Regulatory Alerts2020-09-03 | 2020-16337Added
Exemptions From the Proxy Rules for Proxy Voting Advice
The Securities and Exchange Commission adopted final rules amending federal proxy regulations to enhance the transparency, accuracy, and completeness of information provided by proxy voting advice businesses to investors. The amendments codify the interpretation that proxy voting advice generally constitutes a solicitation under the Securities Exchange Act of 1934 and impose new disclosure and procedural conditions on existing exemptions from filing requirements. These conditions mandate conflicts of interest disclosures, notice of voting advice, and responses from issuers, while clarifying when omissions in such advice may be considered materially misleading under antifraud provisions.
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