SEC Proxy Firm Rules Case Survives as Trade Group Takes Lead (1)

A manufacturers group is now the sole challenger of a judge’s decision invalidating Trump-era proxy advisory firm curbs, after the SEC abandoned its appeal.

The Securities and Exchange Commission told the US Court of Appeals for the District of Columbia Circuit in an Aug. 30 filing it was dropping its appeal to the ruling, which also was challenged by the National Association of Manufacturers. But the SEC didn’t say why it decided to stop defending the 2020 rules.

The National Association of Manufacturers appealed the February ruling by Judge Amit P. Mehta of the US District Court for the District ...