What is the role of the NASDAQ Listing and Hearing Review Council in NASDAQs listing appeal process?
The Listing Council decides appeals of decisions to delist or deny initial listing to a company. As discussed more fully in Rule 5800 Series 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. NASDAQ provides Summaries of Listing Council decisions dating from July 2002. The cases are organized by the NASDAQ rules at issue in the case. All Listing Council decisions
