NYSE sets to delist CNOOC Limited to comply with Executive Order 13959

The New York Stock Exchange LLC (NYSE) announced that the NYSE Regulation has determined to start proceedings to delist the American depositary shares of CNOOC Limited (ticker symbol CEO) from the NYSE. Trading in the American depositary shares will be suspended at 4:00 a.m. Eastern Standard Time on March 9, 2021.

NYSE Regulation made its decision that CNOOC is no longer suitable for listing pursuant to Listed Company Manual Section 802.01D in light of Executive Order 13959 (Order), which was signed on November 12, 2020 and updated guidance provided by the Office of Foreign Assets Control (OFAC) on January 27, 2021 in General License 1A and FAQ 879. 

According to the press release, CNOOC has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist theCNOOC's securities upon completion of all applicable procedures, including any appeal of the NYSE Regulation staff's decision.