Category: Regulatory
California court determines board gender diversity statute violates California Constitution
You might remember that the first legal challenge to SB 826, California’s board gender diversity statute, Crest v. Alex Padilla, was a complaint filed in 2019 in California state court by three California taxpayers seeking to prevent implementation and enforcement of the law. Framed as a “œtaxpayer suit, ” the litigation […]
Board diversity statute for “œunderrepresented communities ” held unconstitutional under California’s equal protection provisions
On April 1, the L.A. County Superior Court granted the plaintiffs’ motion for summary judgment in Crest v. Padilla, the taxpayer litigation challenging AB 979, California’s board diversity statute for “œunderrepresented communities. ” (See this PubCo post.) Unfortunately, at the time, only a minute order was released, which did not offer […]
Court grants summary judgment to plaintiffs challenging California’s board diversity statute for “œunderrepresented communities “
As you may recall, SB 826, the California board gender diversity statute, is not the only California board diversity statute facing legal challenges. In 2020, AB 979, California’s board diversity statute for “œunderrepresented communities, ” patterned after the board gender diversity statute, was signed into law, and it too has […]
SEC proposes new rules on climate disclosure [UPDATED “”PART II “”GHG emissions]
[This post is Part II of a revision and update of my earlier post that primarily reflects the contents of the proposing release. Part I (here) covered the background of the proposal and described the SEC’s proposed climate disclosure framework, including disclosure of climate-related risks, governance, risk management, targets and goals, financial […]
SEC (finally) proposes new rules on climate disclosure [UPDATED “”PART I]
[This post is Part I of a revision and update of my earlier post primarily reflecting the contents of the proposing release. This post covers background and describes various aspects of the proposal other than the sections on GHG emissions disclosure and attestation, which will be covered in a separate post early […]
SEC (finally) proposes new rules on climate disclosure
“œHighly anticipated ” is surely an understatement for the hyperventilation that has accompanied the wait for the SEC’s new proposal on climate disclosure regulation. The proposed rulemaking has been a subject of conjecture for many months, and internal squabbles about where the proposal should land have leaked to the press. […]
UK Financial Conduct Authority Changes Listing Rules to Boost Growth and Innovation
On 2 December 2021, the UK Financial Conduct Authority (FCA) confirmed a series of rule changes designed to remove immediate barriers to listing, make its rulebooks more accessible, and protect and enhance market integrity. These changes came into force on 3 December 2021, except for minor changes to modernise and […]
9th Circuit Decides Section 11 Standing in a Direct Listing
When the SEC was considering the NYSE’s proposal to permit direct listings of primary offerings, one of the frequently raised problems related to the potential “œvulnerability ” of “œshareholder legal rights under Section 11 of the Securities Act. ” Section 11 provides standing to sue for misstatements in a registration statement to […]
SEC Decreases Fee Rates for Fiscal 2022, Which Begins October 1, 2021
Today, the SEC announced that it was reducing the fees it charges issuers to register their securities. In fiscal 2022, the fee rates for registration of securities and certain other transactions will be $92.70 per million dollars, down from $109.10 per million dollars last year. These rates are set each year to […]
Is There a Resurgence in the Use of Non-GAAP Financial Measures?
In 2016 and early 2017, the SEC made a big push “”through a series of staff oral admonitions and written guidance, as well as an enforcement action “”to require issuers to be more transparent and more consistent in the use of non-GAAP financial measures and to avoid altogether non-GAAP measures […]