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SEC Posts Final Rule on Say-on-Pay for TARP Cos.

Melissa Aguilar January 13, 2010

The Securities and Exchange Commission published its final rule implementing say-on-pay for financial institutions that took government funds under the Troubled Asset Relief Program.The 23-page final rule, published Jan. 12, clarifies the requirements for U.S. registrants subject to Section 111(e) of the Emergency Economic Stabilization Act of 2008, which requires...

SEC Approves NYSE Broker Vote Ban in Director Elections

Melissa Aguilar July 01, 2009

The Securities and Exchange Commission voted 3-2 along party lines to approve the New York Stock Exchange rule amendment that effectively ends broker discretionary voting in director elections.The rule change will be effective for shareholder meetings held on or after Jan. 1, 2010.At today's open meeting, Commissioners Elisse Walter and...

SEC to Meet on Comp Disclosures, Broker Votes, TARP SOP

Melissa Aguilar June 25, 2009

The Securities and Exchange Commission plans to kick off July with a busy agenda. A decision on discretionary broker votes, and votes on whether to propose new disclosures about compensation and rules governing say-on-pay at TARP companies are on the agency's agenda for next week.The Commission has slated an Open Meeting for July 1 to...

More Guidance on Say-on-Pay for TARP Cos.

Melissa Aguilar February 26, 2009

New guidance from the Securities and Exchange Commission confirms that businesses participating in the Troubled Asset Relief Program—more than 400 companies at last count, including everyone who’s anyone in the financial sector—must offer shareholders an advisory vote on executive compensation starting this spring. That is far sooner than Corporate America...

SEC Staff Posts C&DIs on ARRA Say-on-Pay Provision

Melissa Aguilar February 25, 2009

Heads up for TARP companies scrambling to comply with the executive compensation provisions of the American Recovery and Reinvestment Act: The Securities and Exchange Commission staff has issued three new Compliance and Disclosure Interpretations related to the Act’s say-on-pay requirement.The Feb. 24 C&DIs comprise the staff’s interpretations of Section 7001...

TARP Companies Could Face Say-on-Pay Votes This Year

Melissa Aguilar February 24, 2009

Say-on-pay could become widespread even more quickly than expected. Roughly 400 companies that received TARP money could face shareholder advisory votes on compensation this year.In a Feb. 20 letter to Securities and Exchange Commission Chairman Mary Schapiro, Senate Banking Committee Chairman Chris Dodd asked the commission staff to provide guidance...

Lawmakers Seek Changes to TARP

Melissa Aguilar January 14, 2009

Note to participants in the Troubled Assets Relief Program: House Financial Services Committee Chairman Barney Frank (D-Mass.) has introduced legislation to amend the program that would, among other things, impose new limits and reporting requirements on companies that take TARP money.The bill, known as the TARP Reform and Accountability Act,...

New Proxy/TARP Guidance From SEC

Melissa Aguilar November 25, 2008

As promised, the staff of the Securities and Exchange Commission has issued guidance for financial institutions filing proxy statements seeking shareholder approval to issue securities to the Treasury in order to participate in the Capital Purchase Program under the Treasury’s Troubled Asset Relief Program.As Compliance Week reported, Corporation Finance Director...

Frank Warns Banks, Sets Hearing on TARP

Melissa Aguilar November 03, 2008

As lawmakers prepare for a hearing this month to examine how well some efforts to calm the financial crisis are working, the chairman of the House financial services committee issued a warning to participants in a Treasury program that use of the funds for anything other than lending could jeopardize...

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