Last week, the Securities and Exchange Commission (SEC) launched a new statistics and data visualization page that includes statistics and interactive graphics on key elements of the capital markets, based on the following...more
8/18/2025
/ Capital Markets ,
Disclosure Requirements ,
Financial Markets ,
Financial Services Industry ,
Initial Public Offering (IPO) ,
Investors ,
Portal ,
Publicly-Traded Companies ,
Regulatory Oversight ,
Reporting Requirements ,
Securities and Exchange Commission (SEC)
On Wednesday, August 13, 2025, the U.S. District Court for the Central District of California issued an order denying plaintiffs’ motion for a preliminary injunction to enjoin California’s Climate Corporate Data...more
8/15/2025
/ Amended Legislation ,
CARB ,
Climate Change ,
Constitutional Challenges ,
Disclosure Requirements ,
First Amendment ,
Greenhouse Gas Emissions ,
Legal History ,
Preliminary Injunctions ,
Reporting Requirements ,
Supremacy Clause
The California Air Resources Board (CARB) announced last week that it will hold its second virtual public workshop to support the development of California’s Corporate Greenhouse Gas Reporting Program, established by Senate...more
Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains updates and important reminders on...more
8/6/2025
/ Bylaws ,
CDIs ,
Climate Change ,
Corporate Governance ,
Digital Assets ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Exchange-Traded Products ,
Federal Funding ,
Form 10-Q ,
Forum Selection ,
Glass Lewis ,
Institutional Shareholder Services (ISS) ,
MD&A Statements ,
Proxy Advisors ,
Regulatory Requirements ,
Reporting Requirements ,
Risk Factors ,
Schedule 13D ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Stablecoins ,
Tariffs ,
US Trade Policies
Glass, Lewis & Co. (Glass Lewis) filed a complaint in the U.S. District Court for the Western District of Texas on July 24, 2025, seeking to end SB 2337, which was recently signed into law in June and will become effective...more
7/29/2025
/ Constitutional Challenges ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Environmental Social & Governance (ESG) ,
First Amendment ,
Glass Lewis ,
Institutional Shareholder Services (ISS) ,
Investment Advisers Act of 1940 ,
New Legislation ,
Pending Litigation ,
Proxy Advisors ,
Regulatory Requirements ,
Securities Regulation ,
Shareholders
The Conference Board recently reported that the number of Russell 3000 companies issuing sustainability reports in the first half of 2025 fell 52% compared to the first half of 2024. ...more
7/29/2025
/ Asia Pacific ,
Corporate Governance ,
Corporate Social Responsibility ,
Corporate Sustainability Reporting Directive (CSRD) ,
Disclosure Requirements ,
Environmental Policies ,
Environmental Social & Governance (ESG) ,
EU ,
Investors ,
Privately Held Corporations ,
Publicly-Traded Companies ,
Reporting Requirements ,
Stock Exchange ,
Sustainability
The Securities and Exchange Commission’s (SEC) controversial climate disclosure rules have been essentially dead since last March, when the SEC voted to end its defense of the rules. ...more
7/25/2025
/ Appeals ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Litigation ,
Environmental Social & Governance (ESG) ,
Judicial Review ,
Pending Litigation ,
Publicly-Traded Companies ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Statutory Authority
Companies doing business in Texas and California should be aware of the following state law developments, which could affect them....more
7/21/2025
/ CARB ,
Carbon Emissions ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Environmental Social & Governance (ESG) ,
Greenhouse Gas Emissions ,
New Legislation ,
Publicly-Traded Companies ,
Reporting Requirements ,
Shareholders
On July 1, the SEC’s Division of Corporation Finance (Corp Fin) issued a statement regarding Crypto Asset Exchange-Traded Products (crypto asset ETPs).
Crypto asset ETPs are investment products that are listed and traded...more
7/16/2025
/ Cryptocurrency ,
Derivatives ,
Digital Assets ,
Disclosure Requirements ,
Exchange-Traded Products ,
Financial Markets ,
Investment ,
Investment Funds ,
Policy Statement ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On July 9, 2025, the California Air Resources Board (CARB) released a set of Frequently Asked Questions regarding California’s Climate Corporate Data Accountability Act (SB 253) and the Climate-Related Financial Risk Act (SB...more
On July 11, the SEC’s Division of Corporation Finance amended 18 Compliance and Disclosure Interpretations relating to Regulation 13D-G, which pertains to beneficial ownership reporting rules.
