On July 11, 2013, the SEC waived the 30-day operative delay for the NYSE's proposed rule change amending Section 312.07 of its Listed Company Manual, which establishes voting requirements for proposals requiring shareholder approval to issue securities under NYSE rules. The waiver made the proposal effective on filing with the SEC. The rule change removes from Section 312.07 the qualification that the total votes cast must represent over 50% of all securities entitled to vote.

The SEC waived the delay because it believed that doing so is consistent with the protection of investors and the public interest, by allowing the NYSE to immediately conform its quorum requirement for listed companies to those of other primary listing exchanges.

To learn more about the NYSE's amendment to Section 312.07, see Legal Update, NYSE Proposes Amendment to Voting Requirements for Proposals Requiring Shareholder Approval to Issue Securities.

To learn more about the NYSE's shareholder approval requirements for securities offerings, see Practice Note, NYSE 20% Rule: Stockholder Approval Requirements for Securities Offerings.