SEC: Staff Legal Bulletins

SEC Shareholder Proposals Staff Legal Bulletin 14J

The SEC's Division of Corporation Finance published Staff Legal Bulletin No. 14J to provide guidance on Rule 14a-8 concerning shareholder proposals. The bulletin clarifies the division's views on board analyses for excluding proposals based on economic relevance or ordinary business exceptions, and the application of micromanagement and compensation-related exclusions.

SEC Staff Legal Bulletin on Rule 14a-8 Shareholder Proposals

The SEC's Division of Corporation Finance published Staff Legal Bulletin No. 14K to provide guidance on Rule 14a-8 concerning shareholder proposals. The bulletin clarifies the analytical framework for excluding proposals under the ordinary business operations exception and addresses issues related to micromanagement and proof of ownership.

SEC Staff Legal Bulletin 21: Antifraud Provisions for Municipal Securities

The SEC's Office of Municipal Securities has published Staff Legal Bulletin No. 21 to clarify the application of antifraud provisions to public statements made by municipal issuers in the secondary market. The bulletin emphasizes that these provisions apply to any statement reasonably expected to reach investors and the trading markets, aiming to enhance investor protection and disclosure practices.

SEC Staff Legal Bulletin 14L on Shareholder Proposals

The SEC's Division of Corporation Finance has published Staff Legal Bulletin 14L, updating guidance on Rule 14a-8 shareholder proposals. This bulletin rescinds prior guidance and clarifies the application of the ordinary business and economic relevance exceptions, aiming to simplify the no-action request process.

SEC Shareholder Proposals Staff Legal Bulletin 14M

The SEC's Division of Corporation Finance has published Staff Legal Bulletin No. 14M, providing updated guidance on Rule 14a-8 concerning shareholder proposals. This bulletin rescinds previous guidance (SLB 14L) and clarifies the application of rules related to economic relevance and ordinary business operations.