News & Analysis as of

Shareholders New Guidance

Maynard Nexsen

A New Chapter in Shareholder Engagement?  What the SEC’s Revised Schedule 13G/D Guidance Means for Public Companies

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Under Sections 13(d) and 13(g) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), shareholders that beneficially own more than five percent of an issuer’s outstanding publicly traded voting equity...more

Mayer Brown

Shareholder Proposals in the Wake of Staff Legal Bulletin 14M

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As we previously addressed here, on February 12, 2025, the Staff of the U.S. Securities and Exchange Commission’s Division of Corporation Finance published Staff Legal Bulletin 14M (“SLB 14M”). Among other things, SLB 14M...more

Skadden, Arps, Slate, Meagher & Flom LLP

Making Sure Newly Cautious Shareholders Get the Information They Want

Key Points - Revised guidance from the SEC regarding ownership reporting is making institutional investors circumspect about raising issues with management. - Seeking to influence a company’s executive compensation, or...more

Eversheds Sutherland (US) LLP

SEC revamps approach to shareholder proposal exclusions

On February 12, 2025, the Division of Corporation Finance (Staff) of the Securities and Exchange Commission (SEC) released new guidance regarding shareholder proposals submitted pursuant to Rule 14a-8 under the Securities...more

Jones Day

The Relevance of "Economic Relevance"

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For those who use “March Madness” to describe proxy season rather than basketball, they'll immediately know that the “economic relevance” exclusion under Rule 14a-8(i)(5) is something of a lore in the SEC's shareholder...more

BCLP

SEC Reinstates Shareholder Proposal Guidance Rescinded Under Chairman Gensler

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In one of its first actions under the new Administration, the SEC staff issued new guidance that largely reinstated older guidance that had supported the ability of public companies to exclude shareholder proposals from their...more

K&L Gates LLP

United States: SEC Issues New Guidance on Schedule 13G Eligibility

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The SEC’s Division of Corporation Finance recently issued new guidance regarding when shareholders can file beneficial ownership reports on Schedule 13G. While the 11 February 2025 Compliance and Disclosure Interpretation...more

Goodwin

Tax Update in Luxembourg Regarding Interest Rates for Shareholder Current Accounts

Goodwin on

On 29 January 2025, the Luxembourg tax authorities published Circular L.I.R. n° 164/1 (Circular), which replaces the previous circular L.I.R. n° 164/1, dated 23 March 1998. The Circular updates the rules related to interest...more

Seward & Kissel LLP

SEC Staff Issues Guidance on Tailored Shareholder Reports

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Who may be interested: Registered Investment Companies; Investment Advisers - Quick Take: The staff of the Division of Investment Management’s Disclosure Review & Accounting Office (Staff) issued an Accounting and...more

Latham & Watkins LLP

Recent Developments for UK PLCs - December 2024

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On 15 November 2024, the FCA released Primary Market Bulletin 52, offering guidance on compliance with MAR and DTR requirements, particularly in identifying and disclosing inside information, managing shareholder...more

Gardner Law

Highlights from OIG’s New Compliance Program Guidance

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The U.S. Department of Health and Human Services Office of Inspector General (HHS OIG) released an important new compliance resource in November 2023. The HHS OIG’s new General Compliance Program Guidance (GCPG) is intended...more

Troutman Pepper Locke

SEC Releases New Guidance on Tailored Shareholder Reports

Troutman Pepper Locke on

On January 19, 2024, the Division of Investment Management staff at the Securities and Exchange Commission (SEC), released several responses to frequently asked questions (FAQs) related to the adoption of rules and form...more

Fenwick & West LLP

SEC Adopts Rules for Shorter Deadlines and More Transparency in Share Ownership Reporting

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On October 10, 2023, the U.S. Securities and Exchange Commission adopted new rules (the Amendments) that amend Regulation 13D-G under the Securities Exchange Act of 1934 (the Exchange Act), which provide companies, and the...more

BCLP

Corporate Briefing - August 2023

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Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. In this month’s issue, we discuss...more

White & Case LLP

FTSE 350 AGMs: Snapshot of how companies are responding to the new Pre-Emption Group guidelines

White & Case LLP on

The Pre-Emption Group issued new guidelines in November 2022. The guidelines have increased the threshold for which companies may disapply pre-emption rights to 20% and have added a new flexibility whereby companies may...more

Mayer Brown Free Writings + Perspectives

SEC Staff Provides New Universal Proxy Guidance

On December 7, 2022, the Staff of the Securities and Exchange Commission issued three Compliance and Disclosure Interpretations that address the universal proxy rules.  These are included in the Staff’s Proxy Rules and...more

BCLP

BEIS issues anticipated National Security & Investment Act market guidance notes

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Following on from its first annual report on the National Security and Investment Act (“NSIA”) in June 2022 ), on 19 July 2022 the UK’s Department for Business, Energy & Industrial Strategy (“BEIS”) published its first set of...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Proposes Amendments to the Shareholder Proposal Rules

On July 13, 2022, the U.S. Securities and Exchange Commission (SEC), by a 3-2 vote, proposed amendments to the proxy rules that would narrow certain grounds under which companies may exclude shareholder proposals from their...more

Moore & Van Allen PLLC

FINRA Closes Out 2021 with Further Guidance on Pandemic-Related Issues for Member Firms

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After extensive retrospective review of FINRA Rule 4370, which covers member firm business continuity plan (“BCP”) requirements during times of business disruption (such as the COVID-19 Pandemic), FINRA issued its...more

Eversheds Sutherland (US) LLP

SEC Staff issues guidance on shareholder proposals 

On November 3, 2021, the staff of the Division of Corporation Finance (the Staff) of the US Securities and Exchange Commission (the SEC) issued Staff Legal Bulletin No. 14L (CF) (SLB 14L) relating to shareholder proposals...more

Hogan Lovells

SEC staff issues new guidance on shareholder proposals involving social policy issues - SEC Update

Hogan Lovells on

On November 3 the SEC’s Division of Corporation Finance issued Staff Legal Bulletin 14L (SLB 14L) to provide new guidance on the application of the “ordinary business” and “economic relevance” exceptions to a public company’s...more

BCLP

Excluding a Shareholder Proposal? Not So Fast…

BCLP on

The SEC’s Division of Corporation Finance recently published Legal Bulletin 14L (CF) (the “Bulletin”) providing updated guidance on excluding shareholder proposals under Rule 14a-8 under the Exchange Act.  Specifically, the...more

Stinson - Corporate & Securities Law Blog

SEC Reverses Course on Shareholder Proposals

The SEC Division of Corporation Finance announced it has rescinded Staff Legal Bulletin (“SLBs”) Nos. 14I, 14J and 14K after a review of staff experience applying the guidance in them.  Public companies relied on the guidance...more

Fenwick & West LLP

SEC Adopts Guidance Likely to Lead to More Policy-Related Shareholder Proposals

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On November 3, 2021, the Staff of the Securities and Exchange Commission’s Division of Corporation Finance issued Staff Legal Bulletin No. 14L (the New SLB), which will make it more difficult for companies to exclude social...more

Vinson & Elkins LLP

Back to the Future: The SEC Radically Alters Rule 14a-8 Interpretive Guidance

Vinson & Elkins LLP on

Things are getting interesting, and the shareholder proposal and annual meeting season has only barely kicked off. On Wednesday, November 3, the Division of Corporation Finance (the “Division”) of the Securities and Exchange...more

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