PLANADVISER - July/August 2022 - 6

Legislative and Judicial Actions
compliance news //
The SEC Favors Proxy Voting
Advice Rule Amendments
The Securities and Exchange Commission,
in mid-July, adopted amendments
to its rules that govern proxy voting
advice. SEC Chair Gary Gensler said,
in a statement, that the final amendments
aim to prevent, for proxy voting
advice businesses, burdens that may
impair
the timeliness and independence
of their advice. The amendments
also address misperceptions
about liability standards applicable to
proxy voting advice, while preserving
investors' confidence in the integrity of
such advice, Gensler said.
As outlined in a press release
distributed after
the vote,
the final
amendments rescind two rules applicable
to proxy voting advice businesses
that the commission adopted in 2020.
Specifically, the final amendments
rescind conditions placed on the availability
of two exemptions from the
proxy rules' information and filing
requirements on which proxy voting
advice businesses often rely.
These conditions require that, first,
public companies that are the subject
of proxy voting advice have such advice
made available to them in a timely
manner and, second, that clients of
proxy voting advice businesses be
provided with a way to be notified of
any written responses by those public
companies to proxy voting advice.
The SEC's release states that institutional
investors and other clients of
proxy voting advice businesses have
continued to express concerns that
these conditions could increase these
businesses' compliance costs and
impair the independence and timeliness
of their voting advice.
The final amendments also delete
the 2020 changes made to the proxy
rules' liability provision. As explained
in the SEC's release, although these
changes were intended to clarify the
application of the liability provision
to proxy voting advice,
they instead
created a risk of confusion regarding
how the provision should be applied,
undermining their own goal.
The final amendments address the
confusion while affirming that proxy
voting advice generally is subject to
liability under the proxy rules, the
SEC says. Finally, the adopting release
rescinds guidance that the commission
issued in 2020 to investment
advisers regarding their proxy voting
obligations.
6 | planadviser.com July-August 2022
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PLANADVISER - July/August 2022

Table of Contents for the Digital Edition of PLANADVISER - July/August 2022

Balancing Act
Greater Access
Previewing Plan Features
A Different Way to Save
Next-Level Options
New Territory for Income?
Compliance for Wealth Managers
If Caught Off Guard by A Failure
Larry E. Crocker
PLANADVISER - July/August 2022 - C1
PLANADVISER - July/August 2022 - FC1
PLANADVISER - July/August 2022 - FC2
PLANADVISER - July/August 2022 - C2
PLANADVISER - July/August 2022 - 1
PLANADVISER - July/August 2022 - 2
PLANADVISER - July/August 2022 - 3
PLANADVISER - July/August 2022 - 4
PLANADVISER - July/August 2022 - 5
PLANADVISER - July/August 2022 - 6
PLANADVISER - July/August 2022 - 7
PLANADVISER - July/August 2022 - 8
PLANADVISER - July/August 2022 - 9
PLANADVISER - July/August 2022 - 10
PLANADVISER - July/August 2022 - 11
PLANADVISER - July/August 2022 - 12
PLANADVISER - July/August 2022 - 13
PLANADVISER - July/August 2022 - 14
PLANADVISER - July/August 2022 - 15
PLANADVISER - July/August 2022 - Balancing Act
PLANADVISER - July/August 2022 - 17
PLANADVISER - July/August 2022 - 18
PLANADVISER - July/August 2022 - 19
PLANADVISER - July/August 2022 - Greater Access
PLANADVISER - July/August 2022 - 21
PLANADVISER - July/August 2022 - 22
PLANADVISER - July/August 2022 - 23
PLANADVISER - July/August 2022 - Previewing Plan Features
PLANADVISER - July/August 2022 - 25
PLANADVISER - July/August 2022 - 26
PLANADVISER - July/August 2022 - 27
PLANADVISER - July/August 2022 - A Different Way to Save
PLANADVISER - July/August 2022 - 29
PLANADVISER - July/August 2022 - 30
PLANADVISER - July/August 2022 - 31
PLANADVISER - July/August 2022 - Next-Level Options
PLANADVISER - July/August 2022 - 33
PLANADVISER - July/August 2022 - 34
PLANADVISER - July/August 2022 - 35
PLANADVISER - July/August 2022 - New Territory for Income?
PLANADVISER - July/August 2022 - 37
PLANADVISER - July/August 2022 - Compliance for Wealth Managers
PLANADVISER - July/August 2022 - If Caught Off Guard by A Failure
PLANADVISER - July/August 2022 - Larry E. Crocker
PLANADVISER - July/August 2022 - Cover3
PLANADVISER - July/August 2022 - Cover4
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