NYSE Adopts Uniform Notice Provision For Listed Issuers

Various NYSE require listed companies to provide notice to the NYSE upon certain events.  The methods specified to give notice vary from rule to rule and sometimes no notice method is specified.  The SEC has approved an amendment to the NYSE rules to specify a uniform method for giving notice to the Exchange in many, but not all, circumstances.  The new rule provides that, when a provision of the Listed Company Manual requires a company to give notice to the Exchange pursuant to Section 204.00 of the Listed Company manual, the company shall provide such notice through a web-based communication system – either a web portal or email address – specified by the Exchange in a prominent position on its website.  Should the Exchange ever change the web-based communication system it uses to receive notifications pursuant to Section 204.00, the proposed text of Section 204.00 would require the Exchange to promptly update and display the applicable information on its website.

In addition, the NYSE also  amended Section 204.00 of the Listed Company manual to address several other scenarios that impact the notifications that companies must provide to the Exchange. First, amended Section 204.00 permits that, in emergency situations – for instance, lack of computer or internet access, technical problems at the Exchange or company, or incompatibility between Exchange and company systems – companies may provide notifications required pursuant to the Section by telephone and confirmed by facsimile, as specified by the Exchange on its website. Second, amended Section 204.00 would require that, in cases where a material event or a statement dealing with a rumor which calls for immediate release is made shortly before the opening or during market hours, companies must notify the Exchange using the telephone alert procedures set forth in Section 202.06(B) of the Manual.

Check dodd-frank.com frequently for updated information on the JOBS Act, the Dodd-Frank Act and other important securities law matters.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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