• Proposed Rules Issued on Incentive Compensation of Financial Institutions
  • February 21, 2011 | Authors: Alan D. Duffy; Elizabeth Turrell Farrar; M. Patricia Donnelly Oliver; Kimberly J. Schaefer; J. Bret Treier; John C. Vorys
  • Law Firms: Vorys, Sater, Seymour and Pease LLP - Columbus Office ; Vorys, Sater, Seymour and Pease LLP - Cleveland Office ; Vorys, Sater, Seymour and Pease LLP - Cincinnati Office ; Vorys, Sater, Seymour and Pease LLP - Akron Office ; Vorys, Sater, Seymour and Pease LLP - Columbus Office
  • On February 7, 2011, federal regulators of financial institutions jointly issued proposed rulemaking (“Joint Proposed Rules”) on Incentive-Based Compensation Arrangements under Section 956 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Joint Proposed Rules generally apply to financial institutions with $1 billion or more in assets (“covered financial institutions”) that maintain incentive-based compensation arrangements for certain executive officers, employees, directors and principal shareholders (“covered persons”).