Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Nasdaq BX, Inc.; Nasdaq GEMX, LLC; Nasdaq MRX, LLC; Nasdaq PHLX LLC; Nasdaq ISE, LLC; Order Approving Proposed Rule Change To Amend the Amended and Restated Certificate of Incorporation and By-Laws of Parent Corporation, Nasdaq, Inc.

<NOTICE> SECURITIES AND EXCHANGE COMMISSION <DEPDOC>[Release No. 34-104443; File Nos. SR-NASDAQ-2025-080; SR-BX-2025-024; SR-GEMX-2025-27; SR-MRX-2025-23; SR-Phlx-2025-56; SR-ISE-2025-31]</DEPDOC> <SUBJECT>Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Nasdaq BX, Inc.; Nasdaq GEMX, LLC; Nasdaq MRX, LLC; Nasdaq PHLX LLC; Nasdaq ISE, LLC; Order Approving Proposed Rule Change To Amend the Amended and Restated Certificate of Incorporation and By-Laws of Parent Corporation, Nasdaq, Inc.</SUBJECT> <DATE>December 18, 2025.</DATE> <HD SOURCE="HD1">I. Introduction</HD> On September 26, 2025, each of The Nasdaq Stock Market LLC (“NASDAQ Exchange”); Nasdaq BX, Inc. (“BX”); Nasdaq GEMX, LLC (“GEMX”); Nasdaq MRX, LLC (“MRX”); Nasdaq PHLX LLC (“PHLX”); and Nasdaq ISE, LLC (“ISE” and, collectively, the “Exchanges”), filed with the Securities and Exchange Commission (“Commission”), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”)  <SU>1</SU> <FTREF/> and Rule 19b-4 thereunder, <SU>2</SU> <FTREF/> proposed rule changes (the “Proposals”) with respect to the Amended and restated Certificate of Incorporation (“Certificate”) and By-Laws (“By-Laws”) of their parent corporation, Nasdaq, Inc. (“Nasdaq”). The Proposals amend the Certificate to align with certain amendments to the Delaware General Corporation Law (“DGCL”) passed in 2022 and update the By-Laws to reflect recent changes in law and best practices. The Proposals were published for comment in the <E T="04">Federal Register</E> on October 1, 2025. <SU>3</SU> <FTREF/> On November 3, 2025, pursuant to Section 19(b)(2) of the Act, <SU>4</SU> <FTREF/> the Commission designated a longer period within which to approve the proposed rule changes, disapprove the proposed rule changes, or institute proceedings to determine whether to disapprove the proposed rule changes. <SU>5</SU> <FTREF/> The Commission did not receive any comment letters on the Proposals. This order approves the Proposals. <FTNT> <SU>1</SU>  15 U.S.C. 78s(b)(1). </FTNT> <FTNT> <SU>2</SU>  17 CFR 240.19b-4. </FTNT> <FTNT> <SU>3</SU>  Securities Exchange Act Release Nos. 104108 (September 26, 2025), 90 FR 47418 (SR-NASDAQ-2025-080) (“NASDAQ Exchange Notice”), 104110 (September 26, 2025), 90 FR 47428 (SR-BX-2025-024), 104118 (September 29, 2025), 90 FR 47444 (SR-GEMX-2025-27), 104120 (September 29, 2025), 90 FR 47373 (SR-MRX-2025-23), 104109 (September 26, 2025), 90 FR 47401 (SR-Phlx-2025-56); 104115 (September 29, 2025), 90 FR 47461 (SR-ISE-2025-31) (collectively, “Notices”). </FTNT> <FTNT> <SU>4</SU>  15 U.S.C. 78s(b)(2). </FTNT> <FTNT> <SU>5</SU>   <E T="03">See</E> Securities Exchange Act Release No. 104173, 90 FR 51424 (designating December 30, 2025, as the date by which the Commission shall either approve, disapprove, or institute proceedings to determine whether to disapprove the proposed rule changes). </FTNT> <HD SOURCE="HD1">II. Description of the Proposals</HD> The Exchanges propose amendments to the Certificate to exculpate covered officers from monetary liability for breach of fiduciary duty, similar to the existing treatment of directors. <SU>6</SU> <FTREF/> As discussed more fully in the Notices, the Exchanges state that the proposed amendments would update the Certificate to reflect amendments to the DGCL that enable companies to limit the liability of certain officers in narrow circumstances. <SU>7</SU> <FTREF/> <FTNT> <SU>6</SU>   <E T="03">See, e.g.,</E> NASDAQ Exchange Notice, <E T="03">supra</E> note 3, at 47419. </FTNT> <FTNT> <SU>7</SU>   <E T="03">See, e.g.,</E> <E T="03">id.</E> (discussing related corporate governance trends under Delaware law and the potential consequences to Nasdaq from failing to adopt the proposed changes). <E T="03">See also</E> <E T="03">infra</E> notes 38 and 39 and accompanying text. </FTNT> The Exchanges also propose amendments to the following provisions of the By-Laws: Articles III (Meetings of Stockholders);  <SU>8</SU> <FTREF/> IV (Board of Directors);  <SU>9</SU> <FTREF/> VII (Officers, Agents, and Employees);  as well as other non-substantive changes. <SU>16</SU> <FTREF/> These amendments are summarized below and discussed more fully in the Notices. <FTNT> <SU>8</SU>   <E T="03">See</E> NASDAQ Exchange Notice, <E T="03">supra</E> note 3, at 47419-22. </FTNT> <FTNT> <SU>9</SU>   <E T="03">See id.</E> at 47422-24. </FTNT> <FTNT> <SU>10</SU>   <E T="03">See id.</E> at 47424-25. </FTNT> <FTNT> <SU>11</SU>   <E T="03">See id.</E> at 47425. </FTNT> <FTNT> <SU>12</SU>   <E T="03">See id.</E> at 47425-26. </FTNT> <FTNT> <SU>13</SU>   <E T="03">See id.</E> at 47426. </FTNT> <FTNT> <SU>14</SU>   <E T="03">See id.</E> </FTNT> <FTNT> <SU>15</SU>   <E T="03">See id.</E> </FTNT> <FTNT> <SU>16</SU>   <E T="03">See id.