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SEC Faces More Scrutiny After Court Spiked Rule

Reese Darragh | August 23, 2011

When a federal appeals court last month overturned a rule to allow shareholder proxy access, it didn't just deliver a rebuke to the Securities and Exchange Commission; it gave a roadmap to SEC critics eager to thwart the agency's many other forthcoming rules.

Now those critics seem to be proceeding just so, raising objections to SEC proposed rules that echo the logic the appellate court used to declare the proxy access rule invalid. The practical result could be still more delays in implementing many rules of the Dodd-Frank Act, when the SEC is already well behind schedule—with corporate compliance departments left in the lurch.

The SEC's proxy access rule was overturned on July 22, in a decision by a three-judge appellate court in Washington, D.C. Siding with the plaintiffs, the U.S. Chamber of Commerce, and the Business Roundtable, the judges held that the SEC failed to do an adequate study of the costs its proxy access rule would impose on businesses before the... To get the full story, subscribe now.