On July 22nd, the D.C. Circuit, in a very strongly worded opinion, vacated the SEC's shareholder access rules, SEC Release No. 33-9136. The Court found that the agency "acted arbitrarily and capriciously for having failed once again ... adequately to assess the economic effects of a new rule." It noted that the SEC acted inconsistently and opportunistically; failed adequately to quantify costs; neglected to support its predictive judgments; and failed to respond to substantial problems raised by commenters. The Commission had already stayed the effective date of the rules pending the D.C. Circuit's decision, SEC Release No. 33-9149. Business Roundtable v. SEC.