Appellate Decisions of The NASDAQ Listing and Hearing Review Council
The procedures for the review of NASDAQ listing determinations are set forth in the Rule 4800 series. As described therein, a company may appeal a decision by the Listing Qualifications Panel to the NASDAQ Listing and Hearing Review Council ("the Listing Council"), or the Listing Council may on its own volition call the decision for review. The NASDAQ Board may also call the Listing Council's decision for review. If the NASDAQ Board declines to review the Listing Council decision, the Listing Council decision is the final action of NASDAQ; however, the company may appeal the decision to the Securities and Exchange Commission.
The Listing Council is a committee appointed by the NASDAQ Board of Directors, pursuant to Article V of the NASDAQ by-laws. In addition to reviewing decisions of the Panel, the Listing Council's responsibilities include making recommendations to the Board on policy and rule changes relating to company listings.
A summary of final Listing Council decisions, beginning with decisions dated July 2002, are provided below. The cases are organized by NASDAQ rules. All Listing Council decisions are based on the facts and circumstances arising in those cases and NASDAQ's rules and policies in effect on the date of the decision.
