In a surprising development today, the New York Stock Exchange (NYSE) has withdrawn its proposed rule change previously submitted to the Securities and Exchange Commission (SEC) to allow “Natural Asset Companies” to be traded in the U.S. market.
Idaho Dispatch explained in this article that Natural Asset Companies (NACs) were defined by the NYSE to be,
“Corporations that hold the rights to the ecological performance of a defined area and have the authority to manage the areas for conservation, restoration, or sustainable management.”Advertisement
Also mentioned in the previous Dispatch article was the strong opposition to NACs by Marlo Oaks, the Treasurer for the state of Utah. His background is explained in his bio:
“Marlo Oaks was appointed Utah’s 26th State Treasurer in June 2021. As the state’s chief investment and chief banking officer Marlo is responsible for debt, cash, and investments, including the $30 billion Public Treasurer’s Investment Fund. He also administers Utah’s Unclaimed Property Division. Marlo spent 17 years overseeing multi-billion-dollar investment portfolios. He is one of only two state treasurers with institutional investment experience. Marlo completed a bachelor’s degree in economics from BYU, an MBA from UCLA Anderson, and holds the CFA and CAIA designations.”
A notification published today by Sherry Haywood, the Assistant Secretary of the SEC, reports:
withdrawal of proposed NAC rule
“On September 27, 2023, New York Stock Exchange LLC…filed with the Securities and Exchange Commission…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”).
On January 17, 2024, the Exchange withdrew the proposed rule change…”
David with the Idaho Dispatch had the exclusive opportunity to speak to Marlo Oaks today, upon learning of the withdrawal of the proposed rule. Oaks explains why this an important step, but why in his opinion this continues to be an ongoing concern.
Oaks is currently in Idaho and is speaking tonight, Wednesday, January 17, in Idaho Falls at the Stand Up for Idaho meeting at the Snake River Event Center (Shilo Inn), 780 Lindsay Blvd., Idaho Falls. Event begins at 6:30pm (Doors open at 5:30pm).
Feature photo courtesy of Getty Images
Tags: Carbon Credits, Idaho, Marlo Oaks, NAC, Natural Asset Companies, New York Stock Exchange, NYSE, SEC, Securities and Exchange Commission, Stand Up for Idaho, Treasurer, Utah