Document ID: SEC-2010-1600-0001
Agency: sec
Document Type: Rule
Title: Facilitating Shareholder Director Nominations
Posted Date: 2010-10-20T04:00Z

[Federal Register: October 20, 2010 (Volume 75, Number 202)]
[Rules and Regulations]               
[Page 64641-64642]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr20oc10-4]                         

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 200, 232, 240, and 249

[Release Nos. 33-9151; 34-63109; IC-29462; File No. S7-10-09]
RIN 3235-AK27

 
Facilitating Shareholder Director Nominations

AGENCY: Securities and Exchange Commission.

ACTION: Final rule; notice of stay of effective and compliance dates.

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SUMMARY: By order dated October 4, 2010 (Release No. 33-9149, 34-
63031), the Securities and Exchange Commission (``Commission'') stayed 
from November 15, 2010 until the resolution of the petition for review 
in Business Roundtable, et al. v. SEC, No. 10-1305 (D.C. Cir., filed 
Sept. 29, 2010) (``Business Roundtable''), the effective and compliance 
dates of amendments to the federal proxy and related rules that the 
Commission adopted to facilitate the effective exercise of 
shareholders' traditional state law rights to nominate and elect 
directors to company boards of directors. We are publishing this 
release in the Federal Register to provide additional notice regarding 
the change in effective and compliance dates of the amendments.

DATES: Effective Date: The effective and compliance dates of the final 
rules published on September 16, 2010 (75 FR 56668) amending 17 CFR 
parts 200, 232, 240 and 249, which were to become effective on November 
15, 2010, are delayed until further notice. The Commission will publish 
a document in the Federal Register announcing the effective and 
compliance dates of the final rules following the resolution of the 
petition for review in Business Roundtable. This document does not 
affect any rules in the above-referenced parts currently in effect.

SUPPLEMENTARY INFORMATION: On September 16, 2010, the Commission 
published final rules \1\ in the Federal Register (75 FR 56668) with 
the effective date of November 15, 2010, and a compliance date of 
November 15, 2010, except that companies that qualify as ``smaller 
reporting companies'' (as defined in 17 CFR 240.12b-2) as of the 
effective date of the final rules will not be subject to Rule 14a-11 
until three years after the effective date. The Commission entered an 
order on October 4, 2010, staying the effective and compliance dates of 
the final rules until the resolution of the petition for review in 
Business Roundtable.
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    \1\ The final rules include Exchange Act Rule 14a-11 and 
associated amendments, such as Schedule 14N, Exchange Act Rule 14a-
18, and amendments to Exchange Act Rule 14a-2, as well as amendments 
to Exchange Act Rule 14a-8.

FOR FURTHER INFORMATION CONTACT: Lillian Brown, Tamara Brightwell, or 
Ted Yu, Division of Corporation Finance, at (202) 551-3200, U.S. 
Securities and Exchange Commission, 100 F Street, NE., Washington, DC 
20549.
    As discussed in the preamble above, pursuant to the October 4, 2010 
order, which was issued under the authority in Section 25(c)(2) of the 
Securities Exchange Act of 1934, as amended, and Section 705 of the 
Administrative Procedure Act, the effective and compliance dates for 
the final rules published on September 16, 2010 (75 FR 56668) amending 
Title 17, Chapter II of the Code of Federal Regulations, are delayed 
until further notice.

[[Page 64642]]

    Dated: October 14, 2010.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2010-26348 Filed 10-19-10; 8:45 am]
BILLING CODE 8011-01-P