On June 17th, the SEC issued an order disapproving the NASDAQ Stock Market's proposal to adopt additional criteria for listing companies that have indicated that their business plan is to buy and hold commodities. The proposal would have authorized a national securities exchange, for the first time, to list the securities of an operating company that simply plans to buy and hold a commodity or other raw material. The SEC is concerned that the proposal to permit dissemination of up-to-date pricing information on the stockpiled commodity as infrequently as twice per week, would be inadequate for market participants to fairly and efficiently assess the value of the listed company and trade its securities on the exchange. SEC Release No. 34-64700.