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Investment Funds Update

SEC Proposes Enhanced Proxy Voting Reports for Funds and Managers

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On September 29, 2021, by a vote of 4-1, the U.S. Securities and Exchange Commission (SEC) proposed to expand the information that mutual funds, closed-end funds, exchange-traded funds (ETFs), and other registered investment companies must disclose about their proxy votes.1 Among other things, the proposed rules would require funds to tie the description of each voting matter to the issuer’s form of proxy and categorize each voting matter. In addition, any person who files Form 13F (known as an “institutional investment manager”) would be required to file Form N-PX to begin reporting proxy votes for the first time but limited to say-on-pay votes. The SEC says the changes would help investors to identify votes of interest and compare voting records, thereby increasing transparency. Public companies, institutional shareholders, funds, and investment managers all would be affected and will have potentially different views and interests as the rulemaking proceeds.   

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