Notice2025-23660
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To Adopt Additional Initial Listing Criteria for Companies Primarily Operating in China
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
December 23, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 90 Issue 244 (Tuesday, December 23, 2025)</title>
</head>
<body><pre>
[Federal Register Volume 90, Number 244 (Tuesday, December 23, 2025)]
[Notices]
[Pages 60214-60217]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-23660]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104456; File No. SR-NASDAQ-2025-069]
Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Order
Instituting Proceedings To Determine Whether To Approve or Disapprove a
Proposed Rule Change, as Modified by Amendment No. 1, To Adopt
Additional Initial Listing Criteria for Companies Primarily Operating
in China
December 18, 2025.
I. Introduction
On September 4, 2025, the Nasdaq Stock Market LLC (``Exchange'' or
``Nasdaq'') filed with the Securities and Exchange Commission
(``Commission''), pursuant to Section 19(b)(1) of the Securities
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a
proposed rule change to adopt additional initial listing criteria for
companies primarily operating in the People's Republic of China
(``China''), including the Hong Kong Special Administrative Region
(``Hong Kong'') and the Macau Special Administrative Region
(``Macau''). On September 12, 2025, the Exchange filed Amendment No. 1
to the proposed rule change, which replaced and superseded the original
filing in its entirety. The proposed rule change, as modified by
Amendment No. 1, was published for comment in the Federal Register on
September 19, 2025.\3\ On September 25, 2025, the Commission designated
a longer period within which to take action on the proposed rule
change.\4\ The Commission is instituting proceedings pursuant to
Section 19(b)(2)(B) of the Act \5\ to determine whether to approve or
disapprove the proposed rule change, as modified by Amendment No. 1.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See Securities Exchange Act Release No. 103979 (Sept. 16,
2025), 90 FR 45298 (``Notice''). Comments received on the proposed
rule change are available at: <a href="https://www.sec.gov/comments/sr-nasdaq-2025-069/srnasdaq2025069.htm">https://www.sec.gov/comments/sr-nasdaq-2025-069/srnasdaq2025069.htm</a>.
\4\ See Securities Exchange Act Release No. 104058, 90 FR 46973
(Sept. 30, 2025). The Commission designated December 18, 2025, as
the date by which the Commission should approve, disapprove, or
institute proceedings to determine whether to disapprove the
proposed rule change. See id.
\5\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
II. Description of the Proposed Rule Change, as Modified by Amendment
No. 1
As described in more detail in the Notice,\6\ the Exchange states
that, since 2020, there has been a sharp increase in the number of
companies from China seeking to list on U.S. national securities
exchanges, such as Nasdaq, with a record number of Chinese companies
having sought a U.S. listing in 2024 and a continuation of that pace in
2025.\7\ The Exchange states that along with increasing U.S. investor
interest in Chinese companies, U.S. policymakers and regulatory
agencies have voiced concerns regarding the listing of Chinese
companies on U.S. national securities exchanges, citing risks to
investors and national security.\8\ In response, efforts have been made
by Congress,\9\ as well as by Nasdaq,\10\ to address these concerns on
a broader level.\11\
---------------------------------------------------------------------------
\6\ See Notice, supra note 3.
\7\ See id. at 45299.
\8\ See id. In particular, the Exchange states that Chinese
companies present unique risks to U.S. investors ``due to barriers
on access to information and limitations on the ability of U.S.
regulators to conduct investigations or enforce actions against the
company and non-U.S. persons, which create concerns about the
accuracy of disclosures, accountability and access to information.''
Id. at 45300.
\9\ See id. at 45299 (citing as an example Congress's passage of
the Holding Foreign Companies Accountable Act in December 2020).
\10\ See, e.g., Securities Exchange Act Release No. 93256 (Oct.
4, 2021), 86 FR 56338 (Oct. 8, 2021) (NASDAQ-2021-007) (Order
Granting Approval of a Proposed Rule Change To Adopt Additional
Initial Listing Criteria for Companies Primarily Operating in
Jurisdictions That Do Not Provide the PCAOB With the Ability To
Inspect Public Accounting Firms).
\11\ See Notice, supra note 3, at 45299.
