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Final Rule: Exemptions from the Proxy Rules for Proxy Voting Advice

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Final Rule: Exemptions from the Proxy Rules for Proxy Voting Advice Conformed to Federal Register Version SECURITIES AND EXCHANGE COMMISSION 17 CFR Part 240 [Release No. 34-89372; File No. S7-22-19] RIN: 3235-AM50 Exemptions from the Proxy Rules for Proxy Voting Advice AGENCY: Securities and Exchange Commission. ACTION: Final rule. SUMMARY: The Securities and Exchange Commission (“Commission”) is adopting amendments to its rules governing proxy solicitations so that investors who use proxy voting advice receive more transparent, accurate, and complete information on which to make their voting decisions, without imposing undue costs or delays that could adversely affect the timely provision of proxy voting advice. The amendments add conditions to the availability of certain existing exemptions from the information and filing requirements of the Federal proxy rules that are commonly used by proxy voting advice businesses. These conditions require compliance with disclosure and procedural requirements, including conflicts of interest disclosures by proxy voting advice businesses and two principles-based requirements. In addition, the amendments codify the Commission’s interpretation that proxy voting advice generally constitutes a solicitation within the meaning of the Securities Exchange Act of 1934. Finally, the amendments clarify when the failure to disclose certain information in proxy voting advice may be considered misleading within the meaning of the antifraud provision of the proxy rules, depending upon the particular facts and circumstances. DATES: Effective date: The rules are effective November 2, 2020. Compliance dates: See Section II.E. FOR FURTHER INFORMATION CONTACT: Daniel S. Greenspan, Senio r Counsel, Office of Rulemaking, at (202) 551-3430 or Valian Afshar, Special Counsel, Office of Mergers and Acquisitions, at (202) 551-3440, in the Division of Corporation Finance, U.S. Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549. SUPPLEMENTARY INFORMATION: We are adopting amendments to 17 CFR 240.14a-1(l) (“Rule 14a-1(l)”), 17 CFR 240.14a-2 (“Rule 14a-2”), and 17 CFR 240.14a-9 (“Rule 14a-9”) under the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.] (“Exchange Act”).1 1 Unless otherwise noted, when we refer to the Exchange Act, or any paragraph of the Exchange Act, we are referring to 15 U.S.C. 78a of the United States Code, at which the Exchange Act is codified, and when we refer to rules under the Exchange Act, or any paragraph of these rules, we are referring to title 17, part 240 of the Code of Federal Regulations [17 CFR 240], in which these rules are published. 2 TABLE OF CONTENTS I. INTRODUCTION ............................................................................................................... 5 II. DISCUSSION OF FINAL AMENDMENTS .................................................................... 22 A. CODIFICATION OF THE COMMISSION’S INTERPRETATION OF “SOLICITATION” UNDER RULE 14A-1(L) AND SECTION 14(A) ................................... 22 1. Proposed Amendments .................................................................................................... 26 2. Comments Received ........................................................................................................ 28 3. Final Amendments........................................................................................................... 33 B. AMENDMENTS TO RULE 14A-2(B): CONFLICTS OF INTEREST .......................... 51 1. Proposed Amendments .................................................................................................... 51 2. Comments Received ........................................................................................................ 54 3. Final Amendments........................................................................................................... 58 C. AMENDMENTS TO RULE 14A-2(B): NOTICE OF PROXY VOTING ADVICE AND RESPONSE ............................................................................................................................... 68 1. Proposed Amendments .................................................................................................... 70 2. Comments Received ........................................................................................................ 73 3. Final Amendments........................................................................................................... 85 D. AMENDMENTS TO RULE 14A-9 ................................................................................. 124 1. Proposed Amendments .................................................................................................. 124 2. Comments Received ...................................................................................................... 127 3. Final Amendments......................................................................................................... 131 E. COMPLIANCE DATES ................................................................................................. 134 III. OTHER MATTERS ........................................................................................................ 136 IV. ECONOMIC ANALYSIS ............................................................................................... 136 A. INTRODUCTION ........................................................................................................... 137 1. Overview of Proxy Voting Advice Businesses’ Role in the Proxy Process ..................... 140 2. Commenter Concerns Regarding the Rule’s Economic Justification .............................. 146 B. ECONOMIC BASELINE ............................................................................................... 149 1. Affected Parties and Current Market Practices ............................................................... 149 2. Current Regulatory Framework ..................................................................................... 167 C. BENEFITS AND COSTS ................................................................................................ 171 1. Overview of Benefits and Costs and Comments Received ............................................. 171 2. Codification of the Commission’s Interpretation of “Solicitation” Under Rule 14a-1(l) and Section 14(a) ......................................................................................................................... 175 3. Amendments to Rule 14a-2(b) ....................................................................................... 176 4. Amendments to Rule 14a-(9) ......................................................................................... 197 3 5. Effect on Smaller Entities .............................................................................................. 199 D. EFFECTS ON EFFICIENCY, COMPETITION, AND CAPITAL FORMATION ..... 200 1. Efficiency ...................................................................................................................... 200 2. Competition ................................................................................................................... 204 3. Capital Formation .......................................................................................................... 208 E. REASONABLE ALTERNATIVES ................................................................................ 209 1. Use a more prescriptive approach in the final amendments ............................................ 209 2. Require proxy voting advice businesses to include full registrant response in the businesses’ voting advice ...................................................................................................... 209 3. Public disclosure of conflicts of interest ......................................................................... 210 4. Require additional or alternative mandatory disclosures in proxy voting advice ............. 211 5. Require disabling or suspension of pre-populated and automatic submission of votes .... 212 6. Exempt smaller proxy voting advice businesses from the additional conditions to the exemptions ............................................................................................................................ 214 7. Require a Narrower Scope of Registrant Notice ............................................................. 215 V. PAPERWORK REDUCTION ACT ............................................................................... 216 A. BACKGROUND.............................................................................................................. 216 B. SUMMARY OF COMMENT LETTERS TO PRA ESTIMATES ................................ 218 C. BURDEN AND COST ESTIMATES FOR THE AMENDMENTS .............................. 218 1. Impact on Affected Parties ............................................................................................. 219 2. Aggregate Increase in Burden ........................................................................................ 230 3. Increase in Annual Responses ........................................................................................ 231 4. Incremental Change in Compliance Burden for Collection of Information ..................... 232 5. Program Change and Revised Burden Estimates ............................................................ 233 VI. FINAL REGULATORY FLEXIBILITY ANALYSIS ................................................... 233 A. NEED FOR, AND OBJECTIVES OF, THE FINAL AMENDMENTS ........................ 234 B. SIGNIFICANT ISSUES
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