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Vacated Securities and Exchange Commission (SEC)

Katten Muchin Rosenman LLP

A CAT-astrophic Funding Model? Court Sends SEC Back to the Drawing Board

The US Court of Appeals for the Eleventh Circuit (Eleventh Circuit) recently vacated the Securities and Exchange Commission’s (SEC) 2023 funding order for the Consolidated Audit Trail (CAT) (the 2023 Funding Order), stayed...more

Latham & Watkins LLP

SEC Dismisses Convertible Bond Dealer Suits

Latham & Watkins LLP on

The SEC’s dismissal of recent “unregistered dealer” enforcement actions cements a scaling back of the dealer definition and reflects a policy shift from the prior SEC....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Fifth Circuit Nullifies Nasdaq’s Diversity Rule for Corporate Boards

A federal circuit court recently vacated a U.S. Securities and Exchange Commission (SEC) order approving Nasdaq’s diversity rule for boards of directors of public companies....more

Venable LLP

Fifth Circuit Vacates Nasdaq's Board Diversity Rules: Key Implications for the 2025 Proxy Season

Venable LLP on

On December 11, 2024, the U.S. Court of Appeals for the Fifth Circuit, in a 9-8 en banc decision, vacated the approval of Nasdaq's board diversity rules by the Securities and Exchange Commission (SEC). The court held that the...more

Wiley Rein LLP

Fifth Circuit Overturns SEC Approval of Nasdaq’s Board Diversity Rules

Wiley Rein LLP on

On December 11, 2024, the United States Court of Appeals for the Fifth Circuit, in a lengthy opinion, vacated the U.S. Securities and Exchange Commission’s (SEC) approval of Nasdaq’s board diversity rules in Alliance for Fair...more

Goodwin

Nasdaq Board Diversity Rules Vacated by En Banc Fifth Circuit Decision

Goodwin on

In an en banc decision filed on December 11, 2024, the U.S. Court of Appeals for the Fifth Circuit (Fifth Circuit) vacated the 2021 approval by the U.S. Securities and Exchange Commission (SEC) of rules adopted by The Nasdaq...more

Perkins Coie

Nasdaq Board Diversity Rules Vacated; SEC Approval Found “Arbitrary and Capricious”

Perkins Coie on

In a 9-8 decision on December 10, 2024, the U.S. Court of Appeals for the Fifth Circuit struck down Nasdaq’s efforts to promote diversity on public company boards. The case, Alliance for Fair Board Recruitment v. SEC, vacated...more

DLA Piper

Fifth Circuit Strikes Nasdaq Board Diversity Rules

DLA Piper on

On December 11, 2024, the United States Court of Appeals for the Fifth Circuit granted the consolidated petitions for review and vacated the order by the Securities and Exchange Commission (SEC) that approved Nasdaq’s rules...more

WilmerHale

US District Court Vacates Controversial Dealer Rules

WilmerHale on

On November 21, 2024, the US District Court for the Northern District of Texas vacated rules adopted by the Securities and Exchange Commission (SEC) in February 2024. Those rules had defined language in the definitions of...more

Sullivan & Worcester

Nasdaq Board Diversity Rule Struck Down by Federal Court

Sullivan & Worcester on

Yesterday, the U.S. Court of Appeals for the Fifth Circuit vacated the SEC’s approval of Nasdaq’s board diversity disclosure rules. While the SEC has not yet indicated if it will appeal,...more

Morrison & Foerster LLP

Federal Judge Vacates SEC’s Dealer Rule Amendments and Gensler Announces Imminent Departure

Morrison & Foerster LLP on

On Thursday, in two separate decisions, a federal district court in Texas struck down the U.S. Securities and Exchange Commission (SEC) rule that expanded the definition of “dealer” to include proprietary traders and some...more

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - July 2024

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

Holland & Knight LLP

Private Fund Advisers, Breathe Easier: Fifth Circuit Vacates Private Fund Rules

Holland & Knight LLP on

The New Orleans-based U.S. Court of Appeals for the Fifth Circuit (Court), on June 5, 2024, vacated the new private fund rules (Private Fund Rules) adopted by the SEC in August 2023, resulting in a significant victory for...more

