SEC Rescinds Key Proxy Solicitation Rules for Proxy Voting Advice: Client Alert Digest

Summary

This client alert digest discusses amendments adopted by the Securities and Exchange Commission (SEC) on July 13, 2022, that (1) rescind two rules applicable to proxy voting advice businesses (PVABs) that the SEC adopted in 2020 and (2) delete the change made by the SEC at the same time to the proxy rules' liability provision. The SEC also rescinded supplemental guidance issued in 2020 to investment advisers regarding their proxy voting obligations. This client alert digest includes links to the SEC adopting release, law firm client alerts and memoranda discussing the amendments, and related content in Practical Guidance.