Title

SEC Approves the NYSE and Nasdaq Listing Standards on Compensation Committees and Advisers
Client Memorandum

Created date

1/22/2013

On January 11, 2013, the SEC approved the NYSE and Nasdaq listing standards, as amended, to implement the SEC’s requirement that national securities exchanges prohibit the listing of any equity security of an issuer that does not comply with the SEC’s rules regarding the independence of compensation committees and their advisers. In approving the proposed NYSE and Nasdaq listing standards, the SEC did not require any changes. This memo highlights the key aspects of the final listing standards. Appendix A provides further details regarding the final standards and their application to certain types of companies, such as foreign private issuers, recently IPOed companies and smaller reporting companies.