The Securities and Exchange Commission published Release No. 34-58253 and Release No. 34-58254 to solicit comments on rule changes proposed by the New York Stock Exchange on July 22 and 23, 2008.

The comment periods for both proposals will end within 35 days of their publication in the Federal Register, which normally occurs a few days after rules are posted to the SEC's website.

The SEC said the NYSE filed to adopt on a permanent basis two amendments to the earnings standard of Section 102.01C(I) of the exchange's Listed Company Manual, which are part of a pilot program that expires September 2.

In the amendments in Release No. 34-58253, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change to Adopt on a Permanent Basis a Pilot Program Which Allows the Exchange to Adjust the Earnings of Companies for Purposes of its Earnings Standard by Reversing the Income Statement Effects of Changes in Fair Value of Financial Instruments Extinguished at the Time of Listing, the NYSE is seeking permission to adjust the earnings of companies going through an initial public offering (IPO) by reversing the income statement effects of any changes to earnings caused by a change in the fair value of liabilities such as preferred stock and warrants that the company issued prior to going public.

In Release No. 34-58254, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of Proposed Rule Change to Make Permanent a Pilot Program under which the Exchange Excludes from its Earnings Standard Gains or Losses from Extinguishment of Debt Prior to Maturity, the NYSE is seeking to adopt a similar proposal for debt that is retired prior to going public and return to the approach the exchange used to calculate earnings prior to the 2002 issuance of Statement of Financial Accounting Standards (SFAS) No. 145, Rescission of FASB Statements No. 4, 44, and 64, Amendment of FASB Statement No. 13, and Technical Corrections, by the Financial Accounting Standards Board (FASB).