Final Rule - Standards Relating to Listed Company Audit Committees

Section 301 of the Sarbanes-Oxley Act of 2002 (the "Act") imposed new audit committee requirements on most reporting companies, to be implemented by a Securities and Exchange Commission (the "Commission") rule directing the national securities exchanges and national securities associations (the "SROs") to adopt certain listing standards. The Commission's new Rule 10A-3 under the Securities Exchange Act of 1934 (the "Exchange Act"), 17 CFR § 240.10A-3, adopted in final form on April 1, 2003, requires the SROs to prohibit the listing of any security of a company (not just voting equity securities) not in compliance with the Act's audit committee requirements.