Securities and Governance Update (Drinker Biddle & Reath LLP)

(Source: Drinker Biddle & Reath LLP) By Elizabeth A. Diffley and Roberto Esposito This summer, the SEC proposed a new clawback rule () to implement Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank). Section 954 of Dodd-Frank added a new Section 10D to the Securities Exchange Act of 1934 (the Exchange Act) requiring national securities exchanges and associations to adopt listing standards regarding erroneously paid incentive-based compensation received by any executive officer in connection with an accounting restatement, irrespective of misconduct. Pursuant to Proposed Rule 10D-1, those listing standards would require public companies to...