POCATELLO, ID – Today the Securities and Exchange Commission (SEC) announced that it would be withdrawing the proposed rule to adopt listing standards for Natural Asset Companies (NACs). The proposed rule was originally filed on September 27, 2023. BlueRibbon Coalition (BRC) has been actively providing feedback on this rule, since it was announced. BRC opposes the proposed rule because it would broadly allow for public lands, National Parks, and nature to be privatized. BRC was concerned this proposed rule would lead to loss of management control of public lands to private interests that would reduce public recreation access on public lands.
“This is a big victory for those of us who opposed this rule that was quietly introduced into the Federal Register. We appreciate the thousands of our members and supporters who sent feedback to the SEC and to Congress to oppose this rule,” Ben Burr, BlueRibbon Coalition Executive Director said. “This shows that our united voice can make a difference.”
On September 27, 2023, New York Stock Exchange LLC (the “Exchange” or “NYSE”) filed with the SEC a proposed rule change to amend the NYSE Listed Company Manual to adopt a new listing standard for the listing of Natural Asset Companies (“NAC”). The proposed rule change was published for comment in the Federal Register on October 4, 2023. On November 7, 2023, the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change. On December 21, 2023, the Commission instituted proceedings to further review the rule, and on January 17, 2024 the SEC decided to withdraw the rule.