InfoBytes Blog
SEC opens comments for new “green governance” exchange
On July 23, the Federal Register published a notice requesting comments about an application to establish a new sustainability-focused securities exchange. The applicant filed a Form 1 application with the SEC to seek registration as a national securities exchange under Section 6 of the Securities Exchange Act of 1934. The SEC will solicit comments from the public regarding whether to permit the company’s request to be registered. The company would be owned wholly by its parent company and operate a fully automated electronic trading platform to trade equities. To list as a company under this exchange, the exchange will require all companies to comply with its “Green Governance Standards,” designed to provide “transparency and accountability for all listed companies’ green and sustainability promises.” According to Form 1, a company listing on the new exchange will be able to maintain its listing on its primary exchange. More details on the proposal can be found in Exhibit E of the proposed exchange’s Form 1 application. Comments must be received by September 6.