https://1.next.westlaw.com Corporate and M&A https://1.next.westlaw.com/Document/Ib02db8cb72ca11f0a273f7b3de17c00e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Ib02db8cb72ca11f0a273f7b3de17c00e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Wed, 06 Aug 2025 00:00:00 CDT FinCEN issued an order delaying the effective date of the investment adviser anti-money laundering and countering the financing of terrorism (AML/CFT) rule for two years in order to revisit the scope of the requirements in future rulemaking. FinCEN will also work with the SEC to revisit their joint proposed rule establishing customer identification program (CIP) requirements for investment advisers. https://1.next.westlaw.com/Document/I3ac4133d577211f0b8799e77dac0405c/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I3ac4133d577211f0b8799e77dac0405c/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Mon, 07 Jul 2025 00:00:00 CDT The 2025 amendments to the Delaware General Corporation Law (DGCL), Delaware Limited Liability Company Act (LLC Act), Delaware Revised Uniform Limited Partnership Act (LP Act), and Delaware Revised Uniform Partnership Act (Partnership Act) have been signed into law. https://1.next.westlaw.com/Document/Id81437955a8111f0b8799e77dac0405c/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Id81437955a8111f0b8799e77dac0405c/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Mon, 07 Jul 2025 00:00:00 CDT On July 4, 2025, the President signed into law the massive reconciliation package informally known as the One Big Beautiful Bill Act. The legislation reflects the version of the reconciliation bill passed by the Senate on July 1, 2025. It contains significant tax provisions, including the permanent extension of many tax provisions included in the Tax Cuts and Jobs Act and set to expire at the end of 2025. https://1.next.westlaw.com/Document/Id81761c1569211f0b8799e77dac0405c/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Id81761c1569211f0b8799e77dac0405c/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Wed, 02 Jul 2025 00:00:00 CDT On July 1, 2025, the Senate narrowly passed by a 51-50 vote the reconciliation bill, officially titled the One Big Beautiful Bill Act (OBBBA). Vice President Vance cast the deciding vote. The bill passed by the Senate includes some changes from the tax provisions released by the Senate Finance Committee on June 16, 2025. The US House of Representatives earlier passed its version of the reconciliation bill (H.R. 1), including tax provisions, on May 22, 2025. The bill passed by the Senate now returns to the House for its consideration and final passage. https://1.next.westlaw.com/Document/I8e9401084b6111f090a7a705a94f8ec4/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I8e9401084b6111f090a7a705a94f8ec4/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Tue, 17 Jun 2025 00:00:00 CDT On June 16, 2025, the Senate Finance Committee released the text of tax provisions for the reconciliation bill. The US House of Representatives earlier passed its version of the reconciliation bill (the One Big Beautiful Bill Act (H.R. 1)), including tax provisions, on May 22, 2025. The Senate tax bill contains many of the same provisions as the House bill, with some significant changes. The full Senate will later vote on the reconciliation bill. https://1.next.westlaw.com/Document/I58be27c6408511f090a7a705a94f8ec4/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I58be27c6408511f090a7a705a94f8ec4/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 05 Jun 2025 00:00:00 CDT This Legal Update highlights certain amendments to the Nevada Revised Statutes (NRS) following the passage of Nevada Assembly Bill 239, effective May 30, 2025, including allowing corporations to mandate bench trials for internal actions in their articles of incorporation, addressing controlling stockholders' fiduciary duties, clarifying approval procedures for dissolution, merger, conversion, and exchange, and authorizing restructuring mergers without stockholder approval. https://1.next.westlaw.com/Document/I31b9079e3c9811f09910defccf02952f/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I31b9079e3c9811f09910defccf02952f/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Tue, 03 Jun 2025 00:00:00 CDT This Legal Update discusses the Delaware Chancery Court's decision in Vejseli v. Duffy, where the court found that the board breached its fiduciary duties by adopting a resolution to reduce the board size without a valid corporate purpose, which was deemed an inequitable defensive measure to a proxy contest. As a result, the resolution was invalidated. The court applied enhanced scrutiny under Unocal and Blasius standards, emphasizing the need for board actions to be taken on a "clear day" to avoid interference with stockholder voting rights. The court upheld the board's rejection of the plaintiffs' nomination notice