roaminblue said:
Didn't see this until after I posted. I thought the regulators had amended the rules making management inform NYSE first?
I believe your information comes from regular developments does it not? and exceptional developments affecting the structure of an organisation have to me released to NYSE first?
They do have to notify NYSE first, but the notification period is only 10 minutes to give them time to consider a trading halt. Unexpected managerial changes are classified such that they fall within the Immediate Release Policy:
Annual and quarterly earnings, dividend announcements, mergers, acquisitions, tender offers, stock splits, major management changes, and any substantive items of unusual or non-recurrent nature are examples of news items that should be handled on an immediate release basis.
When the announcement of news of a material event or a statement dealing with a rumor which calls for immediate release is made shortly before the opening or during market hours (presently 9:30 A.M. to 5:00 P.M., New York time) * , the company must notify its Exchange representative by telephone at least ten minutes prior to release of the announcement
Also requiring Immediate Release would be the requirement to dispel unfounded rumours, so it is probably fairly safe to assume that all this has legs:
A listed company should also act promptly to dispel unfounded rumors which result in unusual market activity or price variations.
The quotes are taken from the NYSE Listed Company Manual.
<a class="postlink" href="http://nysemanual.nyse.com/LCMTools/PlatformViewer.asp?selectednode=chp_1_3_2_6&manual=%2Flcm%2Fsections%2Flcm-sections%2F" onclick="window.open(this.href);return false;">http://nysemanual.nyse.com/LCMTools/Pla ... ections%2F</a>