On June 20th, the SEC published the adopting release and text of new final rules required by the Dodd-Frank Act. The rules require exchange listing standards to address the independence of the members on a listed company's compensation committee; the compensation committee's authority to retain compensation advisers; the compensation committee's consideration of the independence of any compensation advisers; and the compensation committee's responsibility for the appointment, compensation, and oversight of the work of any compensation adviser. Once an exchange's new listing standards are in effect, a listed company must meet the standards in order for its shares to continue trading on that exchange. The SEC also amended its proxy disclosure rules to require new disclosures from companies about their use of compensation consultants and conflicts of interest. The new rule and rule amendments will take effect 30 days after publication in the Federal Register, which is expected during the week of June 25. No later than 90 days after effectiveness, each exchange that lists equity securities must propose listing standards that comply with the new rule. The new listing standards must be approved by the Commission within one year of the new rule becoming effective. SEC Press Release.