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On June 27, 2023, in a parallel case to the NAM’s challenge to the SEC’s 2022 recission of the 2020 proxy firm rule, the NAM filed an amicus brief urging the 6th Circuit to reverse the district court grant of summary judgment for the SEC and vacate the SEC’s recission of the rule. As in our case, the U.S. Chamber of Commerce, Business Roundtable and Tennessee Chamber of Commerce and Industry brought this challenge to the 2022 rescission arguing that it is both substantively arbitrary and capricious and was adopted without observance of the Administrative Procedure Act’s mandated rulemaking procedures. Both cases seek to have the 2022 recission vacated. Our amicus brief expands on the appellants’ position that the concerns about proxy firms that animated the 2020 proxy firm rule have not abated, that the SEC failed to provide meaningful opportunity for comment prior to rescission of the 2020 rule, and that the SEC’s policy reversal is arbitrary and capricious.