United States: Securities

On May 19, South Carolina Governor Henry McMaster signed S. 163, establishing a regulatory framework for digital assets and cryptocurrency activities in the state.

In an important ruling for the registered fund industry, the Supreme Court on June 11, 2026 ruled by a 6-3 majority that Section 47(b) of the Investment Company Act of 1940 (“ICA”) does not provide investors with a private right of action to rescind contracts that allegedly violate the ICA.

On June 11, 2025, the U.S. Supreme Court decided FS Credit Opportunities Corp., et al. v. Saba Capital Master Fund, Ltd., et al. (24-345), holding that Section 47(b) of the Investment Company Act of 1940 (ICA) does not create an implied right of action for rescission.

The 2026 proxy season has brought significant changes to shareholder proposal dynamics, particularly following the SEC Staff's decision to limit substantive guidance on proposal omissions.

The US Securities and Exchange Commission has proposed rescinding Rule 611, the Trade-Through Rule, which for two decades has required market participants to execute against the best-priced quotations across exchanges.

FINRA has issued Regulatory Notice 26-12 confirming that its existing rules align with recent SEC no-action relief allowing personal services entities owned by registered representatives to receive transaction-based compensation without triggering broker-dealer registration requirements.

Today, scrutiny is no longer confined to public equities markets. In a pair of recent prosecutions, including last week’s indictment of a Google employee, the Department of Justice has made clear that it will pursue insider trading type cases wherever (i) confidential data moves prices, and (ii) a duty-bound actor exploits that data for trading advantage, even outside the securities laws. Prediction markets and crypto platforms appear to be the primary testing ground for this expanded enforcement theory

In a unanimous decision issued June 4, 2026 in Sripetch v. SEC, the U.S. Supreme Court held that the U.S. Securities and Exchange Commission (SEC) may obtain disgorgement without showing that any victim suffered...

The U.S. Securities and Exchange Commission has proposed two landmark rulemakings that would fundamentally reshape the regulatory landscape for public companies, making IPOs less daunting and ongoing compliance significantly less burdensome.