On July 22, the United States Court of Appeals for the District of Columbia Circuit in BUSINESS ROUNDTABLE AND CHAMBER OF COMMERCE OF THE UNITED STATES OF AMERICA v. SECURITIES AND EXCHANGE COMMISSION vacated the SEC’s new “proxy access” rule, Rule 14a-11, that would have afforded qualified shareholders access to company proxy materials to nominate and solicit votes for their own candidates for election as directors. The decision was grounded on the Court’s determination that the Securities and Exchange Commission acted arbitrarily and capriciously, in violation of the Administrative Procedure Act, by failing to adequately consider the effect of the rule upon efficiency, competition and capital formation, as required by the Securities Exchange Act of 1934 and the Investment Company Act of 1940.
Please see full alert below for more information.
Firefox recommends the PDF Plugin for Mac OS X for viewing PDF documents in your browser.
We can also show you Legal Updates using the Google Viewer; however, you will need to be logged into Google Docs to view them.
Please choose one of the above to proceed!
LOADING PDF: If there are any problems, click here to download the file.