Resource Library Regulatory Landscape

The SEC filed a regulatory notice on August 28 signaling it may shift oversight of shareholder proposals to the states, following its decision earlier in August to stop responding to no-action requests. If adopted, the move could leave boards navigating an inconsistent patchwork of state-level rules on shareholder proposals, and is expected to face further […]

The SEC recently lowered the standard for omitting shareholder proposals, which has raised concerns among shareholders who now have reduced ability to alert the board of their views.

California’s federal courts moved to defer ruling on state climate disclosure laws, stating further development of the facts is needed to determine if the disclosures qualify as commercial speech protected under the First Amendment.

On August 20th, a Texas court set aside the FTC’s non-compete ban, ruling that it exceeded the FTC’s statutory authority. The ban continues to be litigated in other federal courts, raising the possibility of a circuit conflict and a potential Supreme Court review.

On June 28th, the Supreme Court overturned the Chevron doctrine, introducing significant uncertainty around the deference afforded to regulatory agencies in interpreting statutory provisions and passing new rules that are not specifically delegated to them by Congress. The extent of the impact of this ruling remains unclear, but it may have consequences with respect to […]

Agenda reports that on June 24th the 5th Circuit Court of Appeals reinstated a rule that forced proxy advisor firms to provide their voting advice to companies at the same time as investors, and give investors any feedback they receive from the companies on those recommendations.