TheCorporateCounsel.net

Over on LinkedIn, Prof. Ann Lipton notes that there appears to be a coordinated effort by certain parties to extend the comment period for the SEC’s controversial proposal to rescind Rule 14a-8 and amend Rule 14a-4 from 60 to 120 days.  In fact, a quick look at the comment section indicates that every institutional investor that’s commented so far has asked the SEC to extend the comment period.

This isn’t the first time during the current rulemaking spree that commenters have requested more time to address a rule proposal.  In June, the MFA, AIMA and SIFMA filed a joint letter requesting an extension of the comment period on the SEC’s semiannual reporting proposal.  That request didn’t get any traction with the SEC, so perhaps the strategy here is to pelt the SEC with this request “early and often” in the hope of generating a groundswell of support for an extension that will get the agency’s attention.

– John Jenkins