New York Stock Exchange

News & Analysis as of

Forward to The Past: NYSE Returns to Regulation

Everything old is new again. On January 1, 2016, the New York Stock Exchange (“NYSE”) – now owned by Intercontinental Exchange, Inc. – will be taking back some of the regulatory responsibilities it yielded to the Financial...more

Our Modern Markets: SEC Enforcement Focuses On Market Structure In Response To Rapidly-Changing Equity Markets

On Monday, November 2, 2015, Andrew Ceresney, Director of the SEC’s Division of Enforcement, gave a speech at the SIFMA Compliance & Legal Society New York Regional Seminar in which he sought to address what he views as the...more

Blog: Paper Debunks Seven Board Myths

In “Seven Myths of Boards of Directors,” two academics from Stanford Business School set about debunking some of the most common and persistent expectations regard best practices in board structure, composition and procedure....more

Social Media Compliance Policies: Your Company Needs One

Use of social media is ubiquitous in today's society. This is astounding when you think back to 2004 and realize that social media did not exist then. Fast forward ten years and by September 2014, 58% of all American adults...more

NYSE Amends Rule Regarding Disclosure of Material Nonpublic Information

Companies listed on the New York Stock Exchange (NYSE) are certainly familiar with the NYSE rules regarding public disclosure of material information. Those rules require prompt disclosure of material information that may...more

SEC Proposes to Ease Intrastate Offering Exemption to Facilitate Crowdfunding

The SEC has proposed amendments to Rule 147 under the Securities Act of 1933, which currently provides a safe harbor for compliance with the Section 3(a)(11) exemption from registration for intrastate securities offerings....more

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

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

New York Stock Exchange releases cybersecurity guide for public companies

We continue to urge CEOs and boards of public companies (and private and not-for profits) to harken the call of getting a handle on cybersecurity risk to companies today. Not too soon, the New York Stock Exchange published a...more

Investor Advocate Recommends Rejection of NYSE Rule Change

Investor Advocate, Rick Fleming, announced last Friday the recommendation to reject the proposed NYSE rule change that would allow certain listed companies to sell additional shares to insiders and related parties without...more

Governance & Securities Law Focus: Asia Edition, October 2015

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

Blog: SEC’s New “Investor Advocate” Takes A Stand On NYSE Proposed Rule Change

Today, the new Investor Advocate, Rick Fleming, issued a statement regarding his “First Official Recommendation” to the SEC. What was that recommendation? He recommended that the SEC disapprove the NYSE’s proposed rule...more

SEC Investor Advocate Wants to Nix NYSE Proposal

The SEC Office of Investor Advocate has recommended disapproval of a proposed rule change of the New York Stock Exchange. In its proposed rulemaking, the NYSE would exempt certain early stage companies from having to obtain...more

Standing of Petrobras Opt-Out Plaintiffs Challenged

A recent motion to dismiss filed by the defendants in the In re Petrobras Securities Litigation, No. 14-cv-9662 (S.D.N.Y.) consolidated litigation challenges the standing of several institutional opt-out plaintiffs. ...more

Governance & Securities Law Focus: Europe Edition Q3 2015

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

Reflections on the Hitachi FCPA Enforcement Action

Earlier this week, the Securities and Exchange Commission (SEC) announced resolution of a Foreign Corrupt Practices Act (FCPA) enforcement action involving the Hitachi Ltd (Hitachi). There were several interesting aspects to...more

U.S. Court Dismisses Foreign Residents’ Foreign-Law Claims Arising from Securities Purchased on U.S. Markets

Much ink has been spilled since the Supreme Court’s 2010 decision in Morrison v. National Australia Bank about the federal securities laws’ applicability to foreign transactions in foreign securities.  But what happens when...more

Changes to the NYSE’s Material New's Policy

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

NYSE Amends Timely Alert Policy

The New York Stock Exchange has amended the provisions of its Listed Company Manual concerning dissemination of material news by listed companies and the circumstances under which the NYSE may halt trading in listed...more

Financial Services Weekly News - September 2015 #4

Regulatory Developments - NYDFS Announces Approval of First BitLicense Application from a Virtual Currency Firm: The New York State Department of Financial Services (NYDFS) announced Sept. 22 that it has approved...more

NYSE Amends Rules for Release of Material News

Changes to Notification Requirements - Notifications During Pre-Market Hours. Currently, Rule 202.06 requires listed companies to notify the NYSE at least 10 minutes before they release material news “shortly before the...more

NYSE Rule Change to Effect Issuers Public Announcements

On August 27, 2015, the New York Stock Exchange (the “NYSE” or the “Exchange”) filed with the Securities and Exchange Commission (the “Commission”) a proposed change to Section 202.06 of the NYSE Listed Company Manual (the...more

NYSE Amends Its Notice and Trading Halt Rule

The New York Stock Exchange has amended Section 202.06 of the NYSE Listed Company Manual to: - expand the pre-market hours during which NYSE-listed companies must provide prior notice of material news, - expand the...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

Corporate and Financial Weekly Digest - Volume X, Issue 35

SEC/CORPORATE - US District Court Orders SEC To Revise Resource Extraction Issuer Rule - On September 2, the US District Court for the District of Massachusetts ordered the SEC to file with the District Court in 30...more

Update on Proposed Listing Standards for Active ETFs

The SEC needs more time to consider generic listing standards for active ETFs. On September 2, the US Securities and Exchange Commission (SEC) published a notice (Notice) designating a longer period of time to consider...more

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