The fifth anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, signed into law by President Barack Obama on July 21, 2010, is fast approaching, but the U.S. Securities and Exchange Commission isn’t yet finished filling in the law’s regulatory blank spots. Recently, the SEC got a lot closer to providing clarity on what has been a hot topic for many companies: “clawbacks” of executive compensation.
The proposed rules significantly expand the scope of individuals who can get part of their compensation taken away if the company releases an accounting restatement. Although the rules will go through a 60-day comment period and another commission vote (they passed 3-2 this time around), companies would be best advised to start thinking about how they might prepare for these changes.
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