The Securities and Exchange Commission has announced the formation of a new Cross-Border Task Force designed to strengthen enforcement efforts against international fraud targeting U.S. investors. This specialized unit will focus on investigating securities law violations by foreign-based companies, with particular attention to market manipulation schemes like “pump-and-dump” operations. The…
On August 27, 2025, the staff of the SEC’s Division of Corporation Finance published new Exchange Act Rules Compliance and Disclosure Interpretation Question 130.05, which provides guidance on when an issuer may become an accelerated or large accelerated filer after it loses its status as a smaller reporting company. An…
On August 29, 2025, the staff of the SEC’s Division of Corporation Finance announced that an updated version of the Financial Reporting Manual has been posted to reflect i) additional real estate related and other miscellaneous revisions to conform to the May 20, 2020 amendments to the Regulation S-X Acquisition…
On August 1, 2025, the Securities and Exchange Commission (SEC) announced the launch of a task force on artificial intelligence (AI) that will spearhead the agency’s efforts to enhance innovation and efficiency in its operations through the responsible use of AI. Valerie Szczepanik, who has been named the SEC’s Chief…
On March 6, 2024, the Securities and Exchange Commission (the SEC or Commission) adopted final rules requiring expansive new climate-related disclosures in Form 10-K and Form 20-F annual reports and most registration statements (the Rules). The disclosure requirements quickly became the subject of litigation challenging their validity; federal lawsuits were…
On July 21, 2025, the SEC announced that it has designated George R. Botic to serve as Acting Chair of the Public Company Accounting Oversight Board, effective July 23, 2025. The PCAOB announced last week that Chair Erica Williams will depart the Board on July 22. The SEC’s announcement notes…
The staff of the SEC’s Division of Corporation Finance periodically publish informal staff interpretations to the public via the Financial Reporting Manual (FRM). On July 2, 2025, the staff announced that it had published an updated version of the FRM effective June 30, 2025. The updated version of the FRM…
On June 30, 2025, the SEC staff struck the right balance with its no-action letter granting relief to BirchBioMed, Inc. from the requirement to file an annual report on Form 1-K under Regulation A. Notwithstanding that BirchBioMed, Inc. did not qualify for suspension under Rule 257(d) of Regulation A, the…
On June 21, 2025, the Governor of Texas signed Texas Senate Bill 2337 (“S.B. 2337”), Relating to the regulation of the provision of proxy advisory services, into law. S.B. 2337 imposes additional requirements on proxy advisors that provide proxy advisory services with respect to certain proposals made by companies that…
Today, the SEC issued a concept release to solicit public comment on the definition of foreign private issuer (“FPI”). It has been many years since the SEC last considered what it means to qualify as a FPI. While it is too early to predict how the SEC might ultimately revise…