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  SEC Provides Guidance on Use of Proxy Advisory Firms
Identification Number 1715
SEC Provides Guidance on Use of Proxy Advisory Firms
Publication Date: August 23, 2019 

On August 21, the SEC approved two interpretive releases designed to clarify the responsibilities of Proxy Advisory Firms and those investment advisers’ that rely on the Proxy Advisory Firms’ advice.  In a 14-page interpretive release, the SEC described how the proxy rules impact proxy advisors and requires proxy advisors to take more steps to disclose their methodologies and conflicts.  This release also describes the duty of the Proxy Advisory Firms to rely upon accurate information.  In a separate 26-page interpretive release about proxy voting responsibilities for investment advisors the SEC provided steps that investment advisers should take when hiring a Proxy Advisory Firm, including a review of potential conflicts of interest, and actions they should take if they become aware of potential factual errors or weaknesses in the Proxy Advisory Firm’s methodology or analysis. The SEC issued a press release, which also includes a fact sheet about the new interpretive releases. 

Publication Date*: 8/23/2019 Mailto Link Identification Number: 1715
material_search_footer*The Publication Date reflects the date of first inclusion in the Reference Library, which was launched on July 31, 2012, or a subsequent update to the material. Material may have been previously available on a different Nasdaq web site.
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