ARTICLE
4 September 2020

NYSE's New Direct Listing Rule Is Stayed

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On August 31, 2020, the Securities and Exchange Commission (the "SEC") notified the New York Stock Exchange (the "NYSE")
United States Corporate/Commercial Law

On August 31, 2020, the Securities and Exchange Commission (the "SEC") notified the New York Stock Exchange (the "NYSE") that it received a notice of intention to petition for review of the NYSE's recently approved rule (see our prior post) that would allow companies to conduct limited primary sales concurrent with a direct listing. The notification was submitted by the Council of Institutional Investors. The notification from the Council of Institutional Investors to the SEC can be accessed here. As a result of the notification, the new rule is now on hold until the SEC orders otherwise. The SEC did not specify a timetable for completing its review of the petition. The SEC's letter to the NYSE can be accessed here.

Originally published by Mayer Brown, September 2020

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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