NYSE Amends Timely Alert Policy; Nasdaq Provides Guidance on Material News Disclosure at Market Close

November 13, 2015

By Matt Van Tassel, Supervisor, Global Disclosure Services, Business Wire

NYSE and NASDAQ

On Sept. 22, 2015, the NYSE sent to listed company executives a notification that it had amended Section 202.06 of the NYSE Listed Company Manual. The amendments to the NYSE’s Timely Alert Policy became effective on Sept. 28, 2015, and they can be viewed in detail on the SEC website and in the current NYSE manual.

The finalized amendments come after the NYSE proposed revisions to its requirements of listed companies, relating specifically to the timing of companies’ dissemination of material news. With the amendments now enacted, NYSE-listed companies must notify the exchange at least 10 minutes in advance of their release of material news, between 7:00 AM and 4:00 PM Eastern. Previously, this notification was only obligatory between 9:30 AM and 5:00 PM.

The amended rule also includes an advisory, which asks listed companies to refrain from disseminating material news until the publication of its official closing price on the NYSE, or 15 minutes after the close of trading (4:15 PM Eastern).

Nasdaq offered its own guidance this October regarding material news releases distributed around market close (4:00 PM Eastern). The guidance requests that Nasdaq-listed companies not distribute material information between 4:00 – 4:01 PM, until the Nasdaq closing cross is calculated. Best practice, the guidance states, is for companies to wait until 4:05 PM to disclose news, as this will “provide the maximum opportunity for the closing price to be fully disseminated before the release of news.”

Nasdaq also provided a reminder for companies to disclose changes to earnings release dates and dividend record and payment dates as this information may also be considered material.

Click here to view our original blog on the proposed NYSE requirements.
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NYSE Proposes Changes to Material News Notification Requirements for Listed Companies

September 14, 2015

By Matt Van Tassel, Business Wire

Last week the NYSE submitted a proposal to the SEC to update some of their material news requirements for listed companies. The two points of the proposal that will be of most interest to Business Wire clients are the extension of the pre-market notification requirement and a change to when companies should disclose announcements after market.

Pre-Market Notification

The proposal expands the time for companies to comply with the Material News Policy to between the hours of 7:00 AM – 4:00 PM Eastern. Currently companies must disclose material news announcements to the NYSE, at least ten minutes prior to wire dissemination between the hours of 9:30 AM – 5:00 PM Eastern.  The reasoning behind the expansion is that most material news is released prior to 9:30 AM and has the potential to cause both price and volume volatility on other markets during this time, as well as at market open.

Note: Newswires like Business Wire do not handle pre-notification of material news to the exchange. 

Post-Market News Dissemination (4:15 PM is the new 4:00 PM)

The NYSE is proposing companies should wait to disseminate their material news announcements until either the publication of their securities’ official closing price on the Exchange or 15 minutes after the scheduled closing time on the Exchange (which is 4:00 PM Eastern). Why you may ask? Even though the NYSE is closed at 4:00 PM, there are other markets where those securities are being actively traded. This in turn can create discrepancies in the stock’s pricing which may cause investor confusion.

We will continue to monitor these proposed changes to the NYSE notification process and keep you updated.

For additional details, visit Dodd-Frank.com’s summary of the proposed changes.

Click here to share this NYSE proposed change on Twitter:  http://ctt.ec/Lsh31


Business Wire’s College Video Contest Winner Jenna Marie James Gears Up to Meet Mr. Buffett

September 27, 2011

We’re just days away until Business Wire heads to New York city to ring the opening bell with Warren Buffett, chairman & CEO of Business Wire’s parent company, Berkshire Hathaway, at the New York Stock Exchange.   Meeting Mr. Buffett along with Business Wire’s chairman and CEO Cathy Baron Tamraz is our college video contest winner  21-year-old Jenna Marie James, a senior majoring in telecommunications at Ball State University.  Students were asked to answer the question “What is the future of public relations and communications?” and Jenna was chosen based on creativity, originality and appropriateness to theme.  Read press release here.

We asked Jenna how she was feeling about winning the contest and she shared, ” This is all still so surreal to me. I got a golden ticket! I feel like Charlie in Willy Wonka and the Chocolate Factory except Willy Wonka is Warren Buffett and the Chocolate Factory is The Stock Market Luncheon. I’m just trying to soak it all in and get everything ready in order to head to New York.”

Check out Jenna’s video below and learn how this superstar is training to meet one of the most influential people in the world:

To see Jenna’s winning video along with all our top ten finalists, visit facebook.com/businesswire.


Business Wire’s 50th Anniversary College Contest Highlight: Zan Zhang

September 7, 2011

We knew there was a reason to open up Business Wire college video contest to Canada and one of our top ten finalists is proof it was the right decision.  Zan Zhang, a junior working towards his Bachelor of Commerce at Queen’s University in Ontario, Canada may just win the grand prize with the winner to meet Warren Buffett, chairman & CEO of Business Wire’s parent company, Berkshire Hathaway, at Business Wire’s NYSE Opening Bell luncheon on September 30th, 2011. View Zan’s video here (9th one).

When asked why Zan wanted to meet Mr. Buffett, he answered “I want to meet Mr. Buffett because he is someone that has helped shape my life, just as Benjamin Graham influenced his. Currently, the principles of Graham’s value investing are fading into the past, with few advocates leading its future. I hope to continue spreading financial literacy and investing discipline to emerging markets around the world, and Mr. Buffett can definitely help me progress along the correct path.”

Zan Zhang is the previous President & CEO (2009-11 of Investors of Tomorrow, Canada’s largest charity devoted to spreading financial literacy amongst youth, as well as the Queen’s University Investment Counsel, which invests a real-money portfolio of approximately $600,000 in equity markets. In the fall semester, he will be going on an academic exchange as part of his program to Tsinghua University in Beijing, China. 

