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ARTICLE · 09 OCTOBER 2010

"Proxy Access" Rules Stayed Pending Litigation

O'Melveny & Myers LLP
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Today, the Securities and Exchange Commission (the "Commission") issued an order staying the effectiveness of its recently-issued "proxy access" rules.

United StatesFinance and Banking
Marty Dunn
Marty Dunn
Leanna Albrecht
Leanna Albrecht

Today, the Securities and Exchange Commission (the "Commission") issued an order staying the effectiveness of its recently-issued "proxy access" rules. Prior to the Commission's stay, the new rules were scheduled to become effective November 15, 2010 and apply to the proxy materials of any public company that mailed its proxy materials for its last annual meeting after March 15, 2010. At this time, it is not possible to determine the manner in which the stay will ultimately impact the effective date of the rules.

Our detailed summary of new Rule 14a-11 and amended Rule 14a-8 is available here. The Commission's release adopting the proxy access rules is available here. The Commission's order granting a stay of the proxy access rules is available here.

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