Regulation Archive

New proxy rules introduced by the SEC now require the use of a ‘universal proxy card’ in all non-exempt director election contests, dramatically changing the proxy contest landscape at public companies. Making it significantly easier for shareholders to nominate dissident candidates for election means companies are increasingly likely to face dissident nominations (or nomination threats) from activists known to seek proxy contests, as well as new shareholders for which...

– The TRADE reported that the European buy side expects to be severely disrupted by the SEC’s recent decision to allow its research no-action letter to expire in 2023. That’s according to a survey from Substantive Research. Originally published in response to research unbundling requirements under Mifid II in 2018, the letter was designed to ...

The London Stock Exchange (LSE) has announced the creation of a new industry group, tasked with improving the competitiveness of the UK capital markets. The LSE says ‘capital markets are often not discussed in the UK through the lens of their ultimate purpose’, which is to ‘direct capital into the real economy to create the jobs and innovation that have an impact on all our lives, and to help savers, pensioners and policyholders find assets to invest in for li...

The SEC has voted to undo Trump-era rules that handed companies more involvement in the creation of proxy advice.  Under the changes, proxy advisory firms will no longer need to make available to companies any research about them or share with investors any written responses by companies to voting advice. The rules had been adopted in 2020. ...