Nasdaq Rule Change Requires Public Release of Disciplinary Documents
Nasdaq's IM-8310-3 amendment, effective Nov. 14 2026, mandates posting complaints, decisions and eligibility rulings on Nasdaq.com.
The Securities and Exchange Commission issued notice Release No. 34-106761; File No. SR-NASDAQ-2026-089 that Nasdaq filed a proposed rule change on October 15, 2026. The amendment to interpretive material IM-8310-3 is effective upon filing and is designated to become operative on November 14, 2026.
The amendment directs Nasdaq to publish copies of disciplinary complaints, disciplinary decisions and temporary cease-and-desist notices on Nasdaq.com, eliminating the existing $10,000 monetary threshold that currently bars release of lower-value sanctions. It also requires public release of eligibility decisions involving members or associated persons previously subject to statutory disqualification.
By publishing full documents rather than summaries, Nasdaq seeks to provide greater transparency and to align its practice with FINRA Rule 8313 and NYSE Rule 8313, which already make such materials publicly available regardless of sanction size.
The notice, appearing in the Federal Register Vol. 91, No. 210 (Monday, November 2, 2026, pages 68992-68998, FR Doc No: 2026-22266), invites comments from interested persons. The proposed rule text is accessible at https://listingcenter.nasdaq.com/rulebook/nasdaq/rulefilings and at Nasdaq's principal office.
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