The SEC tried to silence activist investors. Now they’re fighting back.

Since President Donald Trump took office, the Securities and Exchange Commission has made it harder for small and activist investors to raise concerns through the government filing system known as EDGAR. Now they’re pushing back with their own alternative platform, which they call the Proxy Open Exchange — or POE. Literary puns aside, the initiative is aimed at bringing greater transparency to an increasingly restricted space. In January, the SEC said it would no longer allow investors with less than $5 million in shares to use EDGAR to send communiqués called exempt solicitations to fellow shareholders. Such documents are often used to lay out an investor’s stance on a given issue, including climate action, board accountability, and diversity, equity, and inclusion. “We believe a free market requires communication,” said Andrew Behar, CEO of the shareholder advocacy group As You Sow, which spearheaded the new site. “If they’re going to take away EDGAR, we’re going to give them POE.” The response has been swift. In less than a week, POE has 63 filings, with dozens more expected. EDGAR shows just 39 exempt solicitations so far in 2026. The SEC declined to comment about POE, but has previously told Grist that limiting access to the system is an attempt to rein in the scope of government, ease burdensome regulation, and curtail the “large volume” of requests that often require prompt attention. “Over the years, companies have expressed concerns that this misuse has caused confusion among their investor base,” an SEC spokesperson said at the time. “Shareholders can continue to conduct exempt solicitations through other commonly used means, such as press releases, emails, websites, and social media, and electronic shareholder forums.” Critics of the move see it as an attempt to silence irksome investors. The work-around is not the only attempt at an alternative to the official platform. The nonprofit Interfaith Center on Corporate Responsibility, for instance, rece