On July 22, 2020, the SEC adopted final rules (New Rules) regarding proxy voting advisory businesses. Under the New Rules, proxy voting advice constitutes a solicitation. According to the SEC press release announcing the New Rules, they are “designed to ensure that clients of proxy voting advice businesses have reasonable and timely access to more transparent, accurate and complete information on which to make voting decisions.” To better understand the purpose of the New Rules and their expected implications for the private funds industry, the Hedge Fund Law Report recently spoke with Kleinberg Kaplan partner Christopher P. Davis, who represents activist shareholders. For commentary from other Kleinberg Kaplan partners, see our two-part series “Navigating Prime Brokerage Agreements, Swaps and Repos During the Coronavirus Crisis”: Part One (Jun. 18, 2020); and Part Two (Jun. 25, 2020).