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Alston & Bird

Delaware Supreme Court Upholds Constitutionality of SB 21 Safe Harbor

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Our Securities Litigation and Securities Groups examine the Delaware Supreme Court decision to uphold SB 21, which rewrote the state’s legal protections for corporations and their directors, officers, and controlling...more

Cadwalader, Wickersham & Taft LLP

Colorblind?: Investors Allege Tricolor’s Lenders and Underwriters Ignored Persistent Red Flags

The historic collapse of the now-bankrupt subprime auto dealer and auto finance company Tricolor Holdings LLC and its affiliates (“Tricolor”) has been unfolding since September 2025, after public reporting that Tricolor’s...more

Holland & Knight LLP

Courts Split Over Whether ERISA Requires Diversification of ESOP Non-Employer Stock Assets

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An employee stock ownership plan (ESOP) is a defined contribution pension plan that invests primarily in shares of stock issued by the sponsoring employer. Though fiduciaries of pension benefit plans generally must diversify...more

A&O Shearman

UK FCA Webpage On The Use Of s.21 Approvers By Cryptoasset Firms

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The UK Financial Conduct Authority (FCA) has published a new webpage with information for cryptoasset firms that are currently using the services of an FCA-authorised firm to approve their cryptoasset financial promotions....more

Herbert Smith Freehills Kramer

The Star Decision

On 12 December 2022, ASIC commenced civil penalty proceedings in the Federal Court against 11 current and former directors and officers of Star Entertainment Group Ltd (Star) for alleged breaches of their duties under s 180...more

A&O Shearman

Delegated Regulations Regarding LMTs Under AIFMD And UCITS Directive Published In OJ

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The European Commission has published two Delegated Regulations in the Official Journal of the European Union (OJ): (i) Delegated Regulation (EU 2026/465), supplementing the Alternative Investment Fund Managers Directive...more

DLA Piper

SEC Provides Exemptive Relief And Issues Final Rules Codifying Holding Foreign Insiders Accountable Act Section 16 Reporting For...

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On December 18, 2025, the Holding Foreign Insiders Accountable Act (HFIAA) removed the exemption from reporting under Section 16(a) of the Securities Exchange Act of 1934 (Exchange Act), as amended, for foreign private...more

Hanzo

FINRA Record Retention Requirements

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For broker-dealers and financial firms, careful recordkeeping is more than just a best practice. There are strict rules on preserving data, such as internal records and social media posts, and these rules are enforced by the...more

A&O Shearman

Delegated Regulation On Equity Transparency Under MiFIR Published In OJ

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The Delegated Regulation, amending Delegated Regulation (EU) 2017/567 as regards equity transparency requirements under the Markets in Financial Instruments Regulation (MiFIR), has been published in the Official Journal of...more

Jones Day

Italian SMEs Bill Expands Structuring Options for Inventory Financing Securitizations

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The Italian legal framework—including the Italian securitization law No. 130 of 30 April 1999 (the "Law 130")—already permits inventory financing transactions, but few deals have been executed so far due to limited...more

Cozen O'Connor

Key Signals from the SEC’s Updated Enforcement Manual: Engagement, Transparency, and Process Discipline

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The SEC’s Division of Enforcement (the Division) recently issued an updated Enforcement Manual (the Manual), its first comprehensive revision since 2017. Although the Manual serves as staff guidance rather than as a rule or...more

A&O Shearman

UK FCA Examples Of Good And Poor Practice For Using Labels Under SDR

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The UK Financial Conduct Authority (FCA) has published a new webpage setting out examples of good and poor practice for using labels under the sustainability disclosure requirements (SDR) regime. These examples are based on...more

Thomas Fox - Compliance Evangelist

The PFBCon Podcast: From Mic to Millions: AI-Powered Sponsorship, Licensing & Equity Strategies for Podcasters

Shadeed Eleazer, a prominent business architect, licensing strategist, and U.S. Navy veteran based in Maryland, and Host of the Conversational Currency podcast, presents “Mic to Millions” at the Podcasting for Business...more

Venable LLP

Annual Stockholders Meeting: Preparation Guide - March 2026

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We are often asked by clients to assist them in preparing for and holding their annual meetings of stockholders. A variety of materials, including our memorandum, Proxy Materials and Annual Meetings under Maryland Law – 2026,...more

Maynard Nexsen

Client Alert: FINRA Enforcement Program Enhancements

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As part of FINRA’s efforts to improve effectiveness and efficiency through its “FINRA Forward” initiative, FINRA’s Department of Enforcement recently implemented “common-sense improvements” to its program. The improvements,...more

Skadden, Arps, Slate, Meagher & Flom LLP

European Commission Consults on Private Equity Exits

On 2 March 2026, the European Commission published a targeted consultation on private equity exits and the possible development of multilateral intermittent trading platforms for private company shares....more

Patterson Belknap Webb & Tyler LLP

SEC Grants Targeted Exemption from Section 16(a) to Directors and Officers of Certain Foreign Private Issuers

On March 5, 2026, the U.S. Securities and Exchange Commission (the “SEC”) issued an exemptive order under Section 16(a)(5) of the U.S. Securities Exchange Act of 1934 (the “Exchange Act”)....more

Cornerstone Research

SEC Accounting and Auditing Enforcement Activity—2025 Year in Review

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Accounting and auditing enforcement actions (Actions) plummeted to their lowest level in nine years in 2025, the first year of Paul Atkins’s tenure as Chair of the Securities and Exchange Commission (SEC)....more

Cooley LLP

Section 16 for FPIs: Corp Fin Posts Five FAQs

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Yesterday, Corp Fin posted a set of five FAQs related to the Section 16 obligations that commence on March 18th for insiders of foreign private issuers (those that aren’t exempt)....more

BCLP

SEC Grants Conditional Exemption to Section 16 Reporting for Certain Foreign Private Issuer Insiders

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As discussed in our prior post, the Holding Foreign Insiders Accountable Act, adopted on December 18, 2025, eliminated the exemption to the Section 16(a) reporting requirements for directors and officers of foreign private...more

A&O Shearman

UK FCA Handbook Notice 138

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The UK Financial Conduct Authority (FCA) has published Handbook Notice 138, outlining amendments to the FCA Handbook resulting from the following statutory instruments:...more

Seward & Kissel LLP

SEC Exempts Directors and Officers of Certain Foreign Private Issuers from Newly Applicable Beneficial Ownership Reporting...

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Effective March 18, 2026, the Holding Foreign Insiders Accountable Act (the “HFIA Act”) ends the long-standing exemption from beneficial ownership reporting requirements for officers and directors of Foreign Private Issuers...more

Goodwin

SEC Approves Conditional Exemptive Order for Beneficial Ownership Reporting by Certain FPI Directors and Officers

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On March 5, 2026, the U.S. Securities and Exchange Commission ("SEC") issued an order (the "Exemptive Order") that provides a conditional exemption from the reporting requirements of Section 16(a) of the Securities Exchange...more

Fenwick & West LLP

SEC CDI Updates for March 2026

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On March 6, 2026, the SEC released updated Compliance and Disclosure Interpretations (CDIs) related to Rule 701, Rule 405, CIK codes, and smaller reporting company (SRC) status. Key takeaways are summarized below....more

Blake, Cassels & Graydon LLP

Décisions clés façonnant les litiges en valeurs mobilières au Canada

Des développements récents concernant les litiges en valeurs mobilières au Canada témoignent d’un cadre juridique de plus en plus rigoureux. De nombreux éléments se répercutent directement sur la gouvernance des obligations...more

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