News & Analysis as of

New York Stock Exchange

NYSE Withdraws Proposed Rule Allowing Listing Without an IPO

On June 19, 2017, the NYSE withdrew its proposed rule, originally issued on March 13, 2017, to modify the provisions regarding the qualification of companies listing on the NYSE to allow for a listing without an IPO. Section...more

News Round Up - May 2017

by Morrison & Foerster LLP on

Reviving the U.S. IPO Market - A recent study based on work undertaken by the University of Florida found that the median age of companies going public in the United States in 1999 was 5 years. Between 20042016, the...more

FINRA President and CEO Robert Cook discusses FINRA360 and Consolidating Enforcement Divisions

by McGuireWoods LLP on

On May 17, 2017, at the annual FINRA conference in Washington D.C., FINRA President and CEO Robert Cook discussed the recently-launched FINRA360 initiative: a top-to-bottom review of FINRA’s operations and organization. Cook...more

Federal Circuit Rules that Starr International Lacks Standing to Pursue Class Claims Stemming from the U.S. Government’s...

On May 9, 2017, the U.S. Court of Appeals for the Federal Circuit (“Federal Circuit”) affirmed in part and reversed in part an earlier decision from the U.S. Court of Federal Claims, which had held that aspects of the...more

Dual-Class Stock and Private Ordering: A System That Works

Dual-class stock has become the target of heightened attention, particularly in light of Snap’s recent IPO. While the structure remains popular for companies trying to respond to the short-term outlook of public...more

Financial Services Weekly News - May 2017 #3

by Goodwin on

Editor's Note - The Dual Banking System is Working. In the April 26 edition of the Roundup, we noted that the Conference of State Bank Supervisors (CSBS) had sued the Office of the Comptroller of the Currency (OCC),...more

Proposed NYSE Amendments: Dividend Notices and non-IPO Listings

by Goodwin on

The NYSE has recently proposed two notable amendments to its rules. The first proposal would require listed companies to notify the NYSE at least 10 minutes before the company announces any dividend or stock distribution,...more

NYSE Proposes to Require Listed Companies to Provide Advance Notice of Dividend and Stock Distribution Announcements

On April 13, 2017, the NYSE issued a proposed rule change that would amend Sections 204.12, 204.21, and 202.06(B) of its NYSE Listed Company Manual to require listed companies to provide notice to the NYSE at least ten...more

NYSE MKT Proposes Rule Change to Harmonize its Periodic Reporting Requirements with Those of the NYSE

On May 8, 2017, the NYSE MKT issued a proposed rule change to harmonize its periodic reporting requirements with those of the NYSE. Currently, the NYSE MKT provides companies that are late in making required filings with a...more

A Compliance Calendar Tip: Update for T+2

A few weeks ago, the SEC finalized rules to shorten the standard settlement period for securities transactions from three business days (T+3) to two business days (T+2). Amended Exchange Act Rule 15c6-1(a) will prohibit a...more

Corporate and Financial Weekly Digest - Volume XII, Issue 17

SEC/CORPORATE - On May 4, Jay Clayton was sworn into office as the new chairman of the Securities and Exchange Commission. As discussed in the January 6 edition of the Corporate & Financial Weekly Digest, Mr. Clayton was a...more

State Securities Laws – Granting Options and Equity Comp in the United States

by Dorsey & Whitney LLP on

A Canadian company that proposes to grant stock options or other types of equity compensation to persons in the United States must comply with the securities laws of the state in which the recipient is located, unless the...more

NYSE Issues Proposed Rule Allowing Listing Without an IPO

On March 13, 2017, the NYSE issued a proposed rule to modify the provisions regarding the qualification of companies listing on the NYSE to allow for a listing without an IPO. Section 102.01B of the NYSE Listed Company Manual...more

SEC’s Investor Advisory Committee Airs Concerns Over Multi-Tiered Offerings Following Snap’s IPO

Snap Inc., which debuted on the New York Stock Exchange (NYSE) on March 2nd, was the largest tech IPO since Alibaba went public in 2014. Initially priced at $17 per share, the share price jumped to more than $24 by the end of...more

Certain Considerations Relating to Virtual Shareholder Meetings

by White & Case LLP on

Virtual annual shareholder meetings are gradually increasing year-over-year, but the absolute number is still small and investor resistance to the "virtual-only" format persists. Nevertheless, additional companies continue to...more

SEC Denies Listing of another Bitcoin Fund; Petition for Review Filed for Winklevoss Bitcoin Trust

The SEC has denied a proposed rule change by NYSE Arca to permit the listing and trading of shares of the SolidX Bitcoin Trust. The reasons were substantially similar to the reasons the SEC denied a proposed rule change...more

SEC Shortens Settlement Cycle to T+2

by Goodwin on

The Securities and Exchange Commission has adopted an amendment that will shorten the standard settlement cycle for most broker-dealer transactions from T+3 to T+2. Related amendments to rules of the New York Stock Exchange,...more

Regulation A+ Issuer Aims for NYSE MKT Listing

Myomo, Inc. has had an offering statement qualified by the SEC in which it discloses an intent to apply to list its common stock on the NYSE MKT LLC. The offering seeks to raise $15 million on a “best efforts” basis without...more

"Annual Meeting Proxy Statement Reminders"

As companies finalize their proxy materials for annual shareholder meetings, they should consider the following U.S. Securities and Exchange Commission (SEC) filing and disclosure requirements. Ensure clarity on the proxy...more

SNAP IPO Debuts On NYSE

SNAP Inc., the parent company of Snapchat, went public yesterday with a valuation of approximately $33.4 billion. The Company raised $3.4 billion at $17 per share, and is now trading well above the IPO price. While SNAP has...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

SoftBank’s been burning up the deal scene in recent months (Fortress, anyone?), and it keeps right on rolling by helping orchestrate the merger of satellite operator and investee OneWeb with Intelsat in a bid to increase...more

NYSE’s Annual Guidance Memo

Earlier this month, the staff of NYSE Regulation issued its annual guidance memorandum, which highlights recent NYSE developments and other points of emphasis for the coming year. This year’s guidance includes nearly twenty...more

A ‘Most Daring Act’ and the SQM FCPA Enforcement Action – Part I

by Thomas Fox on

A most “daring act” seems to be a good way to introduce a multi-part look at the recent Foreign Corrupt Practices Act (FCPA) enforcement action involving the Chilean chemicals and mining company Sociedad Química y Minera de...more

SEC Approves T+2 settlement; Abides by T+4 settlement for Firm Commitment Deals

On February 10th, the SEC took action to formally approve of changes proposed by the NASDAQ Stock Market, NYSE MKT LLC, and New York Stock Exchange LLC’s, to shorten the standard settlement cycle for most broker-dealer...more

NYSE Issues Its 2017 Listed Company Compliance Guide Memoranda for Both Domestic Issuers and FPIs

On February 1, 2017, the NYSE issued separate Listed Company Compliance Guidance memoranda for both U.S. companies (“Domestic Companies”) and foreign private issuers (“FPIs”) listed on the NYSE. Below is a brief overview of...more

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