§ 78j–4 — Recovery Of Erroneously Awarded Compensation Policy

(a) The Commission shall, by rule, direct the national securities exchanges and national securities associations to prohibit the listing of any security of an issuer that does not comply with the requirements of this section. (b) The rules of the Commission under subsection (a) shall require each issuer to develop and implement a policy providing— (1) for disclosure of the policy of the issuer on incentive-based compensation that is based on financial information required to be reported under the securities laws; and (2) excess of what would have been paid to the executive officer under the accounting restatement.