https://1.next.westlaw.com Capital Markets & Corporate Governance https://1.next.westlaw.com/Document/I52f988cfdaa111f098028aa0904d44cc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I52f988cfdaa111f098028aa0904d44cc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Wed, 17 Dec 2025 00:00:00 CST Nasdaq filed a proposed rule change with the SEC to extend the exchange's equities trading hours to 23 hours a day, five days a week (23/5). https://1.next.westlaw.com/Document/I2e8106d0d76211f098028aa0904d44cc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I2e8106d0d76211f098028aa0904d44cc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Fri, 12 Dec 2025 00:00:00 CST The SEC's EDGAR Business Office announced the EDGAR Beta environment used for EDGAR Next implementation will remain open indefinitely to allow EDGAR filers to preview and test upcoming EDGAR changes. https://1.next.westlaw.com/Document/I4c82f1f6d77111f0a5f6fa0d299e95bd/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I4c82f1f6d77111f0a5f6fa0d299e95bd/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Fri, 12 Dec 2025 00:00:00 CST The White House issued an Executive Order directing the SEC to review all rules and guidance relating to proxy advisors. The Executive Order specifically cites ISS and Glass Lewis' influence over corporate governance matters and their focus on DEI and ESG initiatives. https://1.next.westlaw.com/Document/I09a4eab1d5d411f098028aa0904d44cc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I09a4eab1d5d411f098028aa0904d44cc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 11 Dec 2025 00:00:00 CST The California Air Resources Board (CARB) announced it will hold a public hearing on February 26, 2026 to consider approving for adoption a regulation implementing California's climate disclosure laws, SB 253 and SB 261. https://1.next.westlaw.com/Document/I159f751dd69811f0a5f6fa0d299e95bd/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I159f751dd69811f0a5f6fa0d299e95bd/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 11 Dec 2025 00:00:00 CST Institutional Shareholder Services Inc. (ISS) updated its pay-for-performance methodology for US companies. The updated methodology applies beginning on February 1, 2026. https://1.next.westlaw.com/Document/Ic5084404d6a711f0a5f6fa0d299e95bd/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Ic5084404d6a711f0a5f6fa0d299e95bd/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 11 Dec 2025 00:00:00 CST Institutional Shareholder Services Inc. (ISS) issued an updated set of FAQs regarding its US executive compensation policies. https://1.next.westlaw.com/Document/I594ef879d5b111f098028aa0904d44cc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I594ef879d5b111f098028aa0904d44cc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 11 Dec 2025 00:00:00 CST The final language for the National Defense Authorization Act for Fiscal Year 2026 (FY26 NDAA) negotiated by the House and Senate Armed Services Committees includes the Holding Foreign Insiders Accountable Act, which would extend Section 16(a) reporting obligations to officers and directors of foreign private issuers. The House passed the FY26 NDAA and the bill now awaits action in the Senate. https://1.next.westlaw.com/Document/Ia34b7596d6ae11f0a5f6fa0d299e95bd/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Ia34b7596d6ae11f0a5f6fa0d299e95bd/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 11 Dec 2025 00:00:00 CST SEC Chief Accountant Kurt Hohl outlined his agenda for overseeing the Public Company Accounting Oversight Board (PCAOB) at the AICPA conference on current SEC and PCAOB developments. https://1.next.westlaw.com/Document/I31557632d51811f098028aa0904d44cc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I31557632d51811f098028aa0904d44cc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Wed, 10 Dec 2025 00:00:00 CST The SEC's Crypto Task Force announced the agenda and panelists for its roundtable on financial surveillance and privacy. The roundtable will be held on December 15, 2025 from 1 p.m. to 5 p.m. ET. https://1.next.westlaw.com/Document/I11e89d46d4f811f098028aa0904d44cc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I11e89d46d4f811f098028aa0904d44cc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Wed, 10 Dec 2025 00:00:00 CST The NYSE filed a proposed rule change to adopt a new $0.25 minimum trading price continued listing requirement under Section 802.01C of the NYSE Listed Company Manual. https://1.next.westlaw.com/Document/I31557487d51811f098028aa0904d44cc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I31557487d51811f098028aa0904d44cc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Wed, 10 Dec 2025 00:00:00 CST The SEC's Division of Corporation Finance announced updates to its Financial