Howard Fischer and Matthew Handler of Moses and Singer write about the fatally flawed factual basis for the SEC’s proposed rule:

This is more than simply an embarrassment to the rule-making process, and an affront to the credibility of the SEC. Even though the rules are, at this stage, simply proposals (there is a 60-day public comment period, after which the SEC must again vote whether to approve the rules), the procedural and institutional impropriety occasioned by the reliance on fraudulently procured investor “evidence” so deeply infects the rule-making process as to preclude the adoption of the proposed rules in their current form.

via INSIGHT: Fact and Fantasy in SEC Rules—The Battle Over Proxy Contests Relies on Imaginary Soldiers