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Administrative Procedure Act Securities and Exchange Commission (SEC) Securities Regulation

Polsinelli

Blockchain+ Bi-Weekly; Highlights of the Last Two Weeks in Web3 Law: October 2024 #3

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The SEC has been busy, both in bringing actions against digital industry participants and in defending against affirmative lawsuits brought against the agency regarding the lack of notice and rulemaking for digital assets...more

Jenner & Block

Client Alert: Latest Supreme Court Term Presents New Challenges for SEC

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The Supreme Court’s most recent term has forced the SEC to face new realities regarding its powers. As has been widely publicized, the Supreme Court’s overruling of Chevron in Loper Bright Enterprises v. Raimondo highlighted...more

Steptoe & Johnson PLLC

Two U.S. Supreme Court Decisions Will Affect the Securities Industry

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The Supreme Court of the United States (SCOTUS) recently issued two opinions that are likely to have a longer-term effect on the way securities industry matters are handled. Juries, not the Securities Exchange Commission...more

Foley & Lardner LLP

The End of Chevron Deference and the Implications for the SEC

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On June 28, 2024, the U.S. Supreme Court issued its decision in Loper Bright Enterprises v. Raimondo and Relentless Inc. v. Department of Commerce[1], overruling the Chevron doctrine. This holding overturns the decades-long...more

Proskauer - Labor Relations Update

Two Blockbuster U.S. Supreme Court Decisions May Spell End of NLRB’s Expansion of Reach of NLRA as Well as How Agency Prosecutes...

The U.S. Supreme Court issued two blockbuster decisions last week, both of which likely will curtail the ability of federal agencies, including the NLRB, to prosecute cases and expand the law. In a 6-3 decision announced...more

Carlton Fields

Courts May Call “Lane Violation” on Recent SEC Actions

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With increasing frequency, petitioners representing the securities industry are asking courts to decide that rules adopted by the SEC exceed the agency’s authority, even when the rules have barely left the starting blocks....more

Quarles & Brady LLP

SEC Issues an Administrative Stay of its Climate Disclosure Rules

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On March 6, 2024, the Securities and Exchange Commission (SEC or the Commission) finalized its long-awaited climate disclosure rules on a party-line 3-2 vote. We previously provided a summary of the content of that final...more

Mayer Brown Free Writings + Perspectives

SEC Stays Climate-Related Disclosure Rules

The SEC paused implementation of the climate-related disclosure rules in the face of significant legal challenges.  The rules would impose substantial disclosure mandates on companies, including concerning the costs of...more

Cozen O'Connor

SEC Adopts Final Rule for Enhancement and Standardization of Climate-Related Disclosures

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On March 6, 2024, almost two years after the Securities and Exchange Commission’s (SEC) proposed amendments “to enhance and standardize climate-related disclosures for investors,” the SEC adopted a final rule on...more

Latham & Watkins LLP

Fifth Circuit Presses Pause on SEC’s Final Climate Regulation

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The court’s decision is the latest development in the litigation over the SEC’s final rules, which have faced numerous legal challenges since their adoption. On March 15, 2024, the US Court of Appeals for the Fifth Circuit...more

Troutman Pepper

SEC Postpones Effective Date of Share Repurchase Disclosure Modernization Rule

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On November 22, the Securities and Exchange Commission (SEC) issued an order postponing the Share Repurchase Disclosure Modernization Rule (the Repurchase Rule). The SEC’s announcement follows the U.S. Court of Appeals for...more

Wilson Sonsini Goodrich & Rosati

SEC Stays Share Repurchase Disclosure Rules

On November 22, 2023, the U.S. Securities and Exchange Commission (SEC) announced that it issued an order postponing the effective date of the share repurchase disclosure rule (Repurchase Rule).[1] The Repurchase Rule was...more

Bass, Berry & Sims PLC

Fifth Circuit Requires SEC to Revisit Share Repurchase Disclosure Rules

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On October 31, the U.S. Court of Appeals for the Fifth Circuit (Fifth Circuit) issued an opinion finding that the U.S. Securities and Exchange Commission (SEC) violated the Administration Procedure Act when adopting recent...more

Wilson Sonsini Goodrich & Rosati

Share Repurchase Rules: Fifth Circuit Directs SEC to Correct Defects 

In an opinion issued on October 31, 2023, a three-judge panel of the United States Court of Appeals for the Fifth Circuit found that the U.S. Securities and Exchange Commission (SEC) acted “arbitrarily and capriciously” in...more

Allen Matkins

Court Finds That The SEC Acted Arbitrarily and Capriciously In Adopting Share Repurchase Rule

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When the Securities and Exchange Commission proposed to adopt a rule a rule requiring issuers to report day-to-day share repurchase data once a quarter and to disclose the reason why the issuer repurchased shares of its own...more

Troutman Pepper

The SEC, Grayscale, and the Race for a Spot-Bitcoin ETF: An Inside Look at the APA’s “Arbitrary and Capricious” Standard

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In the ever-evolving world of digital assets and law, Grayscale Investments, LLC (Grayscale) found itself at the pinnacle of a major decision by the Court of Appeals for the District of Columbia. On August 29, the court...more

Paul Hastings LLP

Investment Funds & Private Capital Market Insights: Industry Groups Challenge Over Private Funds Rule - Stay Current September...

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On September 1, 2023, a group of private fund industry groups filed a petition in the United States Court of Appeals for the Fifth Circuit, challenging the SEC’s recently adopted Private Funds Rule (defined below). Our...more

Jones Day

SEC Reopens Comment Period for Rule Proposing New Disclosures for Security-Based Swaps

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The Situation: The Securities and Exchange Commission ("SEC") has reopened the comment period for its proposed rule requiring public disclosure of security-based swap ("SBS") positions that exceed certain thresholds....more

Jones Day

Ripple and Terraform Labs: Two New York District Courts Address the Status of Certain Crypto Assets as Securities

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In Short - The Situation: Recently, two judges in Southern District of New York were required to apply the Howey test in separate cases to decide whether sales of certain crypto assets were investment contracts, and thus...more

Ballard Spahr LLP

Terraform Versus Ripple – Courts Split on Whether Cryptocurrency Is a Security

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Summary - Just when it looked like a victory for the crypto industry in SEC v. Ripple, a mere two weeks later, a different judge in the Southern District of New York disagreed with Ripple’s holding, introducing greater...more

Keating Muething & Klekamp PLL

SEC Sued Over Newly Adopted Share Repurchase Rules

On Friday, May 12, 2023, the U.S. Chamber of Commerce announced that it had filed a lawsuit against the SEC to prevent implementation of the SEC’s new Share Repurchase Disclosure Modernization rules, which KMK has recently...more

Mayer Brown Free Writings + Perspectives

25 Associations Press US SEC for Longer Comment Periods, APA Compliance for Rulemakings

In an April 5, 2022 letter, 25 trade associations jointly criticized recent US Securities and Exchange Commission (SEC) rulemakings and requested that the SEC provide longer, more appropriate comment periods (and more...more

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