Capital Markets & Securities Law Watch
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April 22, 2024
|2 min read
The NYSE Proposes Rule Providing SPACs Additional Time to Close Deals Before Delisting
Under its current rule, the New York Stock Exchange (NYSE) commences delisting procedures against a listed special purpose acquisition company (SPAC) if it fails to complete a business combination within 36 months of its initial listing date, regardless of whether it has entered into a definitive agreement for a business combination.
February 29, 2024
|8 min read
As discussed in prior blog posts, on June 9, 2023, the Securities and Exchange Commission (the SEC) approved listing standards promulgated by the New York Stock Exchange (NYSE) and Nasdaq Stock Market (Nasdaq) regarding the recovery of erroneously awarded incentive-based compensation, referred to as “clawbacks.”
February 20, 2024
|5 min read
NYSE 2024 Listed Company Compliance Guidance Memo: New Rules and Important Reminders
On January 31, 2024, the New York Stock Exchange (the NYSE or the Exchange) issued its annual Listed Company Compliance Guidance Memo for 2024 (the Memo). The Memo describes new rules and important reminders for all NYSE-listed companies, with any rule or policy distinctions for domestic versus foreign private issuers (FPIs) identified within.
December 9, 2021
|8 min read
Open Your Books or Be Delisted: SEC Finalizes Rules for Non–PCAOB Compliant Foreign Companies
On December 2, 2021, the Securities and Exchange Commission (the SEC) announced new final rules implementing the submission and disclosure requirements of the Holding Foreign Companies Accountable Act (the HFCAA) enacted in December 2020. The final rules apply to companies that the SEC identifies as having filed an annual report with an audit report issued by a registered public-accounting firm that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the PCAOB) is unable to inspect or investigate (such companies, Commission-Identified Issuers).
July 30, 2021
|4 min read
Potential Impacts of New Chinese Opinions for Overseas Listings
On July 6, 2021, the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council of the People's Republic of China jointly issued “Opinions on Strictly Cracking Down on Illegal Securities Activities in accordance with the Law” (Opinions) signaling that the country will step up its supervision of domestic firms listed both onshore and offshore.
June 16, 2021
|5 min read
SEC Greenlights Nasdaq Primary Direct Listings
On May 19, 2021, the Securities and Exchange Commission (SEC) approved the Nasdaq Stock Market LLC’s (Nasdaq) proposal to allow companies to directly list their equity securities on the exchange without a traditional underwritten offering.
December 30, 2020
|4 min read
SEC Approves NYSE Rule Change to Allow Capital Raise with Direct Listings
On December 22, 2020, the Securities and Exchange Commission (the SEC) approved the New York Stock Exchange’s (the NYSE) proposal to allow private companies to conduct a primary registered offering as part of a direct listing on the NYSE without conducting a firm commitment underwritten offering (a Primary Direct Floor Listing). Capital Markets & Securities Law Watch previously discussed the NYSE’s proposal on September 1, 2020.
September 1, 2020
|4 min read
SEC Approves NYSE’s Direct Listing “Plus” – Immediate Resales AND New Capital
On August 26, 2020, the Securities and Exchange Commission (SEC) approved the New York Stock Exchange’s (NYSE or the Exchange) proposal to allow private companies to issue shares through direct listings on the Exchange rather than conducting a traditional initial public offering (IPO). This blog post discusses the approved NYSE proposal and its implications.
July 9, 2020
|1 min read
NYSE Extends COVID-19 Relief Through September 30
On July 2, 2020, the Securities and Exchange Commission (SEC) extended the New York Stock Exchange’s (NYSE) temporary relief on shareholder-approval requirements for listed companies from June 30, 2020, to September 30, 2020.
April 24, 2020
|4 min read
Nasdaq and NYSE Provide Temporary Price-Based Continued Listing Requirement Relief
U.S. and global market conditions have experienced market-wide declines as a result of the COVID-19 pandemic. In light of these unprecedented circumstances, many companies are struggling to remain in compliance with the price-based continued listing standards of the New York Stock Exchange (the NYSE) and The Nasdaq Stock Market LLC (Nasdaq).
April 10, 2020
|3 min read
NYSE and Nasdaq Address COVID-19 by Relaxing Listing Standards
In response to the economic fallout of COVID-19, the New York Stock Exchange (NYSE) and Nasdaq are issuing new proposals and guidance to listed companies.