# 2025-23811: Nasdaq Can Now Block Hype-Driven Companies from Listing

2025-23811, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Provide Nasdaq With Limited Discretion To Deny Initial Listing to Certain Companies, is a Federal Register notice from Securities and Exchange Commission published 2025-12-29, effective 2025-12-12 (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-23811
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-23811
- Title: Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Provide Nasdaq With Limited Discretion To Deny Initial Listing to Certain Companies
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 60829
- Published: 2025-12-29
- Effective: 2025-12-12
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Nasdaq Can Now Block Hype-Driven Companies from Listing

## Summary

Nasdaq is getting new powers to say no to companies trying to list their stocks, even if they meet all the usual rules. This change helps Nasdaq keep the market safer from sketchy trading and social media hype that can mess with stock prices. The new rule started right away on December 12, 2025, and affects companies wanting to join Nasdaq’s stock market.

## Effects PRIA read

- Nasdaq Can Deny Listings That Meet Rules: cost, high. Nasdaq now has limited authority to deny an initial listing even when an applicant meets all stated listing requirements. The rule became operative upon filing on December 12, 2025 and applies to companies currently in the Nasdaq application process.
- Denial Based on Foreign Jurisdiction Risks: cost, medium. Nasdaq may deny listing based on where a company or influential persons are located, including considerations such as availability of legal remedies to U.S. shareholders, blocking statutes, data privacy laws, ability to conduct due diligence, and regulator transparency. These jurisdictional factors…
- Denial Based on Company Advisors' Histories: cost, medium. Nasdaq may deny listing if the company's advisors (including auditors, underwriters, law firms, brokers, clearing firms, or other professional service providers) have concerning regulatory histories or were involved in prior transactions with problematic or volatile trading. Nasdaq will consider wh…
- Denial Based on Share Distribution and Liquidity: cost, medium. Nasdaq may deny listing where the expected public float or share dissemination—based on underwriter, broker, and clearing allocations and prior deals involving those service providers—raises concerns about adequate liquidity or concentration. Nasdaq will review expected allocations at the time of t…

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## Sources
- [2025-23811 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/29/2025-23811/self-regulatory-organizations-the-nasdaq-stock-market-llc-notice-of-filing-and-immediate)
- [2025-23811 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-29/pdf/2025-23811.pdf)

## Related
- [Previous: 2025-23810, Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Filing and Im…](https://policyrisk.com/federal-register/2025-23810)
- [Next: 2025-23812, Self-Regulatory Organizations; Nasdaq BX, Inc.; Notice of Filing and Immediate…](https://policyrisk.com/federal-register/2025-23812)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-23811 (as of 2026-06-08).