NYSE to Ease Rule for Leaving
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WASHINGTON — The New York Stock Exchange will move by year-end to drop a controversial rule that makes it almost impossible for a company listed on the Big Board to move to another market, Securities and Exchange Commission Chairman Arthur Levitt said Thursday.
“The New York Stock Exchange will change Rule 500--abandon it--before the end of the year,” Levitt said.
Levitt said NYSE executives have told him of their intent to eliminate the rule. The NYSE will submit its changes to the SEC for final approval, he said.
NYSE said earlier this month it was considering possible changes in the rule because companies were complaining about the restraints.
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