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Capital Markets Securities and Exchange Commission (SEC) New York Stock Exchange

Troutman Pepper

Clawback Policies Required by December 1

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The New York Stock Exchange (NYSE) and Nasdaq amended their previously proposed clawback listing standards on June 5 and June 6 respectively to give listed companies until December 1 to adopt required clawback policies. On...more

Skadden, Arps, Slate, Meagher & Flom LLP

Factors for London-Listed Companies To Consider Before Dual Listing or Relisting in the US

There has been increased focus recently among London-listed companies in exploring US listings, whether as a further listing or migrating from London altogether. This is primarily being driven by companies seeking to close...more

Stinson LLP

SEC Approves Relaxed Pricing Limits for NYSE and NASDAQ Primary Direct Floor Listings

Stinson LLP on

On December 15, 2022, the Securities and Exchange Commission (SEC) relaxed price range limitations when it approved a proposed rule change set forth by the New York Stock Exchange (NYSE) for companies listing in connection...more

Mayer Brown Free Writings + Perspectives

NYSE Receives Approval for Rule Change Providing More Flexibility for Direct Listings with Capital Raise

On December 15, 2022, the New York Stock Exchange (“NYSE”) received approval from the Securities and Exchange Commission (“SEC”) to modify certain pricing limitations for companies undertaking a direct listing involving sales...more

A&O Shearman

Greater Flexibility for Raising Capital in Nasdaq Direct Listings

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On December 2, 2022, the SEC, acting through its Division of Trading and Markets, approved changes that Nasdaq had proposed to its regime for primary direct listings (which Nasdaq refers to as direct listings with a capital...more

Dorsey & Whitney LLP

Holding Foreign Companies Accountable Act - The Impact on Chinese Companies Listed on U.S. Stock Exchanges

Dorsey & Whitney LLP on

The Holding Foreign Companies Accountable Act (“HFCAA”)1, in December 2020 passed by the Congress and signed into law by then-president of the United States, Donald J. Trump, is one of the most influential measures in the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Ruling on Issue of First Impression, Ninth Circuit Issues Decision on Statutory Standing in Direct Listing Cases

On September 20, 2021, in the first case by a U.S. Court of Appeals to have considered the issue, the Ninth Circuit U.S. Court of Appeals held that a shareholder plaintiff had statutory standing to pursue claims under...more

Skadden, Arps, Slate, Meagher & Flom LLP

Nasdaq Permits Primary Direct Listings and Proposes Relaxation of Pricing Limits

On May 19, 2021, the Securities and Exchange Commission (SEC) approved Nasdaq’s proposal to permit companies to issue shares and raise capital in primary direct listings conducted on the Nasdaq Global Select Market without...more

Morrison & Foerster LLP

Is 2021 the Year Of SPACs In Asia? What You Need To Know

Special Purpose Acquisition Companies (“SPACs”) played a critical role in U.S. capital market growth in 2020. There were 248 SPACs launched, raising an aggregate of $83 billion in proceeds. The beginning of 2021 witnessed an...more

Skadden, Arps, Slate, Meagher & Flom LLP

NYSE Direct Listing Rules Approved; Nasdaq Proposes Substantially Similar Rules

On December 22, 2020, the U.S. Securities and Exchange Commission (SEC) approved a proposal by the New York Stock Exchange (NYSE) that allows companies going public via a direct listing to issue new shares and raise capital...more

Mayer Brown Free Writings + Perspectives

SEC Approves NYSE Plan to Allow Direct Listings with a Concurrent Primary Issuance

On December 22, 2020, the Securities and Exchange Commission (the “SEC”) approved the proposal submitted by the New York Stock Exchange (“NYSE”) that allows companies to conduct concurrent primary offerings as part of a...more

BakerHostetler

Capital Markets: The Nuts and Bolts of a Direct Listing

BakerHostetler on

Direct listings have been gaining traction as an alternative to the traditional IPO approach to going public. A direct listing is the registered sale of a company’s stock and the listing of that company’s stock on an exchange...more

Wilson Sonsini Goodrich & Rosati

SEC Approves NYSE Proposal for Primary Direct Listings, Nasdaq Files Similar Proposal

