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B-334824 Dec 12, 2022 1 (2022-12-12)

handle is hein.gao/gaonzl0001 and id is 1 raw text is: G A O U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-334824 December 12, 2022 The Honorable Sherrod Brown Chairman The Honorable Patrick J. Toomey Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Listing Standards for Recovery of Erroneously Awarded Compensation Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (SEC) entitled Listing Standards for Recovery of Erroneously Awarded Compensation (RIN: 3235-AK99). We received the rule on October 26, 2022. It was published in the Federal Register as a final rule on November 28, 2022. 87 Fed. Reg. 73076. The effective date is January 27, 2023. The final rule implements section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, Pub. L. No. 111-203, 124 Stat. 1376 (July 21, 2010). Specifically, SEC states that the final rule directs national securities exchanges and associations that list securities to establish listing standards that require each issuer to develop and implement a policy providing for the recovery, in the event of a required accounting restatement, of incentive-based compensation received by current or former executive officers where that compensation is based on erroneously reported financial information. SEC further states that listing standards must require disclosure of the policy. Additionally, SEC states that listed issuers must file their policies as exhibits to their annual reports, and must include other disclosures in the event a recovery analysis is triggered under such policies. Enclosed is our assessment of SEC's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. If you have any questions about this report or wish to contact GAO officials responsible for the evaluation work relating to the

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