The Securities and Exchange Commission sued Institutional Shareholder Services in federal court to compel production of records related to the proxy adviser’s voting recommendations and activity. The SEC says ISS has only partially satisfied an administrative subpoena issued July 21, despite extended deadlines and efforts to resolve the dispute. The agency began reviewing ISS in March and stressed that its inquiry remains at the fact-finding stage, with no conclusion that the firm violated federal securities laws. ISS has argued that the subpoena raises First Amendment concerns and could expose the firm and its clients to retaliation over voting decisions. The case was filed in the U.S. District Court for the Eastern District of Pennsylvania as the Trump administration pursues tighter oversight of proxy advisers. A December executive order signed by President Donald Trump directed the SEC to review proxy-adviser rules and guidance, enforce securities-law antifraud provisions and consider additional disclosures. The order named ISS and Glass Lewis, which together control more than 90% of the proxy-advisory market, according to the White House.