He noted that much of Amsterdam's appeal lay in less strict listing rules, including lower levels of disclosure.
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That impression gained credence with the exemption of Tom.com from several listing rules.
"GEM was initially stringent with its listing rules, but then it decided to suspend many of them, " says Eric Levin, managing director of global investment firm Carlyle Group.
Citi will remain on the New York Stock Exchange, as last week the NYSE relaxed its listing rules to allow stocks that fall under a dollar to maintain their listing.
In response, regulators have cut trading costs, are reforming new listing rules and are encouraging long-term institutional investors such as pension funds, both local and foreign, to enter the market.
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The transaction also is subject to Aussino's compliance with the Singapore Exchange's listing rules, but Aussino said Friday its financial adviser believed the company wouldn't be able to comply with them.
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Many Internet companies are precluded from listing locally by rules requiring three years' profits.
Under the rules, once a listing market issues a trading pause, the other exchanges are required to pause trading in that security on their markets.
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With its New York listing, Telkom is bound by strict rules against payment of bribes, and risks losing investors as well as being slapped with fines.
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Still, the introduction of such provisions has been fairly widespread, even beyond Wall Street, with Dodd Frank regulations requiring the SEC to adopt rules that prohibit companies from listing on the national security exchanges if they fail to implement a clawback policy on incentive-based compensation.
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LSE's junior Alternative Investment Market, because of rules on the main market against listing companies that sold short or did not have diversified investments.
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London is a hot market because it has attracted listings from companies that want to avoid the onerous requirements for listing in New York due to Sarbanes-Oxley rules.
The SEC also plans to amend its rules to require all foreign firms to file listing documents electronically.
Nasdaq rules allow an extension of up to 180 days from the filing due date to regain compliance for continued listing.
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