On August 31, 2020, the Securities and Exchange Commission (the “SEC”) notified the New York Stock Exchange (the “NYSE”) that it received a notice of intention to petition for review of the NYSE’s recently approved rule (see our prior post) that would allow companies to conduct limited primary sales concurrent with a direct listing. The notification was submitted by the Council of Institutional Investors. The notification from the Council of Institutional Investors to the SEC can be accessed here. As a result of the notification, the new rule is now on hold until the SEC orders otherwise. The SEC did not specify a timetable for completing its review of the petition. The SEC’s letter to the NYSE can be accessed here.