{"abstract":"We are adopting amendments to the Federal proxy rules governing proxy voting advice as part of our reassessment of those rules and in light of feedback from market participants on those rules, certain developments in the market for proxy voting advice, and comments received regarding the proposed amendments. The amendments remove a condition to the availability of certain exemptions from the information and filing requirements of the Federal proxy rules for proxy voting advice businesses. The release also rescinds certain guidance that the Commission issued to investment advisers about their proxy voting obligations. In addition, the amendments remove a note that provides examples of situations in which the failure to disclose certain information in proxy voting advice may be considered misleading within the meaning of the Federal proxy rules' prohibition on material misstatements or omissions. Finally, the release discusses our views regarding the application of that prohibition to proxy voting advice, in particular with respect to statements of opinion.","action":"Final rule.","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2022/07/19/2022-15311.html","cfr_references":[{"chapter":null,"citation_url":null,"part":240,"title":17},{"chapter":null,"citation_url":null,"part":276,"title":17}],"citation":"87 FR 43168","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"The amendments and the rescission of the guidance are effective September 19, 2022.","disposition_notes":null,"docket_ids":["Release Nos. 34-95266","IA-6068","File No. S7-17-21"],"dockets":[],"document_number":"2022-15311","effective_on":"2022-09-19","end_page":43197,"executive_order_notes":null,"executive_order_number":null,"explanation":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2022/07/19/2022-15311.xml","html_url":"https://www.federalregister.gov/documents/2022/07/19/2022-15311/proxy-voting-advice","images":{},"images_metadata":{},"json_url":"https://www.federalregister.gov/api/v1/documents/2022-15311?publication_date=2022-07-19","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2022-07-19/2022-15311/mods.xml","not_received_for_publication":null,"page_length":30,"page_views":{"count":2311,"last_updated":"2026-04-06 00:15:03 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2022-07-19/pdf/2022-15311.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2022-15311.pdf?1658148316","publication_date":"2022-07-19","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2022/07/19/2022-15311.txt","regulation_id_number_info":{"3235-AM92":{"issue":"202204","html_url":"https://www.federalregister.gov/regulations/3235-AM92/proxy-voting-advice","title":"Proxy Voting Advice","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202204&RIN=3235-AM92&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["3235-AM92"],"regulations_dot_gov_info":{"comments_count":0,"agency_id":"SEC","document_id":"SEC-2022-0949-0001","checked_regulationsdotgov_at":"2023-02-28T01:54:15Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":43168,"subtype":null,"title":"Proxy Voting Advice","toc_doc":"Proxy Voting Advice","toc_subject":null,"topics":["Brokers","Confidential business information","Fraud","Reporting and recordkeeping requirements","Securities"],"type":"Rule","volume":87}