TheCorporateCounsel.net

The SEC has designated a longer period for action on two NYSE proposals – one of which would affect certain companies initially listing on the exchange, and the other of which would affect companies facing delisting. Here’s more detail:

1. The first extension relates to calculation of initial distribution standards on a worldwide basis for non-U.S. companies. Meredith first blogged about the proposal last fall. In November, it was amended and restated. The Commission has received no comments and has extended the time period for approving or disapproving the proposed rule change, as amended, until May 8th. If approved, Section 102.01 of the NYSE Listed Company Manual would be amended to provide that the distribution standards therein will be calculated on a worldwide basis when listing a company from outside North America and such company (i) is listing in connection with its initial public offering, and (ii) is not listed on any other regulated stock exchange.

2. The other extension relates to a proposal to provide that the Exchange won’t review a compliance plan submitted by a domestic or non-U.S. listed company that is determined to be below compliance with a continued listing standard unless the company has paid in full all outstanding listing or annual fees due to the Exchange and will immediately commence suspension and delisting procedures in accordance with Section 804.00 of the Manual if such fees are not paid in full by the plan submission deadline; or (2) with respect to any unpaid fees that have become due and payable since the commencement of its plan period, will immediately commence suspension and delisting procedures in accordance with Section 804.00 of the Manual if such fees are not paid in full at the time of any required periodic review of such plan. The Commission has designated June 13th as the date by which it will either approve or disapprove the proposed rule change. If you’re facing delisting and also behind on your fees, you’ve got a few more months to find that money…

– Liz Dunshee