• Comparison of NYSE and Nasdaq Corporate Governance Listing Standards
  • November 14, 2003
  • Law Firm: Waller Lansden Dortch & Davis, PLLC - Nashville Office
  • On November 4, 2003, the Securities and Exchange Commission (SEC) approved the proposed changes to the listing standards governing companies whose securities trade on the New York Stock Exchange, Inc. (NYSE) and the Nasdaq Stock Market (Nasdaq). Both NYSE and the National Association of Securities Dealers, Inc. (NASD) submitted their original rule proposals to the SEC in 2002. SEC approval of the new rules in the intervening months was delayed, in part, by the passage of the Sarbanes-Oxley Act in July 2002 and the SEC's focus on rulemaking mandated by Sarbanes-Oxley, which included a number of the topics covered by the proposed listing standards. During 2003, both NYSE and the NASD submitted revisions to their proposed governance rules in response to SEC comments and to harmonize their listing standards with Sarbanes-Oxley and the newly-adopted SEC rules.