Corporate and Financial Weekly Digest - Volume XII, Issue 34

SEC/CORPORATE -

NYSE Issues Proposed Amendment to Limit Issuance of Material News After Market Close -

On August 18, the New York Stock Exchange (NYSE) issued a proposed amendment to Section 202.06 of the NYSE Listed Company Manual, which would prohibit the issuance of material news by a listed company between the official closing time of the NYSE’s trading session until the earlier of the publication of such company’s official closing price or five minutes after the NYSE’s official closing time. In explaining the purpose of the proposed amendment, the NYSE noted that, because trading can occur after 4:00 p.m. ET (the NYSE’s official closing time) on other markets “if a listed company released material news immediately after 4:00 p.m., but before the closing auction on the NYSE is completed, there can be a significant price difference in nearly contemporaneous trades on other markets and the closing price on the [NYSE].”

Please see full Newsletter below for more information.

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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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