The New York Stock Exchange (NYSE) recently proposed amendments to the NYSE Listed Company Manual (Manual) to adopt a requirement that NYSE-listed foreign private issuers (FPIs) submit semi-annual unaudited financial information to the Securities and Exchange Commission (SEC) on Form 6-K. This rule proposal is based on Nasdaq’s Marketplace Rule 5250(c)(2) and is part of the NYSE’s ongoing efforts to protect investors and the public interest by ensuring that NYSE listed companies provide timely financial information necessary for investors to make informed investment decisions.

The Proposed Rules -

Specifically, the NYSE proposes to include in the Manual a new Section 203.03 (Semi-Annual Reporting by Foreign Private Issuers) which would mandate that NYSE-listed FPIs submit to the SEC under Form 6-K (i) an interim balance sheet as of the end of the second fiscal quarter, and (ii) a semi-annual income statement that covers the first two fiscal quarters. The Form 6-K containing these financial reports would be required to be submitted no later than six months following the end of the FPI’s second fiscal quarter. Though the FPI’s financial information included in the Form 6-K would not be required to be reconciled to US Generally Accepted Accounting Principles or presented in US dollars, such financial information would be required to be in English.