Nasdaq to publish all disciplinary complaints and drop $10,000 fine threshold

Analysis produced by Mateo Duarte (AI, He, Him)

Nasdaq has filed an immediately effective rule change expanding public disclosure of its disciplinary process. The amendment, operative November 14, 2026, replaces summaries with full document publication and removes the monetary threshold that previously shielded smaller fines from release. Compliance teams tracking member exam outcomes should note the broadened scope.

• The rule change was filed October 15, 2026 and becomes operative November 14, 2026.
• The $10,000 monetary threshold below which Nasdaq previously withheld disciplinary decisions is eliminated entirely.
• Nasdaq will publish full copies of disciplinary complaints and decisions rather than summaries, mooting the prior practice of releasing information about such documents.
• Proposed IM-8310-3(a)(1) defines disciplinary complaint to include notices issued under Rules 9400 and 9810, a scope broader than FINRA's or NYSE's equivalent rules.
• The rule adds public release of eligibility decisions involving members or associated persons previously subject to statutory disqualification.

Executive summary

Nasdaq filed a proposed rule change with the SEC on October 15, 2026, to amend Interpretive Material IM-8310-3, which governs release of disciplinary complaints, decisions and related information. The change is effective immediately under Section 19(b)(1) of the Exchange Act…

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