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Cadwalader, Wickersham & Taft LLP

The SEC Says It Will Not Review No Action Requests for Certain Shareholder Proposals and Approves Exxon Mobil’s Retail Investor...

On November 17, 2025, the SEC’s Division of Corporation Finance (the “Division”) announced how it will handle requests relating to shareholder proposals under Rule 14a-8. During the 2025-2026 proxy season (until September 30,...more

Woodruff Sawyer

Can Shareholders Just Agree Not to Sue Directors and Officers?

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In recent years, you may have seen an apocryphal quote that says something like: “There are decades when nothing happens, and years when decades happen.” For the legal frameworks that matter to D&O litigation risk—federal...more

Foley Hoag LLP

Reminder: Renewal and Notice Filing Fees for Investment Advisers Due by December 8

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As a reminder, investment advisers who are subject to any state registration, renewal or notice filing fees must have funded their IARD accounts by December 8, 2025 in order to cover such fees (with a recommendation from IARD...more

Mayer Brown Free Writings + Perspectives

SEC Order Delays Compliance Dates for Securities Lending Reporting and Short Position and Short Activity Reporting

Yesterday, the Securities and Exchange Commission issued an order (the “Order”) that provides a temporary exemption from compliance with the short position and short activity reporting rule (Rule 13f-2 and Form SHO reporting)...more

Hogan Lovells

In Midst of ESG Turmoil, CARB Forges Ahead With Third Public Workshop and Opening of “Optional Public Docket” for SB 261

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In mid-November, the California Air Resources Board (CARB) held its third virtual workshop to update the public on efforts to implement California's climate disclosure laws, SB 253 and SB 261. During the November 18, 2025,...more

Thomas Fox - Compliance Evangelist

Regulatory Ramblings: Episode 83 - Hong Kong’s New Protection of Critical Infrastructures (Computer Systems) Ordinance

The spotlight chat begins with Wendy sharing why the Ordinance matters to Hong Kong and what it means for the territory’s digital regulatory landscape. She goes on to explain Invest Hong Kong’s role in raising awareness of...more

Skadden, Arps, Slate, Meagher & Flom LLP

Would Your Company Want To Stop Filing Quarterly Reports if No Longer Required?

Public companies in the U.S. could soon be freed of the obligation to report financial information every quarter. The Securities and Exchange Commission (SEC) has indicated it will support shifting to a semiannual reporting...more

Dickinson Wright

CSA Proposes Semi-Annual Financial Reporting Pilot for Eligible Venture Issuers

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On October 23, 2025, the Canadian Securities Administrators (“CSA”) released a Notice of Publication and Request for Comment regarding proposed Coordinated Blanket Order 51-933 Exemptions to Permit Semi-Annual Reporting for...more

Skadden, Arps, Slate, Meagher & Flom LLP

Watch Out for the Watchdogs

Directors of public companies are no strangers to scrutiny. Shareholders, whistleblowers, analysts, activists, unions, reporters, influencers, consumers, investigators, legislators and regulators all routinely question board...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Informed Board - December 2025

As the U.S. government takes multibillion-dollar stakes in private companies and steers capital in other ways unprecedented outside of wartime, should companies be worried or opportunistic?...more

McDermott Will & Schulte

SFDR 2.0 for fund managers – a step in the right direction?

On 22 November 2025, the European Commission published its long-awaited legislative proposal to ‘simplify’ the Sustainable Finance Disclosure Regulation (Draft SFDR 2.0), which will transform the existing disclosure regime...more

Skadden, Arps, Slate, Meagher & Flom LLP

ISS Announces Benchmark Policy Updates for the 2026 Proxy Season

On November 25, 2025, Institutional Shareholder Services (ISS) announced updates to its 2026 benchmark proxy voting policies, which will be applied for shareholder meetings taking place on or after February 1, 2026....more

Venable LLP

SEC Staff Confirms Personal-Services Entities May Receive Transaction-Based Compensation Without Broker-Dealer Registration

