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SEC proposes tiered public ownership rules for IPO listings

4 December 2025
in Business
Reading Time: 3 mins read
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SEC proposes tiered public ownership rules for IPO listings
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THE Securities and Exchange Commission (SEC) has released for public comment a draft memorandum circular proposing a tiered minimum public ownership framework for companies seeking to list shares on the stock exchange.

The draft circular, issued on Dec. 3, is open for comments until Dec. 23. It seeks to establish a tiered approach to public ownership requirements based on the size of the issuer, balancing factors such as market liquidity, investor protection, capital formation, and market competitiveness.

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