The NASDAQ Listing and Hearing Review Council (Listing Council) is a standing independent advisory committee appointed by the NASDAQ Board of Directors to provide advice to the Board of the NASDAQ Stock Market LLC on issues relating to listed companies, consistent with the Board's core responsibility of seeking independent, outside advice. The Listing Council also plays an appellate role in the NASDAQ adjudicatory process, as described below, to assure the consistent and fair application of listing rules and policies.

The Listing Council was established nearly 20 years ago and NASDAQ is the only exchange with a permanent advisory body of this type. The charter of the Listing Council outlines its role and responsibilities. Members of the Listing Council come from diverse constituencies including institutional investor advocates, company representatives, lawyers, accountants, securities industry professionals and academics.

The Listing Council discharges its appellate responsibilities in part by hearing and deciding appeals of delisting decisions. As discussed more fully in Rule Series 5800 and the Frequently Asked Questions (FAQs) for the Hearings Process and the Appeals Process, a company may seek review of a Staff Delist Determination before an independent Hearings Panel, and may appeal the Hearings Panel decision to the Listing Council. The Listing Council also reviews all Panel decisions, regardless of whether they are appealed, and may decide on its own to reverse or modify a Panel decision as a result of that review. The Listing Council decision is generally the final action of NASDAQ, unless the NASDAQ Board calls the matter for review. The Listing Council's decision, or that of the NASDAQ Board, may be appealed to the Securities and Exchange Commission.

Summaries of Listing Council decisions, dating from July 2002, are provided below. The cases are organized by the NASDAQ rules at issue in the case. 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.

• Decisions of the NLHRC: Master Index (March 4, 2010)
• Decisions of the NLHRC: 2009 (March 4, 2010)
• Decisions of the NLHRC: 2008 (December 2, 2008)
• Decisions of the NLHRC: 2007 (May 13, 2008)
• Decisions of the NLHRC: 2006 (September 20, 2007)
• Decisions of the NLHRC: 2005 (April 17, 2006)
• Decisions of the NLHRC: 2004 (April 29, 2005)
• Decisions of the NLHRC: 2002 & 2003 (June 23, 2004)


Review of NASDAQ Adjudicatory Decisions
• SEC Review of Action Taken by NASDAQ: Coherent, Inc. (December 18, 2007)
• U.S. Court of Appeals: Fog Cutter Capital Group, Inc., Petitioner, v, Securities & Exchange Commission, Respondent (January 23, 2007)
• SEC Review of Action Taken by NASDAQ: Fog Cutter Capital Group, Inc. (December 21, 2005)