Elastic N.V. Notice and Access No-Action Relief for Dutch Law Conflict
Summary
The SEC Division of Corporation Finance granted no-action relief to Elastic N.V., a Dutch company, permitting use of notice and access for proxy materials under Rule 14a-16 despite Dutch law requiring a 28-day record date that conflicts with the 40-day advance notice requirement. The company undertook to file definitive proxy materials 40 days in advance, issue a press release announcing availability, and distribute the Notice within 5 business days after the record date.
What changed
The SEC Office of Mergers and Acquisitions issued a no-action letter permitting Elastic N.V. to use notice and access under Rule 14a-16 of the Exchange Act, conditioned on the company's undertakings to file materials 40 days in advance, issue a press release, and distribute the Notice within 5 business days after the record date. Dutch law requires the record date be set at 28 days before the meeting, creating a conflict with Rule 14a-16(a)'s 40-day notice requirement.
Public companies with Dutch listings or similar international conflicts may reference this guidance when structuring proxy distributions. The letter is based on the specific representations made and does not establish general precedent for other companies facing similar conflicts without corresponding undertakings.
What to do next
- Monitor for updates
Archived snapshot
Apr 9, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
Elastic N.V.
Response of the Office of Mergers and Acquisitions
Division of Corporation Finance
April 8, 2026
Via Email
Richard J. Parrino
Hogan Lovells US LLP
richard.parrino@hoganlovells.com
Re: Elastic N.V.
Incoming letter dated April 8, 2026
Dear Mr. Parrino:
We are responding to your letter dated April 8, 2026, addressed to Tiffany Posil and Laura McKenzie. To avoid having to recite or summarize the facts set forth in your letter, we attach a copy of your letter. Unless otherwise noted, capitalized terms in this response letter have the same meaning as in your letter.
Based on the facts and representations presented in your letter, the Division of Corporation Finance will not object if Elastic N.V. uses notice and access pursuant to Rule 14a-16 of the Exchange Act to furnish proxy materials as described in your incoming letter.
In particular, we note:
- Because Dutch law mandates that the record date for a general meeting of shareholders be set at the 28 th day before the date of the meeting, the Company is unable to comply with the requirement in Rule 14a-16(a) to send a Notice of Internet Availability of Proxy Materials (“Notice”) at least 40 calendar days before the shareholder meeting date;
- the Company undertakes to file its definitive proxy statement and annual report with the Commission, and to make such materials available on the Company’s website, at least 40 calendar days in advance of the general meeting, as described in your letter;
- the Company undertakes to issue a press release announcing the availability of its proxy statement and annual report, that the Company intends to use notice and access, the date on which the Company expects to distribute the Notice, and the manner in which shareholders can request paper copies of the proxy materials, as described in your letter; and
- the Company undertakes to distribute the Notice as quickly as practicable following its receipt of the shareholder list as of the record date and such distribution is expected to be completed within 5 business days after the record date. This position is based on the representations made to the Division in your letter. Any different facts or conditions may require the Division to reach a different conclusion. Further, this response does not express any legal conclusion on the questions presented or any views on any other questions that your request may raise.
Sincerely,
/s/ Tiffany Posil
Tiffany Posil
Chief, Office of Mergers and Acquisitions
Division of Corporation Finance
Last Reviewed or Updated: April 8, 2026
Resources
CFR references
Named provisions
Related changes
Get daily alerts for SEC: No-Action Letters - Corp Finance
Daily digest delivered to your inbox.
Free. Unsubscribe anytime.
Source
About this page
Every important government, regulator, and court update from around the world. One place. Real-time. Free. Our mission
Source document text, dates, docket IDs, and authority are extracted directly from SEC.
The summary, classification, recommended actions, deadlines, and penalty information are AI-generated from the original text and may contain errors. Always verify against the source document.
Classification
Who this affects
Taxonomy
Browse Categories
Get alerts for this source
We'll email you when SEC: No-Action Letters - Corp Finance publishes new changes.
Subscribed!
Optional. Filters your digest to exactly the updates that matter to you.