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2025-02150 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Order Granting Approval of a Proposed Rule Change To Modify the Package of Complimentary Services Provided to Certain Eligible Switches and To Modify the Definition of an Eligible Switch
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February 04, 2025
Type:Notice
Citation:90 FR 8957
Reading Time:about 17 minutes
The Securities and Exchange Commission (SEC) has approved a rule change proposed by The Nasdaq Stock Market LLC. This change modifies the complimentary service packages offered to companies that switch their listing to Nasdaq, known as "Eligible Switches." Now, companies with a market capitalization of $750 million or more will have access to additional services like the Annual Perception Study, alongside Stock Surveillance or Global Targeting tools, over a four-year period. The new rule also broadens the definition of "Eligible Switch" to include companies switching from any national securities exchange, not just the New York Stock Exchange (NYSE), which is designed to increase competition and bring more value to Nasdaq.
Simple Explanation
Nasdaq is going to give extra goodies to big companies that decide to switch and join them, and now they are saying any company can switch from other big stock places, not just one special one. This is like having more fun toys available if you move to a new, bigger playground.
2025-01415 — Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Amendment No. 2 and Order Granting Accelerated Approval of a Proposed Rule Change, as Modified by Amendment No. 2, To Amend Section 802.01C of the NYSE Listed Company Manual (Price Criteria for Capital or Common Stock) To Restrict the Use of Reverse Stock Splits in Certain Circumstances
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January 22, 2025
Type:Notice
Citation:90 FR 7715
Reading Time:about 24 minutes
The Securities and Exchange Commission (SEC) has approved a rule change by the New York Stock Exchange (NYSE) that restricts certain companies from using reverse stock splits to continue being listed on the exchange. This new rule targets companies that repeatedly use reverse stock splits, especially if they have done so in the past year or have a significant reverse split history in the last two years. The SEC believes this rule will help protect investors by ensuring that companies listed on the exchange are financially stable and suitable for continuing public trading. Companies can still appeal if they are delisted due to these new rules.
Simple Explanation
The SEC has decided that some companies can't keep using a trick called "reverse stock splits" too many times just to stay in the NYSE club because they want to make sure these companies are strong enough to be trusted with people’s money. If a company thinks this decision is not fair, it can try to talk it over and maybe get back on the list.
2021-03088 — Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Amendment No. 1 and Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To Amend Rule 7.35C
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February 17, 2021
Type:Notice
Citation:86 FR 9978
Reading Time:about 40 minutes
The Securities and Exchange Commission (SEC) is reviewing and seeking public feedback on a proposed rule change by the New York Stock Exchange (NYSE). This proposal aims to amend Rule 7.35C to allow NYSE to facilitate a Trading Halt Auction if a security doesn't reopen by 3:30 p.m. after a market-wide circuit breaker halt, known as an "MWCB Halt." The proposal includes changes such as widening the price range for these reopening auctions and allowing certain market maker interests to remain active. The SEC is also considering whether these changes meet the legal standards to ensure fair and orderly markets and is inviting comments from the public by March 10, 2021.
Simple Explanation
The big agency in charge of keeping the stock market fair, called the SEC, is checking on some new rules the New York Stock Exchange wants to try out. These rules are about what to do when the market has to take a break because everything's going a little crazy, like making sure they can start trading again before it gets too late in the day.

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