Securities Lawyer's Deskbook
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General Rules and Regulations
promulgated
under the
Securities Exchange Act of 1934





Rule 14a-12 -- Solicitation Before Furnishing a Proxy Statement


  1. Notwithstanding the provisions of Rule 14a-3(a), a solicitation may be made before furnishing security holders with a proxy statement meeting the requirements of Rule 14a-3(a) if:

    1. Each written communication includes:

      1. The identity of the participants in the solicitation (as defined in Instruction 3 to Item 4 of Schedule 14A (Rule 14a-101)) and a description of their direct or indirect interests, by security holdings or otherwise, or a prominent legend in clear, plain language advising security holders where they can obtain that information; and

      2. A prominent legend in clear, plain language advising security holders to read the proxy statement when it is available because it contains important information. The legend also must explain to investors that they can get the proxy statement, and any other relevant documents, for free at the Commission's web site and describe which documents are available free from the participants; and

    2. A definitive proxy statement meeting the requirements of Rule 14a-3(a) is sent or given to security holders solicited in reliance on this section before or at the same time as the forms of proxy, consent or authorization are furnished to or requested from security holders.

  2. Any soliciting material published, sent or given to security holders in accordance with paragraph (a) of this section must be filed with the Commission no later than the date the material is first published, sent or given to security holders. Three copies of the material must at the same time be filed with, or mailed for filing to, each national securities exchange upon which any class of securities of the registrant is listed and registered. The soliciting material must include a cover page in the form set forth in Schedule 14A (Rule 14a-101) and the appropriate box on the cover page must be marked. Soliciting material in connection with a registered offering is required to be filed only under Rule 424 or Rule 425, and will be deemed filed under this section.

  3. Solicitations by any person or group of persons for the purpose of opposing a solicitation subject to this regulation by any other person or group of persons with respect to the election or removal of directors at any annual or special meeting of security holders also are subject to the following provisions:

    1. Application of this rule to annual report to security holders. Notwithstanding the provisions of Rule 14a-3 (b) and (c), any portion of the annual report to security holders referred to in Rule 14a-3(b) that comments upon or refers to any solicitation subject to this rule, or to any participant in the solicitation, other than the solicitation by the management, must be filed with the Commission as proxy material subject to this regulation. This must be filed in electronic format unless an exemption is available under Rules 201 or 202 of Regulation S-T.

    2. Use of reprints or reproductions. In any solicitation subject to this Rule 14a-12(c), soliciting material that includes, in whole or part, any reprints or reproductions of any previously published material must:

      1. State the name of the author and publication, the date of prior publication, and identify any person who is quoted without being named in the previously published material.

      2. Except in the case of a public or official document or statement, state whether or not the consent of the author and publication has been obtained to the use of the previously published material as proxy soliciting material.

      3. If any participant using the previously published material, or anyone on his or her behalf, paid, directly or indirectly, for the preparation or prior publication of the previously published material, or has made or proposes to make any payments or give any other consideration in connection with the publication or republication of the material, state the circumstances.


    Instructions to Rule 14a-12

    1. If paper filing is permitted, file eight copies of the soliciting material with the Commission, except that only three copies of the material specified by Rule 14a-12(c)(1) need be filed.

    2. Any communications made under this section after the definitive proxy statement is on file but before it is disseminated also must specify that the proxy statement is publicly available and the anticipated date of dissemination.




Regulatory History


31 FR 213, Jan. 7, 1966, as amended at 45 FR 63659, Sept. 25, 1980; 57 FR 48293, Oct. 22, 1992; 58 FR 14683, March 18, 1993; 64 FR 61408, 61456, Nov. 10, 1999; 72 FR 4148, 4168, Jan. 29, 2007

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