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New Proxy Access Rules Still in a Holding Pattern

September 15, 2010

In today’s CorporateCounsel.net blog, Broc Romanek remarks, “I’ve received too many emails to count from members wondering if the SEC’s proxy access adopting release has been published in the Federal Register yet given that the SEC approved the adopting release at an open Commission meeting three weeks ago.”

At Knowledge Mosaic, we’ve received similar inquiries from our customers. The final rule was approved on August 25, but isn’t effective yet — and won’t be be until 60 days from its publication in the Federal Register.  And that still hasn’t happened. Which means the effective date of the rule is still up in the air, probably to the chagrin of a lot of Type A securities lawyers.

Romanek notes that the delay is “unusual,” and quotes at length from one of his readers, who likewise finds it “surprising.”  That reader offers an explanation of why the holdup could actually jeopardize the SEC’s own “stated desire” to have the new rules in force for the 2011 proxy season.

Time will tell whether there is more to the story here.

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