[16738]
November 5, 2003
TO: EQUITY MARKETS ADVISORY COMMITTEE No. 28-03
SEC RULES MEMBERS No. 149-03
RE: SEC APPROVES NYSE PROPOSED RULE CHANGE REPEALING RULE 500
The SEC has issued a release (a copy of which is attached) approving a proposed rule
change filed by the New York Stock Exchange to repeal NYSE Rule 500.1 Specifically, the
NYSE’s proposal removes previous requirements that an issuer seeking to voluntarily delist a
security from the NYSE obtain audit committee approval, provide prior written notice to the
issuer’s 35 largest record holders, and publish a press release informing shareholders generally
of the proposed delisting. Under the proposal, an issuer is required only to furnish the
Exchange with a certified board resolution evidencing board approval of the delisting.
Ari Burstein
Associate Counsel
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Attachment (in .pdf format)
1 Securities Exchange Act Release No. 48720 (October 30, 2003), 68 FR 62645 (November 5, 2003).