SEC Discontinues No-Action Relief Process, Proposes New Crypto Asset Regulations

The Securities and Exchange Commission (SEC) has made significant changes to its regulatory framework this summer. On August 14, 2026, the SEC's Division of Corporation Finance announced that it will discontinue responding to Rule 14a-8 no-action requests, effective immediately.

This decision follows a November 2025 statement from the Division that it would not respond to most no-action requests for the 2025-2026 proxy season. The Division has now extended this approach indefinitely and will no longer respond to notices filed under Rule 14a-8(j) with a letter indicating that it will not object if a company omits a proposal from its proxy materials.

Companies will continue to be required under Rule 14a-8(j) to submit notices to the SEC when they intend to exclude shareholder proposals from their proxy materials. These notices should be submitted using the online Shareholder Proposal Form on the SEC's website.