Reporting Manual to reflect the SEC's new SPAC rules. https://1.next.westlaw.com/Document/I081395b8d11e11f098028aa0904d44cc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I081395b8d11e11f098028aa0904d44cc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 04 Dec 2025 00:00:00 CST Glass, Lewis & Co. (Glass Lewis) released its 2026 Benchmark Policy Guidelines for the US and for shareholder proposals and ESG-related issues. https://1.next.westlaw.com/Document/I48490db4ca0c11f0a5f6fa0d299e95bd/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I48490db4ca0c11f0a5f6fa0d299e95bd/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Tue, 25 Nov 2025 00:00:00 CST Institutional Shareholder Services (ISS) released its 2026 Proxy Voting Guideline Updates. https://1.next.westlaw.com/Document/I19c57feec56411f0b5e1f6185fe336a9/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I19c57feec56411f0b5e1f6185fe336a9/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Wed, 19 Nov 2025 00:00:00 CST The Ninth Circuit Court of Appeals issued an order enjoining the enforcement of California SB 261 while the court hears the interlocutory appeal filed by the US Chamber of Commerce and other business groups. Initial climate-related financial risk reports under SB 261 were to be due by January 1, 2026. The motion for an injunction pending appeal was denied as to SB 253, which will require disclosure of GHG emissions later in 2026. https://1.next.westlaw.com/Document/Iaf6e068cc47b11f0b5e1f6185fe336a9/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Iaf6e068cc47b11f0b5e1f6185fe336a9/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Wed, 19 Nov 2025 00:00:00 CST The SEC Division of Trading and Markets (Division) issued a no-action letter providing that the staff will not recommend enforcement action to the SEC if a personal services entity (PSE) owned by a registered representative receives transaction-based compensation without registering as a broker-dealer. https://1.next.westlaw.com/Document/I3c705be1c3b811f0b5e1f6185fe336a9/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I3c705be1c3b811f0b5e1f6185fe336a9/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Mon, 17 Nov 2025 00:00:00 CST The SEC announced it is limiting the Division of Corporation Finance's role in the Rule 14a-8 process for the 2025-2026 proxy season due to the government shutdown and backlog of registration statements and other filings. https://1.next.westlaw.com/Document/Icc410abdb98c11f09eb2cf77be1665bc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Icc410abdb98c11f09eb2cf77be1665bc/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Tue, 04 Nov 2025 00:00:00 CST Institutional Shareholder Services (ISS) has announced the scheduled opening of its peer group submission and review window for companies in the US, Europe, and Canada. https://1.next.westlaw.com/Document/I0771389bb59511f0b5e1f6185fe336a9/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I0771389bb59511f0b5e1f6185fe336a9/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 30 Oct 2025 00:00:00 CDT Institutional Shareholder Services (ISS) announced the launch of its open comment period on proposed changes to its benchmark voting policies for 2026. https://1.next.westlaw.com/Document/I1aa96b7eaa6e11f0a0f8b8c1f831a509/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I1aa96b7eaa6e11f0a0f8b8c1f831a509/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 16 Oct 2025 00:00:00 CDT Nasdaq issued FAQs addressing the impact of the government shutdown on new listings and matters for listed companies. In particular, the FAQs clarify that Nasdaq will not list a company unless the company has substantially completed the SEC review process and acquiesced to any outstanding SEC comments in a manner that clearly addresses them. https://1.next.westlaw.com/Document/If273f54da9cd11f0a0f8b8c1f831a509/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/If273f54da9cd11f0a0f8b8c1f831a509/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Wed, 15 Oct 2025 00:00:00 CDT Proxy advisory firm Glass Lewis notified clients that it will no longer offer its benchmark proxy voting guidelines beginning in 2027. https://1.next.westlaw.com/Document/I9e247c26a83811f0a0f8b8c1f831a509/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I9e247c26a83811f0a0f8b8c1f831a509/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Mon, 13 Oct 2025 00:00:00 CDT The California Air Resources Board (CARB) posted a draft scope 1 and 2 GHG reporting template, as well as a memo containing guidance on using the template. CARB is seeking feedback on the template and guidance memo, with comments to be submitted to a public docket that will remain open until October 27, 