Business Law and Corporate Law

FINRA released an independent review of its Enforcement Program with 24 recommendations addressing governance, due process, transparency, and sanctions. The report provides insights that member firms can use to advocate for more efficient investigations, lower penalties anchored to NAC Sanction Guidelines, meaningful cooperation credit, and relief from overbroad Rule 8210 requests. Key recommendations include a five-year limitations period and structured engagement at the referral stage that could reshape l

For years, companies approached legal support primarily as a staffing decision. When legal needs arose, the options were fairly straightforward: hire an in-house lawyer, engage outside counsel, or some combination...

The SEC Staff has issued new guidance addressing critical questions in shareholder activism, including when cash-settled derivatives trigger beneficial ownership reporting, what disclosures activist funds must make about their investors, and who qualifies as a participant in proxy contests. These interpretations clarify long-standing ambiguities around total return swaps, activist fund structures, and proxy solicitation financing.