The regulatory evolution, in the United States, of the phenomenon of voting advice has been characterised by the succession of a reform, first, and a counter-reform, then, involving the Securities and Exchange Commission. The regulation of the discipline and the innovations introduced by the SEC do not yet seem to have reached a definitive arrangement, leaving some of the questions concerning the critical nature of the services provided by proxy advisors unanswered. Starting from the ruling made by the Court for the Western District of Texas, which excludes possible contradictory profiles of the reforming action promoted by the new policy of the administrative authority, the paper examines some relevant aspects of the regulatory revision that has affected the sector of proxy advisory firms.
L'instabile assetto normativo della proxy advisory industry
Daniele Petta
2024-01-01
Abstract
The regulatory evolution, in the United States, of the phenomenon of voting advice has been characterised by the succession of a reform, first, and a counter-reform, then, involving the Securities and Exchange Commission. The regulation of the discipline and the innovations introduced by the SEC do not yet seem to have reached a definitive arrangement, leaving some of the questions concerning the critical nature of the services provided by proxy advisors unanswered. Starting from the ruling made by the Court for the Western District of Texas, which excludes possible contradictory profiles of the reforming action promoted by the new policy of the administrative authority, the paper examines some relevant aspects of the regulatory revision that has affected the sector of proxy advisory firms.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.