SEC Relief for ISS, Glass Lewis Faces Fifth Circuit Doubts (2)

The SEC’s rollback of Trump-era shareholder voting adviser restrictions faced a close inspection Monday from the conservative Fifth Circuit after the agency’s action survived an earlier court battle with companies.

Judge Edith Jones of the US Court of Appeals for the Fifth Circuit raised questions about the need for the Securities and Exchange Commission to undo the Trump-era rules for proxy advisory firms. Jones was one of three judges who heard oral arguments in an appeal the National Association of Manufacturers brought after a lower court backed the updated regulations.

SEC officials have argued the 2022 update was necessary for ...