18 February 2018

US Corporate Law News: NYSE issues its 2018 annual corporate governance letter


Gregory Pun
Associate | US

The New York Stock Exchange (NYSE) recently issued its annual guidance letter addressing rules and policies applicable to NYSE-listed companies. The letter addressed recent developments including (1) the adoption of the T+2 settlement cycle in summer 2017, (2) the adoption of an amendment to Listed Company Manual Section 202.06 in late 2017 limiting the issuance of material news in the period immediately following the official closing time for NYSE's trading session, and (3) a new NYSE rule, effective February 1, 2018, requiring listed companies to provide notice to the NYSE at least 10 minutes before making any public announcement with respect to a dividend or stock distribution (including when the notice is made outside of NYSE trading hours). The letter also included reminders for all issuers (domestic and foreign) including as to its timely alert / material news policy, its corporate governance requirements, its annual shareholders' meeting requirement and its annual report website posting requirements. For more information, see https://www.nyse.com/publicdocs/nyse/regulation/nyse/NYSE_2018_Annual_Guidance_Letter.pdf.

Gregory Pun Associate | Greenwich