SEC Approves NYSE Rule Change Regarding Dividend Notification Requirements
The SEC has approved a change to the NYSE’s rules which requires listed companies to provide dividend notifications to the Exchange at least 10 minutes prior to disseminating them publicly when the notification is made outside of Exchange trading hours of 7:00 a.m. ET and the end of the NYSE trading session (4:00 p.m. ET). Companies providing this advance notification to the Exchange will not be required to wait for Exchange approval before issuing their announcements.
No change is being made to the NYSE’s rules with respect to dividends between 7:00 a.m. ET and the end of the NYSE trading session.
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Following SEC approval of the revised rule, the NYSE filed a further proposed rule change to delay implementation of the rule. According to the NYSE, the delay is necessary to provide listed companies with additional time to prepare to comply with the new requirements and for the NYSE to provide the necessary support to its staff in reviewing notifications. The NYSE plans to provide reasonable advance notice of the new implementation date to listed companies by emailing a notice to them that will also be posted on nyse.com. The new implementation date will be no later than February 1, 2018.
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