Jones Day

Fifth Circuit Vacates SEC Private Fund Adviser Rules

Jones Day on

The U.S. Court of Appeals for the Fifth Circuit held that the new SEC regulation of private fund advisers exceeded the agency's statutory authority....more

ArentFox Schiff

Fifth Circuit Vacates SEC Private Fund Advisers Rule

ArentFox Schiff on

On June 5, the US Court of Appeals for the Fifth Circuit vacated a US Securities and Exchange Commission (SEC) Rule designed to provide investors in private funds — such as private equity, private credit, hedge funds, venture...more

Foley & Lardner LLP

Fifth Circuit Rules SEC Exceeded Its Authority in Adopting Private Fund Advisers Rule

Foley & Lardner LLP on

On June 5, 2024, a three-judge panel in the U.S. Fifth Circuit Court of Appeals ruled that the Securities and Exchange Commission exceeded its statutory authority in adopting the so-called “Private Fund Advisers Rule” (or the...more

King & Spalding

Fifth Circuit Vacates Private Fund Adviser Rules

King & Spalding on

On Wednesday, the U.S. Court of Appeals for the Fifth Circuit (the “court”) held that the Securities and Exchange Commission (“Commission”) exceeded its statutory authority when it adopted the Private Fund Adviser Rules...more

Orrick, Herrington & Sutcliffe LLP

5th Circuit vacates SEC private fund adviser rule

On June 5, the U.S. Court of Appeals for the Fifth Circuit vacated an SEC rule that represented a significant change in how private funds and their fund advisers are regulated. As it stands, the decision will spare private...more

Goodwin

Fifth Circuit Vacates the Private Funds Rules And Constrains the SEC’s Rulemaking Authority

Goodwin on

Yesterday, a three-judge panel of the U.S. Court of Appeals for the Fifth Circuit vacated the “Private Funds Rules,” which the Securities and Exchange Commission (the “SEC”) adopted on August 23, 2023. The opinion of the...more

Akin Gump Strauss Hauer & Feld LLP

Fifth Circuit Vacates SEC Private Fund Advisers Rule

Today, the United States Fifth Circuit Court of Appeals vacated the SEC’s Private Fund Advisers Rule (88 Fed. Reg. 63026), which would have required, among other things, quarterly statements to investors in private funds,...more

Dorsey & Whitney LLP

Fifth Circuit Strikes Down SEC’s Private Fund Advisers Rule

Dorsey & Whitney LLP on

On June 5, 2024, the United States Fifth Circuit Court of Appeals (the “Court”) vacated the Private Fund Advisers Rule (the “Rule”) adopted by the SEC on August 23, 2023. In reaching its decision, the Court concluded that the...more

Troutman Pepper Locke

FUNDamentals: Fifth Circuit Vacates New SEC Private Fund Adviser Rules

Troutman Pepper Locke on

On June 5th, 2024, the United States Court of Appeals for the Fifth Circuit (the “Court”) vacated the U.S. Securities and Exchange Commission’s (“SEC’s”) private fund advisers rules (the "Rules"), which would have imposed...more

Foley Hoag LLP

Fifth Circuit Vacates New Private Funds Rules

Foley Hoag LLP on

In a 3-0 decision issued today, June 5, 2024, the Fifth Circuit Court of Appeals (the “Court”) vacated the new private funds rule adopted by the Securities and Exchange Commission (the “SEC”) on August 23, 2023 (the “Rule”)....more

Mayer Brown

Fifth Circuit Vacates Private Fund Adviser Rules

Mayer Brown on

On June 5, 2024, a three-judge panel of the Fifth Circuit Court of Appeals (the “Fifth Circuit”) unanimously vacated the rule adopted by the US Securities and Exchange Commission (the “SEC”) to enhance the regulation of...more

Seward & Kissel LLP

Fifth Circuit Vacates the Private Fund Advisers Rules in their Entirety

Seward & Kissel LLP on

On June 5th, the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) vacated the Securities and Exchange Commission’s (the “SEC”) final rule regarding the regulation of private fund advisers (the “Final...more

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