InfoBytes, August 27, 2010 - Weekly In-depth review of news & developments in the financial services industry


Topics In This Issue

• Federal Issues

• State Issues

• Courts

• Firm News

• Mortgages

• Consumer Finance

• Litigation

• Privacy/Data Security

Excerpt from "Federal Issues"

SEC Changes Proxy Rules to Facilitate Director Nominations by Shareholders. On August 25, the Securities and Exchange Commission (SEC) adopted changes to federal proxy rules to better enable shareholders to nominate directors to a company’s board. Companies must now include in their proxy materials the nominees of significant shareholders, which include those shareholders who have owned at least three percent of shares continuously for the prior three years, along with the nominees of management. The SEC’s amendments follow the enactment of the Dodd-Frank Act, which authorized the SEC to make rules addressing shareholder access to company proxy materials. The amendments will be effective 60 days after publication in theFederal Register. Small public companies will be exempt from this rule for three years.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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