NYSE Goes Full Mob Boss: Pay Up Or Get Delisted
Published Date: 1/17/2025
Notice
Summary
The New York Stock Exchange wants to make sure companies pay all their fees before they can submit a plan to fix any problems with their listing. If a company owes money and doesn’t pay up by the deadline, the Exchange will start the process to suspend and remove them from the market right away. This affects any company listed on the NYSE that falls behind on fees and compliance, speeding up consequences for unpaid bills.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
Pay Fees or Face Immediate Delisting
If a company listed on the NYSE is found below the Exchange's continued listing standards, the Exchange will not review a compliance plan unless the company has paid in full all outstanding listing or annual fees. If fees are not paid in full by the plan submission deadline (45 days for domestic companies, 90 days for non-U.S. companies), the Exchange will immediately begin suspension and delisting procedures under Section 804.00. During quarterly (domestic) or semi-annual (non-U.S.) plan reviews, the Exchange will also immediately commence suspension and delisting if any fees that became due since the plan started are not paid in full at the time of review.
SEC Raises Fairness and Notice Concerns
The Securities and Exchange Commission is reviewing the NYSE proposal and has expressed concerns that it may allow unfair discrimination between issuers and may not provide a fair procedure or notice before suspending and delisting a company. The Commission noted it is unclear whether immediate suspension would apply even if fees became due only one day before a quarterly or semi-annual review.
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