The SEC Division of Investment Management declined a request to take a no-action position from a registered investment company that sought to exclude proxy materials on a shareholder proposal to "declassify" the Fund's Board.
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An investment adviser settled charges with the SEC for failing to timely disclose the adviser's "control" purpose, with respect to an issuer whose shares it had acquired for the account of a hedge fund that it managed.
New York Attorney General Letitia James sued a bank for failing to (i) protect victims of electronic fraud and (ii) reimburse their losses.
The SEC updated its Proxy Rules and Schedule 14A Manual of Publicly Available Telephone Interpretations and the 1999 Supplement. The SEC said that it is continuing a process of updating broader "Compliance and Disclosure Interpretations" relating to the proxy rules.
A broadband connectivity company settled charges with the SEC for failing to maintain internal accounting controls intended to ensure that the company's stock buybacks were conducted in accordance with management authorizations.