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Paul Zimmerman
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Showing 3 posts by Megan J. Penick.

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SEC Approves Amendments to Nasdaq and NYSE Continued Listing Requirements Due to the COVID-19 Pandemic

To be listed on Nasdaq or the New York Stock Exchange, publicly traded companies are required to meet certain minimum listing criteria. For example, both exchanges compel listed companies to maintain “Continued Listing Standards,” such as minimum bid and market capitalization requirements. (Read More)

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SEC Announces Temporary Regulatory Relief for Market Participants Affected by Coronavirus

In a press release distributed late last week, the United States Securities and Exchange Commission announced that it will be providing additional temporary regulatory assistance to market participants affected by the novel coronavirus (COVID-19). The relief covers three specific spheres: (1) parties needing to gain access to make filings on the EDGAR system; (2) company filing obligations under Regulation A and Regulation Crowdfunding; and (3) a filing requirement for municipal advisors.

The SEC notes that its staff will continue to closely track developments and, if appropriate, consider additional relief from other regulatory requirements for those affected by the pandemic. In the meantime, Michelman & Robinson breaks down the agency’s latest moves in Q&A format. (Read More)

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SEC Relaxes Federal Proxy Rules for Annual Meetings

The Securities and Exchange Commission recently issued an order granting certain companies relief from complying with some federal proxy rules for annual meetings in light of health, transportation and other logistical issues raised by the spread of COVID-19.

Under Section 12 of the Exchange Act of 1934, as amended, when issuers solicit proxies from their shareholders, they are required to follow the proxy rules, including delivery of proxy materials (e.g., proxy statements and proxy cards). The SEC’s order allows all issuers to change the date, time and location of their annual meetings without having to strictly comply with applicable delivery requirements. (Read More)