News & Analysis as of

Proposed Rules Securities and Exchange Commission (SEC) Listing Rules

Fenwick & West LLP

SEC OKs Nasdaq's Changes to Initial Listing Reqs

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The SEC recently approved Nasdaq’s proposed changes to the initial listing requirements related to liquidity. Nasdaq proposed to change Listing Rules 5405 and 5505 to...more

Troutman Pepper Locke

New Texas Stock Exchange Aims at Nasdaq and NYSE

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On April 4, the Texas Stock Exchange's (TXSE) Form 1 application for registration as a national securities exchange was publicly released by the U.S. Securities and Exchange Commission (SEC). The application contains a wealth...more

ArentFox Schiff

Nasdaq Amends Proposal to Modify Rule for Initial Listing Liquidity Requirements

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In December 2024, the Nasdaq Stock Market LLC submitted a proposal to the US Securities and Exchange Commission (SEC) to modify its requirements for calculating the minimum Market Value of Unrestricted Publicly Held Shares in...more

Foley Hoag LLP - Public Companies & the Law

SEC approves Nasdaq’s proposal to remove board diversity rules to align with 5th Circuit’s mandate

As we previously posted, the U.S. Court of Appeals for the Fifth Circuit vacated the SEC’s approval of Nasdaq’s board diversity disclosure rules last month, after which Nasdaq indicated that it did not intend to seek further...more

ArentFox Schiff

Nasdaq Rule Change Lengthens Reverse Stock Split Notice Period

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Last November, Nasdaq proposed a rule change that would lengthen the notification period for companies conducting reverse stock splits from five business days to 10 calendar days. The rule change became effective immediately...more

Fenwick & West LLP

Securities Law Update - August 2024

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Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains news on...more

Goodwin

Paying for Buy-Side Investment Research: New Rules Ease the US-UK Divide

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In our previous alert, Paying for Buy-Side Investment Research: Will the FCA’s Third Way Ease the US-UK Divide?, we discussed the consultation issued by the Financial Conduct Authority (FCA) on proposed rules on payment...more

McDermott Will & Emery

Nasdaq Changes Compliance Deadlines for Board Diversity Rules

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On August 6, 2021, the US Securities and Exchange Commission (SEC) approved the listing rules proposed by The Nasdaq Stock Market LLC (Nasdaq) to advance board diversity and enhance the transparency of diversity statistics...more

Seyfarth Shaw LLP

SEC’s Approval Inches NASDAQ Closer to Implementing Board Diversity Listing Requirements

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Late last year, Nasdaq submitted for approval to the Securities and Exchange Commission the proposed listing Rule 5605(f) and Rule 5606 requiring all, with a few exceptions, of Nasdaq’s roughly 3,249 listed companies to have...more

Skadden, Arps, Slate, Meagher & Flom LLP

Nasdaq Permits Primary Direct Listings and Proposes Relaxation of Pricing Limits

On May 19, 2021, the Securities and Exchange Commission (SEC) approved Nasdaq’s proposal to permit companies to issue shares and raise capital in primary direct listings conducted on the Nasdaq Global Select Market without...more

Kilpatrick

Nasdaq Proposes New Listing Rules Aimed at Advancing Diversity Among Corporate Boards

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On December 1, 2020, Nasdaq proposed new listing rules with the U.S. Securities and Exchange Commission (SEC) that would require companies listed on Nasdaq’s U.S. exchange to disclose diversity information about their board...more

Proskauer Rose LLP

Nasdaq Proposes New Board Diversity Requirements for Listed Companies

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On December 1, 2020, Nasdaq proposed new listing rules that, if approved by the SEC following a public comment period, would require Nasdaq-listed companies either to have, or explain why they do not have, at least two...more

Jones Day

NYSE Reproposes to Permit Capital Raising in Direct Listings - Following two prior proposals during 2019, the New York Stock...

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The current proposal, which was submitted by the NYSE on June 22, 2020, would, like the prior proposal, allow a private company seeking to raise capital through a direct listing to satisfy the NYSE's market value requirement...more

Jones Day

NYSE Proposes Updated Rule Change to Permit Capital Raising in Direct Listings

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Less than a week after the U.S. Securities and Exchange Commission ("SEC") rejected a proposed rule change to permit primary capital raising in direct listings, the New York Stock Exchange ("NYSE") submitted an updated...more

Jones Day

SEC Rejects Initial NYSE Proposal on Capital Raising in Direct Listings - The rule change would have allowed companies to raise...

Jones Day on

On December 6, 2019, the U.S. Securities and Exchange Commission rejected a proposed New York Stock Exchange ("NYSE") rule change that would allow companies to raise capital in a direct listing...more

Wilson Sonsini Goodrich & Rosati

NYSE Files Revised Proposal to Allow Primary Direct Floor Listings

Yesterday, the New York Stock Exchange (NYSE) filed a revised proposal with the Securities and Exchange Commission (SEC) to allow companies to sell shares on their own behalf in direct listings. Last week, as discussed in our...more

Jones Day

NYSE Proposes a Capital-Raising Option in Direct Listings

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The Situation: Direct listings, through which a company lists its shares on a national stock exchange without conducting a traditional initial public offering ("IPO"), have received significant attention from the media and...more

Mayer Brown Free Writings + Perspectives

SEC Requests Comments on New Listing Requirements for Nasdaq Offerings Under Tier 2 of Regulation A

In April, the Securities and Exchange Commission (the “SEC”) announced that it is soliciting comments on a proposed rule change submitted by The Nasdaq Stock Market LLC (the “Nasdaq”) that will impose additional requirements...more

A&O Shearman

SEC Denies BZX Application to List Bitcoin Trust; Commissioner Peirce Dissents

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On July 26, 2018, the Securities and Exchange Commission (SEC) denied an application for a rule change that would have allowed the Bats BZX Exchange, Inc. to list and trade shares of the Winklevoss Bitcoin Trust, primarily...more

Akin Gump Strauss Hauer & Feld LLP

Nasdaq Proposes Changes to SPAC Listing Rules

On October 11, 2017, the Securities and Exchange Commission (SEC) published for comment a proposal by NASDAQ Stock Market LLC (Nasdaq) to modify its initial and continued listing requirements for special purpose acquisition...more

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