News & Analysis as of

Listing Standards

Governance & Securities Law Focus: Europe Edition - July 2017

by Shearman & Sterling LLP on

In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. Please see full Newsletter below for more...more

"Delaware Supreme Court Examines Director Disinterestedness, Independence"

Delaware law provides important tools for directors to maintain control of derivative lawsuits.1 One such tool is the “demand requirement” embodied in Court of Chancery Rule 23.1, which requires that before a stockholder acts...more

The Financial Report, Volume 6, Number 7

by DLA Piper on

Does it ever make sense to file something with the US government when it is not clear whether the filing is required, or what might need to be filed? Recently, the staff of the US SEC’s Division of Investment Management...more

Financial Conduct Authority: primary markets review

by Dentons on

The Financial Conduct Authority (FCA) has published two papers as part of its review of the structure of the UK's primary markets to ensure that they continue to serve the needs of issuers and investors....more

Green Bonds – An Introduction

by White & Case LLP on

Since their introduction in 2007, Green Bonds issuances have exponentially increased in volume and have become part of the lexicon of environmental finance. Simply defined, Green Bonds raise funds for new and existing...more

Listing framework for Dual Class Shares - A closer look into safeguards

by Dentons on

The subject of Dual Class Shares (DCS) has given rise to much debate in the context of public listed companies. Briefly, a DCS structure departs from the default one-share, one-vote concept by allowing companies to issue...more

Financial Services Quarterly Report First Quarter 2017: SEC Approves New Continued Listing Standards for ETFs

by Dechert LLP on

Since their U.S. introduction in 1993, exchange-traded funds (ETFs) – which have grown to over 1,800 products with holdings of over $2.7 trillion1 – have operated under exemptive relief from many of the Securities and...more

U.S. Fish and Wildlife Service Issues Annual Candidate Notice

by Nossaman LLP on

The Candidate Notice of Review is an annual appraisal by the U.S. Fish and Wildlife Service (Service) of plants and animals that are candidates for Endangered Species Act protection. A “candidate” species is a species for...more

SEC Approves Generic Listing Standards for Active ETFs

by Morgan Lewis on

New standards are expected to simplify and expedite the process of launching an actively managed ETF. On July 22, the US Securities and Exchange Commission (SEC) issued orders approving proposals by Bats BZX Exchange,...more

SEC Streamlines Exchange Listings for Actively Managed ETFs

by Ropes & Gray LLP on

On July 22, 2016, the SEC approved proposed listing rule amendments by NYSE Arca, Inc. (available here) and Bats BZX Exchange, Inc. (available here) to provide “generic” listing standards for actively managed ETFs. These...more

SEC Approves Nasdaq “Golden Leash” Disclosure Rule

by Smith Anderson on

On July 1, 2016, the Securities and Exchange Commission approved Nasdaq’s proposal for a “golden leash” disclosure rule (Rule 5250(b)(3)) requiring listed companies to publicly disclose benefits given by investors or other...more

NYSE Arca and BATS Adopt Generic Listing Standards for Active Exchange-Traded Funds, Which May Expedite Fund Launches

by Dechert LLP on

NYSE Arca, Inc. and BATS BZX Exchange, Inc. (each, an Exchange) separately received U.S. Securities and Exchange Commission (SEC) approval on July 22, 2016 to adopt generic listing standards for exchange-traded funds (ETFs)...more

SEC Eases Regulatory Burden for Listing Actively Managed ETFs

The Securities and Exchange Commission took a step toward streamlining the approval process for actively managed ETFs last week by approving rule proposals from two securities exchanges....more

Listing Indian Companies on the Hong Kong Stock Exchange

by Dorsey & Whitney LLP on

India is now included as an “acceptable jurisdiction” by The Stock Exchange of Hong Kong Limited (the “HKEx”). The HKEx also published a new “Country Guide – India” (the “India Guide”) relating to India-incorporated issuers....more

SEC Approves New Nasdaq Rule 5250(b): Disclosure of “Golden Leash” Arrangements

by Proskauer - Tax Talks on

The SEC recently released an order approving new Nasdaq listing standard 5250(b)(3), which will require a public issuer to disclose cash and non-cash remuneration (e.g., health insurance, indemnification) that a third party...more

The Financial Report - Volume 5, No. 4 - February 2016 (Global)

by DLA Piper on

A recent federal district court decision and a proposed New York State Department of Financial Services regulation have further expanded the risk of liability for chief compliance officers, this time in the context of...more

New Nasdaq Staff FAQ on the 20% Rule

Recently, the Staff posted this FAQ and response relating to the issuance by Nasdaq-listed companies of warrants with cashless exercise features. See below: FAQ – Do Nasdaq’s listing rules limit or restrict the issuance of...more

Investor Advisory Committee Meeting

The SEC announced that the next meeting of the Investor Advisory Committee will be held on January 21, 2016. Among other things, the Committee will discuss the Financial Accounting Standards Board proposed amendments to the...more

Blog: Will The NYSE Or Nasdaq Add Sustainability Reporting To Its Listing Standards?

by Cooley LLP on

As reported in this article in the WSJ, the World Federation of Exchanges, a group of 64 of the world’s largest stock exchanges (including the NYSE and Nasdaq), have released guidance for the types of environmental, social...more

NYSE Arca Withdraws Active ETF Generic Listing Standards Proposal as SEC Focus on ETFs Continues

by Morgan Lewis on

Withdrawal comes within days of SEC Chair White and Commissioner Aguilar issuing public statements regarding ETFs. On October 19, the US Securities and Exchange Commission (SEC) published a notice stating that NYSE Arca,...more

Changes to the NYSE’s Material New's Policy

by Alston & Bird on

On August 27, 2015, the New York Stock Exchange (NYSE) filed a proposed rule change with the U.S. Securities and Exchange Commission (SEC) to amend Section 202.06 of the NYSE Listed Company Manual to expand the time periods...more

Where In The World Is An Issuer’s Home Country?

by Allen Matkins on

The Securities and Exchange Commission’s proposed rules setting listing standards for recovery of erroneously awarded compensation would allow exchanges to permit foreign private issuers to forgo recovery as impracticable if...more

A Most Nescient Comment?

by Allen Matkins on

Monday was the close of the comment period on the Securities and Exchange Commission’s proposed rules with respect to listing standards requiring recovery of erroneously paid incentive compensation....more

NYSE Proposes Rule To Expand Pre-market Notice Period Prior to Disseminating Material News

On August 27, the New York Stock Exchange (NYSE) filed with the SEC a proposed rule change to: (1) require NYSE-listed companies to notify the NYSE prior to disseminating material news if such dissemination occurs...more

FAQs on the SEC’s Proposed Clawback Rule

On July 1, 2015, the U.S. Securities and Exchange Commission (SEC) proposed a rule directing national securities exchanges and associations to establish listing standards that require public companies to adopt and enforce a...more

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