U.S. Court of Appeals for the Fifth Circuit. Photo: Mike Scarcella/ALMDivided 5th Circuit Shoots Down Nasdaq Diversity Rules
The 9-8 majority said the rules were not in line with the purpose of the federal 1934 Securities Exchange Act, which they said is to protect investors from fraudulent and speculative practices and promote competition in the securities market.
December 12, 2024 at 05:58 PM
3 minute read
A sharply divided and full U.S. Court of Appeals for the Fifth Circuit on Wednesday rejected Nasdaq-created rules that required companies listed on the exchange to disclose information about the diversity of their directors.
The 9-8 majority held the rules were not in line with the purpose of the federal 1934 Securities Exchange Act, which they said is to protect investors from fraudulent and speculative practices and promote competition in the securities market.
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