Securities and Exchange Commission
June 30, 2014

SEC Staff Legal Bulletin 20 on Proxy Advisory Firm Issues - June 30, 2014

On June 30, 2014, the SEC staff of two Divisions released Staff Legal Bulletin 20, providing interpretive guidance to investment managers and proxy advisory firms about their obligations under current SEC rules.  The Division of Investment Management provided guidance about the responsibilities of investment advisers in voting client proxies and retaining proxy advisory firms.  The Division of Corporation Finance provided guidance on the availability and requirements of two exemptions to the federal proxy rules that are often relied upon by proxy advisory firms.