NYSE's Expansion Of Direct Listings Faces New Hurdle

By Tom Zanki (September 2, 2020, 10:14 PM EDT) -- Regulators' approval of a New York Stock Exchange plan to allow companies to sell new shares in direct listings is facing a delay, as an investor group urges the full U.S. Securities and Exchange Commission to review the plan and address potential risks to investors.

The Council of Institutional Investors notified the SEC this week that it intends to file a petition seeking a full agency review of the Division of Trading and Markets' recent approval of an NYSE rule change that lets companies raise capital as part of direct listings. The SEC has since stayed the division's approval of NYSE's...

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