Does a person who satisfies the Securities and Exchange Commissions requirement of an audit committee “financial expert” satisfy NASDAQs “financial sophistication” requirement?
NASDAQ rules require that a company have at least one member on the audit committee that has past employment experience in finance or accounting, requisite professional certification in accounting or any other comparable experience or background which results in the individual’s financial sophistication, including being or having been a chief executive officer, chief financial officer or other senior officer with financial oversight responsibilities. An individual, who meets the requirements of the SEC’s “financial expert” definition satisfies this requirement.
