News & Analysis as of

New York Stock Exchange

Financial Services Weekly News - December 2017 #2

by Goodwin on

Editor's Note - Attack of the State AGs. On December 12, New York Attorney General Eric T. Schneiderman and 16 other state attorneys general (State AGs) sent a letter to President Trump arguing that past statements by Mick...more

NYSE Proposes to Modify Rules Regarding Delivery of Proxy Materials to Exchange

The NYSE has filed a proposed rule with the SEC to amend the NYSE Listed Company Manual to modify requirements with respect to delivery of proxy materials to the NYSE. ...more

SEC Approves Revised NYSE Rule Delaying Material News Releases After Closing

by Goodwin on

The Securities and Exchange Commission has approved a revised version of the previously proposed New York Stock Exchange rule that will prohibit listed companies from issuing material news after the close of trading...more

SEC Approves Changes to NYSE Rules for After-Hours News Releases

by Stinson Leonard Street on

The SEC has approved the NYSE’s proposal to amend Section 202.06 of the Listed Company Manual to prohibit listed companies from issuing material news after the official closing time for the NYSE’s trading session until the...more

Blog: NYSE Proposes Changes Regarding Delivery To NYSE Of Proxy Materials; SEC Approves NYSE Restriction On Timing Of Issuance Of...

by Cooley LLP on

Two changes—one proposed, one approved—in the NYSE Manual: first, the NYSE is proposing to modify its requirements with respect to delivery to the NYSE of hard copies of proxy materials. Second, the SEC has approved the...more

SEC Approves Revised NYSE Material News Release Rule

The SEC has approved the NYSE’s proposal to amend Section 202.06 of the Listed Company Manual to prohibit listed companies from issuing material news after the official closing time for the NYSE’s trading session until the...more

First-Time Conversion of a Mutual Fund to a Closed-End Fund

by Ropes & Gray LLP on

In an industry first, a mutual fund converted to a closed-end fund with the same investment objective and strategy. As described below, the conversion was approved by the fund’s board of trustees (“Board”) and by a majority...more

The Short Field Guide to IPOs - November 2017

THE EMERGING GROWTH COMPANY - The JOBS Act created a new class of issuer: the emerging growth company (EGC). An EGC is defined as an issuer with total annual gross revenue of less than $1.07 billion (originally $1 billion,...more

Capital Markets & Public Companies Quarterly: Capital Formation, Dividend Notice and Pay Ratio Q3 Updates

by McDermott Will & Emery on

During the previous quarter, the SEC confirmed that CEO pay ratio disclosure will go into effect as scheduled for the 2018 proxy season. They further announced a new policy permitting qualifying issuers to submit draft...more

FINRA revises and restructures registration and exam requirements

by DLA Piper on

In a long-awaited move, the Securities and Exchange Commission recently approved a set of new rules proposed by the Financial Industry Regulatory Authority (FINRA) that revise and streamline the number and types of...more

SEC Stays Approval of Quadruple-Leveraged ETF

by Carlton Fields on

On May 25, 2017, the SEC stayed a May 2 order issued by the Division of Trading and Markets, acting for the SEC pursuant to delegated authority, that would have permitted the listing and trading of shares of the first...more

Public M&A Deal Addresses New Revenue Recognition Standard

A recent public company acquisition transaction addresses FASB’s new revenue recognition standard. In the transaction, Envestnet (NYSE: ENV), a provider of systems for wealth management and financial wellness, announced that...more

A Busy Quarter for IPOs

EY’s recently published Global IPO trends: Q3 2017 reports that 2017 is on course for the busiest IPO year in 10 years–largely due to the level of activity outside the United States. According to the report, 1,156 IPOs have...more

Financial Services Weekly News - September 2017 #3

by Goodwin on

Editor's Note - Cybersecurity Returns to Center Stage. The Equifax breach and recent news that the Securities and Exchange Commission’s (SEC) EDGAR test filing system was hacked in 2016 have brought cybersecurity back to...more

Practice Pointers on Pre-funded Warrants

What Are Pre-funded Warrants? - Pre-funded warrants are a type of warrant that allows its holder to purchase a specified number of a company’s securities at a nominal exercise price. The nominal exercise price is...more

Blog: Will A New Securities Exchange Be Effective To Promote Long-Term Value Creation?

by Cooley LLP on

Many have recently lamented the decline in the number of IPOs and public companies generally (from about 8,000 in 1996 to about 4,000 now, according to EY), and numerous reasons have been offered in explanation, from...more

NYSE Proposes Change in Material News Releases After Closing

by Goodwin on

The New York Stock Exchange has filed a proposal that will prohibit listed companies from issuing material news after the close of trading (generally 4:00 p.m. Eastern Time) until the earlier of the publication of the...more

Go West? What the NYSE Has to Offer for Gulf IPOs

by Bracewell LLP on

Saudi Aramco’s planned IPO has put the region’s companies in sharp focus for global investors. As GCC nations continue to experience shifts in economic activity, including less government spending, more companies (both state...more

Financial Services Weekly News - September 2017

by Goodwin on

Editor's Note - The Roundup has been on hiatus since its August 23 edition. Since then, we have had the misfortune to witness the widespread devastation inflicted by Hurricanes Harvey and Irma. Our hearts go out to the...more

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...more

Proposed Changes Would Further Modify NYSE Rules on Public Company Announcements

On August 29, 2017, the Securities and Exchange Commission (SEC) published a New York Stock Exchange (NYSE) proposal that would bar companies from issuing material news at the end of the trading day until after designated...more

NYSE Issues Proposed Amendment Limiting Issuance of Material News After Short Period of Time Following Trading Session

On August 18, 2017, the NYSE issued a proposed amendment to Section 202.06 of the NYSE Listed Company Manual to limit the issuance of material news by a listed company during the period of time from the official closing time...more

NYSE Seeks to Delay Dividend Notification Change

by Goodwin on

The New York Stock Exchange (“NYSE”) is seeking to delay the implementation of its recently-adopted dividend notification requirements until no later than February 1, 2018....more

“Lead Independent Director” Or “Presiding Director”?

by Allen Matkins on

Neither California nor Nevada require that a corporation have either a “lead independent director” or “presiding director” and yet many corporations state that they have such a position. Why?...more

NYSE Proposes to Amend Material News Policy Again

In 2015 the NYSE amended its policy with respect to material news releases. One of the amendments was to include advisory text in Section 202.06 of the Listed Companies Manual requesting that listed companies intending to...more

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