News & Analysis as of

Shareholders Securities Regulation

Cozen O'Connor

CSA Expands LIFE Exemption: Blanket Relief Order Increases Capital Raising Limits for Listed Issuers

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On May 14, 2025, the Canadian Securities Administrators (the CSA) issued Coordinated Blanket Order 45-935 (the Blanket Order), introducing targeted relief from certain limitations of the Listed Issuer Financing Exemption (the...more

Mayer Brown

Shareholder Proposals in the Wake of Staff Legal Bulletin 14M

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As we previously addressed here, on February 12, 2025, the Staff of the U.S. Securities and Exchange Commission’s Division of Corporation Finance published Staff Legal Bulletin 14M (“SLB 14M”). Among other things, SLB 14M...more

Wilson Sonsini Goodrich & Rosati

SEC Announces Upcoming Roundtable on Executive Compensation Disclosure Requirements

On May 16, 2025, the U.S. Securities and Exchange Commission announced that it will host a Roundtable on Executive Compensation Disclosure Requirements on June 26, 2025. SEC Chairman Paul S. Atkins issued a statement on the...more

Cooley LLP

Five Wild Things About the New Texas Shareholder Proposal Law

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As we’ve blogged about recently, Texas has taken a number of steps to bolster its reputation as a business-friendly state. The latest is a new law aimed at making it harder for shareholder proponents to get a proposal (other...more

Ropes & Gray LLP

Under New Rule, NYSE-only Listed Companies from Outside North America Can Comply with Holder Distribution Standards on a Global...

Ropes & Gray LLP on

On May 2, the Securities and Exchange Commission approved an amendment to Section 102.01 of the New York Stock Exchange (NYSE) Listed Company Manual allowing companies organized outside North America (i.e., outside the U.S.,...more

Allen Matkins

Issuer Retreats From Racial Share Allocation Scheme

Allen Matkins on

In February, I wrote about a proposed offering that involved a racially based share allocation scheme. Last month, it appeared that the offering was stalled at the Securities and Exchange Commission. Recently, the company,...more

Jones Day

Holding Proxy Advisors' Feet to the Fire

Jones Day on

Proxy advisors, and specifically ISS and Glass Lewis, are in the business of advising asset managers on whether to vote for or against the thousands of director nominees and proposals that are presented to shareholders each...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Moves Quickly To Create a Regulatory Framework for Cryptocurrencies and Reconsider Its Rules and Guidance - The Trump...

Paul Atkins has been confirmed as SEC chair, succeeding Acting Chair Mark Uyeda, who initiated significant regulatory actions....more

Hogan Lovells

UK Capital Markets: London Stock Exchange launches market discussion on the future of AIM

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On 7 April 2025, the London Stock Exchange (LSE) published a discussion paper ‘Shaping the Future of AIM’ (Discussion Paper) inviting feedback on proposals to develop the overall AIM market framework and update the AIM Rules...more

Morrison & Foerster LLP

Securities Fraud Claims Based on Short Reports

Is a report by a short seller followed by a stock decline enough to plead securities fraud? This month, the Fourth Circuit considered this issue. In Defeo v. IonQ, Inc., a group of investors sued IonQ, a developer of quantum...more

Paul Hastings LLP

Public Company Watch: Q1 2025

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The Q1 2025 edition of the Public Company Watch highlights critical updates and regulatory changes affecting public companies. Staying informed on these topics is crucial for effective compliance and strategic planning....more

Conyers

Sunrise Radio Considered – Is a Debt-for-equity Swap Carried Out at an Undervalue Unfairly Prejudicial?

