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NYSE Proposes to Increase Certain Annual and Other Fees
Practical Law Legal Update w-000-6193 (Approx. 2 pages)
NYSE Proposes to Increase Certain Annual and Other Fees
by Practical Law Corporate & Securities
| Published on 28 Sep 2015 • USA (National/Federal) |
The NYSE proposed amendments to its Listed Company Manual to increase certain annual and other fees for its listed companies.
On September 25, 2015, the NYSE proposed amendments to its Listed Company Manual (Manual) to increase certain annual and other fees for its listed companies. The proposal takes effect on filing with the SEC but the proposed fee changes will not be implemented until January 1, 2016.
Update: The proposal was filed with the SEC and took effect on October 8, 2015. The fee changes will be implemented on January 1, 2016.
Amendments to Section 902.03
Under amended Section 902.03, annual fees for listed equity securities will increase as follows:
- The annual fee for an issuer's primary class of common shares or, if no class of common shares is listed, its preferred stock, will increase to the greater of $52,500 and $0.001025 per share. The current thresholds are $45,000 or $0.001 per share.
- The annual fee for each additional class of common shares, each additional class of preferred stock and each class of warrants will increase to the greater of the current applicable minimum fee or $0.001025 per share (up from $0.001 per share).
Amendments to Sections 902.04, 902.05 and 902.06
Sections 902.04, 902.05 and 902.06 of the Manual set out, in part, the annual fees for closed-end funds, structured products and short-term securities, respectively. In each case, the proposal will increase the annual fee for these securities to the greater of the current applicable minimum fee or $0.001025 per share (up from $0.001 per share).
To learn more about the listing requirements for the NYSE and other exchanges, see Practice Note, Selecting a US Securities Exchange.