All CPs listed on NASD must comply with SEC guidelines and NASD platform requirements. Only companies with approved CP issuance programs are allowed to list.
Key rules include:

• Maximum tenor of 270 days
• CPs must be issued at a discount and redeemed at face value
• Issuers must appoint an NASD-registered sponsor
• Proper disclosure, ratings, and documentation are required
• Only SEC-registered CPs are eligible for listing

These rules ensure investor protection, market integrity, and transparency across all CP trades.