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The Securities and Exchange Commision approved the amended NYSE and Nasdaq listing standards.
In April, the Center, in conjunction with the Chamber of Commerce, led the submission of a stakeholder group letter to the SEC requesting that the Commission allow issuers enough time to develop and adopt their policies and procedures related to the new Dodd-Frank clawback rules. A similar letter was submitted by a group of law firms and the Society for Corporate Governance, and our combined efforts seem to have done the trick.
The NYSE amendments also included a provision to allow issuers who are found to be out of compliance to submit a plan for compliance with standards and a cure period prior to delisting, similar to the Nasdaq standard.
Outlook: Since approved, the effective date will be October 2, 2023, meaning that listed issuers will be required to adopt compliant clawback policies no later than Friday, December 1, 2023. Based on historical precedence, the SEC will likely announce whether it approves the amended listing standards within 45 days.