News & Analysis as of

LGBTQ Board of Directors Regulatory Agenda

Eversheds Sutherland (US) LLP

Fifth Circuit rejects Nasdaq's board diversity rule approved by SEC

After various legal battles over the past four years, a recent en banc decision by the Fifth Circuit Court of Appeals vacated the Securities and Exchange Commission’s (SEC) approval of the Nasdaq board diversity proposal,...more

Bradley Arant Boult Cummings LLP

Fifth Circuit Court of Appeals Strikes Down Nasdaq Board Diversity Disclosure Rules

On December 11, 2024, the Fifth Circuit Court of Appeals held that the Securities and Exchange Commission (SEC) does not have the authority to approve Nasdaq’s board diversity disclosure rules. As a result, Nasdaq-listed...more

White & Case LLP

Nasdaq Board Diversity Disclosure Rules No Longer in Effect After Overturning by Court

White & Case LLP on

On December 11, 2024, the United States Court of Appeals for the Fifth Circuit, in a 9-8 vote, struck down The Nasdaq Stock Market's ("Nasdaq") board diversity rules, holding that the Securities and Exchange Commission (the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Nasdaq Board Diversity Rules Vacated by the Fifth Circuit

On December 11, 2024, in a 9-8 decision, the United States Court of Appeals for the Fifth Circuit ruled that in approving the Nasdaq Stock Market’s (Nasdaq) board diversity rules (the Rules), the Securities and Exchange...more

Bass, Berry & Sims PLC

Fifth Circuit Vacates Nasdaq Board Diversity Rules

Bass, Berry & Sims PLC on

On December 11, the Court of Appeals for the Fifth Circuit vacated Nasdaq Listing Rule 5605(f) and Nasdaq Listing Rule 5606(a) (together with Nasdaq Listing Rule IM-5900-9, the Board Diversity Rules) by a 9-8 vote. In...more

Fenwick & West LLP

California Court Finds California Board Diversity Law Unconstitutional

Fenwick & West LLP on

On April 1, 2022, the Superior Court of California, County of Los Angeles granted the plaintiffs’ motion for summary judgment in a case challenging the legality of AB 979 under the California Constitution...more

Jones Day

SEC Approves New Board Diversity Disclosure Requirements for Nasdaq-Listed Companies

Jones Day on

The Board Diversity Proposal generally requires each Nasdaq-listed company "to have, or explain why it does not have, at least two members of its board of directors who are Diverse," defined as at least one director who...more

Wyrick Robbins Yates & Ponton LLP

Client Alert: SEC Approves Nasdaq Board Diversity Listing Rules

On August 6, 2021, the U.S. Securities and Exchange Commission (the “SEC”) approved Nasdaq Stock Market (“Nasdaq”) board diversity listing rules. These rules, which Nasdaq initially proposed in December 2020 and then revised...more

Wyrick Robbins Yates & Ponton LLP

Nasdaq Proposes New Listing Rules Aimed at Promoting Board Diversity and Transparency

On December 1, 2020, Nasdaq, Inc. (“Nasdaq”) filed a proposal with the U.S. Securities and Exchange Commission (the “SEC”) to adopt new listing rules aimed at promoting board diversity and disclosure of board diversity...more

Morgan Lewis

Nasdaq Proposes New Board Diversity Composition and Disclosure Requirements

Morgan Lewis on

The Nasdaq Stock Market (Nasdaq) announced that it had submitted a proposal to the US Securities and Exchange Commission (SEC) seeking approval of new listing rules to advance board diversity and increase transparency to...more

Cozen O'Connor

Nasdaq Proposes New Rules Regarding Board Diversity for Listed Companies

Cozen O'Connor on

On December 1, 2020, The Nasdaq Stock Market filed a proposal with the U.S. Securities and Exchange Commission (SEC) to adopt new listing rules that relate to diversity of board composition, proposed Rule 5605(f), and...more

Mayer Brown Free Writings + Perspectives

Nasdaq Files Rule Proposal with SEC for Board Diversity and Disclosure Requirement

On December 1, 2020, the Nasdaq Stock Market LLC filed with the US Securities and Exchange Commission (SEC) a proposal for new listing rules related to board diversity and disclosure, which are intended to advance board...more

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