Shareholder activists and proxy analysts face up to a year in jail and a fine of up to $4,000 if they fail to comply with a new regulations being proposed in the USA.
The US state legislature in Texas has proposed a bill, which would, if passed, require activist investors and proxy advisory firms owning or commenting on Texan publicly-listed companies adhere to new disclosure requirements that go far beyond current federal rules.… Read the rest
The SEC this week weighed into the proxy advisor debate with Staff Legal Bulletin 20
, which provides information on the proxy voting responsibilities of investment advisers (i.e. professional investors) as well as clarification on the exemptions from federal regulation which apply to proxy advisory firms.… Read the rest
Canadian Securities Administrators (CSA), the umbrella organisation for Canada’s mosaic of markets regulators, is seeking feedback on its proposals for a policy on proxy advisory firms. “National Policy 25-201 Guidance for Proxy Advisory Firms”
is the result of its 2012 consultation paper which looked at possible issues with the shareholder voting research industry.… Read the rest