D.C. Circuit Affirms That SEC’s Proxy Voting Rule Changes Exceeded Authority

( July 3, 2025, 2:32 PM EDT) -- WASHINGTON, D.C. — The District of Columbia Circuit U.S. Court of Appeals affirmed a federal judge’s ruling that the Securities and Exchange Commission acted in excess of its authority when it issued rule changes redefining proxy voting advice as a type of “solicitation,” finding that the SEC’s efforts to expand the definition “cannot be reconciled with the statutory text.”...