Posted on Wednesday, October 26, 2022

The Securities and Exchange Commission (SEC) adopted the final rule, Listing Standards for Recovery of Erroneously Awarded Compensation which requires national securities exchanges to establish listing standards that call for listed issuers to adopt and comply with a compensation recovery policy (often known as a clawback policy), and would require issuers to provide disclosures about such policies and how they are being implemented. Furthermore, the rule requires the new compensation recovery disclosures to be structured in Inline XBRL.

The rules and amendments will become effective 60 days following publication of the release in the Federal Register. Exchanges will be required to file proposed listing standards no later than 90 days following publication of the release in the Federal Register, and the listing standards must be effective no later than one year following such publication. Issuers subject to such listing standards will be required to adopt a recovery policy no later than 60 days following the date on which the applicable listing standards become effective and must begin to comply with these disclosure requirements in proxy and information statements and the issuer’s annual report filed on or after the issuer adopts its recovery policy.

Read the fact sheet: https://www.sec.gov/files/33-11126-fact-sheet.pdf

 



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