NYSE and NASDAQ Amend Bright-Line Director Independence Tests

NYSE and NASDAQ Amend Bright-Line Director Independence Tests

Client News
The New York Stock Exchange (“NYSE”) has modified its listed company rules to narrow the circumstances under which a director will be deemed affiliated with a company’s auditor and therefore not independent. The NYSE rule changes apply beginning September 11, 2008. The Nasdaq rule change is in effect as of August 8, 2008. For an overview of the rules, see our recent Email Alert.

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