On July 18, 2018, the SEC voted unanimously both to issue a final rule and to solicit public comment through a concept release relating to the federal securities rules that govern the issuance of employer stock pursuant to compensation arrangements. Davis Polk discusses the SEC’s final rule and concept release here.

The final rule and the concept release were published to the Federal Register on July 24, 2018. The final rule is effective as of July 23, 2018, meaning that companies can rely on it immediately as of that date. The SEC is accepting comments relating to the concept release until September 24, 2018.