SEA 1934 Rule 14a-8

The SEC’s statement informs public companies that it will discontinue CorpFin’s practice of responding to shareholder proposal no-action requests, effective immediately.

Regulator cites resource and timing considerations as reason for change.

Many companies have already submitted requests seeking exclusion of proposals pursuant to Rule 14a-8.

Peirce’s prepared remarks at the Northwestern Securities Regulation Institute outlined seven principles a newly comprised securities watchdog should follow.