Brian Hirshberg

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On May 14, 2020, the Securities and Exchange Commission (“SEC”) approved, with immediate effectiveness, a rule filing from the New York Stock Exchange (“NYSE”) granting temporary relief from the shareholder approval requirements under Section 312.03 and 303A.08 through June 30, 2020.  The relief is made available to any NYSE-listed company that would incur a material…

The New York Stock Exchange has filed with the SEC a proposed rule filing to provide for temporary relief through June 30, 2020 from the application of certain shareholder approval requirements under Section 312.03 and 303A.08.  The proposed rules would provide NYSE-listed companies that have been negatively impacted by COVID-19 and that would like to…

On May 12, 2020, Steven Peikin, the Co-Director of the Securities and Exchange Commission’s Division of Enforcement (the “Division”), remotely presented a keynote address at the Securities Enforcement Forum summarizing actions that the Division has taken in connection with the COVID-19 pandemic.  Mr. Peikin emphasized that COVID-19-related enforcement matters are a top priority for the…

On May 4, 2020, the Securities and Exchange Commission approved a rule filing from Nasdaq granting temporary relief from the shareholder approval requirements in respect of certain transactions.  Nasdaq has adopted Listing Rule 5336T, which provides for limited relief from Nasdaq Listing Rule 5635(d) (“transactions other than public offerings”) and under certain limited circumstances a…

In order to mitigate potential filing delays due to the ongoing impacts of the COVID-19 pandemic, the Securities and Exchange Commission’s (“SEC”) Division of Investment Management has extended the EDGAR filing window from 5:30 p.m. (EDT) to 10:00 p.m. (EDT) on April 29, 2020 for registered investment company and business development company filings.  Registered funds…

On April 21, 2020, the Securities and Exchange Commission (“SEC”) approved, with immediate effectiveness, the proposal filed by the New York Stock Exchange (the “NYSE”) to permit a longer period of time for NYSE-listed companies to regain compliance with the exchange’s continued listing standards by tolling the applicable compliance periods through June 30, 2020. The…

On April 17, 2020, the Securities and Exchange Commission (“SEC”) approved, with immediate effectiveness, the proposal filed by The Nasdaq Stock Market (“Nasdaq”) to permit a longer period of time for Nasdaq-listed companies to regain compliance with the exchange’s bid price and market value of publicly-held shares continued listing requirements by tolling the compliance periods…

On April 8, 2020, the Securities and Exchange Commission (SEC) voted to adopt final rule amendments that modernize the offering related provisions of the Securities Act of 1933, as amended (the Securities Act), and the communications safe harbors available to business development companies (BDCs) and closed-end funds (CEFs), including interval funds but excluding open-end funds,…

On April 6, 2020, the Securities and Exchange Commission (“SEC”) approved, with immediate effectiveness, the proposal filed by the New York Stock Exchange (“NYSE”) with the Commission on April 3, 2020 to waive certain shareholder approval requirements set forth in Section 312.03 of the NYSE Listed Company Manual through June 30, 2020.

As we previously…

On April 3, 2020, the New York Stock Exchange (“NYSE”) filed with the Securities and Exchange Commission (“SEC”) for approval two proposals designed to assist NYSE-listed companies with temporary relief in response to the market-wide declines as a result of COVID-19.

The first proposes to waive certain shareholder approval requirements set forth in Section 312.03…