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Proxy Access, Deere-FCPA, Basel Capital Rules: Compliance

The U.S. Securities and Exchange Commission spent $2.5 million on a court-rejected rule aimed at making it easier for shareholders to put board nominees on corporate ballots, according to the agency’s top official.

The SEC used about 21,000 staff hours -- valued at $2.2 million -- writing the so-called proxy access rule and needed $315,000 to defend it against a court challenge by the U.S. Chamber of Commerce and the Business Roundtable, SEC Chairman Mary Schapiro said in a letter to House lawmakers dated Aug. 5, according to a copy obtained by Bloomberg News. The letter’s contents were confirmed by John Nester, an SEC spokesman.