---------------------------------------------------------------------------
The Exchange states that it has also identified concerns with the
trading of companies headquartered, incorporated, or whose business is
principally administered in China.\12\ Specifically, the Exchange
states that ``nearly 70% of the matters that Nasdaq has referred to the
SEC or FINRA since August 2022 have been related to trading in Chinese
companies, while Chinese companies represent less than 10% of all
Nasdaq listings.'' \13\ The Exchange also states that Chinese companies
that list on Nasdaq through an initial public offering (``IPO'') or
business combination with certain characteristics, such as a small
offering size or a low public float percentage, may not develop
sufficient public float,
[[Page 60215]]
investor base, and trading interest to provide the liquidity necessary
to promote fair and orderly trading, and that as a result their
securities may be more susceptible to manipulation by bad actors.\14\
Moreover, the Exchange states that challenges related to the ability of
``U.S. authorities in bringing or enforcing actions against entities
and individuals involved in potentially manipulative trading
activities'' in such cases further compounds the risk to investors.\15\
Accordingly, the Exchange proposes to enhance its initial listing
standards by adopting stricter requirements for companies based in
China (including Hong Kong and Macau).\16\
---------------------------------------------------------------------------
\12\ See id.
\13\ Id.
\14\ See id.
\15\ Id.
\16\ See id. The Exchange states that a company that falls under
proposed Nasdaq Rule 5210(l) would also need to comply with all
other applicable listing requirements. See id. at 45300.
---------------------------------------------------------------------------
A. Identification of Companies Based in China, Hong Kong, and Macau
The Exchange proposes to adopt listing requirements in Nasdaq Rule
5210(l) \17\ that would apply to a company that is headquartered or
incorporated in China (including Hong Kong and Macau) or whose business
is principally administered in one of those jurisdictions (``China-
based company''). The Exchange would determine where a company is
principally administered based on an analysis of the facts and
circumstances,\18\ including if: (1) the company's books and records
are located in that jurisdiction; (2) at least 50% of the company's
assets are located in such jurisdiction; (3) at least 50% of the
company's revenues are derived from such jurisdiction; (4) at least 50%
of the company's directors are citizens of, or reside in, such
jurisdiction; (5) at least 50% of the company's officers are citizens
of, or reside in, such jurisdiction; (6) at least 50% of the company's
employees are based in such jurisdiction; or (7) the company is
controlled by, or under common control with, one or more persons or
entities that are citizens of, reside in, or whose business is
headquartered, incorporated, or principally administered in such
jurisdiction.\19\
---------------------------------------------------------------------------
\17\ The Exchange also proposes to renumber the remainder of
Nasdaq Rule 5210 as subsections (m) and (n).
\18\ The Exchange states that it would consider the proposed
``elements holistically, recognizing that there are various factors
to consider when determining where a company conducts its principal
business activities.'' Id.
\19\ See proposed Nasdaq Rule 5210(l). The Exchange states that
several of the factors in proposed Nasdaq Rule 5210(l) are used in
its rules to determine whether a company's business is principally
administered in a ``Restrictive Market.'' See Notice, supra note 3,
at 45300, n.11; Nasdaq Rule 5005(a)(37) (defining ``Restrictive
Market'' to mean ``a jurisdiction that does not provide the Public
Company Accounting Oversight Board with access to conduct
inspections of public accounting firms that audit Nasdaq-listed
companies. A Company's business will be considered to be principally
administered in a Restrictive Market if: (i) the Company's books and
records are located in that jurisdiction; (ii) at least 50% of the
Company's assets are located in such jurisdiction; or (iii) at least
50% of the Company's revenues are derived from such
jurisdiction.'').
---------------------------------------------------------------------------
B. Minimum $25 Million Offering Size for an IPO
The Exchange proposes to require that, in the case of an IPO, a
China-based company must offer a minimum amount of securities in a Firm
Commitment Offering \20\ in the U.S. to Public Holders \21\ that would
result in gross proceeds to the company of at least $25 million.\22\
The Exchange states that it has observed that China-based companies
listing on Nasdaq in connection with an IPO with an offering size below
$25 million have a higher rate of compliance concerns.\23\
---------------------------------------------------------------------------
\20\ Nasdaq Rule 5005(a)(17) defines ``Firm Commitment
Offering'' as ``an offering of securities by participants in a
selling syndicate under an agreement that imposes a financial
commitment on participants in such syndicate to purchase such
securities.''
