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ARTICLE · 14 JUNE 2023

NYSE And Nasdaq Propose Delayed Effectiveness Of Compensation "Clawback" Listing Standards

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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The New York Stock Exchange (NYSE) and the Nasdaq Stock Market (Nasdaq) both filed amendments to their proposed "clawback" listing standards with the Securities and Exchange Commission (SEC)...

United StatesFinance and Banking
Anne L. Bruno
Anne L. Bruno
Daniel Kajunski
Daniel Kajunski
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The New York Stock Exchange (NYSE) and the Nasdaq Stock Market (Nasdaq) both filed amendments to their proposed "clawback" listing standards with the Securities and Exchange Commission (SEC) this week. The NYSE's amendment, filed on June 5, 2023, and Nasdaq's amendment, filed on June 6, 2023, both propose to delay the effective date of the listing standards from June 11, 2023 to October 2, 2023. If approved by the SEC, these changes will give issuers until December 1, 2023 to adopt compliant clawback policies.

As we discussed in our previous Viewpoints advisory, in October 2022, the SEC adopted Rule 10D-1 under the Securities Exchange Act of 1934, as amended, that directs national securities exchanges to adopt listing standards to require all issuers to establish and enforce policies requiring clawback of incentive-based compensation paid to corporate executives when that compensation is based upon the issuer's meeting misreported financials that later require an

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