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On December 8, 2025, the Securities and Exchange Commission (“SEC”) approved proposed rule changes submitted by The Nasdaq Stock Market LLC (“Nasdaq”) that exempt certain over-the-counter (“OTC”)-traded SPACs from the reverse merger rule and minimum average daily trading volume requirements. Citing a recent increase in the number of SPACs that were listed at the time…

Last week, the Securities and Exchange Commission’s Investor Advisory Committee met to discuss, among other things, whether to recommend to the SEC that it issue additional disclosure guidance related to artificial intelligence (AI).  With some dissent, the Committee ultimately voted in favor of the recommendations (see Disclosure of Artificial Intelligence’s Impact on Operations)…

On December 5, 2025, the Securities and Exchange Commission consented to modifications to the Global Research Settlement applicable to settling firms, which has been in place since the aftermath of the dot‑com bubble bursting. The Settlement contains an Addendum with undertakings that address conflicts of interest between research and investment banking. The Addendum includes a…

Earlier this week, Securities and Exchange Commission Chair Atkins gave remarks that provided a perspective on measures intended to promote capital formation.  Speaking at the New York Stock Exchange, of course, he noted the now all too familiar statistics regarding the decline in the number of public companies in the United States—from over 7,000 in…

Today, the Securities and Exchange Commission issued an order (the “Order”) that provides a temporary exemption from compliance with the short position and short activity reporting rule (Rule 13f-2 and Form SHO reporting) until January 2, 2028.  The Order also provides a temporary exemption from compliance with the securities lending reporting rule (Rule 10c-1a) with…

On November 17, 2025, the staff of the Division of Trading and Markets (the “Staff”) of the U.S. Securities and Exchange Commission (“SEC”) issued no-action relief permitting a registered representative-owned personal services entity (“PSE”) to receive transaction-based compensation (“TBC”) without registering as a broker-dealer (“BD”) pursuant to Section 15(b) of the Securities Exchange Act of…

The Investor Advisory Committee (the “Committee”) of the Securities and Exchange Commission (the “SEC”) will hold a virtual public meeting on December 4, 2025, to discuss corporate governance regulatory reforms and the emergence of tokenization of equity securities.  In addition, the Committee will discuss a potential recommendation to the SEC relating to disclosure of the…

Under new SEC leadership, the Division’s 2026 Examination Priorities reflect a modified approach, following a reevaluation of the Division’s risk-based priorities, and a renewed focus on several traditional risk areas (including Regulation Best Interest, adherence to fiduciary standards of conduct, complex products and the Broker-Dealer Financial Responsibility Rules) as well as continued attention to emerging …

At the recent 2025 U.S. Treasury Market Conference, Securities and Exchange Commission (“SEC”) Commissioner Mark T. Uyeda provided an update on the implementation of the Treasury Clearing Rules. In his remarks, Commissioner Uyeda said the SEC is focused on resolving regulatory ambiguities and addressing unforeseen issues associated with the implementation of the rules. He noted …