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Books & Records

McGuireWoods LLP

SEC Staff Clears Path for Certain Transaction‑Based Pay Structures

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SERC’ling Up is your resource for staying ahead in today’s fast-evolving financial landscape. This newsletter delivers perspectives on the latest enforcement trends, regulatory updates and high-stakes developments affecting...more

Katten Muchin Rosenman LLP

FINRA Case Involving Gifts and Entertainment

On October 21, the Financial Industry Regulatory Authority (FINRA) filed a settled enforcement action involving allegedly improper gifts and entertainment in connection with sales of mutual fund shares. The $10 million fine...more

A&O Shearman

FINRA Fines Brokerage Firm $10M for Lavish Gifts and Entertainment

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FINRA Rule 2341 generally limits gifts to $100 per person per year (though FINRA recently proposed an increase to $300) and permits only occasional, non-sales conditioned business meals or entertainment.  FINRA found that the...more

Morrison & Foerster LLP

Sec Lit IQ: MoFo’s Quarterly Federal Securities Litigation and Delaware Corporate Litigation Newsletter (Q3 2025)

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Companies may need to include interim financial data in their SEC filings following a recent Ninth Circuit ruling. In Sodha v. Golubowski, No. 24-1036, -- F.4th --, 2025 WL 2487954 (9th Cir. Aug. 29, 2025), the Ninth Circuit...more

Vinson & Elkins LLP

Recent Updates on Section 220 Demands: What Changed, What Hasn’t, and How to Respond

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One of the biggest changes in Delaware litigation over the past decade has been the increased usage of books and records demands under Section 220 of the Delaware General Corporation Law (“DGCL”) and the attendant burden of...more

Seward & Kissel LLP

Seward & Kissel RIA Enforcement Study – FY 2025

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Seward & Kissel studies all enforcement actions brought by the SEC against investment advisers2 to identify enforcement trends and risks....more

Wilson Sonsini Goodrich & Rosati

Reflections on the Ongoing Reincorporation Conversation

A high-profile discussion has continued among many in the market over the status of Delaware as the favored state of incorporation compared to other states. Nevada and Texas have continued to engage in competitive efforts and...more

Bracewell LLP

Texas Corporate Law Changes: What Businesses Need to Know

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Texas has positioned itself as a leading business jurisdiction through comprehensive corporate law reforms enacted in 2025. These changes make Texas an increasingly attractive jurisdiction to reincorporate. Understanding...more

Cadwalader, Wickersham & Taft LLP

Delaware Court of Chancery Reaffirms Bar Against Discovery to Plead Demand Futility

On June 26, 2025, in In re The Boeing Co. Deriv. Litig., Vice Chancellor Morgan Zurn of the Delaware Court of Chancery ordered a stay of all discovery pending the Court’s resolution of Defendants’ motion to dismiss...more

Mayer Brown Free Writings + Perspectives

SEC Grants No-Action Relief from Rule 17a-4 for Reliance on Central Registration Depository System to Maintain Electronically...

On September 5, 2025, the Staff of the Division of Trading and Markets of the U.S. Securities and Exchange Commission (“SEC”) granted no-action relief that allows members of the Financial Industry Regulatory Authority, Inc....more

Paul Hastings LLP

Reincorporating in Nevada: Considerations for Public Companies

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After decades of dominance by Delaware, there is a renewed competition for corporate charters among states. Nevada, Texas and several others are making efforts to attract companies to initially organize or reincorporate in...more

Shumaker, Loop & Kendrick, LLP

Client Alert: Delaware Enacts Major Amendments to its General Corporation Law: New Safe Harbors and Limits

On March 25, 2025, Delaware Governor Matt Meyer signed into law significant amendments to the Delaware General Corporation Law (DGCL). The changes—specifically to Sections 144 and 220—introduce new safe harbor protections for...more

BakerHostetler

Considering ‘Dexit’: A Comparative Review of Key Issues in Delaware, Nevada and Texas Corporate Laws

