Welcome to the latest edition of Fenwick’s Securities Law Update. This issue contains updates and important reminders on the following topics:
- The SEC releasing a series of Corporation Finance Interpretations (formerly known as Compliance and Disclosure Interpretations)
- The SEC implementing § 16(a) reporting for directors and officers of foreign private issuers
- The SEC being sued over its new “no-objections” policy
- The Delaware Supreme Court upholding the constitutionality of Senate Bill 21
- Five companies being sued over excluding a shareholder proposal from their 2026 proxy materials, with three subsequently agreeing to settle (including one that agreed to adopt the shareholder proposal)
- Recent trends regarding board AI oversight disclosure, shareholder proposals, and director overboarding