The federal layer is not a vague backdrop. It is four discrete items, each anchored to a verifiable primary source:
| Federal item | Status | Primary source |
|---|---|---|
| Beneficial-ownership reporting (13D / 13G) | Final rule adopted Oct. 10, 2023; phased compliance through 2024. 13D shortened from 10 calendar days to 5 business days; 13G shortened to 45 calendar days after quarter-end (QIIs) or 5 business days after crossing 10% (passive). | SEC Release Nos. 33-11253; 34-98704 (final rule, PDF) |
| Rule 14a-8 process changes | Two distinct 2025 SEC actions: (1) Staff Legal Bulletin No. 14M (Feb. 12, 2025) rescinded SLB 14L (Nov. 3, 2021) and substantively reverted the staff’s analytic posture on the (i)(7) ordinary-business and (i)(5) economic-relevance exclusions; (2) the separate Division of Corporation Finance Statement (Nov. 17, 2025) announced that the Division will not, during the current proxy season, respond to most no-action requests other than those grounded in Rule 14a-8(i)(1). | SEC Div. Corp. Fin. Statement (Nov. 17, 2025); 17 C.F.R. § 240.14a-8 |
| Proxy-advisor regulation | Executive Order, Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors (Dec. 11, 2025); related Texas statute (TBOC ch. 6A, added by S.B. 2337) and the Glass, Lewis & Co. v. Paxton / ISS v. Paxton preliminary injunctions (W.D. Tex. Aug. 29, 2025) (Albright, J.) treated in V06 Proxy Advisors and in V04 Corporate Governance Foundations — SB 2337 timeline. | EO Dec. 11, 2025; cross-links: V06 Proxy Advisors · V02 SB 2337 timeline |
| Exempt solicitations / PX14A6G objections | The institutional-shareholder objection mechanism (Form PX14A6G) continues to track post-Nov. 17 exclusions; companion treatment in V07 Shareholder Franchise. | EDGAR full-text PX14A6G search; 17 C.F.R. § 240.14a-6(g) |