The Securities and Exchange Commission failed to meet its burden of demonstrating that the new proxy vote disclosure rule meets the standards of the Paperwork Reduction Act, the Investment Company Institute charges.

This is the last-ditch effort that the ICI is making to stall the hotly contested proxy rule, in a letter to the Office of Management and Budget Dow Jones reports. Craig Tyle, general counsel for the ICI, charges further in his letter that "the Commission has not demonstrated that the disclosure of fund proxy voting records is necessary for the Commission to protect investors," according to Dow Jones.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.