The Nasdaq Appeal Process outlines the formal procedures through which a company or individual can challenge a disciplinary decision, listing determination, or other adverse ruling issued by Nasdaq. This structured process provides an avenue for review, allowing affected parties to present their case to a higher authority within Nasdaq’s self-regulatory framework or, subsequently, to the Securities and Exchange Commission (SEC). Its purpose is to ensure fairness and consistency in rule application.
Mechanism
An appeal typically commences with a written request for review submitted to the Nasdaq Review Council. This Council conducts an independent review of the record from the initial decision, considering legal and factual arguments presented by the appellant. The process may involve oral arguments and the submission of briefs. If dissatisfied with the Nasdaq Review Council’s determination, the appealing party may then seek further review by the SEC.
Methodology
The methodology underpinning the Nasdaq Appeal Process prioritizes due process and equitable treatment for market participants. It serves as a vital oversight mechanism to correct potential errors or inconsistencies in initial rulings, thereby reinforcing market integrity and investor protection. For crypto-related entities seeking to list on or interact with Nasdaq, understanding this process is crucial for navigating regulatory challenges and maintaining operational standing.
The core difference is the first appellate body: FINRA appeals go to the National Adjudicatory Council, Nasdaq appeals go to the Nasdaq Review Council.
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