</E> at 47426-27. These changes are either typographical corrections or otherwise administrative or clarifying changes (such as changing a reference to “shareholder” to “stockholder” to more closely reflect terminology of the By-Laws). </FTNT> <HD SOURCE="HD3">Proposed Amendments to Article III</HD> • Specify the scope of information that may be requested in connection with a stockholder nominee for director to provide that Nasdaq may require any other information to determine whether the proposed nominee is qualified under the Certificate, the By-Laws, and other applicable rules, laws, and regulations. • Amend the information requirements for notices to Nasdaq from a Proposing Person  <SU>17</SU> <FTREF/> regarding nominations or other business to be considered at an annual meeting of stockholders. Such notices require “a description of any agreement, arrangement or understanding with respect to the nomination or proposal between and among such stockholder and/or such beneficial owners, any of their respective affiliates or associates, and <E T="03">any others acting in concert with any of the foregoing”</E> (emphasis added). <SU>18</SU> <FTREF/> The amendments remove the references to others “acting in concert.”  <SU>19</SU> <FTREF/> <FTNT> <SU>17</SU>  Section 3.1(c) of the By-Laws defines “Proposing Person” as (i) the stockholder providing the notice of business or the notice of the nomination, as applicable, proposed to be brought before an annual meeting, (ii) any beneficial owner or beneficial owners, if different, on whose behalf such business is proposed to be brought before the meeting or the notice of the nomination proposed to be made at the meeting is made, as applicable, and (iii) any affiliate or associate (each within the meaning of Rule 12b-2 under the Act for purposes of these By-Laws) of such stockholder or beneficial owner. </FTNT> <FTNT> <SU>18</SU>   <E T="03">See</E> NASDAQ Exchange Notice, <E T="03">supra</E> note 3, at 47420; proposed By-Laws Section 3.1(b)(iii)(C). </FTNT> <FTNT> <SU>19</SU>  The Exchanges propose a similar amendment to By-Law Section 3.2(a), which addresses requirements for requesting a special meeting of the stockholders, including procedures for determining the requisite percentage of stockholders necessary to support a special meeting request. <E T="03">See</E> NASDAQ Exchange Notice, <E T="03">supra</E> note 3, at 47421. </FTNT> • Add a requirement that a Proposing Person's notice must include a representation as to whether the Proposing Person intends, or is part of a group which intends, “to solicit proxies or votes in support of any proposed nominee in accordance with Rule 14a-19  <SU>20</SU> <FTREF/> promulgated under the Act.”  <SU>21</SU> <FTREF/> <FTNT> <SU>20</SU>  17 CFR 240.14a-9 (referred to as the “universal proxy rule”). </FTNT> <FTNT> <SU>21</SU>   <E T="03">See, e.g.,</E> NASDAQ Exchange Notice, <E T="03">supra</E> note 3, at 47421; proposed By-Laws Section 3.1(b)(iii)(O)(3). Other amendments to the By-Laws under the Proposals also clarify when the universal proxy rule would apply. <E T="03">See, e.g.,</E> NASDAQ Exchange Notice, <E T="03">supra</E> note 3, at 47421; proposed By-Laws Section 3.3(a) (relating to when Nasdaq would disregard nominees proposed by a stockholder under the universal proxy rule, if the stockholder has failed to comply has failed to comply with the rule). </FTNT> • Limit the number of nominees that a Proposing Person may nominate for election at the annual meeting in certain instances to the number of directors to be elected at such annual meeting. • Remove a reference to the binding nature of the Board's  <SU>22</SU> <FTREF/> determination with respect to whether a special meeting request is in proper form, which aligns the By-Laws with current Delaware corporate practices. <SU>23</SU> <FTREF/> <FTNT> <SU>22</SU>  “Board” is defined in Article I(c) of the By-Laws as the Board of Directors of Nasdaq. </FTNT> <FTNT> <SU>23</SU>  The Exchanges propose similar deletions of references to the decisions made in the “sole discretion” of the Board or to the finality or “binding” nature of decisions by the Board (or persons authorized by the Board), any committees thereof, or the chairman of a meeting thereof throughout the proposed amendments. </FTNT> • Require that the chairman who presides over stockholder meetings shall be an officer or director of Nasdaq. <HD SOURCE="HD1">Proposed Amendments to Article IV</HD> • Provide Nasdaq with greater flexibility to include “Issuer Directors” on the Board by removing the current restriction that the Board may not include more than two such directors. <SU>24</SU> <FTREF/> <FTNT> <SU>24</SU>  “Issuer Director” is defined in Article I(o) of the By-Laws. </FTNT> • Amend the Board quorum and voting provisions to clarify how a quorum is calculated and ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Preview showing 10k of 23k characters. 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