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Story summary
- The U.S. Securities and Exchange Commission sued Institutional Shareholder Services to enforce a Pennsylvania subpoena.
- ISS received the administrative subpoena on July 21, 2026 after the SEC’s review began in March.
- ISS continues to withhold records, which the SEC says delays its securities-law examination.
- ISS argues the subpoena raises First Amendment concerns and could expose the firm and clients to retaliation.
- President Donald Trump’s December executive order directed the SEC to review proxy-adviser rules and named ISS and Glass Lewis.
