The agency's recent rules specifically rescind two exemptions, introduced under former President Donald Trump, including a requirement that proxy advisers provide a first look to corporations of the advice to be placed on the agenda. It also removed a requirement that allowed clients of proxy firms to be notified of any written responses to their advice from companies. The Wall Street regulator, whose composition has changed under President Joe Biden, first proposed these rule changes in November and said investors had expressed concerns that the conditions created increased compliance costs for proxy advisers and impaired the independence and timeliness of their advice. The SEC declined to comment. Wednesday's lawsuit is the latest in a flurry of such legal challenges filed by industry groups. The National Association of Manufacturers and The Natural Gas Services Group Inc filed a suit contesting the changes earlier this month.