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
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
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
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
New York has failed to adopt climate reporting requirements in the 2025 legislative session, according to Forbes. ...more
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
The U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) administers a survey every five years to collect information from U.S. persons that hold, directly or indirectly, at least 10% of the voting interest in a...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)
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
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
On February 26, 2025, the Commission announced that it has adopted a new omnibus package of proposals designed to “simplify EU rules, boost competitiveness, and unlock additional investment capacity.” Commission President...more
3/3/2025
/ Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Parliament ,
Proposed Legislation ,
Reporting Requirements ,
Small and Medium-Sized Enterprises (SMEs) ,
Sustainability ,
Sustainable Business Practices ,
Taxonomy
Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains updates and important reminders on...more
2/10/2025
/ Corporate Governance ,
Disclosure Requirements ,
Enforcement Actions ,
Investment Adviser ,
Investment Companies ,
Nasdaq ,
Proxy Season ,
Proxy Voting ,
Publicly-Traded Companies ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Shareholder Activism
As in-scope companies prepare to begin publishing climate disclosures in California in 2026 (assuming these laws survive the ongoing litigation), New York State has taken steps to follow California’s lead by introducing two...more
Last week, Nasdaq filed a proposed rules change with the Securities and Exchange Commission to remove the board diversity rule from Nasdaq's Listing Rules....more
1/23/2025
/ Board of Directors ,
Corporate Governance ,
Disclosure Requirements ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Nasdaq ,
Proposed Rules ,
Reporting Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Shareholders
Corporate governance practices vary significantly among public companies. This reflects many factors, including:
..Differences in their stage of development, including the relative importance placed on various business...more
ESG Dive posted an interesting article yesterday on trends to watch in 2025. With the upcoming change in presidential administrations, some are predicting a course reversal on ESG; however, as this article notes, although we...more
1/13/2025
/ Artificial Intelligence ,
Clean Energy ,
Climate Change ,
Environmental Social & Governance (ESG) ,
Investment ,
Investors ,
Net Zero ,
Popular ,
Renewable Energy ,
Reporting Requirements ,
Sustainability
The following new disclosure will be required in companies’ upcoming Forms 10-K (FY 2024) and/or proxy statements...more