These amendments bring the...more
Keep in mind the following risk factor and MD&A considerations for upcoming Form 10-Q filings...more
7/15/2025
/ Corporate Governance ,
Disclosure Requirements ,
Foreign Currency ,
Form 10-Q ,
International Trade ,
MD&A Statements ,
Publicly-Traded Companies ,
Risk Management ,
Tariffs ,
Tax Policy ,
Tax Reform ,
Trade Relations ,
US Trade Policies
Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains updates and important reminders on...more
7/8/2025
/ Corporate Governance ,
Cryptoassets ,
Currency Exchange ,
Disclosure Requirements ,
Exchange-Traded Products ,
Executive Compensation ,
Foreign Currency ,
Form 10-Q ,
Nasdaq ,
Regulatory Requirements ,
Reporting Requirements ,
Rule 14a-8 ,
Securities ,
Securities Regulation ,
State Securities Regulators ,
Tariffs ,
US Trade Policies
Petition for Rulemaking with Respect to Cybersecurity Incident Disclosure -
A group of financial services industry trade associations submitted a joint petition for rulemaking requesting that the SEC amend the...more
6/20/2025
/ Bitcoin ,
Crowdfunding ,
Cryptocurrency ,
Cyber Incident Reporting ,
Cybersecurity ,
Disclosure Requirements ,
Financial Services Industry ,
Foreign Private Issuers ,
Nasdaq ,
Petition for Rulemaking ,
Proposed Amendments ,
Publicly-Traded Companies ,
Regulation A ,
Securities and Exchange Commission (SEC) ,
Trade Associations
Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains updates and important reminders on...more
6/13/2025
/ Corporate Governance ,
Disclosure Requirements ,
Fee Caps ,
Financial Industry Regulatory Authority (FINRA) ,
Form 10-Q ,
MD&A Statements ,
Regulatory Requirements ,
Risk Factors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Stock Exchange ,
Tariffs
On May 29, 2025, The California Air Resources Board (CARB) held a virtual workshop to “support the development of California’s Corporate Greenhouse Gas Reporting Program” reflected in the Climate Corporate Data Accountability...more
On April 10, the SEC staff articulated how existing disclosure requirements under the federal securities laws apply to offerings and registrations involving crypto assets....more
On April 25, the SEC staff added two new Compliance and Disclosure Interpretations (CDIs), revised 20 CDIs and withdrew three CDIs related to 10b5-1 plans. The SEC staff largely revised the CDIs to conform to the 2022 Rule...more
5/5/2025
/ 10b5-1 Plans ,
CD&I ,
Clawbacks ,
Disclosure Requirements ,
Executive Compensation ,
Form 10-K ,
Insider Trading ,
Regulation S-K ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Special Purpose Acquisition Companies (SPACs)
As companies prepare their Form 10-Q disclosures, it's worth bearing in mind a number of special considerations amid the current economic and political environment....more
5/2/2025
/ Artificial Intelligence ,
Corporate Governance ,
Disclosure Requirements ,
Diversity and Inclusion Standards (D&I) ,
Economic Downturn ,
Environmental Social & Governance (ESG) ,
Financial Markets ,
Form 10-Q ,
International Trade ,
Recessions ,
Risk Assessment ,
Risk Management ,
Supply Chain ,
Tariffs ,
Trump Administration ,
US Trade Policies
On April 24, 2025, the U.S. Court of Appeals for the Eighth Circuit ordered that the litigation challenging the validity of the Securities and Exchange Commission's (SEC) climate disclosure rule be “held in abeyance pending...more
Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains updates and important reminders on...more
5/1/2025
/ C&DIs ,
Corporate Governance ,
Cryptocurrency ,
Delaware General Corporation Law ,
Disclosure Requirements ,
Form 10-Q ,
MD&A Statements ,
Nasdaq ,
Proxy Statements ,
Regulatory Agenda ,
Regulatory Requirements ,
Risk Factors ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Special Purpose Acquisition Companies (SPACs)
The California Air Resources Board (CARB) has announced that it will hold a virtual public workshop to “support the development of California’s Corporate Greenhouse Gas Reporting Program,” as reflected in The Climate...more
5/1/2025
/ CARB ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Greenhouse Gas Emissions ,
New Legislation ,
Regulatory Requirements ,
Reporting Requirements ,
Risk Assessment ,
Rulemaking Process ,
State and Local Government
Acting SEC Chair Mark T. Uyeda outlined potential regulatory changes to make IPOs more attractive and to scale public company disclosures at the Florida Bar’s 41st Annual Federal Securities Institute and M&A Conference. ...more
On March 27, 2025, the Securities and Exchange Commission voted to end its defense of the climate disclosure rules it adopted last year that would have required publicly traded companies disclose climate-related risks and...more
The SEC published updated Compliance and Disclosure Interpretations on the filing of Schedules 13D and 13G/Shareholder Engagement....more
3/28/2025
/ Asset Management ,
CDIs ,
Corporate Governance ,
Disclosure Requirements ,
Institutional Investors ,
Investment Management ,
Reporting Requirements ,
Schedule 13D ,
Schedule 13G ,
Securities and Exchange Commission (SEC) ,
Shareholders