Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains updates and important reminders on: 
- Form 10-K and proxy statement disclosures and upcoming compliance deadlines 
- Glass Lewis releasing its 2025 Proxy Voting Policy Guidelines 2025 U.S. Benchmark Policy Guidelines 
- The U.S. Securities and Exchange Commission adopting EDGAR Next, which overhauls filer access and account management 
- The Public Company Accounting Oversight Board pausing Non-Compliance with Laws and Regulations rulemaking, which was scheduled to be finalized by the end of the year 
- The SEC charging an independent director with disclosure failures related to a personal relationship 
- The SEC charging the audit committee chair of AI company with failing to adequately investigate a report of financial misdeeds and signing a Form 10-K containing fake revenue