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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
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