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SEC Grants Stay of Proxy Access Rules
October 4, 2010
On September 29, 2010, the U.S. Chamber of Commerce and the Business Roundtable petitioned the U.S. Court of Appeals for the District of Columbia Circuit for a review of the SEC's recently adopted proxy access rules, alleging, among other things, that the rules are arbitrary and capricious and violate the Administrative Procedure Act and that the SEC failed to properly assess the rules' effects on "efficiency, competition and capital formation" as required by law. Pending resolution of that petition, the SEC has granted a stay of Rule 14a-11 and related amendments, including the amendments to Rule 14a-8's director election exclusion. The SEC and the petitioners will seek expedited review of the petitioners' challenge. For the SEC order granting the stay, see http://sec.gov/rules/other/2010/33-9149.pdf.