Small Investors Launch POE Platform After SEC Restricts EDGAR Access Under Trump Administration

Since President Donald Trump took office, the Securities and Exchange Commission (SEC) has restricted access to the government filing system known as EDGAR, making it harder for small and activist investors to raise concerns through official channels. In response, these investors have launched their own alternative platform: the Proxy Open Exchange (POE).

The initiative aims to restore transparency in a space increasingly limited by regulatory barriers. In January 2026, the SEC announced it would no longer allow investors with less than $5 million in shares to use EDGAR for sending exempt solicitations—documents that outline an investor’s stance on issues such as climate action, board accountability, and diversity, equity, and inclusion.

Why the SEC Restricted EDGAR

The SEC justified the restriction as an effort to reduce government scope, ease regulatory burdens, and curb the high volume of requests requiring prompt attention. An SEC spokesperson stated at the time:

“Over the years, companies have expressed concerns that this misuse has caused confusion among their investor base. 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.”

POE Gains Rapid Traction as Investors Push Back

Critics argue the SEC’s move was an attempt to silence dissenting investors. However, the response to POE has been swift. In less than a week, the platform had 63 filings, with dozens more expected. By comparison, EDGAR recorded just 39 exempt solicitations in 2026.

“We believe a free market requires communication,” said Andrew Behar, CEO of the shareholder advocacy group As You Sow, which spearheaded POE. “If they’re going to take away EDGAR, we’re going to give them POE.”

How POE Works and Its Potential Impact

POE is designed to mimic EDGAR, even using the same set of codes—known as central index keys—to identify individuals and companies making posts. While As You Sow reviews submissions for basic errors, it does not filter content, ensuring POE remains open to all viewpoints.

Tim Smith, senior policy advisor for the Interfaith Center on Corporate Responsibility, praised the initiative:

“POE is a new and adventurous approach to try to set up a large public website that people of all persuasions can post their solicitations on. It could be an investor that’s filing a resolution on climate. It could be a conservative investor who decides to push a resolution that’s challenging diversity, equity, or inclusion.”

All filings on POE are subject to the same anti-fraud legal provisions required by EDGAR, according to Jill Fisch, a professor of law.

Other Alternatives Emerge, But POE Leads the Way

The nonprofit Interfaith Center on Corporate Responsibility has also begun publishing exempt solicitations and proxy memos on its website. However, POE remains the most robust effort to fill the gap created by the SEC’s restrictions. Its rapid adoption underscores the demand for transparent, accessible platforms for shareholder advocacy in an increasingly restricted regulatory environment.