By Cydney Posner

The NYSE recently amended its rules to permit listed companies to satisfy the annual report requirement through a website posting.   Read more on amendments. This morning, Corporate Counsel is reporting on the NYSE staff's response to a FAQ as to whether physical delivery is still permitted, quoting the staff's response:

"Companies have asked whether they can still satisfy the NYSE's requirements by traditional physical delivery of the annual financial statements, without the necessity of making the website postings and simultaneously issuing a press release as provided for in the amended rule. The answer is yes….Accordingly, the NYSE will deem companies that distribute annual financials to shareholders in compliance with the SEC's proxy rules to be in compliance with the requirements of Section 203.01."

The only current beneficiaries of this rule change are foreign private issuers, that is, until the SEC adopts its e-proxy rules, on the agenda for the SEC's December 13 open meeting.

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