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SEC proposes two new rules

  • SEC document Image

Apr 30, 2015

Yesterday, the SEC issued two proposed rules on (1) pay-versus-performance disclosures and (2) cross-border security-based swap transactions related to activity in the United States.

The proposed rule on pay-versus-performance would require companies — except foreign private issuers, registered investment companies, and emerging growth companies — to disclose “in a clear manner the relationship between executive compensation actually paid and the financial performance of the registrant” in proxy or information statements in which executive compensation disclosures are required. Comments on this proposal are due by July 6, 2015.

The proposed rule on cross-border security-based swap transactions would, as noted in the SEC’s press release, “require a non-U.S. company that uses U.S. personnel to arrange, negotiate, or execute a transaction in connection with its dealing activity to include that transaction in determining whether it is required to register as a security-based swap dealer.” Comments on this proposal are due by July 13, 2015.

For more information on these proposed rules, see Deloitte’s related journal entry.

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