On August 26, 2020, the U.S. Securities and Exchange Commission (SEC) approved the revised proposal filed by the New York Stock Exchange (NYSE) allowing companies to sell shares on their own behalf in direct listings....more

Mayer Brown Free Writings + Perspectives

NYSE Amends Proposal to Allow Issuers to Raise Capital in Direct Listings

On June 22, 2020, the New York Stock Exchange (“NYSE”) submitted an amended proposal to the Securities and Exchange Commission (“SEC”) that would modify existing NYSE rules relating to direct listings in order to permit...more

Smith Anderson

New York Stock Exchange and Nasdaq Relax Certain Continued Listing Requirements

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Reacting to the current market uncertainty and volatility caused by the coronavirus (COVID-19) pandemic, the New York Stock Exchange (NYSE) and the Nasdaq Stock Market, LLC (Nasdaq) have implemented several temporary rule...more

Mayer Brown Free Writings + Perspectives

NYSE Proposes Temporary Relief for Listed Companies

On April 3, 2020, the New York Stock Exchange (“NYSE”) filed with the Securities and Exchange Commission (“SEC”) for approval two proposals designed to assist NYSE-listed companies with temporary relief in response to the...more

White and Williams LLP

Direct Listings: Capital Liquidity, Liability and D&O Insurance Coverage Considerations

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Direct listings have been a hot topic in the news lately, particularly in light of the recent submission of proposals to the U.S. Securities and Exchange Commission (SEC) by the New York Stock Exchange (NYSE) (and indications...more

Cooley LLP

Alert: NYSE Continues Its Efforts to Expand Direct Listings

Cooley LLP on

Recently, the Securities and Exchange Commission rejected the proposal by the New York Stock Exchange to allow for primary sales of stock by companies going public using direct listings. The SEC did not offer its reasons for...more

Mayer Brown Free Writings + Perspectives

SEC Rejects NYSE Proposal to Allow Fundraising in Direct Listings

On December 6, 2019, the Securities and Exchange Commission (“SEC”) rejected the proposal submitted by the New York Stock Exchange (“NYSE”) to allow companies to simultaneously go public through a direct listing and raise...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Rejects NYSE's Proposed Rules on Direct Listings

On November 26, 2019, the New York Stock Exchange (NYSE) filed a notice of proposed rule change with the Securities and Exchange Commission (SEC) that would have modified NYSE’s direct listing rules to (1) permit companies to...more

Wilson Sonsini Goodrich & Rosati

SEC Rejects NYSE Proposal to Allow Primary Direct Floor Listings

Last week, the New York Stock Exchange (NYSE) filed proposed rule changes with the Securities and Exchange Commission (SEC) to allow companies to sell shares on their own behalf in direct listings. Currently, direct listings...more

Wilson Sonsini Goodrich & Rosati

Direct Listings Now Permitted on The Nasdaq Global Market and The Nasdaq Capital Market

On December 3, 2019, the Securities and Exchange Commission (SEC) approved Nasdaq's recently amended proposal to allow direct listings on The Nasdaq Global Market and The Nasdaq Capital Market. Prior to this rule change,...more

A&O Shearman

Corporate Governance And Securities Law Update: Latin America Edition

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Below is a summary of the main developments in US and EU corporate governance and securities law and certain financial markets regulation developments since our last update in April 2019. ...more

McDermott Will & Emery

Capital Markets & Public Companies Quarterly: SEC Issues Cybersecurity Guidance, BlackRock and Gender Diversity, and News from the...

McDermott Will & Emery on

In a telling sign of current events, the SEC staff provided supplemental guidance related to the disclosure of cybersecurity risks and incidents, adding new commentary to its rules regarding disclosure and company controls....more

Skadden, Arps, Slate, Meagher & Flom LLP

Capital Markets Alert: SEC Approves NYSE Rules to Facilitate Direct Listings

On February 2, 2018, the SEC approved the New York Stock Exchange’s proposal to permit qualifying private companies to use “direct listings” to list their shares on the NYSE and become publicly traded without conducting an...more

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