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The Securities Edge Securities Blog for Middle-Market Companies

Tag Archives: listing standards

Nasdaq reverses course on compensation committee independence

Posted in Corporate Governance

Apparently, corporate governance cannot be dictated by the stock exchanges.  As we had blogged about last year, Section 952 of Dodd-Frank required each national securities exchange to review its independence standards for directors who serve on an issuer’s compensation committee.  Each national securities exchange had to ensure that its independence definition considered relevant factors such… Continue Reading

Stock exchanges compete for technology company IPO listings – Twitter chooses NYSE, but who’s really winning?

Posted in IPOs

These are interesting times for technology companies that are contemplating initial public offerings. For companies of sufficient size, the exchange for the listing of their securities generally comes down to the New York Stock Exchange and the Nasdaq Stock Market. The NYSE has historical prestige and a long track record, while the Nasdaq has cultivated… Continue Reading

SEC advisory committee to recommend formation of small company securities exchange

Posted in Capital Raising

  An SEC advisory committee is likely to recommend that that the SEC support the formation of a new securities exchange designed especially for small cap and micro cap public companies. While this new exchange is a long way from approval and operation, strong SEC support could substantially increase its chances of successful implementation. This… Continue Reading

Proposed compensation committee independence rules will impact some issuers more than others

Posted in Corporate Governance

Issuers listed on the NYSE or Nasdaq should pay close attention to the rules proposed by the exchanges last week because the proposed rules will impact compensation committees; however, the impact may be a “tale of two exchanges” because the impact is more significant to Nasdaq-listed companies.  As you may recall, Congress included several provisions… Continue Reading

Where to list: NYSE or Nasdaq?

Posted in IPOs

Coke vs. Pepsi.  Apple vs. Microsoft.  Energizer vs. Duracell.  All are great brand rivalries.  Today we look at one of the biggest rivalries in the capital markets space: NYSE vs. Nasdaq.  And ever since the Nasdaq debacle with the Facebook IPO, the rivalry has only intensified.  Companies going public face lots of decisions including where… Continue Reading

NASDAQ Proposes Rule Change to Initial Listing Standards

Posted in IPOs

NASDAQ recently filed a proposed rule change with the SEC. Upon taking effect, the rule will change the way total assets and shareholders’ equity are calculated for listing purposes on the NASDAQ Global Select Market. To conform with NYSE’s treatment under their comparable standard, NASDAQ proposes to delete the requirement that total assets be demonstrated… Continue Reading

National Securities Exchanges to Adopt New Listing Standards to Ensure Independence of Compensation Committees

Posted in Compensation

Last Wednesday, the SEC proposed new rules required by Section 952 of Dodd-Frank Act.  Under the proposal, each national securities exchange will be required to adopt new listing standards to prohibit the listing of any issuer that is not in compliance with the exchange’s independence requirements for compensation committees.  While compensation committees will need to… Continue Reading