Laura Anthony Esq

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Proxy Voting

SEC Publishes CFI On “Participant” Status For Activist Fund Investors In Proxy Solicitations And Disclosures On Schedule 13D

On July 9, 2026, the SEC’s Division of Corporation Finance released three crucial new Corporation Finance Interpretation (CFI), clarifying participant status in proxy solicitations. This positive development represents a major victory for public companies, shielding them from expensive, disruptive board battles funded by anonymous activist syndicates. The updated CFI is perfectly aligned with the agency’s “minimum effective dose” strategy championed by Chairman Paul Atkins to revitalize our capital markets and remove unnecessary regulatory friction (see my previous blog HERE). 

Under this business-first paradigm, the federal framework is designed to support corporate stability, allowing management to focus precious resources on growth rather than costly defensive maneuvers. While the largest enterprises can absorb the multi-million dollar costs of proxy contests, smaller issuers frequently face severe intimidation fromcactivists who prioritize political or social goals over financial health. By forcing these funding sources out of the shadows, the regulatory update has provided a powerful shield for corporate America.

CFI Question 155.02 Read More »

SEC、委任状勧誘におけるアクティビスト・ファンド投資家の「参加者」該当性およびSchedule 13D上の開示に関するCFIを公表

2026年7月9日、SEC企業財務部は、委任状勧誘における「参加者」の該当性を明確化する、3件の重要な新たな企業財務解釈(CFI)を公表しました。この前向きな動きは、匿名のアクティビスト・シンジケートから資金提供を受けた、高コストで企業活動を混乱させる取締役会をめぐる争いから公開会社を守るうえで、大きな勝利となるものです。今回更新されたCFIは、ポール・アトキンス委員長が資本市場の活性化と不要な規制上の摩擦の解消を目的として推進する「必要最小限の有効な措置」という戦略とも完全に整合しています(以前のブログはこちらをご覧ください)。 

この企業を第一に考える考え方の下では、連邦法制の枠組みは企業の安定性を支えるよう設計されており、経営陣が貴重な経営資源を高コストな防衛策ではなく、成長に集中できるようにすることを目的としています。大企業であれば、委任状争奪戦に伴う数百万ドル規模の費用を吸収することも可能ですが、小規模な発行会社は、財務の健全性よりも政治的または社会的な目標を優先するアクティビストから、深刻な威圧を受けることが少なくありません。こうした資金源を明るみに出すことで、今回の規制上の見直しは、米国企業に強力な防御策を提供するものとなっています。

CFI質問155.02

新たなCFIである質問155.02は、アクティビスト・シンジケートが一般的に利用してきた戦術的な抜け穴に対処するものです。従来、アクティビスト・グループは、対象会社の株式を取得する際に、その背後にいる資金提供者の身元を開示せずに済むよう、リミテッド・パートナーシップ(LP)や共同投資プールを設立することがありました。こうした受け皿となる事業体を介することで、富裕な投資家はSchedule 14Aに基づく公開開示義務を回避しながら、委任状争奪戦にひそかに資金を提供することが可能でした。

この慣行に対処するため、SECは重要な技術的論点について次のように回答しました。

質問:特定の登録会社の証券を取得し、その登録会社の次回株主総会において取締役会の構成を変更するための委任状勧誘を行うことを目的として、ある事業体(例:リミテッド・パートナーシップ)が設立されたとします。当該事業体への投資予定者には、資金の具体的な使用目的について、対象となる登録会社の名称や予定されている委任状勧誘の目的を含め、事前に説明されています。この場合、当該事業体の投資家は、予定されている勧誘に関して、Schedule 14AのItem 4に対するInstruction 3(a)(iv)に定める「参加者」、すなわち「委任状勧誘に資金を提供する者、または他者と共同して資金を提供する者。ただし、拠出額が500ドル以下で、かつその他の点で参加者に該当しない者を除く」に該当しますか。

回答:はい。当該事業体に500ドルを超えて出資した各投資家について、参加者に該当します。 

連邦委任状規則では、勧誘における「参加者」には、その活動に資金を提供する者、または他者と共同して資金を提供する者が含まれますが、500ドル以下しか拠出していない者は除外されます。SECは今回、このような構造を利用した規制上の裁定取引の余地を封じました。新たに公表されたガイダンスは、あらかじめ特定された登録会社を対象に委任状争奪戦を行うという明確な目的で資金を集めるために事業体が設立された場合、500ドルを超えて出資したすべての投資家が「参加者」の定義に明確に該当することを確認しています。

