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ARTICLE · 13 JULY 2023

Nasdaq & NYSE Propose Compensation Clawback Listing Standards

Barack Ferrazzano Kirschbaum & Nagelberg
Explore more from Barack Ferrazzano Kirschbaum & Nagelberg

In October 2022, the Securities and Exchange Commission ("SEC") issued final incentive compensation clawback rules (the "Clawback Rules") under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

United StatesEmployment and HR
Michael J. Poland
Michael J. Poland
Andrew K. Strimaitis
Andrew K. Strimaitis

Action Items

  • Understand the expected timing for final implementation of the new clawback requirements – while the date for initial compliance is still somewhat uncertain, the latest that date might be is January 27, 2024. Therefore, prompt action is required.
  • Failure to comply with the new clawback requirements will result in delisting.
  • Discuss the new clawback requirements with the company's board of directors, including the compensation and audit committees.
  • Notify the company's relevant internal teams (e.g., legal, human resources, finance, accounting, etc.) of the new clawback requirements so they can be prepared to comply.
  • Review any existing clawback policies to determine the impact of the new requirements on such existing policies.

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