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Securities Law Blog
Use the search or alphabetical categories to locate information on any and all schedules, rules, legislation or updates to corporate and securities laws. Laura Anthony, Esq. has been publishing weekly articles for the past 600 weeks. If you need assistance or have questions, please reach out to Laura Anthony, Esquire, Founding Partner of Anthony, Linder & Cacomanolis, PLLC using any of the contact forms on this site or visit the firm website for further information.
RECENT POSTS
ナスダック、いずれかの流動性基準を下回り、上場証券の時価総額が500万ドル未満の企業に対する上場廃止手続きを加速する提案を発表
2025年9月3日、ナスダックは、入札価格、公募株式時価総額、自己資本、利益、総資産／収益要件など、数値的上場基準のいずれかを下回り、かつ上場証券時価総額（「MVLS」）が500万ドル未満の企業について、その上場停止および上場廃止を迅速化する改正案を提案しました。同日、ナスダックは、ナスダック・キャピタル・マーケットおよびナスダック・グローバル・マーケットの流動性上場基準を改正し、純利益基準に基づいて上場する企業に対する制限のない公開保有株式の時価総額（「MVUPHS」）の最低要件を、500万ドルから1,500万ドルに引き上げる改正案も提案しました（参照）。
Nasdaq Proposes To Accelerate Delisting For Companies That Fall Below Any Liquidity Standard And Have A Market Value Of Listed Securities Below $5 million
On September 3, 2025, Nasdaq proposed amendments to accelerate the suspension and delisting of a company that falls below any of the numeric listing requirements, including the bid price, market value of public float, equity, income and total assets/revenue requirements, and that has a Market Value of Listed Securities (“MVLS”) below $5 million. On the same day, Nasdaq proposed amendments to its liquidity listing standards for the Nasdaq Capital Market and Nasdaq Global Market to increase the minimum Market Value of Unrestricted Publicly Held Shares (“MVUPHS”) requirement for those companies listing under the net income standard from $5 million to $15 million (see HERE).
ナスダック、1株あたり0.10ドル銘柄の上場廃止の加速を提案
ナスダックは、同取引所で取引される低価格銘柄の数を減らすための継続的な取り組みの一環として、株価が0.10ドルを下回る銘柄の上場廃止手続きを迅速化することを目的に、最低入札価格規則の改正を提案しました。特に、ナスダックは、株価が10営業日連続で終値ベースで0.10ドル以下となった銘柄（以下「低価格銘柄」）について、企業がその他の入札価格要件を満たしているかどうかにかかわらず、当該銘柄に対して上場廃止通知を発行し、その取引を停止することを規定する規則5810条および5815条の改正を提案しています。
Nasdaq Proposes To Accelerate The Delisting Of $0.10 Stocks
On September 3, 2025, Nasdaq proposed amendments to accelerate the suspension and delisting of a company that falls below any of the numeric listing requirements, including the bid price, market value of public float, equity, income and total assets/revenue requirements, and that has a Market Value of Listed Securities (“MVLS”) below $5 million.
ナスダック、純利益上場基準に基づく流動性要件の引き上げを提案
これは、2025年春期のSEC規制アジェンダ（以下「アジェンダ」）および規則制定の計画に関する内容です。アジェンダは年に2回発行され、私はここ数年、それぞれの発行についてブログで取り上げています。アジェンダに掲載される項目は、カテゴリー間で移動したり、削除されたり、あるいは最終規則策定段階を含むいずれかのカテゴリーに新たに追加されたりする可能性がありますが、SECの計画やパブリックコメントが規則制定プロセスに及ぼす影響についても貴重な洞察を提供します。
Nasdaq Proposes To Increase Liquidity Requirements Under Net Income Listing Standard
On September 3, 2025, Nasdaq proposed amendments to its liquidity listing standards for the Nasdaq Capital Market and Nasdaq Global Market to increase the minimum Market Value of Unrestricted Publicly Held Shares (“MVUPHS”) requirement for those companies listing under the net income standard from $5 million to $15 million. This follows the April rule amendment requiring that MVUPHS can only be satisfied through IPO proceeds and that shares registered for resale may no longer be counted (see HERE). In addition to making it more difficult for small cap companies to complete a Nasdaq IPO, the proposed rule would eliminate the only material distinction and benefit to listing using the net income standard.
SEC Spring 2025 Regulatory Agenda
The SEC has published its semi-annual Spring 2025 regulatory agenda (“Agenda”) and plans for rulemaking. The Agenda is published twice a year, and for several years I have blogged about each publication. Although items on the Agenda can move from one category to the next, be dropped off altogether, or new items pop up in
Rule 144 – A Deep Dive – Part 6 – Manner Of Sale & Form 144 Notice Filings
In this sixth and final installment of my series on Rule 144, I will continue discussing the various conditions for the use of the Rule covering manner of sale requirements and the filing of a Form 144 for affiliates. In the first installment, I provided a high-level review of Rule 144 – see HERE ; in the second, I discussed definitions including the impactful “affiliate” definition – see HERE; in the third I reviewed the current public information requirements – see HERE; in the fourth I covered holding periods – see HERE; and in the fifth I covered limitations on the amount of securities that can be sold – see HERE.
SEC Publishes New CD&I On Schedule 13D-G
Market Wrap-Up Q2 2025
SEC Officials Talk Tokenization
SEC Withdraws 14 Rule Proposals
SEC Statement On Stablecoins
SEC Statement On Proof-Of-Work Mining Activities
Market Makers Rely on Due Diligence in Reverse Mergers
OTCBB Reporting Requirements Enable Successful Reverse Mergers
Examination of Rule 144 and Potential Interpretations
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