NYSE Urges SEC To Lift Stay On Direct Listings Expansion

Law360 (September 8, 2020, 4:48 PM EDT) -- The New York Stock Exchange urged the U.S. Securities and Exchange Commission to let it move forward with a contested plan that would enable companies to raise capital with direct listings, arguing that an investor group's objection lacks merit and threatens companies' funding plans.

The Big Board's Friday motion follows a notice last week by the Council of Institutional Investors, which said it would file a petition seeking full SEC review of a recent Division of Trading and Markets approval of NYSE's proposal to allow direct listings that also include the sale of new shares. As a result, the SEC automatically...

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