Brownstein Client Alert, October 13, 2014
Public companies with securities listed on the NASDAQ Stock Market or the New York Stock Exchange should take note of the approaching deadline for complying with the final portions of the new compensation committee requirements mandated by Section 952 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”).
NASDAQ and NYSE adopted listing standards in 2013 concerning, among other things, the independence of compensation committee members, compensation committee authority to retain or obtain the advice of compensation consultants, legal counsel and other advisors, and the independence of compensation consultants. These standards were required by Section 952 of the Dodd-Frank Act and the Securities and Exchange Commission’s Rule 10C-1 promulgated under the Securities Exchange Act of 1934, as amended.
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