NYSE Submits Changes to Corporate Accountability and Listing Standards to SEC for Approval
To Our NYSE-Listed Clients: The New York Stock Exchange (“NYSE”) has filed with the Securities and Exchange Commission (“SEC”) proposed changes to its listing standards aimed at helping to restore investor confidence by adopting new corporate governance rules. The NYSE board of directors adopted the final recommendations of its Corporate Accountability and Listing Standards committee at its regular meeting on August 1, 2002, following a two-month comment period in which more than 300 comment letters were received. The rules will become final once approved by the SEC (probably before the year end). The new standards will become effective for NYSE-listed companies six months following SEC approval, with limited exceptions that are highlighted in the discussion below.