The U.S. Court of Appeals for the D.C. Circuit vacated the SEC's "proxy access" rule, which would have required director candidates nominated by certain large stockholders to be included in a company's proxy statement. The court found that the SEC, in adopting the rule, had violated the Administrative Procedures Act by failing to consider the rule's effect on efficiency, competition and capital formation.

Business Roundtable and Chamber of Commerce v. Securities and Exchange Commission, No. 10-1035 (D.C Ct. of App. July 22, 2011)