A broadband connectivity company settled charges with the SEC for failing to maintain internal accounting controls intended to ensure that the company's stock buybacks were conducted in accordance with management authorizations.
The SEC Division of Corporation Finance updated its Regulation S-K Compliance and Disclosure Interpretations to include guidance on the new pay versus performance disclosure rules.
The SEC Division of Corporation Finance updated its Compliance and Disclosure Interpretations regarding (i) listing standards related to recovery of erroneously awarded compensation and (ii) disclosure of executive compensation by foreign issuers.
An SEC rule requiring exchanges to establish listing standards that require issuers to develop and implement clawback policies for erroneously awarded compensation will take effect on January 27, 2023.
The SEC adopted a rule requiring exchanges to establish listing standards that require issuers to develop and implement a policy on clawing back compensation that was awarded erroneously based on incorrect financial statements.