How do the corporate governance requirements of Listing Rule 5600 apply to foreign private issuers?

NASDAQ's corporate governance requirements generally apply to foreign private issuers. However, Listing Rule 5615(a)(3) permits foreign private issuers to follow home country governance practices in lieu of certain NASDAQ requirements. A foreign private issuer that elects to follow home country practice in lieu of a requirement of Rule 5600, must submit to NASDAQ a written statement from an independent counsel in its home country certifying that the company's practices are not prohibited by home country law.

This letter is required only once, either at the time of initial listing, or prior to the time the company first adopts a non-conforming practice. All foreign private issuers must comply with those requirements of Rule 5600 that are mandated by U.S. securities laws and regulations. As such, all foreign private issuers are still required to comply with the audit committee requirements of Rule 10A-3 under the Securities Exchange Act of 1934.

All foreign private issuers must also ... more.

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