Title

NYSE Requires Listed Companies to Delay Issuing Material News Immediately After Market Close
Client Memorandum

Created date

12/8/2017

Under a rule change that is effective immediately, a NYSE listed company is prohibited from issuing material news after the NYSE trading session ends until the earlier of (a) five minutes after the official closing time for the NYSE trading session and (b) the publication of the official closing price of the company’s security. The restriction does not apply when a company is releasing material news to cure an unintentional selective disclosure under Regulation FD.  

The delay will affect the timing of issuer announcements made following market close, such as press releases announcing securities offerings. The NYSE email alert announcing the rule change is here.