2025. https://1.next.westlaw.com/Document/Id5c50ce7a82d11f0a6fc90e599a2d03e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Id5c50ce7a82d11f0a6fc90e599a2d03e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Mon, 13 Oct 2025 00:00:00 CDT The SEC Division of Corporation Finance issued an updated version of its government shutdown FAQs, providing that Division staff will not recommend enforcement action to the SEC if a company omits information specified in Rule 430A, including pricing and price-dependent information, from the form of prospectus filed as part of a registration statement during the shutdown where such registration statement goes effective 20 days after the latest pre-effective amendment under Section 8(a) of the Securities Act. https://1.next.westlaw.com/Document/Icd11a0269ec711f0a6fc90e599a2d03e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Icd11a0269ec711f0a6fc90e599a2d03e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 02 Oct 2025 00:00:00 CDT The SEC Division of Investment Management issued a no-action letter providing that it would not recommend enforcement action under the Advisers Act Rule 204(6)-2 (custody rule) or Section 17 of the ICA against investment advisers that treat a State Trust Company as a "bank" that is permitted to custody crypto assets or cash equivalents necessary to effect transactions in crypto assets. https://1.next.westlaw.com/Document/If7666e6c9f8b11f0a0f8b8c1f831a509/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/If7666e6c9f8b11f0a0f8b8c1f831a509/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 02 Oct 2025 00:00:00 CDT SEC Chairman Paul Atkins announced in a statement that the SEC will restore its prior practice of simultaneously considering an offer of settlement and any related waiver requests. https://1.next.westlaw.com/Document/I3986841d9ede11f0a0f8b8c1f831a509/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I3986841d9ede11f0a0f8b8c1f831a509/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Wed, 01 Oct 2025 00:00:00 CDT The SEC Division of Corporation Finance issued an updated version of its guidance on its limited operations and actions companies can take during a government shutdown. https://1.next.westlaw.com/Document/Ifadd1edc93c511f08d94a97a2fd4b363/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Ifadd1edc93c511f08d94a97a2fd4b363/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 18 Sep 2025 00:00:00 CDT The SEC and CFTC further delayed the compliance date for Form PF amendments adopted in February 2024. The compliance date has been extended by one year to October 1, 2026 to provide time for the staff to complete a review of the rules and determine whether further action, including proposing new amendments to Form PF, is appropriate. https://1.next.westlaw.com/Document/Ifbfb4bbf940611f0b24092ee327aff1e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Ifbfb4bbf940611f0b24092ee327aff1e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 18 Sep 2025 00:00:00 CDT The SEC issued a policy statement providing that the presence of a mandatory arbitration provision covering investor claims arising under the federal securities laws will not impact staff decisions regarding whether to accelerate the effectiveness of a registration requirement. https://1.next.westlaw.com/Document/Iecd7a5e192fa11f0b24092ee327aff1e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Iecd7a5e192fa11f0b24092ee327aff1e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Wed, 17 Sep 2025 00:00:00 CDT The SEC's Division of Corporation Finance issued a no-action letter to Exxon Mobil Corporation (Exxon) stating that the staff will not recommend enforcement action if Exxon implements a no-cost, opt-in retail voting program that allows retail investors to authorize a standing voting instruction for Exxon to vote their shares based on the recommendation of the board of directors. https://1.next.westlaw.com/Document/Icefaead08d8911f08d94a97a2fd4b363/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Icefaead08d8911f08d94a97a2fd4b363/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 11 Sep 2025 00:00:00 CDT The Office of Information and Regulatory Affairs released the SEC's Spring 2025 Regulatory Flexibility Agenda (Reg Flex Agenda), which highlights the priorities and early initiatives of the new administration. https://1.next.westlaw.com/Document/If0b656fd8cd111f0b24092ee327aff1e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/If0b656fd8cd111f0b24092ee327aff1e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Tue, 09 Sep 2025 00:00:00 CDT The SEC staff issued a no-action letter that extends existing relief allowing FINRA members to rely on the Central Registration Depository system (CRD) to maintain certain registration related-records for purposes of satisfying Exchange Act Rule 17a-4 to cover Form U4 filings that are electronically signed.