Two men share securities regulation news

Breaking news and expert analysis on legal and compliance issues

[Back To Home][Back To Archives]

From Securities Regulation Daily, March 6, 2013

Shelby Offers Dodd-Frank Corrections Bill

By Jim Hamilton, J.D., LL.M.

Senator Richard Shelby (R-Ala), a key member of the Banking Committee, has introduced legislation to provide corrections to the Dodd-Frank Act. The Dodd-Frank Wall Street Reform and Consumer Protection Technical Corrections Act of 2013 would correct numerous drafting errors in the Dodd-Frank financial regulation law. According to Sen. Shelby, the legislation focuses purely on technical corrections of non-substantive inaccuracies and omissions in the statute.

The bill would, however, amend Section 953 of Dodd-Frank, which added Section 14(i) to the Exchange Act to require the SEC to adopt regulations requiring companies to disclose information showing the relationship between executive compensation actually paid and the financial performance of the company, taking into account any change in the value of the shares of stock and dividends of the issuer and any distributions. The corrections bill would add language to Section 953 allowing the SEC to exempt companies from the pay-for-performance disclosure requirements of new Section 14(i). In determining whether to make an exemption under this subsection, the Commission would need to take into account, among other considerations, whether the requirements would disproportionately burden small issuers.

The corrections bill would also extend for one year the deadline for the issuance of any regulation, the completion of any study, or the submission of any report required by the Dodd-Frank Act that has not been met or is not met in final form by the date specified in that Act. The one-year extension would have no effect on any rule required by the Dodd-Frank Act that has been issued in final form before the date of enactment of the corrections legislation.

TopStory: DoddFrankAct

Securities Regulation Daily

Introducing Wolters Kluwer Securities Regulation Daily — a daily reporting service created by attorneys, for attorneys — providing same-day coverage of breaking news, court decisions, legislation, and regulatory activity.


A complete daily report of the news that affects your world

  • View full summaries of federal and state court decisions.
  • Access full text of legislative and regulatory developments.
  • Customize your daily email by topic and/or jurisdiction.
  • Search archives for stories of interest.

Not just news — the right news

  • Get expert analysis written by subject matter specialists—created by attorneys for attorneys.
  • Track law firms and organizations in the headlines with our new “Who’s in the News” feature.
  • Promote your firm with our new reprint policy.

24/7 access for a 24/7 world

  • Forward information with special copyright permissions, encouraging collaboration between counsel and colleagues.
  • Save time with mobile apps for your BlackBerry, iPhone, iPad, Android, or Kindle.
  • Access all links from any mobile device without being prompted for user name and password.