Regulation & law · 14/10/2021

Nasdaq Grants Approval for Proposed Rule Change on Proxy Portfolio Shares

The Nasdaq Stock Market LLC has granted approval for a proposed rule change to update its Proxy Portfolio Shares rule (Nasdaq Rule 5750) to allow the use of custom baskets consistent with exemptive relief issued under the Investment Company Act of 1940 for a series of these shares. This change aims to provide more flexibility for investment companies.