On May 12, 2014, the NYSE's proposed amendments to Section 902.02 of its Listed Company Manual took effect on filing with the SEC. The amendments revise how the NYSE calculates annual fees for issuers in their first year of listing. The practical effect of the amendments is that larger companies listing on the NYSE should expect to pay lower prorated annual fees in their first year of listing than would have been payable under the pre-amendment proration method. The amendments will have no impact on the prorated annual fees payable by smaller companies whose first year total annual fees would be below $500,000.

For details on the amendments, see Legal Update, NYSE Re-proposes Amendments to its Annual Fee Calculation Method for Newly-listed Companies.

Update: On June 2, 2014, the NYSE proposed a rule change that would provide a related one-time credit against future listing fees to certain issuers that:

These issuers would receive a credit on January 1, 2015 for the difference between $500,000 and the lower prorated fee as calculated under the new rule.

To learn more about the listing requirements for the NYSE and other exchanges, see Practice Note, Selecting a US Securities Exchange.