News
Regulatory analysis for disclosure teams.
Commentary on SEC and HKEX disclosure rules, staff guidance and enforcement, written by capital markets lawyers.
- Oct 28, 2026 IPO demand must be real: the SFC’s October 2026 circular and what it means for issuers and directorsThe SFC’s 13 October circular is addressed to sponsors and bookrunners, but five of its six red flags start with the issuer. What directors need to know, three live cases and a checklist. Industry
- Oct 7, 2026 Everyone Can Call the Same APIRoshan Nanu on specialization, trust and UX — and why provenance has to come from the system rather than the model. Insights
- Sep 29, 2026 HKEX Extends the Validity of New Listing Applications. More Flexibility, but the Same Regulatory StandardsHKEX doubles the validity of new listing applications from 6 to 12 months, a temporary measure running 21 August 2026 to 20 August 2029. Industry
- Sep 25, 2026 The SEC Updates Its Beneficial Ownership Guidance. Small Interpretive Changes Can Still Carry Important Compliance ImplicationsCash-settled swaps, Schedule 13D disclosure for entity filers, and why ownership percentage alone no longer settles the reporting analysis. SEC
- Sep 23, 2026 Geopolitical Risk Just Topped the Global Risk Index. Your Entire Filing Needs to Reflect ItReg S-K doesn't care where the disruption came from. It asks whether the exposure is material, disclosed, and consistent across the whole document.
- Sep 18, 2026 California Refines Its Climate Disclosure Rules. Public Companies Gain More Time, but Compliance Expectations RemainA later deadline, first-year Scope 3 relief, consolidated parent-level filing, and clearer scoping. What changed for companies with California operations.
- Sep 3, 2026 HKEX Strengthens Its Structured Products Framework. Innovation Continues, But So Does Regulatory DisciplineHKEX's Chapter 15A reforms cut the derivative warrant minimum issue price to $0.15 and market cap to $6M, phased in across 2026. What issuers need to do.
- Aug 27, 2026 HKEX’s Latest Consultation Conclusions Will Enhance Its Listing Framework with Greater Flexibility and Stronger CompetitivenessHKEX cut WVR thresholds to HK$20B, opened confidential filing to all applicants and eased secondary listings, effective 24 July 2026.
- Aug 6, 2026 SEC Wants More Companies Eligible for Fast-Track Capital RaisingThe SEC's proposed Registered Offering Reform would scrap Form S-3's seasoning and float tests, expanding eligibility by over 60%.
- Aug 5, 2026 IPOs Are Up 86% and JPMorgan Is Chasing Smaller Deals — What That Means for YouQ1 2026 brought 99 US IPOs and an 86% jump in proceeds, while JPMorgan builds a team for $100M–$500M issuers. What it means for smaller companies.
- Aug 4, 2026 Hong Kong Bets Big on AI — What It Means for Issuers and Compliance TeamsJohn Lee positions Hong Kong as the gateway for AI capital and talent into the Greater Bay Area. What it means for issuers and their disclosure.
- Jul 16, 2026 HKEX's Board Lot Reform Is More Than a Trading Adjustment. It Is Another Step Towards a More Competitive Capital MarketHKEX standardises board lots into eight sizes and halves the recommended minimum value to HK$1,000, phased in with the Uncertificated Securities Market.
- Jul 15, 2026 The SEC's Deregulatory Agenda Is Reshaping Corporate ComplianceThe SEC's deregulatory push spans IPO reform, ESG rollbacks and semiannual reporting. Why fewer requirements don't mean lower compliance standards.
- Jul 14, 2026 The SEC's Semiannual Reporting Proposal Has Split the Market: Issuers Want Flexibility, Investors Want InformationIssuers back the SEC's semiannual reporting proposal; retail investors, pension funds and accounting bodies push back. Where the comment file divides.
- Jul 9, 2026 HKEX's Next Generation Reporting Platform Is More Than a Technology Upgrade. It Is a Strategy to Keep Hong Kong CompetitiveHKEX's Issuer Access Platform launches Q4 2026 as the primary filing gateway, alongside a redesigned portal giving investors near real-time issuer data.
