Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4

What it does

The Securities and Exchange Commission ("Commission") is proposing to rescind Rule 14a-8 under the Securities Exchange Act of 1934 ("Exchange Act") and leave determinations about the role of shareholder proposals to State law and company governing documents. The Commission also is proposing to amend Rule 14a-4 under the Exchange Act to expand the circumstances under which a company may exercise, with respect to proxies it receives, discretionary voting authority on proposals that will be presented at a shareholder meeting but not included in the company's proxy materials. At the same time, the proposed amendments to Rule 14a-4 would provide shareholders with the means to elect to prevent the company from exercising such authority with respect to their individual shares.

The Securities and Exchange Commission's summary, as published in the Federal Register.

What it would change

5 parts of Title 17 of the Code of Federal Regulations:

17 CFR 200, 17 CFR 229, 17 CFR 232, 17 CFR 240, 17 CFR 249

Wording on eCFR: the day before it took effect and from the day it took effect (first part listed).

Before this

No earlier Federal Register document under regulation identifier 3235-AN47 since Jan. 1, 2025.

What happens next and when

This release was published in the Federal Register on September 21, 2026. Comments should be received on or before November 20, 2026.

The agency's dates, word for word.

Check it yourself

• The document in the Federal Register
• Title 17 on eCFR

The record as published

Source: the Federal Register (public domain). The document in the Federal Register