NYSE and Nasdaq File Amended Proposed Clawback-Related Listing Standards

Greg Gautam • June 9, 2023

As described in Part 4 of our 2022 end of year plan sponsor “to do” list , on October 26, 2022, the Securities and Exchange Commission published the  final clawback rules  under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).  The clawback rules were published in the Federal Register on November 28, 2022 and become effective January 27, 2023. Under the final rules, the national securities exchanges are required to adopt listing standards requiring public company issuers to adopt a compliant clawback policy and provide disclosure about such policy no later than February 27, 2023, and the listing standards must take effect no later than November 28, 2023. Issuers will be required to adopt a compliant clawback policy within 60 days of the date on which the listing standards become effective. Issuers that fail to satisfy the new listing requirements risk delisting. 

Both the New York Stock Exchange (“NYSE”) and Nasdaq have filed amendments to their proposed clawback-related listing standards (the NYSE Amendment can be found here ; the Nasdaq Amendment here ). For both the NYSE and Nasdaq, the effective date of the proposed rules will be October 2, 2023 . If the Securities and Exchange Commission approves the amendments, this means issuers on the NYSE and Nasdaq will be required to adopt compliant clawback policies by no later than December 1, 2023 .   A December 1, 2023 effective date gives issuers additional time to review their existing policies with their compensation consultants and legal advisors and to consider the changes, if any, that should be made to make their policies compliant with the NYSE and Nasdaq listing standards.

Employee burnout: what it is and how to prevent it

By Mardy Gould • May 24, 2024
Employee burnout has become an epidemic in today’s modern workplace. So much so that the World Health Organization (WHO) officially recognizes it as an “occupational phenomenon.”1 While many used to consider mounting workplace stress an individual employee problem, these days, it’s become an employer’s responsibility to prevent burnout before it hurts productivity and business performance—not to mention your employees’ physical and mental health. Luckily, you can prevent burnout from affecting your workforce in several ways. This article will explore the causes and signs of employee burnout and the steps you can take to create a positive work environment where employees feel safe from toxic stress levels.

Form 720 and PCORI fee FAQs

By Mardy Gould • May 23, 2024
If you're a small business owner, you may have heard of the acronym PCORI and the fees that come with it. But what is PCORI, and how does it apply to your organization? Under the Affordable Care Act (ACA), sponsors of self-insured health plans must pay a fee to fund the federal Patient-Centered Outcomes Research Institute (PCORI). PCORI is an independent organization the ACA created to conduct research to help healthcare consumers make better decisions for their specific needs and outcomes. It also performs research related to clinical effectiveness. Employers offering a self-insured medical reimbursement health plan, such as a health reimbursement arrangement (HRA), must pay this fee by July 31 each year via Form 7201. This fee was initially set to expire in 2019, but Congress extended it through September 30, 20292, due to the Further Consolidated Appropriations Act of 20203.
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