Regulatory Alerts2019-09-10 | 2019-18355Added
Commission Interpretation and Guidance Regarding the Applicability of the Proxy Rules to Proxy Voting Advice
The Securities and Exchange Commission issued guidance clarifying that proxy voting advice provided by proxy advisory firms generally constitutes a solicitation under the federal proxy rules. This interpretation establishes that such advice falls within the broad definition of solicitation because it is reasonably calculated to influence shareholders' voting decisions. The document further outlines the application of anti-fraud provisions to these communications while noting ongoing reviews of related exemption rules.
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