David Breyer

Subscribe to David Breyer's Posts

On July 23, 2026, the Securities and Exchange Commission (“SEC”) announced that it will host a roundtable on September 17, 2026, to discuss paths toward 24-hour trading in U.S. equity markets. The roundtable will address preparations needed to support overnight trading, operational and resiliency considerations in a round-the-clock market, and the opportunities and challenges associated…

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…

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…

On March 30, 2026, the Financial Industry Regulatory Authority (FINRA) proposed amendments to its rules imposing restrictions on the purchase and sale of equity securities offered in initial public offerings (IPOs) (Rule 5130) and new issue allocations and distributions (Rule 5131) to exempt specified collective trust funds (CTFs) from the rules’ prohibitions.

CTFs (also known…

On September 26, 2025, Securities and Exchange Commission (SEC) Chairman Paul Atkins announced that the SEC will reinstate its former practice of allowing a party subject to a pending enforcement action to request the SEC to simultaneously consider an offer of settlement and a request for waivers from automatic disqualifications and other collateral consequences resulting…

In late May 2025, the Securities Industry and Financial Markets Association (SIFMA), together with the American Bankers Association, Bank Policy Institute, Independent Community Bankers of America, and Institute of International Bankers submitted a petition to the Securities and Exchange Commission (SEC) requesting rulemaking to amend its Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure rule…

In March 2025, Nasdaq released a comprehensive set of policy recommendations intended to advance capital formation in a paper titled “Advancing the U.S. Public Markets: Unlocking Capital Formation for a Stronger American Economy.”  The paper outlines three key sets of policy reforms, which were prepared by Nasdaq in dialogue with industry stakeholders, including…

On March 31, 2025, the U.S. House Financial Services Committee (Committee) penned a letter to acting Securities and Exchange Commission (SEC) Chair Mark Uyeda identifying 14 proposed and final rules that, according to the Committee, should be withdrawn in their entirety. All of the cited rules were proposed or implemented under prior SEC Chair Gary…

On March 20, 2025, the Financial Industry Regulatory Authority (FINRA) proposed amendments to its rules imposing restrictions on the purchase and sale of equity securities offered in initial public offerings (IPOs) (Rule 5130) and new issue allocations and distributions (Rule 5131) to exempt business development companies (BDCs) from the rules’ prohibitions.

Currently, non-traded (and private)…