Securities and Exchange Commission (SEC), Direct Listing, Regulatory Agenda

SEC’s Investor Advisory Committee recommends SEC action on §11 liability after Slack. How likely is it?

Cooley LLP on 3/11/2025

In a meeting last year of the SEC’s Investor Advisory Committee, the Committee heard from a panel regarding the continued viability—or rather, lack thereof—of §11 liability following SCOTUS’s decision in Slack Technologies...more

Nasdaq Receives Approval for Rule Change Providing More Flexibility for Direct Listings with Capital Raise

Mayer Brown Free Writings + Perspectives on 12/8/2022

On December 2, 2022, Nasdaq received approval from the Securities and Exchange Commission (“SEC”) to modify certain pricing limitations for companies undertaking a direct listing involving sales of the company shares in the...more

Primary Direct Listings: A Hybrid Approach to a Traditional IPO Alternative

Mayer Brown Free Writings + Perspectives on 1/4/2021

Shortly before the end of his tenure as Chair of the Securities and Exchange Commission (SEC), Chair Jay Clayton presided over the SEC as it considered and approved the New York Stock Exchange’s (NYSE) proposed rule change...more

SEC Stays NYSE Rules on Primary Direct Listings

Skadden, Arps, Slate, Meagher & Flom LLP on 9/9/2020

On August 26, 2020, the Securities and Exchange Commission (SEC) approved a proposal from the New York Stock Exchange (NYSE) that would allow companies going public via a direct listing to issue and sell new shares on their...more

SEC Rejects NYSE Proposal to Allow Fundraising in Direct Listings

Mayer Brown Free Writings + Perspectives on 12/12/2019

On December 6, 2019, the Securities and Exchange Commission (“SEC”) rejected the proposal submitted by the New York Stock Exchange (“NYSE”) to allow companies to simultaneously go public through a direct listing and raise...more

SEC Rejects NYSE's Proposed Rules on Direct Listings

Skadden, Arps, Slate, Meagher & Flom LLP on 12/10/2019

On November 26, 2019, the New York Stock Exchange (NYSE) filed a notice of proposed rule change with the Securities and Exchange Commission (SEC) that would have modified NYSE’s direct listing rules to (1) permit companies to...more