In October 2022, the SEC adopted Rule 10D-1, directing national securities exchanges to establish listing standards that prohibit the listing of any security of a company that does not adopt and implement a written policy requiring the recovery, or clawback, of certain erroneously paid incentive-based executive compensation. The NYSE and Nasdaq proposed clawback listing standards closely tracking Rule 10D-1 with an effective date of October 2, 2023. Listed companies have until 60 days after the effective date to adopt and implement a compliant clawback policy.
Please join us as we discuss the application of the clawback rules in certain foreign jurisdictions, whether offsets can be permitted against future compensation and whether any actions can be taken by a company now in order to increase the likelihood of enforceability in such country.
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