"Few classes of listed issuers would be exempt under the proposed rule. Exempt companies include clearing agencies for security futures products or standardized options and registered management investment companies that do not pay incentive compensation to executive officers. More notable are those issuers not proposed for exemption: emerging growth companies, smaller reporting companies, foreign private issuers, controlled companies, and issuers of only listed debt or preferred securities. The proposed rule would not give exchanges discretion to exempt categories of issuers not expressly exempted under the proposed rule."  MORE >>