Pursuant to an Executive Order issued last week and as implemented in accordance with this Office of Personnel Management memorandum, the SEC will be closed from Wednesday, December 24, 2025 through Friday, December 26, 2025. U.S. equity and debt markets will be open as previously scheduled on Wednesday, December 24,…
On December 18, 2025, President Trump signed the National Defense Authorization Act (“NDAA”) into law. Among its many provisions, Section 8103—titled the “Holding Foreign Insiders Accountable Act”—introduces a significant development for foreign private issuers (“FPIs”). Section 8103 amends Section 16(a) of the Securities Exchange Act of 1934 to extend its…
On December 11, 2025, President Trump signed an executive order entitled “Protecting American Investors From Foreign-Owned and Politically-Motivated Proxy Advisors.” Directly referencing Institutional Shareholder Services (ISS) and Glass Lewis, the order is predicated on the premise that “proxy advisors regularly use their substantial power to advance and prioritize radical politically-motivated…
The SEC’s recent policy change on issuer-investor mandatory arbitration provisions has prompted quick reactions from proxy advisors and early adopters in the market—setting the stage for renewed debate over whether companies should consider arbitration requirements in their governing documents. Mandatory arbitration provisions require investors to arbitrate, rather than litigate, disputes…
Glass Lewis has released its 2026 Benchmark Policy Guidelines, along with its 2026 Benchmark Policy Guidelines on Shareholder Proposals and ESG-related issues, introducing several notable changes ahead of the upcoming proxy season. Key Updates for 2026 Enhanced Pay-for-Performance Evaluation Glass Lewis has updated its pay-for-performance model to adopt a scorecard-based…
On December 2, 2025, SEC Chairman Paul Atkins spoke at the New York Stock Exchange about the current state of U.S. capital markets, the challenges they face, and potential reforms to strengthen them. As the United States approaches its 250th anniversary, the Chairman highlighted the history of the markets and…
As we previously posted, on November 17, 2025, the SEC’s Division of Corporation Finance announced a significant change in how it will engage with shareholder proposal exclusions. Just two days later, on November 19, 2025, the Staff issued what appears to be the first public response letter under its revised…
On November 17, 2025, the SEC issued a statement from the Division of Corporation Finance which announces a significant change in the Division’s involvement in the annual shareholder proposal season. Noting “current resource and timing considerations following the lengthy government shutdown and the large volume of registration statements and other…
In a Friday appearance on Fox Business, SEC Chairman Paul Atkins signaled that the Securities and Exchange Commission is increasingly focused on curbing the influence of proxy advisory firms. His comments follow reports that the Trump Administration is weighing an executive order aimed at limiting the role of firms such…
On November 12, 2025, the 43-day U.S. federal government shutdown ended when legislation was enacted that funds most federal agencies until January 30, 2026, and the SEC Staff returned to work on November 13, 2025. Upon reopening, the Staff of the SEC’s Division of Corporation Finance issued guidance regarding the…