\21\ Nasdaq Rule 5005(a)(36) defines ``Public Holders'' as
``holders of a security that includes both beneficial holders and
holders of record, but does not include any holder who is, either
directly or indirectly, an Executive Officer, director, or the
beneficial holder of more than 10% of the total shares
outstanding.''
\22\ See proposed Nasdaq Rule 5210(l)(i).
\23\ See Notice, supra note 3, at 45300.
---------------------------------------------------------------------------
C. Minimum $25 Million Market Value of Publicly Held Shares for a
Business Combination
The Exchange proposes to require that in the case of a business
combination, as described in Nasdaq Rule 5110(a) (Business Combinations
with non-Nasdaq Entities Resulting in a Change of Control) or IM-5101-2
(Listing of Companies Whose Business Plan is to Complete One or More
Acquisitions) (``Business Combination''), a China-based company must
have a minimum Market Value of Unrestricted Publicly Held Shares \24\
following the business combination equal to at least $25 million.\25\
The Exchange states that Business Combinations involving China-based
companies present similar risk to U.S. investors as do IPOs that
involve China based-companies.\26\
---------------------------------------------------------------------------
\24\ See Nasdaq Rule 5005(a)(23), (46) for the definitions of
``Market Value'' and ``Unrestricted Publicly Held Shares.'' See also
Nasdaq Rule 5005(a)(35), (38), (47) for the definitions of
``Publicly Held Shares,'' ``Restricted Securities,'' and
``Unrestricted Securities.'' The Exchange states that ``Market Value
of Unrestricted Publicly Held Shares excludes securities subject to
resale restrictions from the calculation of Publicly Held Shares
because securities subject to resale restrictions are not freely
transferrable or available for outside investors to purchase and
therefore do not truly contribute to a security's liquidity upon
listing.'' Notice, supra note 3, at 45300.
\25\ See proposed Nasdaq Rule 5210(l)(ii). The Exchange states
that adopting this additional requirement would help prevent China-
based companies from using a business combination to avoid the
requirement being imposed on IPOs in proposed Nasdaq Rule
5210(l)(i).
\26\ See Notice, supra note 3, at 45300.
---------------------------------------------------------------------------
D. Direct Listings of China-Based Companies
The Exchange proposes to provide that, in the case of a Direct
Listing (as defined in Nasdaq Rule IM-5315-1 (Determination of Price-
Based Requirements for Direct Listings on the Nasdaq Global Select
Market)), a China-based company must meet: (i) all applicable listing
requirements for the Nasdaq Global Select Market and the additional
requirements of IM-5315-1; or (ii) the applicable listing requirements
for the Nasdaq Global Market and the additional requirements of IM-
5405-1 (Determination of Price-Based Requirements for Direct Listings
on the Nasdaq Global Market).\27\ Further, a China-based company would
not be permitted to list on the Nasdaq Capital Market in connection
with a Direct Listing.\28\
---------------------------------------------------------------------------
\27\ See proposed Nasdaq Rule 5210(l)(iii).
\28\ See id. The Exchange states that adopting this additional
requirement would help prevent companies from using a direct listing
to avoid the requirement being imposed on IPOs in proposed Nasdaq
Rule 5210(1)(i). See Notice, supra note 3, at 45301.
---------------------------------------------------------------------------
E. Transfer of a China-Based Company Listing
The Exchange proposes to provide that in the case of a China-based
company transferring its listing from the over-the-counter (``OTC'')
market or from another national securities exchange, the company must
have a minimum Market Value of Unrestricted Publicly Held Shares \29\
of at least $25 million and have traded on the other market for at
least one year.\30\ The Exchange states that a China-based company that
initially lists on another market and ``quickly transfer[s] its listing
to Nasdaq'' may present similar risks to U.S. investors as an IPO and
that the minimum one-year requirement would provide sufficient time for
a China-based company ``to establish a trading history of operations
upon which investors can rely, and which Nasdaq could consider in
determining whether the company is ready for the rigors of being public
company and
[[Page 60216]]
adhering to the regulatory requirements.'' \31\
---------------------------------------------------------------------------
\29\ See supra note 24 (defining ``Market Value of Unrestricted
Publicly Held Shares'').
