News & Analysis as of

Securities Regulation

Jones Day

Securities on a Sliding Scale: Inside "Project Crypto's" New Approach to Digital Assets

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On November 12, 2025, Securities and Exchange Commission ("SEC") Chairman Paul S. Atkins spoke at the Federal Reserve Bank of Philadelphia regarding the SEC's "Project Crypto" initiative, which aims to create a clear and...more

Ropes & Gray LLP

SEC Staff Address Questions on Pending Filings in Post-Government Shutdown Guidance

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On November 13, 2025, the Division of Corporation Finance (the “Division”) of the Securities and Exchange Commission (“SEC”) issued guidance regarding its operations immediately following the government shutdown....more

Holland & Knight LLP

Nueva norma de la SFC fortalece la liquidez de los mercados de capitales en Colombia

Holland & Knight LLP on

Por medio de la Circular Externa 014 de 2025 la Superintendencia Financiera de Colombia (SFC) dio a conocer la normativa con la cual busca impartir instrucciones para fortalecer la liquidez de los mercados de capitales en...more

Akin Gump Strauss Hauer & Feld LLP

SEC & Mandatory Arbitration: Policy Evolution and Supreme Court Precedent

On September 17, 2025, the U.S. Securities and Exchange Commission (the “Commission”) published a policy statement concerning the inclusion of mandatory arbitration provisions in registration statements for investor claims...more

Goodwin

Division of Corporation Finance Guidance on Operations After the Government Shutdown

Goodwin on

On November 12, 2025, the 43-day U.S. federal government shutdown ended when legislation was enacted that funds most federal agencies until January 30, 2026, and the SEC Staff returned to work on November 13, 2025. ...more

Lowenstein Sandler LLP

Crypto Brief - Lowenstein Crypto Newsletter - November 13, 2025

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Senate Agriculture Committee Releases Discussion Draft of Bipartisan Market Structure Bill - On Nov. 10, the U.S. Senate Committee on Agriculture, Nutrition & Forestry (Committee) released a discussion draft of legislation...more

Procopio, Cory, Hargreaves & Savitch LLP

Beyond the Shortcut: How to Make Reverse Mergers Work Under Nasdaq’s Modern Rules

For executives and in-house counsel, capital‑markets access can determine whether strategic plans accelerate or stall. Reverse mergers remain a viable path to the public markets, but only for companies that understand how...more

A&O Shearman

Technical standards on consolidated tape under MiFIR published in OJ

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Five technical standards supplementing the Markets in Financial Instruments Regulation enabling the creation of the consolidated tape have been published in the Official Journal of the European Union (OJ)...more

Carlton Fields

Nasdaq Looking to Unveil Tokenized Trading Platform Next Year: Will the SEC Approve?

Carlton Fields on

On September 8, 2025, Nasdaq submitted a first-of-its-kind application to the Securities and Exchange Commission (SEC) to amend Nasdaq rules to permit the trading of tokenized securities alongside traditional, non-tokenized...more

Alston & Bird

SEC Goes Back to the Wells Process

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Our White Collar, Government & Internal Investigations Team examines recent Securities and Exchange Commission (SEC) reforms to enhance fairness and transparency in the Wells process by expanding respondent engagement,...more

Wilson Sonsini Goodrich & Rosati

Insider Trading Policies: A Survey of the SV150

Wilson Sonsini is pleased to present Insider Trading Policies: A Survey of the SV150, which analyzes the insider trading policies of Silicon Valley’s largest public companies....more

Bennett Jones LLP

Ontario Securities Act No-Reprisal Provisions Results in C$5.3 Million Award to CEO: A Warning to Regulated Employers

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The recent decision in McPherson v Global Growth Assets Inc., 2025 ONSC 5226, (McPherson) is the first time the Ontario Superior Court of Justice has interpreted the protection from reprisal provisions under Ontario’s...more

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - November 2025

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

Gray Reed

The Impacts of Legislation on the Financial Industry in Texas

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Texas's financial landscape has evolved alongside proactive legislative leadership. Lawmakers have consistently prioritized economic growth, regulatory clarity and competitive market structures. The Legislature continues to...more

Haynes Boone

Financial Regulatory Roundup November 2025

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SEC Chairman Atkins Issues Statement Regarding Security-Based Swap Dealer De Minimis Threshold Phase-in Period and Lookback Period - On Oct. 29, 2025, in light of the ongoing U.S. government shutdown, Securities and...more

A&O Shearman

UK FCA consults on changes to the UK short selling regime

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The UK Financial Conduct Authority (FCA) has published consultation paper CP25/29, alongside a press release, setting out proposed rules and guidance for the UK short selling regime. This follows the introduction of the Short...more

Bressler, Amery & Ross, P.C.

FINRA’s Wake-Up Call Concerning Gifts and Entertainment

As FINRA’s proposed amendments to Rule 3220 (Influencing or Rewarding Employees of Others), aka the “Gift Rule,” and related rules are pending, it has sent a strong message that firms must continue diligently policing gifts...more

A&O Shearman

Northern District Of California Grants Motion To Dismiss Putative Class Action Against Biopharmaceutical Company

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On October 30, 2025, Chief Judge Richard Seeborg of the United States District Court of the Northern District of California granted a motion to dismiss a putative securities class action alleging a biopharmaceutical company...more

Morrison & Foerster LLP - Social Media

Social Links: The Internet’s Awkward Teen Phase

By the end of November, Character.AI will stop letting anyone under 18 chat freely with its bots. No more late-night conversations with virtual friends, no more two-hour therapy sessions with imaginary Freud. The company says...more

Troutman Pepper Locke

State AGs Urge SEC to Preserve State Authority in Crypto Regulation

Troutman Pepper Locke on

On October 20, a coalition of 21 state attorneys general (AG), led by Iowa AG Brenna Bird, submitted a letter to Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce in response to her February statement...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

Stikeman Elliott LLP

Blockchain & Cryptocurrency Regulation 2026: Canada

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Government attitude and definition - As in many countries, the regulation of cryptocurrencies in Canada is divided among various levels of government and administrative agencies, depending on the nature of the activity...more

Ropes & Gray LLP

European Private Equity Market Recap – Q3 2025

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Europe showed resilient buyout activity in Q3, on pace to exceed 2024. The market is moving with improved sentiment into Q4 with global sponsors—especially U.S. firms—deploying capital actively....more

A&O Shearman

SGX RegCo issues its response on its proposals for a more disclosure based regime

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With effect from October 29, 2025, Singapore Exchange Regulation (SGX RegCo) has put into place measures in response to comments on its consultation paper on “A Shift to a More Disclosure-Based Regime” (issued on May 15,...more

Paul Hastings LLP

UK Equity Capital Markets Insights — November 2025

Paul Hastings LLP on

On 15 July 2025, the UK Digitisation Taskforce (the Taskforce) published its Final Report on the proposed digitisation of the UK shareholding framework (see the August edition of this newsletter). One of the key...more

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