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On July 9, leading venture capital firm Andreessen Horowitz (AH) announced that it had decided to redomicile its primary business entity, AH Capital Management, from Delaware to Nevada. AH made an intentionally noisy exit,...more

Proskauer Rose LLP

SEC Cites Falsified Compliance Records in Two Recent SEC Settlements with CCOs

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Two SEC enforcement actions from earlier this month, each including charges against a firm’s Chief Compliance Officer in their personal capacity, underscore the importance of maintaining accurate records and upholding...more

Cadwalader, Wickersham & Taft LLP

No Need to Pile On: Delaware Court of Chancery Rejects LLC Books and Records Demand After Unitholder’s Months-Long Investigation

In a recent decision, Thomas J. Scaramellino v. Arencibia Holdco, LLC, the Delaware Court of Chancery refused to allow the unitholder of a Delaware LLC to access “informal” LLC books and records—email, text messages, Slack,...more

Morris James LLP

Chancery Orders Confidential Treatment of Member List Produced in Books and Records Action

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Garlington v. Two Rivers Farm, LLC, C.A. No. 2024-0917-BWD (Del. Ch. Apr. 7, 2025) - The Court of Chancery entered default judgment in a books and records action. The defendant limited liability company then appeared...more

Woodruff Sawyer

The ABCs of Corporate Law: Reforming Section 220 Demands

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For many years, plaintiffs’ lawyers have used Section 220 requests to harass Delaware corporations. Typically, books and records demands are intrusive and annoying—and nothing more. However, in some cases, plaintiffs have...more

Tarter Krinsky & Drogin LLP

Delaware Clarifies Stockholders’ Rights to Inspect Corporate Books and Records

Section 220 of the Delaware General Corporation Law (“DGCL”) was recently amended by Delaware Senate Bill 21 to reflect the Delaware legislature’s efforts to continue to provide a business-friendly environment and preserve...more

Saul Ewing LLP

The JustPod: Volunteering for the Death Penalty: Our Discussion with Award-Winning Journalist Gianna Toboni and Her Debut Book...

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The JustPod is a podcast of the American Bar Association's Criminal Justice Section, hosted by Justin Danilewitz and Geonard Butler. This episode features a discussion with Award-Winning Journalist Gianna Toboni about her...more

Whiteford

Client Alert: New Maryland Law Affecting Condominium and Homeowner Associations

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Mayland Senate Bill 758 / House Bill 1534 (the “Bill”) was recently signed by the Governor of Maryland, Wes Moore, and will go into effect October 1, 2025. The Bill (available here) amends Title 11 (the Condominium Act) and...more

Stradling Yocca Carlson & Rauth

California Business Divorce: California Court Recognizes LLC Member Lists as Trade Secrets in Recent Ruling

California Court Recognizes LLC Member Lists as Trade Secrets in Recent Ruling - When an LLC member suspects the company is playing favorites with redemption requests, how much access should they have to the membership rolls...more

Seward & Kissel LLP

Recent Amendments to the Delaware General Corporation Law

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Delaware has recently enacted two sets of amendments to the Delaware General Corporation Law (“DGCL”). One from 2024 is Senate Bill 313, which made explicit the right of a corporation to grant governance rights to a...more

Ballard Spahr LLP

DE Chancery Court Curbs Inspection to Investigate Alleged Fraud

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In Scaramellino v. Arencibia Holdco, LLC, Delaware’s Chancery Court recently approved a limited liability company’s narrow production in response to a broad books and records inspection demand, despite the petitioner’s...more

Freeman Law

Texas Nonprofit Corporations | Are Corporate Records Available for Inspection?

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This Freeman Law blog provides an overview for the Texas nonprofit corporation to understand its obligations relating to the maintenance of books and records under Texas law and as to when, and under what circumstances, those...more

Mayer Brown

Delaware Law Alert: Books and Records Inspection Under the Amended §220

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Delaware has overhauled its framework for stockholder books and records inspection rights. Amendments to Delaware General Corporation Law (DGCL) §220, enacted on March 25, 2025,1 seek to address the concern that inspection...more

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