Following up on its June proposal to change federal proxy rules to facilitate the rights of shareholders to nominate directors, on December 14 the Securities and Exchange Commission announced that it is re-opening the public comment period to "seek views on additional data and related analyses." The SEC staff continues to expect to make a final recommendation to the Commission "early next year."
It is of interest that the SEC is now taking this action after it allowed the original comment period to expire (without any extension) on August 17. The SEC has received over 500 comment letters on this proposal, many of which came in after that deadline. Why would it want more comments now?
PartnerMark Reuter advocates for business clients in transactions, proceedings and conflicts regulated by federal and state securities laws and stock exchange rules. A partner in the firm’s Business Representation & Transaction ...
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