その結果、これらの投資家は委任状関連資料において参加者として特定されなければなりません。各投資家の株式保有状況、取引履歴、潜在的な利益相反は、公開提出書類において明らかにされることになります。この透明性は、公開会社の取締役会および経営陣にとって重要な防御手段となります。

CFI 110.09:アクティビストSPVの資金提供者の実態を明らかにする

CFI質問110.09は、新たなSchedule 14AのガイダンスとSchedule 13Dの要件とを整合させるものです。アクティビスト・グループがリミテッド・パートナーシップ(LP)や共同投資プールを設立する場合、従来はSchedule 13Dの提出に際し、株式取得のための資金を「パートナーシップの運転資金」などと一般的に記載し、主要な投資家の身元を事実上匿名のままにしておくことが一般的でした。

企業財務部は今回、投資家の意図と対象が事前に特定されているかどうかに着目することで、この慣行を否定しました。

質問:特定の発行会社の証券を取得し、その発行会社に対してアクティビスト活動を行うことを目的として、ある事業体(例:リミテッド・パートナーシップ)が資金調達のために設立されたとします。当該事業体への投資予定者には、対象となる発行会社の名称を含め、資金の具体的な使用目的が事前に説明されています。当該事業体が、その発行会社の証券に関する実質的所有権をSchedule 13Dで報告する義務を負う場合、当該事業体の投資家の身元もSchedule 13Dで開示する必要がありますか。

回答:はい。Schedule 13DのItem 3では、購入代金の一部が「当該証券を取得、保有、取引または議決権行使する目的で調達された」資金によって賄われている場合、その資金を取得した取引の内容および当該取引の当事者の名称をSchedule 13Dの提出書類で開示しなければならないと定めています。したがって、特定の発行会社の証券を取得し、その発行会社に対してアクティビスト活動を行う目的で設立された事業体の投資家の身元は、開示する必要があります。[2026年7月9日]

スタッフは、事前に対象を認識していたかどうかと開示義務を直接結び付けることで、Item 3の文言をそのまま適用しています。リミテッド・パートナーが、対象となる発行会社とその株式を正確に把握したうえで投資プールに資金を拠出しているのであれば、それは事前に特定された具体的な株式取得への資金提供に当たります。その結果、各投資家の身元は、提出されるSchedule 13Dにおいて資金提供者として開示されなければなりません。

CFI 110.10:Instruction Cに基づく開示義務は代替的ではなく累積的

これに関連する更新であるCFI質問110.10は、パートナーシップに関する開示をめぐって繰り返し生じてきた別の技術的論点に対応するものです。Schedule 13DのInstruction Cでは、報告者がパートナーシップ、法人、その他のグループである場合、一定の関係事業体および支配権を有する者についても情報を提供しなければなりません。一部の提出書類では、アクティビスト側の事業体が、Instruction CはItems 2~6に基づく必要な開示を制限または置き換えるものであり、その規定に明示的に記載された者にのみ開示義務が及ぶと主張していました。

SECはこの主張を明確に退け、Instruction Cに基づく要件は累積的なものであると明らかにしました。

質問:Schedule 13Dの報告者が自然人ではなく、ジェネラル・パートナーシップまたはリミテッド・パートナーシップである場合、Schedule 13DのInstruction Cは、Schedule 13DのItems 2~6に対する回答として開示すべき情報を、Instruction Cに記載された者または事業体に関する情報のみに限定するものですか。

回答:いいえ。Schedule Read More »

SEC Publishes New CD&I On Compensation Clawbacks And De-SPAC C-Registrants

On April 11, 2025, the SEC published several updates to its compliance and disclosure interpretations (“CD&I”) related to compensation clawbacks and co-registrants in de-SPAC transactions.

