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ARTICLE · 23 AUGUST 2011

Federal Appeals Court Vacates SEC’s Proxy Access Rule

Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
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The US Court of Appeals for the District of Columbia Circuit (the Court) has vacated Rule 14a-11 under the Securities Exchange Act of 1934, as amended (the Exchange Act), which was adopted by the Securities and Exchange Commission (the SEC) in August 2010.

United StatesFinance and Banking
Megan Gates
Megan Gates
Asya Alexandrovich
Asya Alexandrovich
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The US Court of Appeals for the District of Columbia Circuit (the Court) has vacated Rule 14a-11 under the Securities Exchange Act of 1934, as amended (the Exchange Act), which was adopted by the Securities and Exchange Commission (the SEC) in August 2010. Rule 14a-11 was designed to facilitate access by shareholders to public companies' proxy statements in order to propose nominees for election to boards of directors.

On September 29, 2010, the Business Roundtable and the Chamber of Commerce of the United States of America filed a petition with the Court seeking review of Rule 14a-11. The petitioners also filed with the SEC a motion to stay the effectiveness of Rule 14a-11 pending review by the Court. The SEC granted the motion to stay the effectiveness of Rule 14a-11 and further stayed the effectiveness of the amendments to Rule 14a-8 under the Exchange Act adopted contemporaneously with Rule 14a-11. The rules were to take effect on November 15, 2010.

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