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On November 17, 2025, the Division of Trading and Markets (the “Staff”) of the Securities and Exchange Commission (SEC) issued a no-action letter allowing a personal-services entity (PSE) to receive transaction-based...more

Latham & Watkins LLP

Recent Developments for Directors - December 2025

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In a significant change to how the SEC Staff handles requests to exclude Rule 14a-8 shareholder proposals, during the 2025–2026 proxy season companies will no longer need to seek Staff no-action relief before excluding a...more

Katten Muchin Rosenman LLP

FCA Publishes Final Rules on Systematic Internaliser Regime for Bonds and Derivatives and Matched Principal Trading by MTF...

On 28 November 2025, the Financial Conduct Authority (FCA) published a policy statement (PS25/17) finalising rules proposed in its July 2025 consultation paper (CP25/20). The reforms remove the Systematic Internaliser (SI)...more

ASKramer Law

Crypto Part II: Examining the Taxation of Digital Assets

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Digital assets are bought and sold globally, 24/7, can be divided into smaller and smaller ownership units, and can be transferred between buyers and sellers at low cost and with lightning speed around the world in a global...more

Jones Day

SEC Dismisses Remaining SolarWinds Claims

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While timely and accurate disclosure of material cybersecurity events remains paramount, the SEC's retreat from its aggressive SolarWinds case may signal a recalibrated enforcement approach in these cases. On November 20,...more

Vedder Price

IRS Guidance Allows Exchange-Traded Products to Stake Digital Assets

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In Revenue Procedure 2025-31 (Rev Proc), released November 10, 2025, the Internal Revenue Service (IRS) announced a safe harbor (Safe Harbor) that, if satisfied, would permit exchange-traded products (ETPs) to stake their...more

Blake, Cassels & Graydon LLP

IFRS 18 : Les ACVM proposent de modifier des obligations d’information liées aux mesures financières non conformes aux PCGR

Le 13 novembre 2025, les Autorités canadiennes en valeurs mobilières (les « ACVM ») ont publié, à des fins de consultation, des projets de modification visant le Règlement 52-112 sur l’information concernant les mesures...more

Goodwin

SEC Chairman Addresses the Future of America’s Capital Markets

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On December 2, 2025, SEC Chairman Paul Atkins spoke at the New York Stock Exchange about the current state of U.S. capital markets, the challenges they face, and potential reforms to strengthen them. ...more

Cooley LLP

‘We Will Get By, We Will Survive’ – The Future of Shareholder Proposals

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As discussed in more detail in Cooley’s October 10 alert, remarks by Securities and Exchange Commission (SEC) Chairman Paul Atkins suggest that Delaware-incorporated companies may be able to exclude precatory (nonbinding)...more

Cooley LLP

Reincorporation: It’s All in the Timing

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For years, Delaware has been the default domicile for growing late-stage companies (and most companies generally, for that matter). For the reasons detailed in these CapitalXchange posts from June 2025 and September 2025,...more

A&O Shearman

UK FCA Consults on Regulatory Fees and Levies Policy Proposals for 2026/27

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The UK Financial Conduct Authority (FCA) has published consultation paper CP25/33 outlining its proposed changes to the fees and levies framework ahead of the 2026/27 fee cycle. The consultation paper is structured as...more

A&O Shearman

EC Adopts A Proposal to Amend SFDR Simplifying Transparency Rules for Sustainable Financial Products

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The European Commission (EC) has adopted a proposal for a regulation to amend the Sustainable Finance Disclosure Regulation (SFDR). The SFDR, which has been in application since March 2021, sets detailed sustainability...more

A&O Shearman

UK Government Lays Draft SI on T+1 Settlement

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The draft Central Securities Depositories (Amendment) (Intended Settlement Date) Regulations 2026 has been laid before the UK Parliament, accompanied by a policy note . The draft statutory instrument (SI) amends the UK...more

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