California Weighs in On Corporate Governance; Department of Corporations to Work with NASDAQ on Listing Standards Initiative.Business Editors SACRAMENTO Sacramento, city, United States Sacramento (săkrəmĕn`tō), city (1990 pop. 369,365), state capital and seat of Sacramento co., central Calif. , Calif.--(BUSINESS WIRE)--May 24, 2002 The Department of Corporations announced today it has written a letter to The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. , Inc. (NASDAQ) with recommendations on corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. listing standards. "NASDAQ is currently undertaking its own examination of the standards to which it plans to hold the companies that list on its market," said California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Corporations Commissioner Demetrios
Demetrios (Δημήτριος A. Boutris. "The Department of Corporations supports the adoption of listing standards that promote a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. marketplace where corporate insiders, everyday employees and ordinary investors all share the same risks and enjoy the same choices. As one of the regulators with jurisdiction over the markets, we are looking forward to working with NASDAQ to develop standards that protect California investors and restore confidence in the market." The Department's letter was addressed to Chairman Hardwick Simmons Simmons may refer to: People:
"We support the Department of Corporations' efforts to take a proactive role in corporate governance," said Mike Emen, Senior Vice President, NASDAQ Listing Qualifications Department. "We are committed to enhancing the integrity of the markets and we look forward to working with the Department to further our common goal." Authority to regulate the participation of certain securities in the NASDAQ derives from California Corporations Code section 25100(o). The Department of Corporations is California's Investment and Financing Authority, reporting to the Business, Transportation and Housing Agency and the Governor. The Department is responsible for the regulation, enforcement and licensing of securities, franchises, off-exchange commodities, investment and financial services, independent escrows, consumer and commercial finance lending and residential mortgage lending. For further information or to obtain a complaint form, see the Department's Web site at www.corp.ca.gov or call 1-866-ASK-CORP (1-866-275-2677). |
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