• Direct Registration System Eligibility Deadline Quickly Approaching for Issuers of Exchange-Listed Securities
  • November 12, 2007 | Author: Linda C. Hayman
  • Law Firm: Skadden, Arps, Slate, Meagher & Flom LLP - New York Office
  • By January 1, 2008, all issuers whose securities are listed on the New York Stock Exchange, the NASDAQ Stock Market or the American Stock Exchange are required to ensure that their listed securities are eligible for participation in the Direct Registration System (DRS), which allows investors to hold securities in book-entry form. To be DRS-eligible, issuers must be able to issue their listed securities in uncertificated form, which may require by-law amendments and board action prior to the approaching deadline.