SEC Official Defends Withdrawal Of Proxy Guidance Letters

Law360 (September 26, 2018, 7:32 PM EDT) -- A U.S. Securities and Exchange Commission official on Wednesday defended a recent staff decision to rescind two guidance letters regarding investment managers' use of proxy advisers, telling a congressional panel that the time is right to reconsider proxy-voting rules ahead of coming SEC roundtables on the topic.

Dalia Blass, director of the SEC’s Division of Investment Management, told the House Financial Services Committee that the decision to withdraw the letters is part of the agency’s larger efforts to review and modernize its regulatory framework.

The investment management division on Sept. 13 rescinded two no-action letters issued in 2004 to Egan-Jones Proxy...

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