SEC Approves NYSE Rule Change on Announcing Material News Immediately After Market Hours

Beginning on December 7, 2017, the NYSE requires that listed companies issuing material news after the close of trading on the NYSE wait until the earlier of (i) publication of the company’s official closing price on the NYSE and (ii) five minutes after the NYSE’s official closing time (4:05 p.m. EST), except when publicly disclosing material information following an unintentional disclosure in order to comply with Regulation FD. More details are available in S&C’s client memo.