NYSE Changes Rule on Issuance of Material News Immediately After Market Hours: NYSE Prohibits NYSE Listed Companies from Releasing Material News for up to Five Minutes After NYSE Official Closing Time

Sullivan & Cromwell LLP - December 11, 2017

Effective immediately, the New York Stock Exchange has changed its rules to require that listed companies issuing material news after the closing of trading on the NYSE wait until the earlier of (i) publication of the company’s official closing price on the NYSE or (ii) five minutes after the NYSE’s official closing time, except when publicly disclosing material information following an unintentional disclosure in order to comply with Regulation FD. The NYSE’s rule change was approved by the Securities and Exchange Commission on December 4, 2017.