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On July 12, the New York Stock Exchange (NYSE) proposed an amendment to NYSE Rule 2, which requires that an NYSE member also be a member of the Financial Industry Regulatory Authority (FINRA) or another registered securities exchange. As a part of the consolidation of the National Association of Securities Dealers and NYSE Regulation to form FINRA, NYSE Rule 2 was revised in 2007 to require each NYSE member organization to become a FINRA member. Eventually, NYSE amended the rule so that NYSE members could be members of FINRA or a registered securities exchange.
Continue Reading NYSE Proposes to Amend Rule Requiring Registered Broker-Dealers to be Members of FINRA or Another Exchange

The Nasdaq Stock Market LLC (Nasdaq) has filed with the Securities and Exchange Commission a proposed rule change to modify the current system of credits Nasdaq offers to members that add liquidity in securities that are listed on exchanges other than Nasdaq or the New York Stock Exchange. In particular, Nasdaq is seeking to modify one and eliminate another one of the volume-based credits that it offers for displayed quotes/orders that provide liquidity on Nasdaq in Tape B Securities.
Continue Reading Nasdaq Has Proposed a New Rule Change To Modify Its System of Volume-Based Credits

On February 2, the Securities and Exchange Commissions approved a New York Stock Exchange (NYSE) rule change that facilitates the listing of companies on the NYSE without a prior registration statement under the Securities Exchange Act of 1934 (Exchange Act) in connection with an underwritten initial public offering. As previously discussed in the May 5, 2017 and June 30, 2017 editions of the Corporate & Financial Weekly Digest, the NYSE had previously filed and withdrew the proposed rule change. Thereafter, the NYSE elected to move forward with the rule change and filed amendments, including a final Amendment No. 3. The NYSE noted that the proposed rule change would enable the NYSE to compete for listings of companies that the NYSE believes would be able to list on the Nasdaq Stock Market, but would not be able to list on the NYSE under its then-current rules.
Continue Reading SEC Approves NYSE Rule to Facilitate Listing Without an IPO

On October 20, the Financial Industry Regulatory Authority (FINRA) proposed a rule change to make permanent an exemption from the Trade Reporting and Compliance Engine (TRACE) reporting requirements for TRACE-Eligible Securities transactions executed on a facility of the New York Stock Exchange (NYSE).
Continue Reading FINRA Proposes to Make Permanent a TRACE-Reporting Exemption

The Securities and Exchange Commission has approved the Financial Industry Regulatory Authority rules that (1) consolidate the National Association of Securities Dealers (NASD) and Incorporated New York Stock Exchange registration rules, as well as existing FINRA rules; (2) restructure the representative-level qualification examination requirements; and (3) amend continuing education requirements. The rules will become effective October 1, 2018.
Continue Reading SEC Approves FINRA Registration, Qualification and Continuing Education Rules

On August 18, the New York Stock Exchange (NYSE) issued a proposed amendment to Section 202.06 of the NYSE Listed Company Manual, which would prohibit the issuance of material news by a listed company between the official closing time of the NYSE’s trading session until the earlier of the publication of such company’s official closing …

On August 14, the Securities and Exchange Commission approved a rule change which will now require New York Stock Exchange (NYSE)-listed companies to provide notice to the NYSE at least 10 minutes prior to any public announcement regarding dividends or stock distributions, whether or not such notice would be made after NYSE trading hours. The…

On June 19, the New York Stock Exchange (NYSE) filed a notice withdrawing its proposed rule that would have allowed companies to list on the NYSE without an initial public offering. The proposed rule was previously discussed in the May 5, 2017 edition of the Corporate & Financial Weekly Digest. The proposed rule would have amended Footnote (E) of Section 102.01B of the NYSE Listed Company Manual, specifically the provisions related to the qualification of companies listing without a prior registration under the Securities Exchange Act of 1934.
Continue Reading NYSE Withdraws Proposed Rule to Allow Listing Without an IPO

On March 13, the New York Stock Exchange (NYSE) issued a proposed rule to amend the provisions related to the qualification of companies listing without a prior registration under the Securities Exchange Act of 1934 (Exchange Act). This proposed rule amends Footnote (E) of Section 102.01B of the NYSE Listed Company Manual (Footnote (E)) and would allow companies to be listed on the NYSE without an initial public offering or other registration statement under the Securities Act of 1933 (Securities Act).
Continue Reading NYSE Issues Proposed Rule to Allow Listing Without an IPO

On March 8, the Financial Industry Regulatory Authority filed a proposed rule change with the Securities and Exchange Commission to adopt amendments to the qualification and registration requirements for associated persons. The proposed rule change restructures the current qualification examinations, creates a general knowledge examination and specialized knowledge examinations, and revises the continuing education requirements.…