The New York Stock Exchange (“NYSE”), through the NYSE Regulation staff, has issued its annual Listed Company Compliance Guidance Memo for 2024 (“Memo”), which informs NYSE-listed companies of new matters, including the...more
The Situation: The Growth Enterprise Market (the "GEM") listing activities in Hong Kong have been declining since 2019, and there was no new listed issuer on the GEM in 2022....more
On December 26, 2023, the Securities and Exchange Commission (“SEC”) approved an amended proposal submitted by the New York Stock Exchange (“NYSE”) that narrows the scope of the NYSE’s shareholder approval requirement for a...more
The NYSE amended its shareholder approval rules to make it easier for listed companies to sell securities to passive existing shareholders without obtaining shareholder approval. The SEC approved the change on an accelerated...more
In less than three months, the Hong Kong Stock Exchange (HKEX) has adopted all proposals for GEM listing reform from the consultation paper issued in September 2023, with only minor amendments. The reforms will be...more
On September 5, 2023, the Securities and Exchange Commission (the “SEC”) posted and declared effective a Nasdaq rule proposal modifying requirements related to a waiver of the code of conduct in Listing Rules 5610 and...more
On January 17, 2023, the annual NYSE Guidance Memo and NYSE American Guidance Memo (each, a “Guidance Memo” and collectively, the “Guidance Memos”) were released. The Guidance Memos highlighted policies significant and...more
Introduction - The International Stock Exchange (‘’TISE’’) has revised its Continuing Obligations (Chapter 3) Listing Rules, with effect from 1 July 2022. The changes are intended to make the requirements of the...more
The NYSE has amended the Listed Company Manual regarding shareholder approval requirements for the issuance of securities and certain related party matters. The SEC approved the amendments on an accelerated basis....more
Hong Kong Exchanges and Clearing Limited (the “HKEx”) on 27 November 2020 issued a consultation paper outlining its proposal to increase the profit requirement for listing of shares on the Main Board of HKEx (the “Proposed...more
Two recent Financial Conduct Authority enforcement notices focus on when and how disclosures by a listed company may be considered misleading - a basic disclosure requirement that is sometimes taken for granted. ...more
As we previously blogged, on April 16, 2020, The Nasdaq Stock Market (“Nasdaq”) announced temporary relief from the bid price and market value of publicly-held shares listing requirements in response to the COVID-19 pandemic....more
HKEx published Guidance Materials for Biotech Companies The Hong Kong Exchanges and Clearing Limited (HKEx) published and updated Guidance Materials providing prospective issuers and the market with more clarity on the...more
Relief From Shareholder Approval - As a result of COVID-19, the NYSE believes that it is likely that many listed companies will have urgent liquidity needs in the coming months due to lost revenues and maturing debt...more
In light of the rapid pace of developments related to the coronavirus disease 2019 (COVID-19) pandemic, Nasdaq has issued a memorandum for Nasdaq-listed companies regarding the pandemic’s impact on the exchange and certain...more
Nasdaq has proposed a rule change that will require companies listing in connection with a Regulation A+ offering to have a minimum operating history of two years at the time of the approval of the initial listing...more
Institutional investors continue to express concerns regarding dual class share structures. The Council of Institutional Investors has petitioned the Nasdaq Stock Market to change its listing rules in order to require that...more
On September 26, 2018, the Securities and Exchange Commission approved The Nasdaq Stock Market LLC's proposal to modify the so-called "20% Rule" contained in Nasdaq Listing Rule 5635(d). The modified rule expands the...more
On 23 February 2018, the Stock Exchange of Hong Kong Limited (the "HKEx") published a consultation paper seeking public comments on Listing Rules amendments aimed at expanding the listing regime to help list companies from...more