Effective June 13, 2010, any company listed on the Nasdaq Stock Market is required to provide Nasdaq with prompt notification whenever an executive officer of the company becomes aware of any noncompliance with Nasdaq's corporate governance listing requirements (as set forth under the Nasdaq Rule 5600 Series), even if the company believes such noncompliance to be immaterial.
Formerly, companies listed on Nasdaq were only required to report "material" noncompliance with Nasdaq's corporate governance requirements. However, when proposing the rule change to the SEC during May 2010, Nasdaq noted that it has consistently interpreted this requirement to mean that any noncompliance with its corporate governance listing standards was material and should be reported.
A new FAQ added to Nasdaq's website explains that a company should provide the required notification regarding noncompliance to its Nasdaq Listing Qualifications analyst.
The New York Stock Exchange had previously adopted substantially the same self-reporting standard, under which the CEO of any company listed on the NYSE must promptly notify the NYSE in writing after any executive officer of that company becomes aware of any noncompliance with any of the applicable provisions of NYSE Section 303A.
The Nasdaq and NYSE reporting requirements are applicable to both U.S. and foreign issuers listed on the relevant exchange.
 See Nasdaq Rule 5625.
 See SR-Nasdaq-2010-060 (May 14, 2010).
 See Nasdaq Frequently Asked Questions (Corporate Governance Rules & The Interpretative Process - Notification of Noncompliance), available here.
 See NYSE Rule 303A.12(b), which became effective January 1, 2010.
David Waizer was quoted in an article, Venture Capital Exec Returns To Day Pitney As Partner, published in Law360.
Day Pitney Press Release
Michael Rave was quoted in an article, "Why Small Banks Are Rushing to Issue Subordinated Debt," in American Banker. Community banks are taking on more subordinated debt because interest payments are tax-deductible and the issues help bolster Tier 2 capital ratios, explains Rave in the report. Most buyers are pension funds, mutual funds and other community banks. "There's a lot of interest in them from institutional investors and investment banks are really pushing it," said Rave.
Stamford, Conn., August 24, 2015 - Day Pitney is pleased to announce that 68 attorneys have been selected for inclusion in the 2016 Best Lawyers in America. Best Lawyers ranks lawyers through peer-review surveys, and has been published annually since 1983.