • 5600 Series contains a standalone rule set dedicated to corporate governance requirements for all Nasdaq-listed companies
  • 5700 Series contains the requirements for listing other securities
  • 5800 Series contains the requirements and processes relating to failure to meet a listing standard
  • 5900 Series contains the fees required to be paid for listing on Nasdaq

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