\30\ See proposed Nasdaq Rule 5210(l)(iv).
\31\ Notice, supra note 3, at 45301. The Exchange states that
companies trading in the OTC market at the time of application must
also satisfy a minimum average daily trading volume before initial
listing. See id. at 45301, n.19; Nasdaq Rules 5405(a)(4) and
5505(a)(5).
---------------------------------------------------------------------------
F. Implementation
Finally, the Exchange proposes that the effective date of the
proposal would be 30 days after Commission approval and thus apply to
companies listing on or after 30 days from the date of the Commission's
approval order.\32\
---------------------------------------------------------------------------
\32\ See Notice, supra note 3, at 45301.
---------------------------------------------------------------------------
III. Proceedings To Determine Whether To Approve or Disapprove SR-
NASDAQ-2025-069, as Modified by Amendment No. 1, and Grounds for
Disapproval Under Consideration
The Commission is instituting proceedings pursuant to Section
19(b)(2)(B) of the Act \33\ to determine whether the proposed rule
change, as modified by Amendment No. 1, should be approved or
disapproved. Institution of such proceedings is appropriate at this
time in view of the legal and policy issues raised by the proposed rule
change. Institution of proceedings does not indicate that the
Commission has reached any conclusions with respect to any of the
issues involved. Rather, as described below, the Commission seeks and
encourages interested persons to provide additional comment on the
proposed rule change to inform the Commission's analysis of whether to
approve or disapprove the proposed rule change, as modified by
Amendment No. 1.
---------------------------------------------------------------------------
\33\ 15 U.S.C. 78s(b)(2)(B).
---------------------------------------------------------------------------
Pursuant to Section 19(b)(2)(B) of the Act,\34\ the Commission is
providing notice of the grounds for disapproval under consideration.
The Commission is instituting proceedings to allow for additional
analysis of, and input from commenters with respect to, the proposed
rule change's consistency with the Act, and in particular, Section
6(b)(5) of the Act, which requires, among other things, that the rules
of a national securities exchange be designed to prevent fraudulent and
manipulative acts and practices, to promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
of a free and open market and a national market system, and, in
general, to protect investors and the public interest.\35\
---------------------------------------------------------------------------
\34\ Id.
\35\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
The development and enforcement of meaningful listing standards
\36\ by an exchange is of critical importance to financial markets and
the investing public. Among other things, such listing standards help
ensure that exchange-listed companies will have sufficient public
float, investor base, and trading interest to provide the depth and
liquidity to promote fair and orderly markets. Meaningful listing
standards are also important given investor expectations regarding the
nature of securities that have achieved an exchange listing, and the
role of an exchange in overseeing its market and assuring compliance
with its listing standards.\37\
---------------------------------------------------------------------------
\36\ The Commission notes that this reference to ``listing
standards'' is referring to both initial and continued listing
standards.
\37\ See, e.g., Securities Exchange Act Release Nos. 88716 (Apr.
21, 2020), 85 FR 23393 (Apr. 27, 2020) (SR-NASDAQ-2020-001) (Order
Approving a Proposed Rule Change To Modify the Delisting Process for
Securities With a Bid Price at or Below $0.10 and for Securities
That Have Had One or More Reverse Stock Splits With a Cumulative
Ratio of 250 Shares or More to One Over the Prior Two-Year Period);
88389 (Mar. 16, 2020), 85 FR 16163 (Mar. 20, 2020) (SR-NASDAQ-2019-
089) (Notice of Filing of Amendment No. 1 and Order Granting
Accelerated Approval of a Proposed Rule Change, as Modified by
Amendment No. 1, To Amend Rule 5815 To Preclude Stay During Hearing
Panel Review of Staff Delisting Determinations in Certain
Circumstances). See also Securities Exchange Act Release No. 81856
(Oct. 11, 2017), 82 FR 48296, 48298 (Oct. 17, 2017) (SR-NYSE-2017-
31) (Notice of Filing of Amendment No. 1 and Order Granting
Accelerated Approval of a Proposed Rule Change, as Modified by
Amendment No. 1, To Amend the Listed Company Manual To Adopt Initial
and Continued Listing Standards for Subscription Receipts) (stating
that ``[a]dequate standards are especially important given the
expectations of investors regarding exchange trading and the
imprimatur of listing on a particular market'' and that ``[o]nce a
security has been approved for initial listing, maintenance criteria
allow an exchange to monitor the status and trading characteristics
of that issue . . . so that fair and orderly markets can be
maintained'').
