SEC Approves Exchanges’ Proposed Rules for Compensation Committees and Their Advisers

more+
less-

The U.S. Securities and Exchange Commission (“SEC”) formally approved several new listing rules proposed by NASDAQ and the NYSE on January 11, 2013. The new listing rules are designed to bring the listing standards of each exchange into compliance with both the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) and Rule 10C-1 of the Securities Exchange Act of 1934 (“Rule 10C-1”) which governs compensation committees of listed companies. Once fully implemented, the new listing rules will:

- Establish additional independence requirements for compensation committee members (or any directoror directors performing the function of a compensation committee).

- Require listed companies to grant compensation committees the authority to retain and pay compensation advisers.

- Require the compensation committees of listed companies to assess the independence of any adviser that advises the compensation committee and any director that serves on the compensation committee.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Dechert LLP | Attorney Advertising

Written by:

more+
less-

Dechert LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×