NYSE amends rule on issuance of material news to prohibit release immediately after market close

On December 4, the SEC approved a New York Stock Exchange rule change that prohibits the issuance of material news by listed companies in the period immediately after the official closing time for the NYSE's trading session until the earlier of (1) publication of such company's official closing price on the exchange or (2) five minutes after the official closing time. The NYSE's official closing time is generally 4:00 p.m. Eastern Time, but on certain days the official closing time occurs at 1:00 p.m. Eastern Time. Before the rule amendment, the NYSE had not restricted the issuance of material news after the close of the market.

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