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The SEC asked to meet with the digital music behemoth to obtain details on the company's plan to list directly on the New York Stock Exchange. The company’s plan poses an early test for how far SEC Chairman Jay Clayton is willing to go to boost new U.S. listings.
The agency has been weighing a proposed rule change at the New York Stock Exchange that would allow the listing to go forward. Clayton, a former Wall Street deals lawyer who took over the agency in May, has for months decried a two-decade decline in the number of public companies as “a serious issue for our markets and the country.” While he hasn’t yet laid out a comprehensive policy agenda, he’s widely expected to craft rules that would encourage more companies to go public and do so sooner.
