The New York Stock Exchange LLC has proposed a rule change to Rule 7.32 regarding order entry size limitations for Issuer Direct Offering (IDO) Orders. This change would allow the Exchange to accept IDO Orders without applying the usual size limits. The proposal is designed to ensure that IDO Orders can meet the quantity requirements outlined in the issuer's prospectus, as required by Rule 7.31(c)(1)(D)(iii). The Securities and Exchange Commission is inviting comments on this proposal, which has taken immediate effect while still allowing for a review period.
Simple Explanation
The New York Stock Exchange wants to change a rule so they can take orders for shares from companies without worrying about how big the order is. This helps make sure the orders match what the company's rules say they need to be.