On June 30, 2025, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance (the Division) revised two and eliminated one of its Compliance and Disclosure Interpretations (C&DIs) related to the disclosure of environmental proceedings under Item 103 of Regulation S-K. These changes updated Questions 105.01 and 105.03 pursuant to the August 2020 modernization of Items 101, 103, and 105. The Division also withdrew its previous guidance that administrative or judicial proceedings arising under “local provisions” in Item 103(c)(3) encompass environmental actions brought by a foreign government.

The U.S. Maritime Administration proposed changing the way persons prove U.S. citizenship for participation in various programs on July 1, 2025. Those regulations were last adjusted in 2004. MARAD proposed changes initially in 2019. The proposal is of special interest to public companies seeking to qualify for MARAD programs.

On June 23, 2025, the first-ever prosecution for bad-faith use of 10b5-1 trading plans resulted in Terren Scott Peizer, the former CEO and executive chairman of the publicly traded company Ontrak, Inc., being sentenced to 42 months in prison and ordered to pay $17.9 million in fines and restitution. A California federal district court found that Peizer had entered into Rule 10b5-1 plans in bad faith and while in possession of material nonpublic information to avoid more than $12.5 million in losses related to the termination of a large customer contract.