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ARTICLE · 22 NOVEMBER 2021

SEC Proposal To Deregulate Proxy Voting Advice

Hogan Lovells Cadwalader
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The proposal also includes guidance regarding statements of opinion in proxy voting advice under SEA Rule 14a-9.

United StatesCorporate/Commercial Law
Matthew Lefkowitz
Matthew Lefkowitz
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The SEC proposed amendments to its rules governing proxy voting advice that the Commission majority described as being intended to address investor concerns that existing rules (i) "impede and impair the timeliness and independence of proxy voting advice" and (ii) increase litigation risks and compliance costs. The proposal also includes guidance regarding statements of opinion in proxy voting advice under SEA Rule 14a-9 ("False or Misleading Statements").

In July 2020, the SEC established new requirements for proxy advisors. According to the SEC release, these requirements subsequently became a subject of investor concern. As a result, the SEC is proposing to rescind two portions of the 2020 changes to the proxy rules:

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