From the Press Release:
The U.S. Department of the Treasury today issued interim final rules for reporting and recordkeeping requirements under the executive compensation standards of the TARP Capital Purchase Program (CPP).The new rule issued today requires the CEO to certify annually within 135 days after the financial institution’s fiscal year end that the financial institution and its compensation committee have complied with the executive compensation standards. In addition, within 120 days of the closing date of the Securities Purchase Agreement between the financial institution and the Treasury, the CEO is required to certify that the compensation committee has reviewed the senior executives’ incentive compensation arrangements with the senior risk officers to ensure that these arrangements do not encourage senior executives to take unnecessary and excessive risks that could threaten the value of the financial institution.
The CEO must provide the 120-day and annual certifications to the TARP Chief Compliance Officer.
Interim Final Rule
Revised Notice 2008-PSSFI
Executive Compensation FAQ