- Jul 8, 2026 The SEC's ESG Rollback Marks a Major Regulatory Pivot, But Investors Are Asking Whether Less Disclosure Means Less TransparencyThe SEC's proposal to roll back ESG disclosure splits issuers from investors. Why less mandatory reporting doesn't mean a lower compliance standard.
- Jul 1, 2026 ICMA: US Treasury Clearing + EU Listing Act
- Jun 24, 2026 HKEX vs. SEC: Dual Listing Compliance
- Jun 16, 2026 Governance concerns with SpaceX IPO - what does it mean?
- Jun 16, 2026 Nasdaq Proposed Higher Listing Standards: Key Changes for IPO Candidates and Listed Companies
- Jun 10, 2026 Nasdaq & NYSE American Low-Price Deficiency
- May 26, 2026 ISS & Glass Lewis 2026 Proxy Policy Updates
- May 14, 2026 A decades-old exemption just ended. Here is what every foreign private issuer listed on a U.S. exchange needs to do right now.The Holding Foreign Insiders Accountable Act ends the Section 16 exemption for foreign private issuers. Learn what FPI directors and officers must do now to comply with Form 3, 4, …
- May 12, 2026 You Cannot Blame the AI: What a Federal Court's Ruling Tells Us About Corporate AI Governance
- May 1, 2026 The SEC Moves to Open the Capital Markets Door: What the Proposed Offering Reform Means for Smaller Issuers
- Apr 22, 2026 SEC Regulation S-K Reform: What Smaller Public Companies Need to KnowChairman Atkins' review could free 1,400 smaller public companies from full Regulation S-K requirements. Five reform areas — risk factors, cybersecurity, related party thresholds a… SEC
- Apr 15, 2026 What is an SEC Comment Letter? Process, Response, and Public Release Explained
- Apr 11, 2026 What is MD&A? A Plain-English Guide to Management's Discussion and Analysis
- Apr 10, 2026 See you at FLUK 2026!
- Apr 8, 2026 Accelerated Filer vs. Large Accelerated vs. Non-Accelerated Filer Explained
- Apr 5, 2026 What Is SOX 404(b) and Who Does It Apply To
- Apr 2, 2026 What Is a Smaller Reporting Company (SRC)? SEC Rules Explained
- Mar 30, 2026 Schedule 13D vs. 13G: What the 2024 SEC Rules Changed
- Mar 27, 2026 What is a DEF 14A (Proxy Statement)? A Plain-English Guide
- Mar 24, 2026 Your Q1 2026 10-Q Filing Season Is UnderwayThis advisory highlights the key considerations to confirm as you prepare your quarterly filing — from FASB updates and SEC staff guidance changes to macroeconomic disclosure facto… Insights
- Mar 24, 2026 What is Say-on-Pay? Shareholder Votes on Executive Compensation Explained
- Mar 21, 2026 What Is the SEC's Three-Year Review Cycle? Section 408 Explained
- Mar 18, 2026 What Is ASC 280 Segment Reporting? A Practical 2024 Guide
- Mar 15, 2026 What Is a Non-GAAP Financial Measure? Definition, Rules, Examples
- Mar 12, 2026 What Are ISSB S1 and S2 Standards? A Plain-English Guide
- Mar 9, 2026 What is ISS and Glass Lewis: The Proxy Advisory Duopoly Explained
- Mar 6, 2026 What is the CD&A (Compensation Discussion & Analysis
- Mar 3, 2026 What is Regulation S-K
- Feb 27, 2026 What is Form 20-F? The Foreign Private Issuer's Annual Report, Explained
- Feb 24, 2026 How to Respond to an SEC Comment Letter: A Practical Playbook
- Jan 20, 2026 "AI-Washing" Is Now an Enforcement Category: What the Presto Automation Case Means for Every Public Company
- Dec 22, 2025 The SEC's Advisory Committee Wants AI Disclosure Rules. The Commission Is Cautious. What Companies Should Do Now.
