News Centre

SEC Adopts Rule For Pay Ratio Disclosure - Rule Implements Dodd-Frank Mandate While Providing Companies With Flexibility To Calculate Pay Ratio

Date 05/08/2015

The Securities and Exchange Commission today adopted a final rule that requires a public company to disclose the ratio of the compensation of its chief executive officer (CEO) to the median compensation of its employees.  The new rule, mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, provides companies with flexibility in calculating this pay ratio, and helps inform shareholders when voting on “say on pay.” 

Statement At An Open Meeting On The Registration Process For Security-Based Swap Dealers And Major Security-Based Swap Participants And Applications For Relief From Statutory Disqualifications, SEC Commissioner Michael S. Piwowar, Aug. 5, 2015

Date 05/08/2015

Thank you, Chair White.

I join my fellow Commissioners in thanking the staff for the dedication and hard work that went into each of these releases. In the five years that have passed since the Dodd-Frank Act became law, the Commission’s agenda has been filled with dozens of rulemakings mandated by that statute. Given the large number of staff recommendations reviewed and approved by the Commission, it would be easy to lose sight of the fact that each individual rulemaking is an enormous undertaking unto its own. I do not take for granted the fact that each time we gather in this auditorium to vote, the document under consideration represents countless hours of staff time spent researching issues, meeting with the public, resolving thorny technical issues, and striving to present complex regulatory concepts in a clear and concise way. And so I join my fellow Commissioners in thanking you not out of habit or routine, but in real appreciation for your efforts to advance the core mission of this agency.

Statement At Open Meeting On Security-based Swap Rules Under Title VII And On Pay Ratio Disclosure Rule, SEC Chair Mary Jo White, Aug. 5, 2015

Date 05/08/2015

Good morning.  This is an open meeting of the U.S. Securities and Exchange Commission on August 5, 2015, under the Government in the Sunshine Act.

Statement On Pay Ratio Disclosure, SEC Commissioner Kara M. Stein, Aug. 5, 2015

Date 05/08/2015

As my colleagues have done, I would like to thank the staff for all of their hard work and time spent with my office. In particular, I would like to thank Felicia Kung, John Fieldsend, Raquel Fox, Bryant Morris, Brooks Shirey, and Simona Mola Yost for all of their efforts.

Linda Cunningham Named The Office Of The Comptroller Of The Currency’s First Chief Risk Officer

Date 05/08/2015

Linda Cunningham today was named the first Chief Risk Officer (CRO) at the Office of the Comptroller of the Currency (OCC).

Dissenting Statement At Open Meeting On Pay Ratio Disclosure, SEC Commissioner Michael S. Piwowar, Aug. 5, 2015

Date 05/08/2015

When the pay ratio disclosure rule was originally proposed, I objected to its consideration on the grounds that the Commission and its staff should not spend our limited resources on any rulemaking that unambiguously harms investors, negatively affects competition, promotes inefficiencies, and restricts capital formation — especially when there is no statutory deadline for completion.[1] Pursuing a pay ratio rulemaking was wrong then and remains wrong now.

CFTC Swaps Report Update

Date 05/08/2015

CFTC's Weekly Swaps Report has been updated, and is now available.

Statement On Final Rules For Security-Based Swap Dealer And Major Swap Participant Registration And On Proposed Rules For Applications To Waive Title VII Statutory Disqualifications, SEC Commissioner Kara M. Stein, Aug. 5, 2015

Date 05/08/2015

I join my colleagues in thanking the staff for their hard work and efforts to advance these rules. This fall marks the seventh anniversary of the financial crisis and of the federal bailout of the nation’s largest financial firms. While the crisis and the bailouts had multiple causes, swaps were a key factor because of the way they could transmit risk between the large financial firms that traded them. Because of the size of the swaps marketplace and its concentration, failure in one part of the swaps world threatened to bring down the world’s largest financial firms like a row of dominos.

Statement From CFTC Commissioner Giancarlo On The Passing Of EEMAC Member Andrew Soto (Washington, DC)

Date 05/08/2015

It is with great sadness that I have learned EEMAC member Andrew Soto passed away on Monday.  Andrew was a consummate professional, widely respected in his field and, just last week, selflessly participated in an important EEMAC meeting in Washington, where he shared his well-known wisdom and insight.  I believe I speak for all members of the Committee in expressing our deepest respect and condolences to his family.

Dissenting Statement At An Open Meeting To Adopt The “Pay Ratio” Rule, SEC Commissioner Daniel M. Gallagher, Aug. 5, 2015

Date 05/08/2015

Thank you, Chair White. Before getting started, I would like to recognize the staff who toiled at the grindstone of this rule. In particular, I note that Felicia Kung and John Fieldsend were the core of the Conflict Minerals team, and picked up this rule to carry the adopting release over the finish line. Sorry that we keep throwing you these softballs, maybe we can get you something a bit more complex and controversial to work on next. I would also like to recognize the other contributors from CorpFin, as well as those from the Office of the General Counsel for their work on this rule. Finally, I would like to recognize Simona Mola-Yost, Anzhela Knyazeva, Vlad Ivanov, and former staffer Peter Iliev from DERA, along with the rest of the DERA team.