On June 8, 2022, the SEC reopened the comment period again for its 2015 proposal that would direct the national securities exchanges to establish listing standards requiring companies to adopt policies for the recovery of erroneously awarded incentive-based compensation from their executive officers. The proposed rules would implement Section 954 of the Dodd-Frank Act, which was added to the Exchange Act as Section 10D.

The SEC originally proposed the rule amendments in July 2015, and the related comment period ended on September 14, 2015. In October 2021, the SEC reopened the comment period with additional questions it sought comments on (see Legal Update, SEC Reopens Comment Period for Proposed Rule Requiring Companies to Adopt Clawback Policies). That comment period closed on November 22, 2021.

In conjunction with the staff of the SEC's Division of Economic and Risk Analysis releasing a memo with supplemental data and analysis to inform public comments, the SEC is reopening the comment period again. The comment period will be open for 30 days after the SEC's reopening release is published in the Federal Register.

For details on the original proposal, see Legal Update, SEC Proposes Rules Requiring Companies to Adopt Executive Compensation Clawback Policies.

For more information on clawback policies, see Standard Document, Clawback Policy.

For up-to-date information on the status of significant SEC rulemaking, see Practice Note, SEC Rulemaking Tracker.