NYSE and Nasdaq Propose Amendments to Listing Standards Re: Compensation Committees and Advisers

Summary: On September 25, 2012, the New York Stock Exchange (NYSE) and the NASDAQ Stock Market (Nasdaq) each proposed amendments to their respective listing rules in order to comply with the requirements of Securities Exchange Act Rule 10C-1. Rule 10C-1 was adopted to implement the provisions of Section 10C of the Exchange Act (added pursuant to Section 952 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010), which required the Securities and Exchange Commission (SEC) to adopt rules directing the national securities 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 requirements.