The SEC has approved the NYSE's listing standards relating to the independence of compensation committees, compensation consultants and other compensation advisers. The proposed listing standards implement Rule 10C-1 under the Exchange Act, which itself implements Section 10C of the Exchange Act, which was added by the Dodd-Frank Act.

The NYSE originally proposed the listing standards on September 25, 2012 and amended the proposal three times, most recently on January 8, 2013. For more information on the standards, see Legal Updates:

The SEC has also approved the NASDAQ's compensation committee independence listing standards (see Legal Update, SEC Approves NASDAQ Listing Standards Relating to Independence of Compensation Committees).

For more information on compensation committee requirements, see Practice Note, Corporate Governance Standards: Compensation Committee.