Access without Limits

RiskMetrics has a nice discussion of the final negotiations over access.  In the end, the Conference agreed not to impose any ownership ceilings,  beating back an attempt by the Senate conferees that wanted to impose a highly unrealistic 5% ownership threshold.  The SEC will apparently get exemptive authority for small issuers.  Congressman Frank and Congresswoman Maxine Waters vigorously defended access and vigorously opposed the Senate restrictions.

The Conference agreed to strike the requirement that exchange traded companies all provide for majority voting.  This gives shareholders no real authority.  Of the two provisions, an unfettered access provision is by far the better deal for investors and shareholders.