What are the differences between the proposed rules of the NYSE and Nasdaq?
NYSE’s proposal submitted to the SEC, dated August 16, 2002, would require each company listed on the NYSE to adopt a “code of business conduct and ethics” applicable to all directors, officers and employees as a condition of listing. The NYSE proposal does not strictly define “code of business conduct and ethics,” but indicates that each company’s code should cover at least the following: conflicts of interest; corporate opportunities; confidentiality; fair dealing; protection and proper use of company assets; compliance with laws, rules and regulations (including insider trading laws); and encouraging the reporting of any illegal or unethical behavior. Nasdaq’s latest proposal submitted to the SEC, dated January 15, 2003, would require all companies listed on the Nasdaq National Market or the Nasdaq SmallCap Market to adopt a “code of conduct” applicable to all directors, officers and employees as a condition of listing. The code of conduct would be required to constitute a “code of
