But in order to investigate, potentially declare a default and maybe launch lawsuits, holders of the securities like Beal need at least 25% of the voting rights in a trust.

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For Manu Bhaskaran, a director at SG Securities Asia in Singapore, the election results are fairly encouraging, with Indonesians voting for moderation and an alliance with broad support likely to arise.

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She is also keen on a new Securities and Exchange Commission rule that will eventually require the disclosure of money managers' proxy votes and voting policies.

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