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17 results

March 19, 2025

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3 min read

SEC Publishes Updated C&DIs on Lock-Up Agreements and Tender Offers

On March 6, 2025, the Securities and Exchange Commission (SEC) released updated Compliance and Disclosure Interpretations (C&DIs) concerning lock-up
agreements in the context of business combinations and introduced new C&DIs related to tender offers.
...Read more

March 10, 2025

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3 min read

SEC to Implement EDGAR Next: Modernizing EDGAR Filer Access and Account Management

The U.S. Securities and Exchange Commission (the SEC or Commission) is implementing significant changes to its Electronic Data Gathering, Analysis, and
Retrieval (EDGAR) system, aimed at modernizing filer access and enhancing cybersecurity protections. On December 27, 2024, the SEC adopted a new rule,
EDGAR Filer Access and Account Management (the Rule), to formalize these updates. Effective on March 24, 2025, as part of the SEC’s transition...Read more
...Read more

February 28, 2025

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7 min read

SEC Issues New Guidance on Exclusion of Shareholder Proposals

On February 12, 2025, the staff of the Division of Corporation Finance of the Securities and Exchange Commission (SEC) issued Staff Legal Bulletin No. 14M,
which provides updated information for public companies and shareholders regarding shareholder proposals pursuant to Rule 14a-8 under the Securities
Exchange Act of 1934 and outlines a new approach towards excluding shareholder proposals from a company’s proxy statement. 
...Read more

January 27, 2025

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2 min read

Mark T. Uyeda Named Acting Chairman of the SEC, Launches New Crypto Task Force

December 13, 2024

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3 min read

Fifth Circuit Strikes Down NASDAQ Board Diversity Rules

On December 11, 2024, in Alliance for Fair Board Recruitment v. SEC, the Fifth Circuit Court of Appeals (the Court) held that the Securities and Exchange
Commission (the SEC) did not have the authority to approve The Nasdaq Stock Exchange’s (Nasdaq) board diversity rule (the Rule).
...Read more

October 22, 2024

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3 min read

SEC Greenlights Nasdaq’s Proposed Rule Change on Bid Price Compliance

On October 7, 2024, the SEC approved a Nasdaq-proposed rule amendment which impacts Nasdaq’s minimum bid price and reverse stock splits on the
exchange. These changes may impose further considerations for companies as they work through the broader impact of such actions on their overall
compliance status. 
...Read more

July 31, 2024

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8 min read

Delaware Passes Controversial Amendments to the Delaware General Corporation Law

Effective August 1, 2024, the Delaware General Corporation Law (DGCL) is amended in part to allow corporations to enter into agreements with stockholders
that delegate governance rights to stockholders regardless of whether such rights are provided for in the corporation’s certificate of incorporation. Such
stockholder agreements were previously found to violate Section 141(a) of the DGCL in the controversial case West Palm Beach Firefighters’ Pen...Read more
...Read more

June 25, 2024

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3 min read

Recent Stockholder Lawsuits in Delaware Challenge Common Advance Notice Bylaw Provisions

A wave of substantially similar stockholders’ complaints have recently been filed by plaintiffs’ firms in the Delaware Court of Chancery challenging certain
advance notice bylaw provisions commonly included in public companies’ bylaws.
...Read more

May 22, 2023

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6 min read

SEC Share Repurchase Disclosure Rules Adopted and Already Challenged

On May 3, 2023, the Securities and Exchange Commission adopted final rules amending the disclosure requirements for repurchases of equity securities by
domestic U.S. issuers, foreign private issuers and registered closed-end management investment companies that are exchange-traded. The final rules
require issuers to provide disclosures of daily repurchase activity on a quarterly basis for domestic U.S. issuers, and foreign private issuers and o...Read more
...Read more

April 5, 2023

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4 min read

SEC Pushes Toward the Digital Age, Proposes to Eliminate More Paper-Based Filings

On March 22, 2023, the Securities and Exchange Commission (the SEC) proposed amendments that would require electronically submitting certain filings,
including Securities and Exchange Act of 1934 (Exchange Act) forms, eliminating related paper-based filing requirements and compelling the use of XBRL or
custom XML for certain submissions.  The affected filings are primarily associated with self-regulatory organizations (SROs), broker-dealers, secu...Read more
...Read more

January 9, 2023

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3 min read

PCAOB Resets the Clock on Delisting for China-Based Companies Listed in the U.S.

On December 15, 2022, the Public Company Accounting Oversight Board (the PCAOB or the Board) announced that it was able to secure complete access to
inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong for the first time and issued its 2022
HFCAA Determination Report (collectively, the 2022 Determinations)[i] under the Holding Foreign Companies Accountable Act of 2020 (the HFCA...Read more
...Read more

November 2, 2022

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14 min read

Updates on Audit Oversight Cooperation Between U.S. PCAOB and Chinese Authorities

On August 26, 2022, the U.S. Public Company Accounting Oversight Board (the PCAOB) announced a Statement of Protocol (the SOP) with the China
Securities Regulatory Commission (the CSRC) and Ministry of Finance of China (MOF) in respect of cooperation on the oversight of PCAOB-registered public
accounting firms based in mainland China and Hong Kong. This represents a first and meaningful move to address the decade-long audit oversig...Read more
...Read more

July 21, 2022

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4 min read

SEC Proposes Amendments to Shareholder Proposal Rule

On July 13, 2022, the SEC proposed amendments to Rule 14a‑8, the shareholder proposal rule, to modify three of the bases for excluding shareholder
proposals from a company’s proxy materials.
...Read more

July 18, 2022

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3 min read

SEC Adopts Amendments to Proxy Voting Rules to Enhance the Timeliness and Independence of Proxy Voting Advice

On July 13, 2022, the SEC adopted amendments to the 2020 proxy rules governing proxy voting advice applicable to proxy advisory firms, or proxy voting
advice businesses (“PVABs”). (You can find our blog post about the 2020 rules here).
...Read more

October 5, 2020

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3 min read

California Governor Signs Bill Increasing Board Representation from Underrepresented Communities

On August 30, 2020, the California State Legislature took another unprecedented step in spearheading the promotion of greater diversity on public company
boards by passing a new bill (Assembly Bill (AB) 979) requiring each publicly held corporation whose principal executive offices are located in
California—regardless of state of incorporation—to have a minimum number of directors from “underrepresented communities” on its board of directors.
...Read more

April 6, 2020

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4 min read

Top Five ESG Considerations for Public Companies

As the world continues to respond to the threat of COVID-19, financial markets and corporate constituencies are looking more closely at how environmental,
social, and governance (ESG) considerations can help companies respond to the impact of COVID-19, both in the short term and long term, drive the
re-imagination of global business models, and prevent crises in the future.
...Read more

March 19, 2020

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6 min read

Key Considerations for Boards of Directors and Management in the Wake of the COVID-19 Pandemic

With the COVID-19 pandemic rapidly evolving and ever-changing, staying well-informed about corporate developments is vital for board effectiveness. The
pandemic has caused the need for urgent yet thoughtful responses by corporations through their executive officers and boards of directors.
...Read more

About This Blog

Winston’s Capital Markets & Securities Law Watch features insights on recent regulatory, stock exchange, governance, and other developments in the capital markets and public company arena.

Related Capabilities

  • Capital Markets
  • Transactions
  • Corporate Governance
  • Public Companies
  • Financial Services

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