A US appeals court on Wednesday ruled that Nasdaq could not impose rules requiring companies listed on the exchange to have women and minority directors on their boards or explain why they do not. The New Orleans-based 5th US Circuit Court of Appeals on a 9-8 vote sided with two conservative advocacy groups in finding that the rules approved by…
Nasdaq rules encouraging diverse boards at companies listed on the stock exchange have drawn an investigation from 22 state attorneys general into whether the regulations are discriminatory. The rules require thousands of companies to report director diversity information annually and have a diverse board or explain why they can’t. Implementation is moving forward despite a legal challenge from conservative groups…
Nasdaq Inc.’s private market subsidiary is seeking to be the first in the US to offer companies the option of holding so-called private IPOs, giving venture capital and buyout firms more options to realize the value in their portfolios. Nasdaq Private Market is having conversations with several large VC and private equity firms about providing them with opportunities to divest…
The full US Court of Appeals for the Fifth Circuit is set to hear oral arguments Tuesday in a conservative challenge to the stock exchange’s rules, after a panel of three Democratic-appointed judges upheld them last year. The New Orleans-based court, where Republican-picked judges have the majority, agreed to review the decision at the challengers’ request. The Nasdaq rules at…
A federal appeals court agreed to rehear a challenge by two conservative groups to Nasdaq’s board diversity rule related to the disclosure of women and minority membership on boards of companies listed on the stock exchange. The 5th Circuit U.S. Court of Appeals, in its order Monday night setting a rehearing, also vacated a decision in October upholding the Nasdaq…
Nasdaq Inc. is throwing its weight behind technology that protects against financial crime as the demand to stop sophisticated, bad actors rises, according to Chief Executive Officer Adena Friedman. “We are investing in the technology in a very significant way,” Friedman said Wednesday at the Consumer Technology Association conference in Las Vegas. The anti-financial crime business is also Nasdaq’s fastest-growing,…
In a lengthy and detailed opinion, the Fifth Circuit has rejected two petitions challenging the SEC’s approval of Nasdaq’s board diversity rules. The rules require most Nasdaq-listed companies to have women and minority directors on their boards or explain why they don’t. The petitioners had argued that the rules violated constitutional free speech and equal protection provisions and also violated…
Nasdaq Inc. expects its custody services for digital assets to launch by the end of the second quarter as it joins a growing pool of traditional financial firms that could fill the role of crypto middlemen following a spate of bankruptcies in the industry. *** The project, which was initially announced in September, will mark the first major foray into…
Nasdaq (Nasdaq: NDAQ) today filed a proposal with the U.S. Securities and Exchange Commission (SEC) to adopt new listing rules related to board diversity and disclosure. If approved by the SEC, the new listing rules would require all companies listed on Nasdaq’s U.S. exchange to publicly disclose consistent, transparent diversity statistics regarding their board of directors. Additionally, the rules would…
Veteran Nasdaq in-house counsel John Zecca will take the reins of the legal department as chief legal officer and executive vice president on Oct. 1 while current CLO Ed Knight becomes vice chairman, according to a statement on Thursday from the New York-based financial services corporation. via Nasdaq taps veteran in-house counsel for top legal role – Reuters.