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D.C. Circuit Vacates SEC Proxy Access Rules
July 22, 2011
The Court of Appeals for the District of Columbia, in a strongly worded opinion, has today vacated the SEC's proxy access rules (set forth in Rule 14a-11) as being arbitrary and capricious and therefore in violation of the Administrative Procedure Act. In so doing, the Court found that the SEC failed adequately to consider the economic implications of the rules and their effect on efficiency, competition and capital formation.