SEC Say-on-Pay Rules Coming Soon

September 30, 2010 (PLANSPONSOR.com) - The Securities and Exchange Commission plans to introduce rules "in the next few weeks" that direct the agency to give shareholders in 2011 a vote on the pay packages of top executives at U.S. corporations, Chairwoman Mary Schapiro said in testimony before the Senate Banking Committee.

U.S. regulators updated a Senate Banking panel Thursday on the progress their agencies have made to enact new laws ushered in with the financial reform bill, the Dodd-Frank Act. (see Companies Need to Prepare for Pay and Governance Rules). The SEC has 100 rules and 20 studies on its plate, CNN Money reports (see Advisers Should Take Note of Financial Reform Bill Provisions).   

The SEC also plans to introduce rules in the fourth quarter requiring hedge fund managers to register with the agency and open their books to periodic inspections.   

According to the news report, the Federal Reserve has 50 new rules to write, the Federal Deposit Insurance Corp. has 44 new rules to write, and Treasury has two new agencies and an oversight council to set up under the reform bill. 

The testimony presented to the Committee is available here. 

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