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Exchanges Revise Director Independence Rules

Melissa Klein Aguilar | September 4, 2008

The New York Stock Exchange, Nasdaq, and Amex stock exchanges have all revised their director independence standards to bring them in line with Securities and Exchange Commission disclosure requirements.

All three exchanges have filed rule changes with the Commission to raise the dollar threshold of their respective director compensation test for their listed companies from $100,000 to $120,000. The change brings the standards into line with the dollar threshold applicable to related-party transactions that must be disclosed to the SEC under Item 404 of Regulation S-K, which was amended in 2006.

While the changes are effective immediately, the SEC is accepting comment on the respective rule filings for 21 days following publication in the Federal Register.

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