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Stock Exchanges

SEC Warns Investors of Reverse Mergers; Joins PCAOB, NASDAQ in Worry

Arielle Bikard June 10, 2011

The Securities and Exchange Commission warned investors to be "especially careful" about investing in "reverse merger" companies, one day after the NASDAQ Stock Market proposed a rule to add listing requirements for such firms. The Public Company Accounting Oversight Board has also recently published a research note and staff alert on reverse mergers from China. "It is pretty rare when you see so many regulators issuing guidance or modifying their rules etc. related to one particular issue," says Sanjay Shirodkar, of counsel at the law firm DLA Piper.

Schapiro Addresses Flash Crash Prevention Plans

Arielle Bikard May 06, 2011

On the one-year anniversary of the infamous May 6, 2010, stock market flash-crash, Chairman Mary Schapiro outlined what the SEC and other agencies have done to address market vulnerabilities, and affirmed that "further examination is not only desirable, but required."

SEC Approves Two Dodd-Frank Rule Proposals

Arielle Bikard March 30, 2011

The SEC unanimously approved plans to propose two more rules mandated by the Dodd-Frank Act. One would require issuers of asset-backed securities to retain at least 5 percent credit risk to keep some skin in the game. The other would lead to new disclosure requirements for compensation advisers.

NYSE Corporate Governance Commission Issues Report

Melissa Aguilar September 24, 2010

A NYSE-sponsored Commission on Corporate Governance has issued its final report, detailing 10 key principles related to the core duties and responsibilities of boards, management, and shareholders in the governance process.The Commission, established in the fall of 2009, is led by Wilson Sonsini Goodrich & Rosati Chairman Larry Sonsini and...

Flash Crash Report Out, Meeting Set

Melissa Aguilar May 19, 2010

As promised, the staffs of the Securities and Exchange Commission and the Commodity Futures Trading Commission have issued a report detailing the preliminary findings of their review of the May 6 flash crash.The 151-page report says there's currently no evidence that the events, when the markets suddenly plunged more than...

NYSE Governance Changes Take Effect Jan. 1, 2010

Melissa Aguilar December 07, 2009

The Securities and Exchange Commission gave the go-ahead to a number of changes to the NYSE's corporate governance rules, effective Jan. 1, 2010.The changes, proposed in August, mostly aim to bring the exchange's requirements for its listed companies in line with current SEC requirements."For the most part, the changes should...

NYSE Forms Commission on Study Proxy Process

Melissa Aguilar September 02, 2009

On the heels of the elimination of broker voting in director elections, the New York Stock Exchange has announced the creation of an independent advisory commission to examine U.S. corporate governance and the overall proxy process.The advisory commission will be led by Larry Sonsini, chairman of the powerhouse law firm Wilson Sonsini...

NYSE Proposes Changes to Corp. Governance Standards

Melissa Aguilar September 01, 2009

The New York Stock Exchange has proposed a number of changes to its corporate governance standards under Section 303A of its listed company manual to clarify some disclosure requirements, codify some interpretations since the rules were enacted, and replace certain disclosure requirements of Regulation S-K.If approved, the changes will take...

NYSE Lowers IPO Public Float Requirement

Melissa Aguilar August 21, 2009

The Securities and Exchange Commission has okayed a proposed rule change filed by the New York Stock Exchange to lower its public float requirement for initial public offerings.The amendment lowers the public float requirement for IPOs, spin-offs, and companies listed under the Exchange's Affiliated Company standard from $60 million to $40 million.The lower public float requirement applies to...

Nasdaq Extends Suspension Of Listing Reqs

Melissa Aguilar July 21, 2009

The Nasdaq has filed a proposed rule change with the Securities and Exchange Commission to extend its temporary suspension of the Nasdaq Stock Market continued listing requirements related to bid price and market value of publicly held shares.The proposal extends the temporary suspension, which would've expired July 19, until July 31....

Investor Group Offers Views on Reg Reforms

Melissa Aguilar July 15, 2009

A high-profile group of investors, led by two former Securities and Exchange Commission chairmen, has published its own views on how best to reform regulation of the U.S. financial markets, which include calling for the creation of an independent Systemic Risk Oversight Board.The Investors' Working Group, sponsored by the CFA...

TCB: Action Needed to Prep for Broker Vote Change

Melissa Aguilar July 07, 2009

In order to prepare for the elimination of broker votes in director elections that takes effect before the upcoming proxy season, companies should take action now, by analyzing historical shareholder trends and monitoring future extraordinary voting patterns, among other things, The Conference Board (TCB) advises.As Compliance Week reported, the SEC...

