The SEC has made permanent its decision to stop issuing Rule 14a-8 no-action responses and Rule 14a-8(j) non-objection letters on omitted shareholder proposals, locking in a November 2025 freeze that shifted more responsibility for exclusion decisions back to companies and investors. The staff said the change allows the Division of Corporation Finance to focus resources on Securities Act and Exchange Act filing reviews while relying on the existing body of Commission and staff guidance on when proposals may be excluded. Companies must still submit Rule 14a-8(j) notices through the online Shareholder Proposal Form, and the Division of Investment Management will follow a substantially similar process for investment companies. The policy has not sharply reduced shareholder votes so far: Freshfields found 66% of known proposals were placed on proxies as of June 15, up from 59% a year earlier. Investor advocates say the SEC is no longer serving as an informal referee, while advisers say companies that omit proposals now face clearer litigation risk.