On September 25, 2012, each of the New York Stock Exchange (the “NYSE”) and the NASDAQ Stock Market (“Nasdaq”) filed proposed changes to their listing standards. The proposed changes are in response to the final rules issued by the Securities and Exchange Commission (the “SEC”) on June 20, 2012 (the “Final Rules”), directing the national securities exchanges to adopt listing standards relating to the independence of compensation committees and their selection of advisors pursuant to Rule 952 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. While the proposed listing standards largely reflect the Final Rules, they contain some deviations from the Final Rules and from each other.View full memo, "The NYSE and Nasdaq Issue Proposed Rules to Implement the SEC Compensation Committee Independence and Advisor Rules"