When Zan isn’t investing or learning about investing, he is playing the piano.  Zan was a music instructor and has also won awards for classical piano at the ARCT-Performance level. You can even listen to him play on his video.

Show your support to all the top video finalists on our Facebook page and let our executive judging committee including Business Wire’s chairman and CEO Cathy Baron Tamraz and President Gregg Castano your favorites by commenting and “liking” them. You can also show your support on Twitter using hashtag #BWZAN.


Business Wire’s 50th Anniversary College Contest Highlight: Stephen Roegge

September 1, 2011

One google search on “How to meet Warren Buffett” was the beginning for our next finalist who is now one of the top ten finalists in Business Wire college video contest.  Stephen Roegge, a sophomore studying Business Administration at Georgia Tech, has always been a fan of Mr. Buffett and is even more so after he finished reading The Snowball: Warren Buffett and the Business of Life.  The winner of the contest will meet Warren Buffett, chairman & CEO of Business Wire’s parent company, Berkshire Hathaway, at Business Wire’s NYSE Opening Bell luncheon on September 30th, 2011. View Stephen’s video here (8th one).

When asked why Stephen wanted to meet Mr. Buffett, he answered “I want to meet Mr. Buffett because he is one of the smartest people in the world. He is seriously my #1 role model and getting to meet him would make me the happiest college student in the world.”

Stephen was born and raised in Alpharetta, Georgia and has a real love for Atlanta sports.  His favorite team is the Atlanta Hawks, but he is also a huge fan of the Atlanta Falcons and the Atlanta Braves.

Stephen is still unsure what his future holds, but he knows it will involve business and investing as these are his main interests.  He hopes to have a job in the future that allows him to work hard and also allows him to make the world better.  Stephen feels Mr. Buffett is a great example of both and consider Mr. Buffett a major inspiration.

Show your support to all the top video finalists on our Facebook page and let our executive judging committee including Business Wire’s chairman and CEO Cathy Baron Tamraz and President Gregg Castano your favorites by commenting and “liking” them. You can also show your support on Twitter using hashtag #BWSTEPHEN.


Business Wire’s 50th Anniversary College Contest Highlight: Shannon McGreal-Miller

August 31, 2011

It’s been said in order to see the future, you must look into the past.  Our next finalist for the Business Wire college video contest just did that.  Shannon McGreal-Miller, a junior from Michigan State University studying Marketing, used examples from Abraham Lincoln’s campaign where Mathew Brady took a photo of Mr. Lincoln to communicate with voters that Mr. Lincoln was not the wild man he was being portrayed as. It ultimately changed his image allowing him to win the election.  As a top ten finalist, Shannon may win a chance to meet Warren Buffett, chairman & CEO of Business Wire’s parent company, Berkshire Hathaway, at Business Wire’s NYSE Opening Bell luncheon on September 30th, 2011. View her video here (7th video).


When asked why she wanted to meet Mr. Buffett, Shannon answered “If I was able to meet Mr. Buffett I would be honored to hear any advice he had for a determined, college-student who wants to make an impact on the world! Meeting Mr. Buffett would be like Mufasa showing Simba Pride Rock in Lion King: Epic!!”

Shannon has a real passion for her hometown, which is also her college town, and considers herself a Spartan fan to the core. She credits this to the wonderful people including Val Berryman, curator of history at the MSU Museum.  Shannon shares that prior to Mr. Berryman’s help she was planning on using spray paint and cardboard and is thankful to have Mr. Berryman as a resource.  She has received numerous emails from her MSU professors, including the chairman of her department, and even received a Lincoln mug from a fan.  Read her article in the MSU paper here.


Show your support to all the top video finalists on our Facebook page and let our executive judging committee including Business Wire’s chairman and CEO Cathy Baron Tamraz and President Gregg Castano your favorites by commenting and “liking” them. You can also show your support on Twitter using hashtag #BWSHANNON.


Business Wire’s 50th Anniversary College Contest Highlight: Haley Lesavoy and “Bob”

August 30, 2011

Our next finalist for the Business Wire college video contest knew she wanted to go into broadcast news when she anchored for her middle school’s morning announcement show Serendipity Live.  Haley Lesavoy is a senior studying Journalism and Mass Communications at The George Washington University.   She created one of our top ten selected videos, where the winner will meet Warren Buffett, chairman & CEO of Business Wire’s parent company, Berkshire Hathaway, at Business Wire’s NYSE Opening Bell luncheon on September 30th, 2011. View Haley and Bob’s video here (2nd one).

When asked why Haley wants to meet Mr. Buffett, she answered “He is a figure who has been able to achieve success while maintaining an honest, humble and well respected reputation. Most importantly, he is someone who emphasizes the importance of passion and doing what you love.”

As a lover of broadcasting, Haley does what she loves.  Haley has worked for the school newspaper, television and radio stations and currently serves as Director of Productions for GWTV.  In addition, she is host of her own music countdown show, Select Seven. She is a two-time Gracie Award Winner, recipient of the Loreen Arbus Award at the 2010 College Emmy’s, has worked as a freelancer for Bloomberg News in New York, and this past year produced and served as an on-camera reporter for the Washington Post website.  Haley is currently contributing to the homeland security, terrorism, consumer safety, and aviation units at ABC News in Washington, D.C.  She hopes to one day host her own entertainment show.  You can view her work on her vimeo page including her college contest video outtakes.

Show your support to all the top video finalists on our Facebook page and let our executive judging committee including Business Wire’s chairman and CEO Cathy Baron Tamraz and President Gregg Castano your favorites by commenting and “liking” them. You can also show your support on Twitter using hashtag #BWHALEY.


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