September 6, 2011
Today’s the Deadline: Will the SEC Appeal the Proxy Access Decision?
Today is the deadline for the SEC to decide whether to appeal the decision of the US Court of Appeals for the DC Circuit in the Business Roundtable’s and Chamber of Commerce’s lawsuit over proxy access. The SEC can file a petition for rehearing (which seeks review before the panel) or a petition for rehearing en banc (seeking review of all judges of the DC Circuit) or both.
If the SEC doesn’t not file anything today, the court’s mandate (ie. final judgment) will issue seven days later and the case will be sent back to the SEC. Even in this scenario, the SEC could ask the Solicitor General to appeal the decision to the US Supreme Court – but that is fairly unlikely given that there is no split among the circuit courts on this issue and a statutory standard is involved that is fairly unique to the SEC and CFTC. Thus, it is improbable that SCOTUS would grant certiorari.
Although CII has urged the SEC to appeal, it also has urged the agency to continue the stay on Rule 14a-8 – even if the case is not taken up for rehearing. And now the ABA’s Business Law Section has also submitted a letter to the SEC also urging that the stay be continued.
A Facelift! Corp Fin Reformats the “Financial Reporting Manual”
Last Thursday, Corp Fin posted a new and improved formatted “Financial Reporting Manual.” The facelift didn’t change the substance in the Manual…
Last week, the SEC also revised Form ID to allow for new applicant types to file the Form and make Edgar filings. The new Form ID requires the filer to select an entity type. Those that have already filed a Form ID are not required to re-file or otherwise revise what they already have filed.
Our September Eminders is Posted!
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– Broc Romanek