The Nasdaq has filed a proposed rule change with the Securities and Exchange Commission to extend its temporary suspension of the Nasdaq Stock Market continued listing requirements related to bid price and market value of publicly held shares.

The proposal extends the temporary suspension, which would've expired July 19, until July 31. The suspension, aimed at providing temporary relief to its listed companies during market turmoil, has been in place since Oct. 16, 2008.

"Nasdaq believes that a further extension of the suspension is appropriate to allow some additional time for market conditions to return to normal and for deficient companies to develop a plan to regain compliance with the continued listing requirements," the rule filing states.

The filing notes that, based on discussions with the Commission Staff, Nasdaq doesn't expect a further extension of the suspension beyond July 31.

Under the proposal, companies wouldn't be cited for new bid price or market value of publicly held shares deficiencies during the suspension period, and the time allowed to companies already in a compliance period or in the hearings process for bid price or market value of publicly held shares deficiencies would remain suspended with respect to those requirements. Following the temporary suspension, any new deficiencies with the bid price or market value publicly held shares requirements would be determined using data starting on Aug. 3. When the suspension expires, companies that were in a compliance period as of Oct. 16, 2008 would receive the balance of any pending compliance periods in effect at the time of the initial suspension. Similarly, companies that were in the Hearings process prior to Oct. 16 would resume in that process at the same stage they were in when the suspension first went into effect. Nasdaq will continue to monitor securities to determine if they regain compliance during the temporary suspension.