SEC Adopts Proxy Reporting Rule And Form Amendments

The Securities and Exchange Commission (SEC) recently adopted, in a 3-2 vote, rule and form amendments impacting proxy disclosures reporting on Form N-PX (the "amendments").

The amendments that are applicable to mutual funds, ETFs, and other management investment companies registered under the Investment Company Act of 1940 (collectively, "funds") will require enhanced disclosures on Form N-PX. Other amendments will require institutional investment managers who file reports under section 13(f) of the Securities Exchange Act of 1934 ("managers") to use Form N-PX to report how they voted on proxies relating to executive compensation ("say-on-pay") matters.

Also, new notice filings will be mandated for funds and managers (collectively, "reporting persons") that either have disclosed policies of not voting proxies and did not vote, or did not hold any securities entitled to be voted during the reporting period.