Securities Law Advisory: "E-Proxy" Rules Take Effect


Electronic Availability of Proxy Materials to Be Required

Rules will apply to all proxy and information statements for solicitations, except business combination transactions.

Issuers will be required to post all proxy materials on publicly accessible Web sites, even if materials are also delivered in paper.

The Securities and Exchange Commission (SEC) has recently finalized its so-called "e-proxy" rules, which will require all issuers to post their annual meeting materials on a publicly available Internet site (which must be different from the SEC's Web site). While all proxy materials must be available electronically, issuers will have a choice as to the means of delivery of those materials. As the SEC notes in its release adopting these rules, these changes "are intended to provide all shareholders with the ability to choose the means by which they access proxy materials, to expand use of the Internet potentially to lower the costs of proxy solicitations, and to improve the efficiency of the proxy process and shareholder communications." Issuers electing electronic delivery will still be required to have a supply of proxy materials available in paper copies for those shareholders who request them.

Under the new rules, issuers can either elect the "notice only" or the "full set delivery" option. To read more detailed information on these two options and the compliance dates associated with the rules, please see this Mintz Levin Securities Law Advisory.

LOADING PDF: If there are any problems, click here to download the file.

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.

© Mintz Levin | Attorney Advertising

Written by:


Mintz Levin on:

Popular Topics
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.