NYSE Proposes 2020 Amendments to Listing Fees | Practical Law

NYSE Proposes 2020 Amendments to Listing Fees | Practical Law

The New York Stock Exchange (NYSE) proposed to amend certain of its listing fees set forth in Section 902.03 of the Listed Company Manual, effective January 1, 2020.

NYSE Proposes 2020 Amendments to Listing Fees

Practical Law Legal Update w-023-4661 (Approx. 3 pages)

NYSE Proposes 2020 Amendments to Listing Fees

by Practical Law Corporate & Securities
Published on 02 Jan 2020 • USA (National/Federal)
The New York Stock Exchange (NYSE) proposed to amend certain of its listing fees set forth in Section 902.03 of the Listed Company Manual, effective January 1, 2020.
On December 13, 2019, the New York Stock Exchange (NYSE) proposed to amend certain of its listing fees set forth in Section 902.03 of the Listed Company Manual, effective January 1, 2020.
The NYSE proposes that the annual fee will increase from $0.00110 per share to $0.00113 per share for each of the following:
  • A primary class of common shares (including Equity Investment Tracking Stocks).
  • Each additional class of common shares (including tracking stock).
  • A primary class of preferred stock (if no class of common shares is listed).
  • Each additional class of preferred stock (whether the primary class is common or preferred stock).
  • Each class of warrants.
Also, the minimum annual fee will be increased from $68,000 to $71,000 for each of the following:
  • A primary class of common shares (including Equity Investment Tracking Stocks).
  • A primary class of preferred stock (if no class of common shares is listed).
In addition, the NYSE proposes to:
  • Amend its annual fees for structured products listed under Section 703.19 and traded on NYSE Bonds and all debt securities listed under Sections 102.03 and 103.05 (excluding non-listed debt of NYSE issuers and affiliate companies and domestic listed debt of issuers exempt from registration under the Exchange Act) to adopt a tiered fee approach.
  • Waive initial listing fees and the prorated annual listing fee for the first partial year of listing for any securities covered by the second bullet above that companies list on the NYSE in a transfer from another national securities exchange.
  • Reduce the initial listing fee for debt of non-NYSE listed companies from $45,000 to $25,000, which is the same rate charged to NYSE listed companies.
The proposed rule change is effective upon filing pursuant to Section 19(b)(3)(A)(ii) of the Exchange Act and subparagraph (f)(2) of Rule 19b-4 because it establishes a due, fee, or other charge imposed by the NYSE.
For more information on securities exchanges and NYSE listing fees, see Practice Note, Selecting a US Securities Exchange.