NYSE Seeks Lower Market-Cap. Standard

Melissa Aguilar July 06, 2009

The New York Stock Exchange has extended the temporary suspension of its $1 minimum stock price and is seeking to permanently adopt a lower $15 million minimum 30-day average market capitalization standard.The NYSE has filed a rule proposal to extend the temporary suspension of the price standard by an additional...

Changes to NYSE Immediate Release Policy in Effect

Melissa Aguilar May 18, 2009

Reminder to NYSE-listed companies: Recent changes to the Exchange's immediate release policy are now in effect.Changes to NYSE Rule 202.06 allow companies to disseminate material information by any Regulation Fair Disclosure-compliant method to comply with the immediate release policy, rather than always requiring companies to issue a press release as...

NYSE Proposes Change to Immediate Release Policy

Melissa Aguilar April 20, 2009

The New York Stock Exchange has filed a proposal to amend its listing rules to allow companies to comply with its immediate release policy by disseminating information by any Regulation Fair Disclosure-compliant method, rather than always requiring a press release.Currently, to comply with the Exchange’s immediate release policy—which calls for...

NASDAQ: New Listing Rulebook in Effect

Melissa Aguilar April 15, 2009

Heads up for Nasdaq-listed companies: the exchange’s new, reorganized Listing Rulebook is in effect.The revised rules, which took effect April 13, contain the same requirements as the current rules, but should be easier to understand and navigate, according to an April 3 Nasdaq issuer alert.While no substantive changes were proposed,...

Nasdaq Proposes Extending Suspension of Listing Reqs

Melissa Aguilar March 25, 2009

Nasdaq has filed a proposed rule change to extend by three months its temporary suspension of its continued listing requirements related to bid price and market value of publicly held shares for listing on the Nasdaq Stock Market.The suspension, which would’ve expired on April 19, will now expire July 19.The...

NYSE Tries Again to Ban Broker Votes in Director Elections

Melissa Aguilar February 27, 2009

It's déjà vu all over again. The NYSE is once again proposing to amend its rules to eliminate broker discretionary voting in director elections.NYSE Rule 452 allows brokers to vote on “routine” proposals if the beneficial owner of the stock hasn’t provided specific voting instructions to the broker at least...

NYSE Suspends $1 Min Price Requirement

Melissa Aguilar February 27, 2009

Call it a sign of the times: In an effort to keep companies listed amid market volatility, the New York Stock Exchange has temporarily suspended the application of its stock-price criteria and extended the temporary lowering of its market-capitalization standard for listed companies.The Exchange has suspended until June 30, 2009,...

NYSE Eases Market Cap Standard for Listed Cos.

Melissa Aguilar January 27, 2009

In an effort to help some companies battered by extreme market volatility in recent months avoid delisting, the New York Stock Exchange announced a plan to temporarily lower the average market capitalization required of its listed companies from $25 million to $15 million.The temporary reduction, announced in a Jan. 23...

Nasdaq OMX CEO Calls for Re-Regulation, New Regulator

Melissa Aguilar January 12, 2009

As efforts to overhaul the U.S. financial regulatory system ramp up, a top stock exchange leader became the latest official to publicly back calls for a merger between the Securities and Exchange Commission and the Commodity Futures Trading Commission.“Two different agencies with very different approaches essentially monitor the same securities,”...

Nasdaq Extends Suspension of Delisting Rules

Melissa Aguilar December 23, 2008

The Nasdaq Stock Market has asked the Securities and Exchange Commission to extend the temporary suspension of some of its listing requirements for another three months.A proposed rule change, filed Dec. 18, would extend until April 19, 2009, the current suspension of the bid price and market value of publicly...

NASDAQ Temporarily Suspends Some Listing Requirements

Melissa Aguilar October 27, 2008

Nasdaq has filed a proposed rule change with the Securities and Exchange Commission temporarily suspending some of its listing requirements, in light of “extraordinary market conditions.”The rule change temporarily suspends, through Jan. 16, 2009, the application of the continued listing requirements related to bid price and market value of publicly...

Exchanges Revise Director Independence Rules

Melissa Aguilar September 04, 2008

The New York Stock Exchange, Nasdaq, and Amex stock exchanges have all revised their director independence standards to bring them in line with Securities and Exchange Commission disclosure requirements.All three exchanges have filed rule changes with the Commission to raise the dollar threshold of their respective director compensation test for...

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