According to CNBC, the U.S. Securities and Exchange Commission sued Institutional Shareholder Services in federal court in Pennsylvania, seeking to force the proxy adviser to turn over information as the Trump administration increases scrutiny of firms that help investors vote their shares. The SEC said ISS refused to fully comply with an administrative subpoena tied to its proxy recommendations and voting activity, after the agency's Division of Examinations began reviewing the firm in March and later issued a subpoena on July 21. The regulator said ISS has continued to withhold some records despite extended deadlines, while ISS argued the request raised First Amendment concerns and could expose the firm and its clients to retaliation. The SEC said its inquiry remains in the fact-finding stage and has not concluded that ISS violated federal securities laws. President Donald Trump signed an executive order in December directing the SEC to review its rules and guidance on proxy advisers, and the White House said the order specifically named ISS and Glass Lewis, which together control more than 90% of the proxy-advisory market.