On December 4, the SEC posted a notice that it had approved an NYSE rule change concerning the timing of post-trading announcements. The SEC originally posted the rule change in August but withdrew it in October, following an NYSE request to amend the original rule.
The new rule prohibits a listed company from issuing material news after the official closing time of the NYSE trading session until the earlier of (1) publication of the company’s official NYSE closing price or (2) five minutes after the NYSE’s official closing time. The sole exception permits announcements of material information following a non-intentional disclosure, in order to comply with Regulation FD.
If you have any questions, please contact Gunster securities law and corporate governance practice leaders David Scileppi or Bob Lamm.
