NASD Notice to Members 97-83 - November 1997

Exemption From SEC Rule 15c2-11 for Certain Securities Delisted From Nasdaq

Executive Summary

In light of the recent approval of the new and increased listing standards for The Nasdaq Stock MarketSM (Nasdaq®), the Securities and Exchange Commission (SEC) has again provided an exemption from the filing requirements of SEC Rule 15c2-11 for certain securities that could be delisted as a result.1  The exemption will permit broker/dealers to immediately publish quotations in the OTC Bulletin Board® (or any other quotation medium including National Quotation Bureau Pink Sheets) for those securities that are delisted from Nasdaq for failure to comply with the new initial listing and maintenance requirements.  This Notice outlines the exemption and explains the procedures to be followed.

 

Questions concerning this Notice may be directed to Andrew S. Margolin, Senior Attorney, The Nasdaq Stock Market, Inc., at (202) 728-8869.  Members seeking the exemption should contact Market Operations at (203) 375-9609, as discussed below.