On June 30, 2026, the Office of Mergers and Acquisitions of the Division of Corporation Finance (the “Division”) of the Securities and Exchange Commission (“SEC”) issued an exemptive order (the “2026 Exemptive Order”) allowing certain qualifying tender or exchange offers for non-convertible debt securities to remain open for a minimum of five business days, instead
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News and Views on Securities Regulation and Capital Formation
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SEC to Host Event on Modernizing the IPO Process
The Securities and Exchange Commission’s (“SEC”) Office of the Advocate for Small Business Capital Formation, in conjunction with the Division of Corporation Finance, will host an event titled “Rethinking the Rulebook: Modernizing the IPO Process & Access to Public Capital” on July 13, 2026, at 2:00 p.m. Eastern Time.
The discussion will focus on ways…
Division of Corporation Finance Issues Exemptive Order for Certain Tender and Exchange Offers for Non-Convertible Debt Securities; Supersedes 2015 No-Action Letter
On June 30, 2026, the Office of Mergers and Acquisitions of the Division of Corporation Finance (the “Division”) of the U.S. Securities and Exchange Commission (the “SEC”) issued an exemptive order (the “2026 Exemptive Order”) granting relief for certain tender and exchange offers for non-convertible debt securities from the requirement that such offers remain open…
The Resurgence of SPACs: Key Trends, Market Data, and What’s Ahead
After the boom-and-correction cycle of 2020-2023, recent data points to a more disciplined market characterized by experienced sponsors, more consistent deal structures, and a more supportive regulatory environment—themes Anna Pinedo recently explored on Bloomberg’s Investment Committee.
As of June 22, 2026, 20 SPAC business combinations, or “de-SPAC” transactions, closed, valued at over $25 billion. …
Supreme Court Holds That Investment Company Act Does Not Authorize Lawsuits by Private Parties to Rescind Contracts That Allegedly Violate It
By David Breyer
On June 11, 2026, the Supreme Court held in a 6-3 decision that Section 47(b) of the Investment Company Act of 1940, as amended (the “Act”) does not create a cause of action allowing private parties to sue for rescission of contracts that allegedly violate the Act.
For a detailed summary of the ruling, see…
US Regulators Finalize Data Standards to Implement the Financial Data Transparency Act
Several federal financial regulators (the “Agencies”) have approved an interagency final rule to establish data standards that promote interoperability of financial regulatory data (the “Final Rule”). The Final Rule finalizes an interagency proposal that was issued in 2024. The Agencies received over 150 unique comments on the proposal from a wide range of stakeholders, including…
The Odds Are In: CFTC Proposes Framework for Event Contracts and Prediction Markets
On June 10, 2026, the Commodity Futures Trading Commission (the “CFTC” or the “Commission”) published a notice of proposed rulemaking (the “Proposal”) suggesting comprehensive amendments to CFTC Regulation 40.11 and adding a new Appendix F to Part 40 concerning event contracts traded on prediction markets. The Proposal would further specify the types of event contracts…
Supreme Court Allows SEC to Obtain Disgorgement Without Showing Investors Suffered a Financial Loss
By David Breyer
On June 4, 2026, the Supreme Court held in a unanimous decision that the Securities and Exchange Commission is not required to show that investors suffered pecuniary loss in order to obtain a disgorgement award in a civil enforcement action.
For a detailed summary of the ruling, see our Client Alert linked here.
Sports, Speculation, and the Public Interest: CFTC Proposes Rules Specifying When Event Contracts Are Contrary to the Public Interest
On June 10, 2026, the Commodity Futures Trading Commission (“CFTC” or the “Commission”) published a notice of proposed rulemaking (the “NPRM”) proposing amendments to CFTC Regulation 40.11 and the addition of Appendix F to Part 40, concerning event contracts. The CFTC is proposing to specify the types of event contracts that may be deemed contrary…
A New Day, A New Plan: SEC Publishes Draft Strategic Plan for FY2026-FY2030
On June 2, 2026, the U.S. Securities and Exchange Commission (the “SEC”) published its Draft Strategic Plan for fiscal years 2026-2030, formally incorporating Chair Paul Atkins’ deregulatory and innovation-focused vision into the agency’s governing framework. The plan is organized around three strategic goals: (1) renewing regulatory policy, (2) reforming enforcement and stakeholder engagement, and (3)…