The SEC has announced that:
On September 29, 2010, Business Roundtable and the Chamber of Commerce of the United States of America filed a petition with the United States Court of Appeals for the District of Columbia Circuit seeking review of recent changes to the Commission’s proxy and related rules. On the same date, petitioners filed with the Commission a motion to stay the effect of newly adopted Rule 14a-11 and associated amendments to the Commission’s rules pending such review. Petitioners have not sought a stay of the amendment to Rule 14a-8 that the Commission adopted at the same time as Rule 14a-11. Petitioners represent in their stay motion that, if the Commission were to grant a stay, they would join in a motion seeking expedited review of their petition in the Court of Appeals.
The Commission has discretion to grant a stay of its rules pending judicial review if it finds that “justice so requires.” Without addressing the merits of petitioners’ challenge to the rules, the Commission has determined to exercise its discretion to stay Rule 14a-11 and related amendments to the Commission’s rules, including the amendment to Rule 14a-8, pending resolution of petitioners’ petition for review by the Court of Appeals.
Presumably this means that proxy access will be inapplicable for the 2011 proxy season.
Uopdate: Broc Romanek has more details.
