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Securities Regulation First Amendment

Fenwick & West LLP

ISS Files Suit Against Texas SB 2337

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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

Vinson & Elkins LLP

Texas Hold ‘Em: New Law Requires Proxy Advisors to Show Their Cards if “Nonpecuniary” Factors Guide Voting Recommendations -...

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On June 20, 2025, Texas Governor Greg Abbott signed Senate Bill 2337 (“SB 2337”), a novel regulation that will require significant disclosure obligations for proxy advisors, such as ISS and Glass Lewis, for their voting...more

Paul Hastings LLP

Regulating Proxy Advisors: Court Rules Advice Is Not a ‘Solicitation’ and Texas Enacts Its Own Law

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On July 1, 2025, the U.S. Court of Appeals for the District of Columbia Circuit ended more than five years of uncertainty and confusion by ruling that proxy voting advice issued by proxy advisors is not a “solicitation” under...more

Mayer Brown Free Writings + Perspectives

Rulemaking Petition Seeks Clarification on Trading After Public Commentary

In January 2025, the founder of Citron Capital, LLC (“Citron”) filed a petition for rulemaking with the US Securities and Exchange Commission requesting the SEC to initiate rulemaking to clarify the regulation of trading by...more

Jones Day

U.S. SEC Climate Disclosure Rules Spark Flurry of Litigation (UPDATE)

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Following the U.S. Securities and Exchange Commission ("SEC")'s adoption of the climate-related disclosure rules on March 6, 2024, dozens of parties filed petitions for review across different appellate courts. The Judicial...more

Foley Hoag LLP - Energy & Climate Counsel

Federal Court of Appeals Stays SEC Climate Rule

On Friday, March 15, 2024, the United States Court of Appeals for the Fifth Circuit issued an administrative stay on the application of the SEC’s new rules regarding climate-related disclosures for investors, which we covered...more

Jones Day

SEC Rejects Call to Alter "No Admit/No Deny" Settlement Rule

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On January 30, 2024, the Securities and Exchange Commission ("SEC") denied a Petition for Rulemaking to amend SEC Rule 202.5(e), known as the SEC's "no-admit/no-deny" rule or, more pejoratively, the "gag rule."...more

Carlton Fields

The SEC’s Compulsory Practice of Restraining Free Speech: “You Signed It, So Live With It!”

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Since 1972, the SEC has prohibited defendants who settle civil enforcement actions with the SEC without admitting or denying wrongdoing from later publicly “denying the allegations in the complaint” filed against them. The...more

Wilson Sonsini Goodrich & Rosati

Share Repurchase Rules: Fifth Circuit Directs SEC to Correct Defects 

In an opinion issued on October 31, 2023, a three-judge panel of the United States Court of Appeals for the Fifth Circuit found that the U.S. Securities and Exchange Commission (SEC) acted “arbitrarily and capriciously” in...more

Polsinelli

Blockchain+ Bi-Weekly - September 2023

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The Blockchain Bi-Weekly presented by the Polsinelli Blockchain+ team is a rundown of some of the key stories in the Web3, blockchain and crypto ecosystems curated by our attorneys navigating the intersections of code, smart...more

Burr & Forman

New Front in ESG Wars: Securities Industry Sues Missouri

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On August 10, 2023, the Securities Industry and Financial Markets Association (“SIFMA”) – a leading Wall Street industry association – filed suit to enjoin new Missouri regulations requiring investment advisors (“IA’s”) and...more

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