The US Securities and Exchange Commission (SEC) has approved a New York Stock Exchange (NYSE) rule opposed by investor relations service providers who fear the measure will harm their ability to compete.
The SEC’s Division of Trading and Markets approved (PDF 95KB) new Section 907.00 of the Listed Company Manual, which will result in the NYSE including information about a suite of “complementary” investor relations services available to listed issuers, including investor relations website and news distribution services from giant Thomson Reuters and shareholder identification services from Ipreo.
The rule was opposed in public comments by a variety of investor relations service providers. They branded it anti-competitive and said it would lead to a lack of innovation in the IR services industry.
via SEC approves NYSE IR services rule | IR Web Report, Dominic Jones, 8/16/2011.
Flying in the face of protest, the SEC has approved a controversial new NYSE rule giving issuers free IR services. Service providers outside of the exchange’s coterie of partners bitterly opposed the change, saying it would squash competition and stifle innovation.
via Free IR services from the NYSE get go-ahead, 8/17/2011.
Mistakes were made. I’d love to see them reversed. We need less monopolies, more competition and more information.