SEC Signals New Direction On Proxy Advice Regulations
Law360 (June 4, 2021, 8:30 PM EDT) -- The U.S. Securities and Exchange Commission's decision to reconsider new rules governing proxy advisory firms signals a policy shift that could alter or undo what is seen as a corporate-friendly regulatory regime installed at the tail end of the Trump administration.
SEC Chairman Gary Gensler directed staff on Tuesday to reconsider recently issued interpretations and rules governing proxy advisory firms, which sell voting advice to institutional shareholders of public companies. In turn, the SEC's Division of Corporation Finance said it won't recommend enforcement actions against proxy firms while the review is ongoing.
Gensler's statement didn't commit to any specific outcome. But...
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