On May 3, 2023, the Securities and Exchange Commission adopted final rules amending the disclosure requirements for repurchases of equity securities by domestic U.S. issuers, foreign private issuers and registered closed-end management investment companies that are exchange-traded. The final rules require issuers to provide disclosures of daily repurchase activity on a quarterly basis for domestic…

On March 22, 2023, the Securities and Exchange Commission (the SEC) proposed amendments that would require electronically submitting certain filings, including Securities and Exchange Act of 1934 (Exchange Act) forms, eliminating related paper-based filing requirements and compelling the use of XBRL or custom XML for certain submissions.  The affected filings are primarily associated with self-regulatory…

On February 22, 2023, the chairman of the House Financial Services Committee, Patrick McHenry, along with other Republican leaders in the House and Senate, released a letter (“the Letter”) to Chair Gary Gensler of the Securities and Exchange Commission (SEC), seeking information related to the recently proposed SEC climate disclosure rules.On February 22, 2023, the…

On December 15, 2022, the Public Company Accounting Oversight Board (the PCAOB or the Board) announced that it was able to secure complete access to inspect and investigate PCAOB-registered public accounting firms headquartered in mainland China and Hong Kong for the first time and issued its 2022 HFCAA Determination Report (collectively, the 2022 Determinations)[i] under…

On December 14, 2022, the Securities and Exchange Commission (SEC) adopted amendments to Rule 10b5-1 under the Securities Exchange Act of 1934. The adopted amendments modify rules applicable to the affirmative defense to insider trading liability available for Rule 10b5-1 trading plans and also impose new disclosure requirements on issuers with respect to these trading…

On December 8, 2022, the Securities and Exchange Commission (SEC) Division of Corporation Finance (the Division) released sample comments covering disclosure topics relating to crypto asset market exposure. The Division’s comments were issued in light of “[r]ecent bankruptcies and financial distress among crypto asset market participants” including several high-profile firms.On December 8, 2022, the Securities…

On November 30, 2022, the SEC issued a no-action letter to FINRA providing relief for brokers and dealers until January 4, 2025 from the application of Rule 15c2-11 under the Securities Exchange Act of 1934 to fixed income securities, including those issued in Rule 144A transactions. The no-action letter was issued in response to requests…