under Ionic's advance notice bylaw due to nondisclosure of a material agreement. The court granted injunctive relief to protect the stockholder franchise, reopening the nomination window to allow stockholders to submit director nominations. https://1.next.westlaw.com/Document/I2c769fa93c9511f09910defccf02952f/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I2c769fa93c9511f09910defccf02952f/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 29 May 2025 00:00:00 CDT This law firm publication by Baker & Hostetler LLP discusses various provisions of M&A agreements that buyers and sellers may negotiate to address tariff-related risks. https://1.next.westlaw.com/Document/Ieedca46234d911f0a7dab2b58dadda60/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Ieedca46234d911f0a7dab2b58dadda60/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Fri, 23 May 2025 00:00:00 CDT On May 22, 2025, the US House of Representatives passed the reconciliation bill, titled the One Big Beautiful Bill Act (H.R. 1). The bill contains significant tax changes and now heads to the Senate for its consideration. https://1.next.westlaw.com/Document/Ic6fcc172192d11f082a5ae4bb4582a09/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Ic6fcc172192d11f082a5ae4bb4582a09/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Tue, 15 Apr 2025 00:00:00 CDT The SEC's Division of Corporation Finance issued six new compliance and disclosure interpretations (C&DIs). Five new Exchange Act Forms C&DIs address the check boxes on annual reports related to the recovery of erroneously awarded compensation (clawbacks), and one new Exchange Act Rules C&DI addresses the suspension of reporting obligations under Section 15(d) for co-registrants in a de-SPAC transaction. https://1.next.westlaw.com/Document/I68758de7194b11f0aee9df768af9403e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I68758de7194b11f0aee9df768af9403e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Mon, 14 Apr 2025 00:00:00 CDT President Trump recently signed into law H.J.Res.25, a Congressional disapproval resolution overturning final Treasury regulations that would have required certain operators of decentralized finance trading platforms to report digital asset transactions. https://1.next.westlaw.com/Document/Iba54e801154f11f0aee9df768af9403e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Iba54e801154f11f0aee9df768af9403e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Fri, 11 Apr 2025 00:00:00 CDT The 2025 proposed amendments to the Delaware Limited Liability Company Act (LLC Act), Delaware Revised Uniform Limited Partnership Act (LP Act), Delaware Revised Uniform Partnership Act (Partnership Act), and Delaware General Corporation Law (DGCL) have been introduced to the Delaware Senate Judiciary Committee. If enacted, the majority of the changes will take effect on August 1, 2025. Key changes include restrictions on registered agents operating solely through virtual offices, clarification regarding registered offices, and expanded ratification or waiver provisions for LLCs and partnerships. The amendments also address merger and consolidation requirements, allow nullification of previously filed certificates, and revise the process for certificates of revocation and reinstatement. Additionally, the amendments propose changes to corporate franchise taxes and execution of registration documents and address fee-shifting and forum selection provisions for intra-corporate affairs claims. https://1.next.westlaw.com/Document/I92c8aa3b162c11f0aee9df768af9403e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I92c8aa3b162c11f0aee9df768af9403e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 10 Apr 2025 00:00:00 CDT The White House issued a presidential memorandum directing federal regulatory agency heads to prioritize repeal of regulations that are "unlawful" under 10 notable US Supreme Court decisions in undertaking the review and repeal of regulations directed under Executive Order 14219, the DOGE order, issued in February 2025. https://1.next.westlaw.com/Document/Ia324433004b811f08376a2e9ab61a315/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Ia324433004b811f08376a2e9ab61a315/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 27 Mar 2025 00:00:00 CDT The governor of Delaware signed amendments to Section 144 and Section 220 of the Delaware General Corporation Law into law. The amendments, among other things, provide safe harbors for acts or transactions involving a controlling stockholder or control group and acts or transactions involving interested directors or officers, if certain conditions are met. The amendments also define the scope of materials a stockholder can obtain under a books and records demand and set out the conditions that a stockholder must meet when making a books and records