De-SPAC Transactions

Under the new SPAC rules, a target company, or companies, are included as co-registrants on the S-4 (or other Securities Act registration statement) in association with the de-SPAC.  Under Exchange Act rules, upon effectiveness of the S-4, each of the target co-registrants become separately subject to the Exchange Act reporting requirements.  New C&DI 253.03 confirms that the SEC will not object if each target co-registrant files a Form 15, as long as they are wholly owned by the combined company and the combined company remains current in its Exchange Act reporting requirements.

For a review of the new de-SPAC rules see here – Part 1 – HERE; Part 2 – HERE; Part 3 – HERE; Part 4 – HERE; Part 5 – HERE; Read More »

Internet Availability of Proxy Materials

A few weeks ago, I wrote about shareholder meeting timelines, which included a brief discussion as to how a company can increase, or decrease, a meeting timeline by delivering proxy materials by making them available on the internet – see HERE.  This week I am going to drill down on Rule 14a-16 including disclosure obligation and technical requirements for utilizing “Internet Availability of Proxy Materials.”

Rule 14a-16 – Internet Availability of Proxy Materials             

Rule 14a-16 governs a company’s ability to make proxy materials available over the internet, as opposed to printing and mailing, which can be expensive and time consuming.  Rule 14a-16 provides that when a company is making proxy materials available over the internet, it must mail a notice to all security holders a minimum of 40 calendar days before the meeting, or if there is no meeting, before the consents or authorizations may be used to affect the consented upon corporate action.

Companies may not Read More »

SEC Publishes New C&DI On Proxy Rules

Back in fourth quarter 2023, the SEC published several new compliance and disclosure interpretations on various topics including cyber incident disclosure, proxy and information statements, the inclusion of securities in the filing fee exhibit, and Inline XBRL.  As my blog topic list tends to be very long, I am finally getting to this and will cover the various new C&DI topics over the next few weeks.

Proxy Rules

The federal proxy rules can be found in Section 14 of the Securities Exchange Act of 1934 (“Exchange Act”) and the rules promulgated thereunder.  The rules apply to any company which has securities registered under Section 12 of the Act. Section 14 of the Exchange Act and its rules govern the timing and content of information provided to shareholders in connection with annual and special meetings with a goal of providing shareholders meaningful information to make informed decisions, and a valuable method to allow them to participate in the shareholder voting Read More »

SEC Issues C&DI On The Use Of Proxy Cards

Days before the universal proxy compliance deadline, the SEC issued 3 new compliance and disclosure interpretations (C&DI) addressing issues raised by the new rules.

BACKGROUND

On November 17, 2021, the SEC adopted final rules requiring parties in a contested election to use universal proxy cards that include all director nominees presented for election at a shareholder meeting (see HERE).  The original rules were proposed on October 16, 2016 (see HERE) with no activity until April, 2021, when the SEC re-opened a comment period (see HERE).

The rule adoption came with a flurry of rule amendments, proposals and guidance related to the proxy process, some of which reverses recent rules on the same subject, including amendments to the rules governing proxy advisory firms (see HERE) and additional proposed amendments to Rule 14a-8 governing shareholder proposals (see HERE).

The final rules require dissident shareholders and registrants to provide shareholders with a proxy card that includes the Read More »

SEC Adopts Amendments To Rules Governing Proxy Advisory Firms

On July 13, 2022, the SEC adopted amendments to the rules governing proxy voting advice, in essence undoing material provisions in the new rules that had been adopted in July 2020.  The newest rules were proposed in November 2021 but had effectively been in place since June 2021 when SEC Chair Gary Gensler issued a statement making it clear that the SEC would not be enforcing the 2020 amendments to certain rules governing proxy advisory firms or the SEC guidance on those new rules.

The final rules rescind two of the rules adopted in 2020 and specifically, the conditions to the availability of two exemptions from the proxy rules’ information and filing requirements on which proxy voting advice businesses may rely. Those conditions require that: (i) companies that are the subject of proxy voting advice have such advice made available to them in a timely manner; and (ii) clients of proxy voting advice businesses are provided with a means of Read More »

SEC Fall 2021 Regulatory Agenda

In mid-December, the SEC published its semiannual regulatory agenda and plans for rulemaking.  The Unified Agenda of Regulatory and Deregulatory Actions contains the Regulatory Plans of 28 federal agencies and 68 federal agency regulatory agendas. The Fall 2021 Agenda (“Agenda”) met with criticism from Commissioner Hester M. Peirce and now former Commissioner Elad L. Roisman as failing to provide any items intended to facilitate capital formation – one of the main tenets of the SEC.  The Agenda is published twice a year, and for several years I have blogged about each publication.

