The SEC Is Not Seeking Judicial Review of the Order Vacating Proxy Access Rule 14a-11

As has been reported pretty much everywhere at this point, the Securities and Exchange Commission has declined to seek a rehearing of the D.C. Circuit Court of Appeal’s order vacating proxy access Rule 14a-11.

The Commission’s official statement on the matter was finally made available this morning.

As to Rule 14a-8, adopted and then voluntarily stayed  in conjunction with the challenge to Rule 14a-11, and which permits eligible shareholders to propose proxy access procedures on a company-by-company basis, the Commission should, barring any other action, publish notice of the rule’s effective date sometime after its stay order expires on September 13, 2011.

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