demand. https://1.next.westlaw.com/Document/I96d9bd3e089711f082a5ae4bb4582a09/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I96d9bd3e089711f082a5ae4bb4582a09/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Tue, 25 Mar 2025 00:00:00 CDT The staff of the SEC's Division of Corporation Finance (Division) revised and withdrew compliance and disclosure interpretations (C&DIs) relating to Form S-3 registration statements. The Division issued one new C&DI on Form 20-F. The Division separately withdrew three C&DIs on the share repurchase rule that was vacated in December 2023. https://1.next.westlaw.com/Document/I913f910408bc11f0aee9df768af9403e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I913f910408bc11f0aee9df768af9403e/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Mon, 24 Mar 2025 00:00:00 CDT FinCEN issued an interim final rule (IFR) that revises the definition of a reporting company under the Corporate Transparency Act (CTA), provides new reporting deadlines for non-exempt reporting companies, and exempts all US-formed entities and their owners from filing beneficial ownership information (BOI). It also exempts foreign entity reporting companies from reporting US persons' BOI in such companies. https://1.next.westlaw.com/Document/Ie02b92f2ff7611ef923e8983a02fa0ca/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Ie02b92f2ff7611ef923e8983a02fa0ca/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 13 Mar 2025 00:00:00 CDT The staff of the SEC's Division of Corporation Finance issued multiple new and revised compliance and disclosure interpretations (C&DIs) regarding the SEC's exempt offering framework and withdrew several others. https://1.next.westlaw.com/Document/Id98fe435fa9911ef923e8983a02fa0ca/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Id98fe435fa9911ef923e8983a02fa0ca/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Mon, 10 Mar 2025 00:00:00 CDT The staff of the SEC's Division of Corporation Finance (Division) issued five new compliance and disclosure interpretations (C&DIs) on tender offers. The Division separately revised one Securities Act Section 5 C&DI and an identical Securities Act Forms C&DI. https://1.next.westlaw.com/Document/Ie618eca2f84c11ef8376a2e9ab61a315/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Ie618eca2f84c11ef8376a2e9ab61a315/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 06 Mar 2025 00:00:00 CST The US Department of the Treasury issued a release stating that it will not enforce the Corporate Transparency Act (CTA) against US citizens or domestic reporting companies, and will issue a proposed rule to limit the scope of the CTA to only foreign reporting companies. A federal district court also found that the CTA violated the Fourth Amendment's prohibition against unreasonable searches. https://1.next.westlaw.com/Document/I51dc1d10f90711ef923e8983a02fa0ca/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I51dc1d10f90711ef923e8983a02fa0ca/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Fri, 28 Feb 2025 00:00:00 CST This Law Firm Publication by Akin discusses the America First Investment Policy Memorandum issued by President Trump on February 21, 2025. The policy memorandum emphasizes an open investment policy in the US while shifting the US government's focus on economic and national security when reviewing or restricting transactions or investments. It does not make immediate changes to existing regulations governing US inbound or outbound investment, but legislative or agency actions to implement the policy initiatives outlined in the memorandum are expected. https://1.next.westlaw.com/Document/I0a9b6c33f5d511ef923e8983a02fa0ca/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I0a9b6c33f5d511ef923e8983a02fa0ca/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Fri, 28 Feb 2025 00:00:00 CST The Financial Crimes Enforcement Network (FinCEN) issued a release pausing enforcement measures under the Corporate Transparency Act (CTA), including fines or penalties, for failure to file or update the beneficial ownership information reports mandated under the CTA. The enforcement pause will last until a new interim final rule extending filing deadlines is effective and the new reporting deadlines in the interim rule have passed. FinCEN will also ask for public comment on potential changes to existing reporting rules. https://1.next.westlaw.com/Document/Ib5966ec5ee1211ef8b11b9b0c07ab1f9/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Ib5966ec5ee1211ef8b11b9b0c07ab1f9/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 20 Feb 2025 00:00:00 CST Proposed amendments to Sections 144 and 220 of the Delaware General Corporation Law (DGCL) were introduced into the Delaware State Senate. If enacted, the amendments would, among other things, provide safe harbor procedures for acts or transactions involving a controlling stockholder or control group and acts or transactions involving interested directors or