Capital Markets & Securities Law Watch

On May 6, 2025, the Chairman of the Securities and Exchange Commission (SEC), Paul Atkins, informed SEC staff that the agency had reduced its full-time headcount by 15% across various offices and divisions since the start of the federal government’s fiscal year in October 2024.

Following a series of executive orders issued by the Trump administration targeting DEI initiatives, many companies have made significant changes to their proxy statements this season. Disclosures relating to racial and gender diversity were once considered essential, and while proxy advisory firms continue to consider such disclosures when making voting recommendations, now many companies are skirting around the topic or eliminating any mention of diversity altogether. 

On April 30, 2025, the Financial Services Committee of the U.S. House of Representatives voted to advance a draft bill that would abolish the Public Company Accounting Oversight Board (PCAOB) and shift its oversight duties to the SEC.