The Agenda is broken down by (i) “Pre-rule Stage”; (ii) Proposed Rule Stage; (iii) Final Rule Stage; and (iv) Long-term Actions.  The Proposed and Final Rule Stages are intended to be completed within the next 12 months and Long-term Actions are anything beyond that.  The number of items to be completed in a 12-month time frame jumped up to 52 items since Spring, which had only 45 Read More »

SEC Adopts The Use Of Universal Proxy Cards

On November 17, 2021, the SEC adopted final rules requiring parties in a contested election to use universal proxy cards that include all director nominees presented for election at a shareholder meeting.  The original rules were proposed on October 16, 2016 (see HERE) with no activity until April, 2021, when the SEC re-opened a comment period (see HERE).  The rule adoption comes with a flurry of rule amendments, proposals and guidance related to the proxy process, some of which reverses recent rules on the same subject.

The final rules will require dissident shareholders and registrants to provide shareholders with a proxy card that includes the names of all registrant and dissident nominees. The rules will apply to all non-exempt solicitations for contested elections other than those involving registered investment companies and business development companies. The rules will require registrants and dissidents to provide each other with notice of the names of their nominees, establish a filing deadline and Read More »

SEC Announces It Will Not Enforce Amended Rules Governing Proxy Advisors

On June 1, 2021, SEC Chair Gary Gensler and the SEC Division of Corporation Finance issued statements making it clear that the SEC would not be enforcing the 2020 amendments to certain rules governing proxy advisory firms or the SEC guidance on the new rules.

In particular, in July 2020 the SEC adopted amendments to change the definition of “solicitation” in Exchange Act Rule 14a-1(l) to specifically include proxy advice subject to certain exceptions, provide additional examples for compliance with the anti-fraud provisions in Rule 14a-9 and amended Rule 14a-2(b) to specifically exempt proxy voting advice businesses from the filing and information requirements of the federal proxy rules.  On the same day, the SEC issued updated guidance on the new rules.  See HERE for a discussion on the new rules and related guidance.

Like all rules and guidance related to the proxy process, the amendments were controversial with views generally falling along partisan lines.  On June 1, 2021, Chair Read More »

SEC Re-Opens Comments On The Use Of Universal Proxy Cards

On April 16, 2021, the SEC voted to reopen the comment period on the proposed rules for the use of Universal proxy cards in all non-exempt solicitations for contested director elections.  The original rules were proposed on October 16, 2016 (see HERE) with no activity since.  However, it is not surprising that the comment period re-opened, and it is not as a result of the new administration.  The SEC’s Spring and Fall 2020 semi-annual regulatory agendas and plans for rulemaking both included universal proxies as action items in the final rule stage.  Prior to that, the topic had sat in the long-term action category for years.

In light of the several years since the original proposing release, change in corporate governance environment, proliferation of virtual shareholder meetings, and rule amendments related to proxy advisory firms (see HERE) and shareholder proposals in the proxy process (see HERE), the SEC believed it prudent to re-open a public comment period.  Read More »

SEC Amendments To Rules Governing Proxy Advisory Firms

In a year of numerous regulatory amendments and proposals, Covid, newsworthy capital markets events, and endless related topics, and with only one blog a week, this one is a little behind, but with proxy season looming, it is timely nonetheless.  In July 2020, the SEC adopted controversial final amendments to the rules governing proxy advisory firms.  The proposed rules were published in November 2019 (see HERE).  The final rules modified the proposed rules quite a bit to add more flexibility for proxy advisory businesses in complying with the underlying objectives of the rules.

The final rules, together with the amendments to Rule 14a-8 governing shareholder proposals in the proxy process, which were adopted in September 2020 (see HERE), will see a change in the landscape of this year’s proxy season for the first time in decades.  However, certain aspects of the new rules are not required to be complied with until December 1, 2021.

The SEC has Read More »

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Laura Anthony Esq

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