officers. The proposed amendments would also define the scope of materials a stockholder can obtain under a books and records demand and the conditions that a stockholder must meet when making a books and records demand. https://1.next.westlaw.com/Document/Ic91f4d5def8311ef8b11b9b0c07ab1f9/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Ic91f4d5def8311ef8b11b9b0c07ab1f9/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 20 Feb 2025 00:00:00 CST The Trump Administration issued an Executive Order (EO) setting out a process for identification, review and "rescission" or modification of "unlawful" regulations and providing directives to agency heads regarding revised priorities for handling new and ongoing enforcement actions. This EO, along with other recent White House deregulatory actions, has the potential to upend the US federal regulatory system, but appears likely to be challenged in court on constitutional grounds. https://1.next.westlaw.com/Document/Ie479ce31eec111efaea297e65167c3ff/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Ie479ce31eec111efaea297e65167c3ff/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Wed, 19 Feb 2025 00:00:00 CST The Trump Administration issued an Executive Order (EO), entitled Ensuring Accountability for All Agencies, which expands White House oversight of the activities of federal regulatory agencies including the FTC, FCC, and SEC. https://1.next.westlaw.com/Document/I8324b40be89311ef8b11b9b0c07ab1f9/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I8324b40be89311ef8b11b9b0c07ab1f9/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Tue, 11 Feb 2025 00:00:00 CST The SEC's Division of Corporation Finance issued one revised and one new compliance and disclosure interpretation (C&DI) on a shareholder's disqualification from reporting beneficial ownership on Schedule 13G due to efforts to influence management of the issuer. https://1.next.westlaw.com/Document/I4f214084e32c11ef8b11b9b0c07ab1f9/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I4f214084e32c11ef8b11b9b0c07ab1f9/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 06 Feb 2025 00:00:00 CST On January 31, 2025, President Trump signed executive order "Unleashing Prosperity Through Deregulation." The Order requires, generally, that for every new rule and regulation ten existing rules and regulations be repealed. https://1.next.westlaw.com/Document/I478e16e5dcbc11efaea297e65167c3ff/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I478e16e5dcbc11efaea297e65167c3ff/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Tue, 28 Jan 2025 00:00:00 CST The staff of the SEC's Division of Corporation Finance issued three new compliance and disclosure interpretations (C&DIs) and updated two others on the Proxy Rules and Schedules 14A/14C, specifically regarding the voluntary filing of notices of exempt solicitation. https://1.next.westlaw.com/Document/I1f710810da6811efadafcd5c2d9dcd81/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I1f710810da6811efadafcd5c2d9dcd81/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Fri, 24 Jan 2025 00:00:00 CST The Financial Crimes Enforcement Network (FinCEN) has advised that the beneficial ownership information filings mandated under the Corporate Transparency Act (CTA) will remain voluntary, despite the US Supreme Court's grant of a stay application of the universal injunction of the enforcement of the CTA previously ordered by a panel of the US District Court of the Eastern District of Texas, Sherman Division. FinCEN noted that a separate injunction issued by a judge in the Tyler Division of the Eastern District of Texas still remains in effect. https://1.next.westlaw.com/Document/I9ef7d5a0d9cd11ef9caff6ef3ffe32b4/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/I9ef7d5a0d9cd11ef9caff6ef3ffe32b4/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 23 Jan 2025 00:00:00 CST On January 23, 2025, the US Supreme Court granted the US Department of Justice's application for stay of the universal injunction of the enforcement of the Corporate Transparency Act (CTA) previously ordered by a panel of the US District Court of the Eastern District of Texas. https://1.next.westlaw.com/Document/Ie4ca8ba0d43111ef8b5f983aa0c7035a/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 https://1.next.westlaw.com/Document/Ie4ca8ba0d43111ef8b5f983aa0c7035a/View/FullText.html?transitionType=Default&contextData=%28sc.Default%29 Thu, 16 Jan 2025 00:00:00 CST On January 16, 2025, the US Department of Justice (DOJ) and the Federal Trade Commission (FTC) adopted new Antitrust Guidelines for Business Activities Affecting Workers. The Guidelines explain how these agencies evaluate agreements and practices that may impact competition in labor markets, including wage fixing and no-poach agreements. The new Guidelines replace the prior Antitrust Guidance for Human Resource Professionals (2016).