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.