Conyers on

On 27 March 2025, the Eastern Caribbean Supreme Court, sitting in the Territory of the Virgin Islands, handed down its decision in BVIHCMAP2024/0002 Amstel Investment Holdings Limited and others v AMS Holdings Limited and...more

Venable LLP

Chancery Court Dismisses Equitable Challenge to Advance Notice Bylaws as Unripe

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Invoking the recent Delaware Supreme Court decision Kellner v. AIM ImmunoTech Inc., 320 A.3d 239 (Del. 2024) (“Kellner”), the Court of Chancery held that equitable challenges to the enforceability of advance notice bylaws are...more

A&O Shearman

FCA update on PISCES and pre-application support

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The UK Financial Conduct Authority (FCA) has published an update on the Private Intermittent Securities and Capital Exchange System (PISCES) sandbox, following the consultation in December 2024 (CP24/29). PISCES will be a new...more

A&O Shearman

ESMA calls for clarity on the qualification of fractional shares

A&O Shearman on

The European Securities and Markets Authority (ESMA) has published a letter to the European Commission on the inconsistent regulation of trading of fractional shares across the EU. There has been an increase in the...more

Mayer Brown Free Writings + Perspectives

Nasdaq Releases Policy Recommendations to Promote Capital Formation

In March 2025, Nasdaq released a comprehensive set of policy recommendations intended to advance capital formation in a paper titled “Advancing the U.S. Public Markets: Unlocking Capital Formation for a Stronger American...more

Conyers

Updates to the HKEX Paperless Listing Regime – Are You In Compliance?

Conyers on

The Stock Exchange of Hong Kong Limited published on 24 January 2025 its Conclusions on Further Paperless Listing Reforms. The proposals adopted include, among others, that issuers are to: - provide securities holders...more

Woodruff Sawyer

What You Don’t Disclose Can Hurt You: The Power of Proactive Risk Factor Disclosures

Woodruff Sawyer on

With evolving regulations and emerging risks—including tariffs, DEI-related controversies, and cybersecurity concerns—some public companies are refining their approach to assessing and updating risk factor disclosures. Beyond...more

Troutman Pepper Locke

New Texas Stock Exchange Aims at Nasdaq and NYSE

Troutman Pepper Locke on

On April 4, the Texas Stock Exchange's (TXSE) Form 1 application for registration as a national securities exchange was publicly released by the U.S. Securities and Exchange Commission (SEC). The application contains a wealth...more

Cooley LLP

Nasdaq’s Recommendations for a Better Capital Market

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Last week, Nasdaq released this interesting paper that sets forth a set of recommendations to improve the capital markets. Nasdaq believes its recommendations not only come out at a critical time when policymakers have real...more

K&L Gates LLP

SEC Policy Shift and Recent Corp Fin Updates – Part 1

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Since the beginning of the year, the US Securities and Exchange Commission’s (SEC) Division of Corporation Finance staff (Corp Fin Staff) has issued several important statements and interpretations, including a Staff Legal...more

BCLP

London Stock Exchange Discussion Paper - Shaping the Future of AIM

BCLP on

The ‘Jewel in the Crown’ of London’s markets, AIM has been a central feature of UK capital markets for the last 30 years providing growing companies with access to capital and liquidity. ...more

A&O Shearman

Southern District Of New York Grants Motion To Dismiss Putative Securities Class Action Against Software Company

A&O Shearman on

On March 27, 2025, Judge John G. Koeltl of the United States District Court for the Southern District of New York granted a motion to dismiss a putative securities class action asserting claims against a software company and...more

Cooley LLP

Preparing for the Virtual-Only Annual Meeting: Issues to Consider

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For those planning for a virtual-only annual shareholders meeting, here are a non-exhaustive list of issues to consider (these also apply to hybrid meetings, which also have other issues to ponder given the in-person...more

Blake, Cassels & Graydon LLP

Fusions et acquisitions au Canada : Foire aux questions sur les F&A de sociétés ouvertes

Notre brochure Foire aux questions répond aux questions courantes au sujet de la réglementation des F&A de sociétés ouvertes. Cette ressource complète traite de sujets clés et contient de l’information essentielle pour vous...more

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