NYSE Proposes to Increase Certain Annual and Other Fees | Practical Law

NYSE Proposes to Increase Certain Annual and Other Fees | Practical Law

The NYSE proposed amendments to its Listed Company Manual to increase certain annual and other fees for its listed companies.

NYSE Proposes to Increase Certain Annual and Other Fees

Practical Law Legal Update 1-580-5125 (Approx. 3 pages)

NYSE Proposes to Increase Certain Annual and Other Fees

by Practical Law Corporate & Securities
Published on 09 Sep 2014 • 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 8, 2014, 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, 2015.

Amendments to Section 902.03

Amended Section 902.03 of the Manual will increase from $7,500 to $10,000:
  • The minimum listing fee for the subsequent listing of additional equity securities.
  • The fee to apply for changes that modify NYSE records, such as changes of name, par value, title of security or designation.
  • The fee for applications relating to poison pills.
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 $45,000 or $0.001 per share. The current thresholds are $42,000 and $0.00093 per share.
  • The annual fee for each additional class of common shares, preferred stock and warrants will increase to the greater of the current applicable minimum fee or $0.001 per share (up from $0.00093 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 $0.001 per share (up from $0.00093 per share).

Amendments to Section 902.08

Section 902.08 of the Manual sets out, in part, the initial and annual fees for debt securities and listed structured products traded on NYSE Bonds. The proposal will increase both the initial listing fee for these securities and the annual fee from $5,000 to $15,000.
To learn more about the listing requirements for the NYSE and other exchanges, see Practice Note, Selecting a US Securities Exchange.