On Friday, December 22, 2006, the Securities and Exchange Commission issued a release adopting, as interim final rules, amendments to its executive and director compensation rules adopted just five months earlier.

The stated reason for the amendments was “to align the reporting of equity awards ... to the amounts disclosed in the financial statements under FAS 123R.” The adoption of the amendments as interim final rules meant that their provisions took effect immediately upon publication in the Federal Register, which occurred on December 29, 2006. This was done in order to have the applicability of the amendments match that of the original rules adopted in July 2006. The Commission’s release solicits comments on the amendments during the 30 days following publication, and promises to make changes to the amendments if any are found to be necessary.