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Securities Law Update – July 27, 2026

By: David A. Bell, Ran Ben-Tzur, Amanda L. Rose, Wendy Grasso, Lilyanna Peyser, Merritt Steele

Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains updates and important reminders on the following topics:

  • SEC releases its Spring 2026 Reg Flex Agenda; its proposed Regulation E-delivery; new corporation finance interpretations on beneficial ownership reporting, proxy solicitations and tender offers; and a new exemptive order expanding the availability of five-business-day tender and exchange offers for non-convertible debt securities.
  • SEC Chair Paul Atkins previews a possible “materiality overlay” for Regulation S-K and reflects on the shareholder proposal process.
  • Key 2026 proxy season trends regarding reincorporation / “DExit,” no-action letters, shareholder proposals, and more.
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