SEC Approves NYSE Material News Release Rule

By: Stuart H. Gelfond, David G. Sharon

The Securities and Exchange Commission (the “SEC”) has approved the New York Stock Exchange (the “NYSE”) rule change prohibiting listed companies from issuing material news after market close (typically 4:00 P.M. Eastern Time, except for certain days on which trading closes early at 1:00 P.M. Eastern Time) until the earlier of (i) the publication of the company's official closing price on the NYSE or (ii) five minutes after the NYSE market close, except following a non-intentional disclosure when the company is publicly disclosing material information in order to comply with Regulation FD under the Securities Act of 1933, as amended.

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