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Friday, January 8, 2021
On December 22, 2020, the Securities and Exchange Commission approved the New York Stock Exchange’s proposed new direct listing rules to allow companies engaging in a direct listing to raise capital directly through a primary sale of shares, in addition to, or instead of, only facilitating sales of shares by existing shareholders, as previously permitted.
These direct listing rules, originally approved by the SEC on August 26, 2020, were discussed in detail in the August 31, 2020 edition of the
Corporate & Financial Weekly Digest. However, after initially approving the direct listing rules, on August 31, 2020, the SEC stayed implementation of the rules following receipt of a letter issued by the Council of Institutional Investors (CII) pursuant to which CII stated its intention to petition for a review of the direct listing rules. CII’s objections were previously discussed in the September 4, 2020 edition of the
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Yesterday, by another 3-2 vote, the SEC approved changes to NYSE listing rules relating to primary direct listings after conducting a “de novo” review following objections raised by certain investors and commentators.
In August, using delegated authority, the SEC’s Division of Trading and Markets had approved changes to NYSE listing rules to allow companies to raise capital in connection with a direct listing on the NYSE without a firm commitment offering. Shortly afterwards, the SEC notified the NYSE that the rule changes had been stayed following receipt of notice from the Council of Institutional Investors (CII) that the CII was submitting a petition for a full Commission review of the delegated approval by the Division.
On September 23, the United States Securities and Exchange Commission (SEC) published its final rule
[1] on several questions regarding the agency’s whistleblower program. Among the rulings were a rejection of a change that would have limited payouts on very large fraud cases, the removal of all internal whistleblower protections offered by the SEC, and a restriction of “related action” cases in which whistleblowers could receive rewards from more than one agency.
The final rule has been expected for at least two years, during which the SEC debated and heard comments on all of the proposed rule changes. Lawyers with the firm Kohn, Kohn & Colapinto have been following the case and put together primers
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