SEC Approves Amendments to NYSE Rules to Provide One-Year Transition Period for Internal Audit Requirement for IPO, Carve-Out and Spin-Off Listings

Summary: On August 22, 2013, the SEC approved proposed rule changes by the NYSE to provide a one-year transition period during which companies listing in connection with an initial public offering, or a carve-out or spin-off transaction need not comply with the internal audit requirement of Section 303A.07(c) of the NYSE Listed Company Manual.