SEC’s Corp Fin and IM Issue Proxy Voting Guidance
In conjunction with its Division of Corporation Finance (“Corp Fin”), the U.S. Securities and Exchange Commission’s (“SEC”) Division of Investment Management (“IM”) recently issued Staff Legal Bulletin No. 20, Proxy Voting: Proxy Voting Responsibilities of Investment Advisers and Availability of Exemptions from the Proxy Rules for Proxy Advisory Firms. In their respective roles, IM offers guidance for investment advisers’ responsibilities in voting client proxies and preserving proxy advisory firms, and Corp Fin provides guidance on the accessibility and obligations of two federal proxy rule exemptions that are often used by proxy advisory firms. The guidance reflects proxy advisory firms’ ability. Read More.
Topics: Advisory Firms, Division of Corporation Finance "Corp Fin", Division of Investment Management "IM", Exemptions, Investment Advisers, Proxy Voting, U.S. Securities and Exchange Commission "SEC"
Conflict Minerals’ Effective Date Gets a Stay
Announced on May 2nd, the U.S. Securities and Exchange Commission (“the Commission”; “SEC”) issued a stay of the effective date for companies to comply with parts of its final rule, Conflict Minerals. The stay affects parts of Exchange Act Rule 13p-1 and Form SD, which mandates public disclosure of a company’s use of conflict minerals from the Democratic Republic of the Congo or neighboring countries. Due to last month’s decision by the Court of Appeals for the District of Columbia Circuit (“the Court”), such disclosure was ruled as violating the First Amendment. As companies move forward applying the final rule. Read More.
Topics: Assurance & Accounting "A&A", Conflict Minerals, Court of Appeals, Democratice Republic of Congo "Congo", Division of Corporation Finance "Corp Fin", U.S. Securities and Exchange Commission "SEC"