In recent remarks, Securities and Exchange Commission Commissioner Lizarraga called on the SEC to move forward to implement the rulemaking mandate in Section 956 of the Dodd-Frank Act. The Commissioner was speaking at an Americans for Financial Reform event. Section 956 required six regulators (the banking agencies, the Federal Housing Finance Agency and the SEC)
The Bounds of Statutory Authority and the Slippery Slope
In recent remarks, Commissioner Uyeda addressing the Council of Institutional Investors outlined his concerns regarding several SEC rulemakings. The members of the Council of Institutional Investors are responsible for combined assets under management of nearly $5 trillion and include state and local government pension plans, among others. The Commissioner addressed the many rules that have
SEC Adopts Conflict of Interest Rule for Asset-Backed Securities
The authors of our recent Legal Update provide an overview of the SEC’s recently adopted rule, which prohibits conflicts of interest in certain securitizations as required under the Dodd-Frank Act. Although not perfect, the final rule is a significant improvement over the proposal. However, all securitization participants will need to assess their securitization programs and
Enforcement of Dodd-Frank Clawback Policies Under Foreign Law
Webinar: October 26, 2023
11:00 a.m. – 12:30 p.m. ET
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In October 2022, the SEC adopted Rule 10D-1, directing national securities exchanges to establish listing standards that prohibit the listing of any security of a company that does not adopt and implement a written policy requiring the recovery, or clawback, of certain
MB Microtalk: New Requirements for Clawback Policies
In this MB Microtalk video, Mayer Brown’s Ryan Liebl provides an overview of the new requirements for clawback policies for public companies, which require such companies to recoup excess incentive-based compensation awarded or paid to current and former executive officers in the event of a restatement of a company’s financial statements.
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Enforcement of Dodd-Frank Clawback Policies Under Foreign Law
In October 2022, the SEC adopted Rule 10D-1, directing national securities exchanges to establish listing standards that prohibit the listing of any security of a company that does not adopt and implement a written policy requiring the recovery, or “clawback,” of certain erroneously paid incentive-based executive compensation. In this Legal Update, we discuss the application
SIFMA Webinar: SEC Re-Proposal on Conflicts of Interest in Securitization
June 20, 2023 Webinar
1:00 pm – 2:00 pm ET
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Earlier this year, the SEC re-proposed a rule to implement Section 27B of the Securities Act of 1933, a provision added by Section 621 of the Dodd-Frank Act.
This Dodd-Frank provision, intended to prohibit certain conflicts of interest in securitization transactions, is
SEC Approves Dodd-Frank Clawback Listing Standards with October 2, 2023 Effective Date
On June 9, 2023, the US Securities and Exchange Commission (“SEC”) approved the clawback listing standards proposed by the New York Stock Exchange (“NYSE”) and The Nasdaq Stock Market (“Nasdaq”), each as required by SEC Rule 10D-1 in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Earlier in June 2023, both the
NYSE and Nasdaq Propose Clawback Listing Standards
The US Securities and Exchange Commission (SEC) adopted Rule 10D-1 in October 2022, directing national securities exchanges to establish listing standards that prohibit the listing of any security of a company that does not adopt and implement a written policy requiring the recovery, or “clawback,” of certain incentive-based executive compensation. The SEC required the exchanges
Clawback Rule Guidance
In our prior posts, we discussed the Securities and Exchange Commission’s adoption of Rule 10D-1 that directs the securities exchanges to establish listing standards prohibiting the listing of a security of any company that fails to adopt and implement a clawback policy.
The Staff of the Division of Corporation Finance has issued Compliance and