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Battle Royal at SEC Over Delisting Reform

Traders Magazine, October 2003

Gregory Bresiger

The Big Board's proposed elimination of the controversial Rule 500, altering the terms of NYSE de-listing regulations, is no reform, some critics are telling the SEC. Under the proposal, the NYSE would no longer require an audit committee to approve the de-listing. Only the approval of a board that has a majority of independent directors would be required. "In our work on the listing standards, we have seen that a majority independent board has already become the norm among many of our companies," wrote Catherine Kinney, president of the NYSE in a recent filing with the SEC. "After a currently pending governance proposal becomes final, a majority independent board will become the Exchange standard."

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