[Federal Register Volume 76, Number 86 (Wednesday, May 4, 2011)]
[Proposed Rules]
[Pages 25273-25274]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2011-10868]
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SECURITIES AND EXCHANGE COMMISSION
17 CFR Parts 229 and 240
[Release Nos. 33-9203; 34-64366; File No. S7-13-11]
RIN 3235-AK95
Listing Standards for Compensation Committees
AGENCY: Securities and Exchange Commission.
ACTION: Proposed rule; extension of comment period.
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SUMMARY: The Securities and Exchange Commission is extending the
comment period for a release proposing a new rule and rule amendments
to implement the provisions of Section 952 of the Dodd-Frank Wall
Street Reform and Consumer Protection Act of 2010, which added Section
10C to the Securities Exchange Act of 1934 (the ``Exchange Act'').
[Release No. 33-9199; 76 FR 18966 (April 6, 2011)]. The original
comment period for Release 33-9199 is scheduled to end on April 29,
2011. The Commission is extending the time period in which to provide
the Commission with comments on that release to May 19, 2011. This
action will allow interested persons additional time to analyze the
issues and prepare their comments.
DATES: Comments should be received on or before May 19, 2011.
ADDRESSES: Comments may be submitted by any of the following methods:
Electronic Comments
Use the Commission's Internet comment form (http://www.sec.gov/rules/proposed.shtml);
Send an e-mail to [email protected]; or
Use the Federal Rulemaking ePortal (http://www.regulations.gov). Follow the instructions for submitting comments.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, U.S. Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number S7-13-11. This file number
should be included on the subject line if e-mail is used. To help us
process and review your comments more efficiently, please use only one
method. The Commission will post all comments on the Commission's
Internet Web site (http://www.sec.gov/rules/proposed.shtml). Comments
are also available for Web site viewing and printing in the
Commission's Public Reference Room, 100 F Street, NE., Washington, DC
20549, on official business days between the hours of
[[Page 25274]]
10 a.m. and 3 p.m. All comments received will be posted without change;
we do not edit personal identifying information from submissions. You
should submit only information that you wish to make available
publicly.
FOR FURTHER INFORMATION CONTACT: N. Sean Harrison, Special Counsel, at
(202) 551-3430, in the Office of Rulemaking, Division of Corporation
Finance, U.S. Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-3628.
SUPPLEMENTARY INFORMATION: The Commission has requested comment on a
release proposing a new rule and rule amendments to implement the
provisions of Section 952 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act of 2010, which added Section 10C to the
Exchange Act. Section 10C requires the Commission to adopt rules
directing the national securities exchanges (the ``exchanges'') and
national securities associations to prohibit the listing of any equity
security of an issuer that is not in compliance with Section 10C's
compensation committee and compensation adviser requirements. In
accordance with the statute, the proposed rule would direct the
exchanges to establish listing standards that, among other things,
require each member of a listed issuer's compensation committee to be a
member of the board of directors and to be ``independent,'' as defined
in the listing standards of the exchanges adopted in accordance with
the proposed rule. In addition, Section 10C(c)(2) of the Exchange Act
requires the Commission to adopt new disclosure rules concerning the
use of compensation consultants and conflicts of interest. The
Commission approved the proposal at an open meeting on March 30, 2011,
and the release was posted on the Commission's Web site on that date.
The release was published in the Federal Register on April 6, 2011.
The Commission originally requested that comments on the release be
received by April 29, 2011. A commentator has asked that the Commission
extend the period of time for public comment on the proposing
release.\1\ After considering the request and the issues presented by
the release, the Commission believes that providing the public
additional time to consider the matters addressed by the release and to
submit responses to the release would benefit the Commission in its
consideration of final rules. Therefore, the Commission is extending
the comment period for Release No. 33-9199, ``Listing Standards for
Compensation Committees,'' to May 19, 2011.
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\1\ See letter from Center for Capital Markets Competitiveness
of the U.S. Chamber of Commerce (Apr. 15, 2011). Comments are
available on the Commission's Internet Web site at http://www.sec.gov/comments/s7-13-11/s71311.shtml.
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Dated: April 29, 2011.
By the Commission.
Cathy H. Ahn,
Deputy Secretary.
[FR Doc. 2011-10868 Filed 5-3-11; 8:45 am]
BILLING CODE 8011-01-P