This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

SEC issues final rules on pay ratio disclosure and registration for security-based swap participants

  • SEC (US Securities and Exchange Commission) Image

Aug 06, 2015

Yesterday, the SEC issued two final rules, “Pay Ratio Disclosure” and “Registration Process for Security-Based Swap Dealers and Major Security-Based Swap Participants.”

The final rule on pay ratio disclosure requires registrants — except foreign private issuers, registered investment companies, and emerging growth companies — to clearly disclose 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. The final rule is effective on October 19, 2015. For more information, see Deloitte’s related journal entry.

As noted in the SEC’s press release,  the final rule on registration for security-based swap participants addresses “all aspects of the registration regime for security-based swap dealers and major security-based swap participants, setting forth the extensive set of information required to be provided and kept up to date by a registrant.” The final rule is effective on October 13, 2015.

At its meeting, the SEC also announced the issuance of a proposed rule, Applications by Security-Based Swap Dealers or Major Security-Based Swap Participants for Statutorily Disqualified Associated Persons to Effect or Be Involved in Effecting Security-Based Swaps. The proposal aims to “create a process for security-based swap dealers and major security-based swap participants to apply to the Commission for permission to continue to have certain persons subject to statutory disqualifications involved in effecting their security-based swap transactions if such continuation is consistent with the public interest.” Comments on the proposed rule are due by October 26, 2015.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.