Natural Asset Companies

WSGA is reviewing materials related to the proposed Securities and Exchange Commission (SEC) proposal to authorize the listing of “Natural Asset Companies” on the NY Stock Exchange. A NAC is defined a corporation whose primary purpose is to actively manage, maintain, or restore and grow the value of natural assets and their production of ecosystem services. They would be authorized to “hold the rights to ecological performance produced by natural or working areas, such as national reserves or large-scale farmlands”. Comments are due by January 18th. [See below for more information regarding your engagement.]

To view WSGA's comments, click here:

 WSGA Comments 

NATURAL ASSET COMPANIES

• Recommended Action: Urge the SEC to disapprove the Proposed Rule Change to adopt listing standards for Natural Asset Companies. Access the Proposed rule at Federal Register :Self-Regulatory Organizations; New York Stock Exchange LLC; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend the NYSE Listed Company Manual To Adopt Listing Standards for Natural Asset Companies.
• Comments can be submitted vis the internet at : https://www.sec.gov/rules/sro.shtml; by email to [email protected] by including file number SR-NYSE-2023-09;
  or by mailing three copies to Secretary, Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
• Key Objections:
• Allows investors in NAC’s to gain control over the use of private lands.  This is a private property right issue that is appropriately under state jurisdiction.
• Places conservation, defined to limit productive use to “eco-tourism or regenerative food crops,“ in direct financial competition with productive uses including grazing. NACs should not incentive preservation overactive conservation.
• There is no legal authority to allow NAC’s to acquire interests in any federal public lands.
• On BLM& USFS lands this would be in violation of the multiple use principle.
• The proposed rule allows unlimited foreign investment in both public and private lands. This is a direct threat to our national interests.