On November 14, the Securities and Exchange Commission (“SEC”) published its 2023 annual enforcement report which revealed a continuation of 2022’s record-setting enforcement activity.
Evaluating a broad spectrum of challenges raised by the U.S. Chamber of Commerce and others, a unanimous panel of the U.S. Court of Appeals for the Fifth Circuit recently held that the SEC failed to provide a sufficient rationale to justify its Share Repurchase Disclosure Modernization Rule (the “Final Rules”), rendering the Final Rules arbitrary and capricious.
On October 25, a panel of the Fifth Circuit Court of Appeals (the “Fifth Circuit”) upheld the Nasdaq board diversity rule in the face of challenges that (among other things) the rule attempted to improperly and unconstitutionally dictate the composition of corporate boards.
Recent enforcement actions brought by the Securities and Exchange Commission (“SEC”) signal that the SEC is paying close attention to public company financial reporting and will continue to punish misleading accounting and non-GAAP disclosure practices.
Welcome to Vinson & Elkins’ Securities and ESG Updates. Our aim is to provide insights into notable developments in securities reporting and the environmental, social and governance space over the quarter.
A recent Delaware Court of Chancery post-trial decision, In re Straight Path Communications, is another example of:
Welcome to Vinson & Elkins’ Securities and ESG Updates.
Director of the Securities and Exchange Commission’s (“SEC”) Enforcement Division reemphasizes robust enforcement, robust remedies, and robust compliance as key priorities for the rest of 2023, while signaling an upcoming focus on private funds and enforcement sweeps for recordkeeping violations related to off-channel communications.