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Alerts
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NYSE Changes Its Immediate Release Policy
Listed Companies May Need To Implement New Compliance Procedures
May 7, 2009
Effective today, the NYSE has changed its immediate release policy. As discussed below, the changes cut both ways, providing for more flexibility when publicly disclosing material information, while also imposing new mandatory procedural requirements.
Listed companies may now make public disclosures of material information by any means allowed under Regulation FD. Previously, NYSE-listed companies were required to disclose material information quickly, typically by issuing a press release. In contrast, Regulation FD allows a public company to disclose material information by any means reasonably designed to result in broad non-exclusionary public disclosure, which can include a press release, Form 8-K filing, conference call, press conference, webcast or, in certain circumstances, disclosure on the company website. The new NYSE rule harmonizes the immediate release policy with both Regulation FD and Nasdaq rules. NYSE-listed companies still are encouraged to issue press releases when disclosing material information, but are not required to do so.
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