FOR RELEASE: NASD CONTACT: NYSE CONTACT:

Thursday, May 29, 2003 Nancy A. Condon 202-728-8379 Christiaan Brakman 212-656-2094

NYSE/NASD IPO Advisory Committee Publishes Report and Recommendations

New York, May 29 — The NYSE/NASD IPO Advisory Committee, formed in October 2002 by the New York Stock Exchange and NASD at the request of the Securities and Exchange Commission, today issued its final report and recommendations.

 

The report, which was developed by a committee of corporate, financial and academic leaders, proposes 20 steps to enhance public confidence in the integrity of the IPO process, along the following themes:

• The IPO process must promote transparency in pricing and avoid aftermarket distortions;
  
• Abusive allocation practices must be eliminated;
  
• The flow of, and access to, information regarding IPOs must be improved.

The Committee's report states that its recommendations are intended to complement the numerous recent legislative and regulatory initiatives, including the Global Settlement among regulators and major investment banks.

 

NYSE Chairman and CEO Dick Grasso and NASD Chairman and CEO Robert R. Glauber jointly offered their thanks and appreciation to the members of the IPO Advisory Committee and its chairman, Geoffrey Bible, retired Chairman and Chief Executive Officer of Altria Group, Inc. Messrs. Grasso and Glauber also expressed their commitment to review the report and continue working with the SEC to address the issues raised in the IPO Advisory Committee report and to help restore public confidence in the IPO process.

 

Click here for the IPO Advisory Committee Report and Recommendations.