The New York Stock Exchange, Nasdaq, and Amex stock exchanges have all revised their director independence standards to bring them in line with Securities and Exchange Commission disclosure requirements.

All three exchanges have filed rule changes with the Commission to raise the dollar threshold of their respective director compensation test for their listed companies from $100,000 to $120,000. The change brings the standards into line with the dollar threshold applicable to related-party transactions that must be disclosed to the SEC under Item 404 of Regulation S-K, which was amended in 2006.

While the changes are effective immediately, the SEC is accepting comment on the respective rule filings for 21 days following publication in the Federal Register.

Meanwhile, NYSE also filed a rule change to amend its bright-line test relating to a listed company’s internal or external auditor. The current test precludes a director from being deemed independent if any of the following occur: the director or an immediate family member is a current partner of a firm that is the company’s internal or external auditor; the director is a current employee of such a firm; the director has an immediate family member who is a current employee of such a firm and who participates in the firm’s audit, assurance, or tax compliance practice; or the director or an immediate family member was within the last three years a partner or employee of such a firm and personally worked on the company’s audit within that time.

The NYSE said the current standard has precluded a director from being deemed independent in cases even where an immediate family member had no relationship to the listed company’s audit.

The proposal approved by the SEC modifies the current test for immediate family member to cover only an immediate family member who: is a current partner of the company’s internal or external auditor; is a current employee of such a firm and personally works on the listed company’s audit; or was within the last three years a partner or employee of such a firm and personally worked on the listed company’s audit within that time.

The change bring NYSE standards more in line with the auditor tests used by Nasdaq and the American Stock Exchange. Comments are due 21 days after publication in the Federal Register.