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New York Stock Exchange Withdraws Proposal for Natural Asset Companies

(Reuters) – The New York Stock Exchange (NYSE) has made the decision to withdraw its proposal to the Securities and Exchange Commission (SEC) for the creation of a new tradeable asset class known as “natural asset companies” (NACs), the commission announced on Wednesday.

The proposed asset class was intended to be based on sustainable enterprises that hold the rights to ecosystem services, such as carbon sequestration, produced by natural, working, or hybrid lands.

This move comes after the NYSE, which is owned by Intercontinental Exchange Inc, had initiated the proposal in 2023 to the SEC for a rule change in order to adopt the new listing standard.

Intercontinental Exchange Inc did not provide an immediate response to a request for comment regarding NYSE’s withdrawal of the proposed rule change.

In response to the news, Utah State Treasurer Marlo Oaks publicly commended NYSE’s decision to withdraw its plan, expressing concerns about the potential impact of the proposal on private and foreign-controlled sovereign wealth funds’ ability to purchase or manage farmland, national and state parks, and other mineral-rich areas, potentially leading to the cessation of essential economic activities such as farming, grazing, and energy extraction.

“Under the proposal, private interests, including foreign-controlled sovereign wealth funds, could use their capital to purchase or manage farmland, national and state parks, and other mineral-rich areas and stop essential economic activities like farming, grazing, and energy extraction,” Oaks said.

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(Reporting by Noel Randewich; Editing by Sonali Paul)

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