SEC Publishes Rule Requiring Internet Posting of Proxy Materials

The Securities and Exchange Commission ("SEC") recently published final regulations on Shareholder Choice Regarding Proxy Materials. The amendments to the proxy rules under the Securities Exchange Act of 1934 ("Amendments") require issuers and other soliciting persons to post proxy materials on a publicly accessible Internet web site and to provide notice to shareholders of the availability of those materials. Issuers and other soliciting persons must follow a notice and access model, which allows two options to issuers to provide proxy materials to shareholders: (1) the "notice only" option and (2) the "full set delivery" paper option. If the issuer chooses to post its proxy materials on the Internet web site, under the "notice only" option, shareholders may elect to receive these proxy materials in paper copy format.