On March 20th, the SEC approved the NASDAQ Stock Market's proposed rule change to add new NASDAQ Rule 5950, which establishes the Market Quality Program ("MQP" or "Program"). SEC Release No. 34-69195. In connection with the Program, an MQP Company may list an eligible MQP Security on NASDAQ and in addition to the standard (non-MQP) NASDAQ listing fee, a sponsor may pay a fee ("MQP Fee") that will be used for the purpose of incentivizing one or more market makers to enhance the market quality of an MQP Security on a voluntary pilot basis. The Commission believes that payment of the MQP Fee, which is incurred by the MQP Company but paid by the sponsor associated with the MQP Company, for the purpose of incentivizing market makers to make a quality market in otherwise less liquid MQP Securities would constitute an indirect attempt by the issuer to induce a bid for or a purchase of a covered security during a restricted period. As a result, absent exemptive relief, participation in the MQP by an MQP Company would violate Rule 102 of Regulation M. The SEC therefore issued an order granting a limited exemption from Rule 102 of Regulation M solely to permit MQP Companies to participate in the MQP during the pilot, subject to certain conditions. SEC Release No. 34-69196.