The New York Stock Exchange and Cooperation — Another Precinct Heard From

Following in the footsteps of the Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”), on September 14, 2005, the New York Stock Exchange (“the NYSE” or “the Exchange”) issued Information Memorandum No. 05-65, in which the NYSE’s Division of enforcement explains to the Exchange community its thinking on the meaning and virtues of corporate cooperation with regulators. The Information Memorandum is noteworthy because it attempts to fit the concept of “creditworthy” cooperation into the framework of a self-regulatory organization by defining a new goal of “extraordinary cooperation,” and also highlights some of the dicier aspects of the “cooperative” regime under which corporate America has lived for the past four years.

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