The US Securities and Exchange Commission (SEC) recently approved amendments to clawback policy listing standards proposed by the New York Stock Exchange (NYSE) and the Nasdaq Stock Market LLC (Nasdaq) that extend the effective date of the exchanges’ respective listing standards to October 2, 2023. Issuers listed on the NYSE and Nasdaq now have until December 1, 2023 (60 days from the new effective date) to comply with their respective exchange’s listing standards.
Deadlines for the Adoption of Clawback Policies Extended
By Thomas P. Conaghan, Andrew Liazos, Eric Orsic, Heidi J. Steele, Daniel Woodard, Dan O’Neil and Kishan Mistry on June 15, 2023
Thomas P. ConaghanThomas (Tom) P. Conaghan represents public and private companies, underwriters and other sources of capital, corporate boards and board committees, and corporate executives. He advises US- and foreign-based public companies on issues relating to mergers and acquisitions (M&A), joint ventures, strategic investments, spin-offs, public and private offerings of securities (including initial public offerings (IPOs)), disclosure, Securities and Exchange Commission (SEC) reporting, corporate governance, executive compensation, and the stock exchange-listed company rules. Tom is co-head of the Firm's Capital Markets and Public Companies Group, and partner-in-charge of the Corporate Group in the Firm's Washington, DC office. Read Tom Conaghan's full bio.
Andrew LiazosAndrew C. Liazos is the global chair of McDermott’s Benefits & Compensation Practice Group and has practiced at McDermott for over 25 years. Andrew focuses his practice on compensation and benefit matters, including related securities, M&A, IPO, private equity, international and litigation matters. Clients range from Fortune 500 companies to compensation committees to individual executives in employment and severance negotiations. Read Andrew Liazos' full bio.
Eric OrsicEric Orsic is the co-head of the Firm’s Capital Markets and Public Companies Practice Group. Eric advises clients in the areas of mergers and acquisitions, and securities transactions and compliance. He works with publicly and privately held companies to structure and negotiate business acquisitions/dispositions. His public company transactional experience includes public equity and debt offerings, tender offers and going-private transactions. Read Eric Orsic's full bio.
Heidi J. SteeleHeidi J. Steele Focuses her practice on corporate securities, mergers and acquisitions of public and private companies and corporate counseling. She has extensive experience in public and private equity and debt financings, compliance with disclosure and regulatory requirements, tender offers and mergers, acquisitions and dispositions. She advises public and private corporations on a variety of matters, including securities compliance. Read Heidi Steele's full bio.
Daniel WoodardDaniel (Dan) Woodard counsels public and private companies on raising capital, corporate governance and general corporate matters. He focuses his practice on representing private and public companies in all aspects of public and private securities offerings, public company reporting and disclosure compliance and stock exchange-listing compliance. He also advises fintech companies with regard to the application of securities laws to blockchain and cryptocurrency assets. Read Daniel L. Woodard's full bio.
Dan O’NeilDan O’Neil advises clients on a wide range of benefits and compensation matters. He focuses his practice on employee benefits and executive compensation issues arising in corporate transactions. Dan has experience with employee benefit and executive compensation due diligence, negotiation of the related provisions in transaction agreements and assists clients with issues relating to Sections 280G and 409A of the Code. Dan is also experienced in a wide range of tax and benefits issues, including day-to-day retirement plan compliance, ERISA fiduciary matters, prohibited transactions and employee stock ownership plans (ESOPs). Read Dan O’Neil's full bio.
Kishan MistryKishan Mistry focuses his practice on capital markets and corporate and transactional matters including advising issuers on public offerings, private placements, corporate governance obligations and regulatory compliance. Read Kishan Mistry's full bio.
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