U.S. Agencies Seek Comment on Proposed Joint Rule on Financial Institution Compensation: Comments on Proposed Joint Rule are Due by May 31, 2011

Sullivan & Cromwell LLP - April 14, 2011

On Thursday, April 14, 2011, seven U.S. federal financial regulatory agencies published in the Federal Register their joint rule to implement the Dodd-Frank Act requirement that these agencies prohibit, at any financial institution with consolidated assets of at least $1 billion, incentive pay that they determine encourages inappropriate risks. Comments on the proposed joint rule are due by May 31, 2011.