Securities Alert: SEC Suspends Effectiveness of Proxy Access Rules


On October 4, 2010, the Securities and Exchange Commission (SEC) granted a temporary stay of effectiveness of its recently issued final rules facilitating access by shareholders to public companies’ proxy statements in order to propose nominees for election to the Board of Directors. The rules were to take effect on November 15, 2010.

The stay of effectiveness of the new proxy access rules stems from a petition filed on September 29, 2010 by the Business Roundtable and the Chamber of Commerce of the United States of America with the United States Court of Appeals for the District of Columbia Circuit, seeking review of these rules. The petitioners also filed with the SEC a motion to stay the effectiveness of newly adopted Rule 14a-11 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), pending review of this rule by the Court of Appeals. The SEC granted the motion to stay the effectiveness of Rule 14a-11 and further stayed the effectiveness of the amendments to Rule 14a-8 under the Exchange Act adopted contemporaneously with Rule 14a-11.

Please see full alert below for more information.

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:

Readers' Choice 2017
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.