- Dec 3, 2025 FPI Directors and Officers Are Now Insiders: The Section 16 Obligations That Changed on March 18, 2026
- Jun 10, 2025 FCA Continues Its Push for a More Competitive Market, What Do You Need to Know?
- Jun 8, 2025 How to Successfully Complete an IPO in 2025: A Comprehensive GuideThe process of taking a high-growth company public through an initial public offering (IPO) is a significant milestone. While it offers various benefits, the complexities and chall… Industry
- May 17, 2025 Nasdaq's Proposed Micro-Cap Rules: Navigating the New $15 Million Public Float RequirementNasdaq has announced a proposed rule change that could dramatically reshape the micro-cap market, sparking intense discussions and analyses over the next six months during the publ… Insights
- Jan 28, 2025 2025 SEC Financial Statement Requirements: A Step-by-Step Guide for Foreign CompaniesNavigating the financial statement requirements for non-U.S. issuers in registered offerings under U.S. federal securities laws is crucial for compliance and successful capital rai… Industry
- Nov 2, 2024 Nasdaq Delisting Prevention Guide 2024: Sub-Dollar Stock RequirementsNasdaq is proposing stricter rules to delist companies whose stock prices fall below $1.00, aiming to protect investors and maintain market integrity. Industry
- Jun 11, 2024 Nasdaq Board Diversity Rule Overturned: Impact on Corporate Governance and DEI InitiativesIn a landmark decision, the U.S. Court of Appeals for the Fifth Circuit recently vacated Nasdaq's board diversity rule, a pivotal regulatory initiative requiring Nasdaq-listed comp… Industry
- Jun 6, 2024 EDGAR Next: Your Complete Guide to SEC's 2025 Filing System UpdateThe U.S. Securities and Exchange Commission (SEC) has announced the launch of EDGAR Next, an updated version of its Electronic Data Gathering, Analysis, and Retrieval (EDGAR) Filer… Industry
- Feb 6, 2024 2025 SEC Dealer Registration Guide: Rules 3a5-4 and 3a44-2 ExplainedOn February 6, 2024, the U.S. Securities and Exchange Commission (SEC) adopted Rules 3a5-4 and 3a44-2 under the Securities Exchange Act of 1934, broadening the definitions of "deal… Industry
- Jun 6, 2023 Nasdaq Board Diversity Compliance Guide 2025: Implementation StrategiesIn August 2021, the U.S. Securities and Exchange Commission (SEC) approved Nasdaq's proposal to enhance board diversity among its listed companies.Key Requirements:Board Diversity … Industry
- Jun 2, 2023 Nasdaq Board Diversity Rules 2025: Fifth Circuit Decision Impact GuideOn December 11, 2024, the U.S. Court of Appeals for the Fifth Circuit invalidated Nasdaq's board diversity rules, which had been approved by the Securities and Exchange Commission … Industry
- May 27, 2023 Nasdaq's New Minimum Bid Price Rules 2024: Avoiding DelistingOn October 7, 2024, the U.S. Securities and Exchange Commission (SEC) approved Nasdaq's amendment to Rule 5810(c)(3), focusing on the minimum bid price requirement and the use of r… Industry
- May 20, 2023 SEC 2025 Exam Focus Areas: Compliance Strategy GuideThe U.S. Securities and Exchange Commission's (SEC) Division of Examinations (EXAMS) has released its 2025 Examination Priorities, highlighting key areas of focus to ensure the int… Education
- May 15, 2023 Underwriter Compliance Automation 2024: Digital Transformation GuideThe difficulties of error-prone and time-consuming typing on tiny keyboards have been made easier by the development of voice-to-text technology on smartphones. Traditional transcr… Technology
- May 11, 2023 SEC Filing Success Guide 2024: Strategic Compliance for ExecutivesFor senior executives, navigating the labyrinth of SEC filings in 2024 has never been more complex—or more critical. Regulatory demands are intensifying, timelines are tightening, … Industry
- May 7, 2023 Micro-Cap IPO Automation 2024: Fast-Track Your Public OfferingTaking a company public is no small feat. For micro-cap companies, the IPO process can feel like navigating a maze while juggling flaming torches. You've got compliance requirement… Industry