SEC Amends Proxy Solicitations Rules

The SEC has issued a final rule, Exemptions From the Proxy Rules for Proxy Voting Advice. The final rule would (1) “exempt persons furnishing proxy voting advice from the information and filing requirements of the federal proxy rules,” (2) amend the definitions of “solicit” and “solicitation” in Exchange Act Rule 14a-1(l), and (3) include “illustrative examples to the proxy rules’ antifraud provision in Exchange Act Rule 14a-9.”

In addition, the SEC is providing supplemental guidance concerning proxy voting responsibilities for investment advisers.

For more information, see the press release as well as statements by SEC Chairman Jay Clayton and Commissioners Elad L. Roisman, Hester M. Peirce, and Allison H. Lee on the SEC’s Web site.