CLIENT NEWSFLASH

SEC Stays Proxy Access Pending Court Review

October 4, 2010

The SEC has stayed the effect of newly adopted proxy access Rule 14a-11 and the related amendments to the Commission's rules, including the amendment to Rule 14a-8, pending resolution of a legal challenge to the rule brought in the US Court of Appeals for the D.C. Circuit by the Business Roundtable and the US Chamber of Commerce. The SEC indicated in its order that the parties to the litigation will join in a motion seeking expedited review from the Court of Appeals.

Click here to view the SEC order.

 

If you have questions regarding this newsflash, please contact any of the lawyers listed below or your regular Davis Polk contact.

William M. Kelly 650 752 2003 william.kelly@davispolk.com
Phillip R. Mills212 450 4618phillip.mills@davispolk.com
Richard J. Sandler212 450 4224richard.sandler@davispolk.com
Justine Lee212 450 4631justine.lee@davispolk.com

 

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