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ARTICLE · 22 JUNE 2021

SEC To Revisit Proxy Advisory Firm Rules

Osler, Hoskin & Harcourt LLP
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On June 1, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (the SEC) issued a statement directing SEC staff to re-examine the SEC's rules that were finalized last year regulating proxy voting advice businesses.

CanadaCorporate/Commercial Law
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
Min Oh (Summer Student)
Min Oh (Summer Student)
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On June 1, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (the SEC) issued a statement directing SEC staff to re-examine the SEC's rules that were finalized last year regulating proxy voting advice businesses.

SEC rulemaking on proxy advisory firms

On August 21, 2019, the SEC issued its interpretation that voting advice communications from proxy advisory firms are generally solicitations that are subject to SEC antifraud rules prohibiting proxy solicitations from containing materially false or misleading statements and provided guidance on the responsibilities of investment advisers which use services of proxy advisory firms. (See our Osler Update, "SEC issues guidance regarding activities of proxy advisory firms").

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