NYSE/NYSE American Continued Listing Requirements

Although I often write about initial listing standards, I realized that I have not yet blogged about the reduced ongoing listing standards for national exchanges. Last week I wrote about the Nasdaq continued listing requirements (see HERE) and this week I will cover the NYSE and NYSE American.  For a review of the initial listing requirements for the NYSE American see HERE.

NYSE American

The NYSE American prefaces it continued listing qualitative minimum standards with it high level discretionary authority.  The basis for continued listing is summed up in Section 1001 of the NYSE Company Guide as follows:

In considering whether a security warrants continued trading and/or listing on the Exchange, many factors are taken into account, such as the degree of investor interest in the company, its prospects for growth, the reputation of its management, the degree of commercial acceptance of its products, and whether its securities have suitable characteristics for auction market trading. Thus, any developments

Audit Committees – NYSE American

Like Nasdaq, I’ve written several times about the NYSE American listing requirements including the general listing requirements (see HERE) and annual compliance guidelines (see HERE).  As an aside, although the Nasdaq recently enacted significant changes to its initial listing standards, the NYSE American has not done the same and no such changes are currently anticipated.  I suspect that the NYSE American will see a large uptick in new company applicants as a result.

I recently drilled down on audit committee requirements and director independence standards for Nasdaq and in this and the next blog, I will do the same for the NYSE American.  As required by SEC Rule 10A-3, all exchange listed companies are required to have an audit committee consisting of independent directors.  NYSE American Company Guide Rule 803 delineates the requirements independent directors and audit committees.  Rule 803 complies with SEC Rule 10A-3 related to audit committees for companies listed on a national securities exchange.