---------------------------------------------------------------------------
As discussed above, the Exchange proposes to adopt heightened
initial listing requirements for China-based companies. The Exchange
states that China-based companies that have certain characteristics,
such as a small offering size or a low public float percentage, may not
develop sufficient public float, investor base, and trading interest to
provide the liquidity necessary to promote fair and orderly trading,
and that as a result their securities may be more susceptible to
manipulation by bad actors.\38\ The Exchange also states that U.S.
authorities face challenges in such cases in bringing or enforcing
actions against entities and individuals involved in potentially
manipulative trading activities, and that these challenges compound the
risk to investors.\39\
---------------------------------------------------------------------------
\38\ See supra note 14 and accompanying text.
\39\ See supra note 15 and accompanying text.
---------------------------------------------------------------------------
One commenter expressed general support for the proposal.\40\ This
commenter stated that it supports ``Nasdaq for taking action to
preserve market integrity from the high volatility and potential market
manipulation of the smallest microcap Chinese companies.'' \41\ Another
commenter supported the proposal, but recommended that ``the increased
standards should apply to companies based in additional foreign
jurisdictions where it is determined there are elevated levels of
fraud.'' \42\ This commenter stated that, ``[o]therwise, fraudsters
will simply move to other jurisdictions where it's even easier to
commit fraud'' and that ``other jurisdictions also see many instances
of fraudulent activities.'' \43\
---------------------------------------------------------------------------
\40\ See Letter from Emmanual Tamrat, Senior Research Analyst,
Council of Institutional Investors, dated Oct. 10, 2025 (``CII
Letter'').
\41\ CII Letter at 2.
\42\ Letter from Jeffrey Starr, Managing Director, Head of
Operations, Charles Schwab & Co., dated Dec. 16, 2025 (``Schwab
Letter'').
\43\ Schwab Letter at 4.
---------------------------------------------------------------------------
Another commenter proposed certain modifications to the proposal,
while also expressing general support for Nasdaq's ongoing efforts to
enhance its listing standards.\44\ In particular, this commenter
expressed concern that the proposed scope of issuers that would be
considered to be China-based companies ``could capture issuers that are
incorporated, headquartered, and operating entirely in the United
States, or in other transparent jurisdictions, merely because (i) they
were founded or controlled by entrepreneurs who are Chinese citizens or
(ii) 50% of their officers or directors are Chinese citizens, even if
such individuals have long resided in the United States.'' \45\ This
commenter stated that it believes that the current proposal ``risks
unintentionally capturing issuers that do not present the same
regulatory concerns'' for which the proposal was designed to address
and suggested that the requirements in the proposal only apply to
issuers ``principally operating in China, rather than issuers that are
based in the U.S. simply because their founders, controlling persons,
directors, or officers are Chinese citizens.'' \46\ This
[[Page 60217]]
commenter also suggested extending the transition period for compliance
with the proposal from 30 days to 60 days for issuers with pending
initial listing applications.\47\
---------------------------------------------------------------------------
\44\ See Letter from Louis E. Taubman, Esq., Managing Partner,
Hunter Taubman Fischer & Li LLC, dated Sept. 16, 2025 (``HTFL
Letter'').
\45\ HTFL Letter at 2.
\46\ Id. at 2. This commenter also stated that the proposed
listing standard should be based on ``operational jurisdiction and
regulatory overnight, not citizenship per se'' so as not to create
``unintended barriers for legitimate issuers operating under robust
local regulations.'' Id. (emphasis omitted).
