Yesterday, the SEC decided to stay the effectiveness of the proxy access rules pending resolution of a petition for review filed in connection with this lawsuit filed by the Business Rountable and U.S. Chamber of Commerce. As a result, proxy access will not take effect in 2010 and its potential applicability to the 2011 proxy season is in limbo.
The stay applies to the implementation of the new proxy access Rule 14a-11, as well as related amendments to Rule 14a-8, which governs shareholder proposals. The stay will allow the court to conduct an expedited review of the lawsuit; however, even a highly expedited case in which the court decides to hear oral arguments (probable in this case) will likely take several months to resolve.
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 & Transactions ...
Subscribe
RSS Feed
Follow us on Facebook
Follow us on Twitter
Follow us on LinkedInTopics/Tags
Select- Securities Law
- SEC
- Securities Regulation
- Corporate Transparency Act
- Cybersecurity and Privacy Law
- Nasdaq
- Corporate Law
- Clawback Rules
- Coronavirus
- IRS
- Regulation Fair Disclosure
- Government Shutdown
- Tax Planning
- SEC Enforcement
- Dodd-Frank
- Cybersecurity Regulation
- House Settlement
- NCAA
- NIL
- Sports
- Taxation
- Mergers & Acquisitions
- Paycheck Protection Program
- JOBS Act
- Corporate Governance
- EDGAR
- EDGAR Next
- Consumer Protection Act
- FAST Act
- Corporate Tax
- Proxy Access Rules
- Economic Sanctions
- Securities Litigation
- Ohio LLC Act
- Crowdfunding
- Conflict Minerals
- Cryptocurrency
- Hedging
- Real Estate Law
- Emerging Growth Companies
- Investors
- Pay Ratio Disclosure
- Whistleblower
- Private Offerings
- Intellectual Property
- Technology
- Executive Compensation
- Health Care Act
- LIBOR
- Opportunity Zone
- Wall Street Reform
- Accredited Investors
- Sales Tax
- United States Supreme Court
- Online Trading Platforms
- IPO
- Registration Statement
- Annual Reports
- Director Compensation
- Family-Controlled Entities
- Gift and Estate Transfers
- Ohio Foreclosure Reform
- Board of Directors
- Director Independence
- Cyber Insurance
- Data Breach
- Lenders
- Receivership Statute
- Regulation A
- Regulation D
- Total Shareholder Return
- Compensation Committee Certification
- CDEs
- CDFI Fund
- Community Development Entities
- Community Development Financial Institutions Fund
- New Markets Tax Credit
- NMTC
- NMTC Financing
- Social Media
- Benefits
- Healthcare Reform
- Litigation
- Marketing
- Public Company Transition Rules
- Employment Incentives
- HIRE Act
- Social Security Tax
- Tax Credit
Recent Posts
- No More No-Action: SEC Permanently Discontinues Responses to Rule 14a-8 Shareholder Proposal No-Action Requests
- SEC Moves to Formally Rescind Climate Disclosure Rules
- SEC Proposes Rules to Permit Optional Semiannual Reporting
- Proxy Season Update: SEC will not respond to Most Shareholder Proposal No-action Requests
- Reg FD Compliance Reminder – Influencer Interview Triggers 8-K Filing
- What Filers Should Know as Government Shutdown Looms
- Ninth Circuit Warning: Silence in the Face of SEC Comment Letters May Bolster Section 12(a)(2) Claims
- House Settlement Approved: College Sports Transition into a New but Familiar Legal Era
- Checking the Box(es): SEC Issues New Guidance Clarifying Clawback Expectations
- Pay vs. Performance and Cybersecurity Disclosure Rules: Will the SEC Retract Rulemaking?