Listing requirements for NYSE as found here: http://nysemanual.nyse.com/LCMTools/bookmark.asp?id=sx-ruling-nyse-policymanual_103.01&manual=/lcm/sections/lcm-sections/
103.01 Minimum Numerical Standards Non-U.S. Companies Equity Listings
And as found at 103.01B(III) : Amended: January 21, 2010 (NYSE-2010-02); May 15, 2012 (NYSE-2012-12).
(III) Affiliated Company Test
(1) at least $500,000,000 in global market capitalization;
(2) at least 12 months of operating history (although a company is not required to have been a separate corporate entity for such period); and
(3) the company's parent or affiliated company is a listed company in good standing (as evidenced by written representation from the company or its financial advisor excluding that portion of the balance sheet attributable to the new entity); and
(4) the company's parent or affiliated company retains control of the entity or is under common control with the entity.
In the case of companies listing in connection with an IPO or Initial Firm Commitment Underwritten Public Offering, the company's underwriter (or, in the case of a spin-off, the parent company's investment banker or other financial advisor) must provide a written representation that demonstrates the company's ability to meet the $500,000,000 global market capitalization requirement upon completion of the offering (or distribution).
"Control" for purposes of the Affiliated Company Test will mean having the ability to exercise significant influence over the operating and financial policies of the listing company, and will be presumed to exist where the parent or affiliated company holds 20% or more of the listing company's voting stock directly or indirectly. Other indicia that may be taken into account when determining whether control exists include board representation, participation in policy making processes, material intercompany transactions, interchange of managerial personnel, and technological dependency. The Affiliated Company Test is taken from and intended to be consistent with generally accepted accounting principles regarding use of the equity method of accounting for an investment in common stock.
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