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The SEC’s Climate Disclosure Requirements Are Heating Up

On April 11, 2022, the Securities and Exchange Commission (SEC) proposed to require public companies to disclose extensive climate-related information in registration statements and periodic reports (including Forms 10-K and...more

Public Benefit Corporations Have Arrived in Texas

Public benefit corporations, which are recognized in over 30 states, have now been adopted in Texas. The Texas public benefit corporation laws became effective on September 1, 2017. Now, businesses can incorporate in the...more

SEC Adopts Final Crowdfunding Rules

On October 30, 2015, the U.S. Securities and Exchange Commission adopted final rules permitting issuers to use crowdfunding to raise capital. The rules, which were originally proposed more than two years ago pursuant to Title...more

Texas Adopts Intrastate M&A Dealer Exemption

On February 16, 2015, the Texas State Securities Board voted to formally adopt their proposed Rule 139.27, which provides an exemption from dealer registration for intermediaries providing services solely in connection with...more

SEC Issues No-Action Letter Regarding Treatment of Certain Unregistered M&A Broker-Dealers

The staff of the Securities and Exchange Commission's Division of Trading and Markets (the "Staff") recently issued a no–action letter (the "Letter")1 that provides significant new guidance with respect to the involvement of...more

SEC Lifts Ban on General Solicitation and Issues Disqualification Rules for "Bad Actors" in Certain Private Offerings

On July 10, 2013, the Securities and Exchange Commission (the "SEC") adopted new rules to implement certain requirements of the Jumpstart Our Business Startups Act of 2012 and the Dodd-Frank Wall Street Reform and Consumer...more

SEC Issues Guidance on Disclosures Made via Social Media

The Securities and Exchange Commission (the "SEC") recently issued a Report of Investigation (the "Report") in which it provides helpful guidance to public companies regarding their use of social media to disclose material...more

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