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ARTICLE · 31 DECEMBER 2012

NASDAQ Amends Proposed Listing Rules Relating To Compensation Committees

Duane Morris LLP
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As we noted previously, the SEC has extended the deadline for taking action on proposed stock exchange listing rules relating to compensation committees and their advisers to January 13, 2013.

United StatesFinance and Banking
Duane Morris
Duane Morris
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The NASDAQ Stock Market (Nasdaq) recently filed an amendment to its proposed listing rules implementing the requirements of Rule 10C-1 under the Securities Exchange Act of 1934 relating to compensation committee member independence and compensation committee advisers.  Our client alert on Nasdaq's initial listing rule proposal can be found here.

The amendment makes changes in three areas: First, it changes the effective and compliance dates of the proposed listing rules.  The rules requiring that the compensation committee have (i) authority to retain compensation consultants, legal counsel and other advisers, (ii) responsibility to appoint and oversee the work of such advisers, (iii) authority to fund such advisers and (iv) responsibility to consider certain independence factors before selecting such advisers, other than in-house legal counsel, would now become effective July 1, 2013.  The initial rule proposal provided for immediate effectiveness upon SEC

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