SEC Amends Schedule for Adopting Some Dodd-Frank Rules

According to law firm Winston & Strawn, the Securities and Exchange Commission has modified its schedule for adopting rules relating to the Dodd-Frank Act, including the key provisions applicable to executive compensation.

 

The new schedule is as follows: 

  • August – December 2011 (planned) 
    • §951: Adopt rules regarding disclosure by institutional investment managers of votes on executive compensation 
    • §952: Adopt exchange listing standards regarding compensation committee independence and factors affecting compensation adviser independence; adopt disclosure rules regarding compensation consultant conflicts 
     
  • January – June 2012 (planned) 
    • §§953 and 955: Adopt rules regarding disclosure of pay-for-performance, pay ratios, and hedging by employees and directors 
    • §954: Adopt rules regarding recovery of executive compensation 
    • §956: Adopt rules (jointly with others) regarding disclosure of, and prohibitions of certain executive compensation structures and arrangements  
     
  • July – December 2012 (planned) 
    • §952: Report to Congress on study and review of the use of compensation consultants and the effects of such use 
     
  • Dates still to be determined 
    • §957: Issue rules defining “other significant matters” for purposes of exchange standards regarding broker voting of uninstructed shares 
     
It seems unlikely that all five of the clawback, pay-for-performance, CEO pay ratio, incentive compensation rules for large financial institutions, and hedging by employees and directors provisions will be effective for next year’s proxy season, according to the firm. However, if they meet this schedule, one or two of the provisions will be effective for proxies filed after January (as with the shareholder say on pay rules, published in January 2011).

Auerbach Grayson Enters Frontier and Emerging Markets

Auerbach Grayson & Company LLP has launched a global fixed income and sales trading platform for frontier and emerging markets.

Tim Slaughter has been appointed to lead the initiative as Managing Director. He brings nearly twenty years of experience in the fixed income sales and trading marketplace to this position, most recently serving as Managing Director Head of fixed income distribution at Cowen and Company. Prior to working at Cowen, he was a senior trader at UBS, J.P. Morgan and Merrill Lynch.  

Auerbach Grayson said that this expansion will allow the firm to provide fixed income products to its growing client base, which includes more than 500 institutional investors, comprising 2,500 international portfolio managers and analysts. 

For more stories like this, sign up for the PLANADVISERdash daily newsletter.

“Tim’s broad competence with fixed income on a global level expands the scope of Auerbach Grayson’s unique presence in worldwide markets,” said Jonathan Auerbach, Managing Director and Co-Founder. “His specific focus on the emerging and frontier markets fixed-income opportunities is critical, as this area has been overlooked and under-covered as a sector of the global market until now.”

«