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SEC reopens comment period for proposal on clawbacks, again

For a second time, the SEC reopened the comment period for its rule proposal relating to executive incentive compensation clawbacks. The proposed rule was issued in connection with a mandate of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and would require (1) national securities exchanges to establish listing standards that require listed issuers to adopt and comply with a compensation recovery policy, (2) the filing of the compensation recovery policy as an exhibit to the issuer’s Exchange Act annual report, and (3) specified disclosures to be included in annual reports and proxy or information statements.

The proposed rules were initially put out for comment in 2015 and were reopened in October 2021. In reopening the comment period, the SEC is seeking public input in a number of areas, including whether the scope of the proposed rule should be expanded beyond the original proposal to include a broader population of restatements. Comments are due 30 days after publication in the Federal Register.
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