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SEC Chair Nomination Hearing – A Legal Update

On March 27, 2025, the Senate Banking Committee (Committee) held Paul Atkins’ confirmation hearing for Chairman of the U.S. Securities and Exchange Commission (SEC or Commission). Below are some highlights, observations, and...more

Nasdaq Increases Initial Listing Liquidity Requirements: What It Means for Companies Going Public

On March 12, 2025, the SEC approved a significant rule change to Nasdaq’s initial listing liquidity requirements (the New Liquidity Rules). These changes make it more challenging for companies seeking to list on the Nasdaq...more

SEC Staff Releases Updated Guidance on Private Offerings Involving General Solicitation

On March 12, 2025, the staff of the Securities and Exchange Commission (SEC) issued a series of updates to the Securities Act Rules Compliance and Disclosure Interpretations (C&DIs), primarily affecting exempt offerings under...more

SEC Expands Availability of Confidential Review Process to Encourage Flexibility in Capital Formation

On March 3, 2025, the Securities and Exchange Commission (SEC) staff issued guidance that expands the existing accommodations available to companies to submit draft registration statements to the SEC for confidential,...more

One Year with the Listed Issuer Financing Exemption

It has been one year since the Canadian Securities Administrators (the CSA) introduced the listed issuer financing exemption (the LIFE Exemption) under Part 5A of National Instrument 45-106 Prospectus Exemptions, which is...more

SEC Adopts Final Rules on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure

On July 26, 2023, the Securities and Exchange Commission (SEC) announced the adoption of final rules relating to cybersecurity risk management, strategy, governance, and incident disclosures. The new rules define a...more

SEC Adopts Final Rules for Share Repurchase Disclosure

On May 3, 2023, the Securities and Exchange Commission (SEC) adopted final rules that significantly increase issuers’ disclosure obligations by requiring more detailed periodic disclosure about repurchases and issuer trading...more

SEC Adopts Amendments to Affirmative Defense to Insider Trading and Related Matters

On December 14, 2022, the Securities and Exchange Commission (SEC) adopted amendments to Rule 10b5-1 (Rule 10b5-1) under the Securities Exchange Act of 1934, as amended (Exchange Act) that provides an affirmative defense to...more

SEC Finds 10b5-1 Trading Plan was Misused, Charges Tech Company Executives with Insider Trading

A recent Securities and Exchange Commission (SEC) enforcement action charged two executives with insider trading violations despite the fact that the executives had adopted a purported 10b5-1 trading plan....more

Court of Appeals Hears Oral Arguments in Case Challenging Nasdaq’s Board Diversity Rules

On August 29, 2022, the Fifth Circuit Court of Appeals heard oral arguments in a case against the Securities and Exchange Commission (SEC) seeking to invalidate Nasdaq’s board diversity rules which were initially proposed by...more

SEC Adopts Pay Versus Performance Disclosure Rules Seven Years After Original Proposal

On August 25, 2022, the Securities and Exchange Commission (SEC) adopted final disclosure rules implementing the pay versus performance requirement of the Dodd-Frank Act for most reporting companies. The SEC originally...more

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