\47\ See id. at 3.
---------------------------------------------------------------------------
Finally, one commenter opposed the proposal, stating it ``would be
unlawful and make for bad policy.'' \48\ This commenter stated that the
proposal is ``not necessary or appropriate to protect national
security'' and is ``anti-competitive as it discriminates against
certain Chinese issuers imposing additional, more onerous listing
criteria on them than are imposed on other foreign issuers.'' \49\
Additionally, the commenter stated that the proposal does not provide
adequate justification for being ``writ[ten] . . . in terms of national
origin.'' \50\
---------------------------------------------------------------------------
\48\ Letter from Joseph D. Wilson, Esq., Bevilacqua PLLC, dated
Oct. 10, 2025 (``Bevilacqua Letter''). The commenter stated that the
proposal is inconsistent with Section 3(f) and Section 6(b)(5) of
the Act. See id. at 2-3.
\49\ Bevilacqua Letter at 2.
\50\ Id.
---------------------------------------------------------------------------
The Commission asks that commenters address the sufficiency of the
Exchange's statements in support of the proposal, which are set forth
in the Notice, in addition to any other comments they may wish to
submit about the proposed rule change, as modified by Amendment No. 1.
In particular, the Commission seeks comment on whether the proposal to
impose heightened initial listing requirements on China-based issuers
is designed to be consistent with the requirements of Section 6(b)(5)
of the Act \51\ or raises any new or novel concerns not previously
contemplated by the Commission.
---------------------------------------------------------------------------
\51\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
IV. Procedure: Request for Written Comments
The Commission requests that interested persons provide written
submissions of their data, views, and arguments with respect to the
issues identified above, including the issues raised by commenters and
the Exchange's response, as well as any other concerns they may have
with the proposal. In particular, the Commission invites the written
views of interested persons concerning whether the proposed rule
change, as modified by Amendment No. 1, is consistent with Sections
6(b)(5) or any other provision of the Act, or the rules and regulations
thereunder. Although there do not appear to be any issues relevant to
approval or disapproval that would be facilitated by an oral
presentation of data, views, and arguments, the Commission will
consider, pursuant to Rule 19b-4 under the Act,\52\ any request for an
opportunity to make an oral presentation.\53\
---------------------------------------------------------------------------
\52\ 17 CFR 240.19b-4.
\53\ Section 19(b)(2) of the Act, as amended by the Securities
Acts Amendments of 1975, Public Law 94-29 (June 4, 1975), grants to
the Commission flexibility to determine what type of proceeding--
either oral or notice and opportunity for written comments--is
appropriate for consideration of a particular proposal by a self-
regulatory organization. See Securities Acts Amendments of 1975,
Senate Comm. on Banking, Housing & Urban Affairs, S. Rep. No. 75,
94th Cong., 1st Sess. 30 (1975).
---------------------------------------------------------------------------
Interested persons are invited to submit written data, views, and
arguments regarding whether the proposed rule change, as modified by
Amendment No. 1, should be approved or disapproved by January 13, 2026.
Any person who wishes to file a rebuttal to any other person's
submission must file that rebuttal by January 27, 2026. The Commission
asks that commenters address the sufficiency of the Exchange's
statements in support of the proposal, in addition to any other
comments they may wish to submit about the proposed rule change.
Comments may be submitted by any of the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#1260677e773f717d7f7f777c6661526177713c757d64"><span class="__cf_email__" data-cfemail="b9cbccd5dc94dad6d4d4dcd7cdcaf9cadcda97ded6cf">[email protected]</span></a>. Please include
file number SR-NASDAQ-2025-069 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-NASDAQ-2025-069. This
file number should be included on the subject line if email is used. To
help the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-NASDAQ-2025-069 and should be submitted
by January 13, 2026. Rebuttal comments should be submitted by January
27, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\54\
---------------------------------------------------------------------------
\54\ 17 CFR 200.30-3(a)(57).
---------------------------------------------------------------------------
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-23660 Filed 12-22-25; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on December 23, 2025.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.