Public Company Advisory: Q3 2024 SEC Snapshots

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The members of Maynard Nexsen’s Public Company Advisory Practice counsel public companies and companies aiming to become public on the full range of matters shaping their governance and operation in the public markets. As a continued service to our clients, we provide a quarterly summary of important developments affecting public companies. Top trending items for the third quarter of 2024 are listed below (in chronological order and with embedded links to the source materials):

• The SEC announced changes to the format of its website (July 2, 2024)
• The SEC posted a notice and request for comment for a proposed Nasdaq rule change that addresses compliance with the minimum price requirements following a reverse stock split (July 3, 2024)
• The PCAOB issued a report on artificial intelligence (AI) in audits (July 3, 2024)
• The SEC’s Spring 2024 Reg Flex Agenda was released, setting out short- and long-term regulatory actions that the SEC plans to take (July 8, 2024)
• The Supreme Court of Delaware issued a decision addressing the enforceability of advance notice bylaws (July 11, 2024)
• Nasdaq filed a proposal with the SEC that would modify the suspension and delisting processes for SPACs (July 15, 2024)
• The Center for Audit Quality (CAQ) published a study on audit committee oversight of generative AI (July 15, 2024)
• The SEC posted a notice with accelerated approval of a NYSE rule change to allow delisting of a company with a change to its primary business focus (July 24, 2024)
• KPMG published a report on the oversight of climate disclosure (August 1, 2024)
• PwC updated its sustainability reporting guide (August 7, 2024) (registration required) 
• PwC published a report on SEC comment letter trends (August 12, 2024)
• The Society for Corporate Governance and EY published a report on disclosure committees (August 14, 2024)
• Blackrock published its 2024 Global Voting Spotlight (August 14, 2024)
• The PCAOB published a report on its 2023 firm inspections (August 15, 2024)
• The SEC approved two PCAOB proposals updating audit standards regarding and a proposal amending a PCAOB ethics rule governing contributory liability (August 20, 2024)
• The SEC issued its first Fee Rate Advisory for fiscal year 2025 (August 20, 2024)
• Georgeson published its review of the 2024 proxy season (August 27, 2024) (free registration required)
• The SEC approved the PCAOB’s new audit quality control standard (September 9, 2024)
• The SEC settled charges against seven public companies for using employment, separation, and other agreements that violated rules prohibiting actions to impede whistleblowers from reporting potential misconduct to the SEC (September 9, 2024)
• DFIN published its 12th Annual Guide to Effective Proxies (September 10, 2024)
• ISS published its 2024 Proxy Season Review (September 11, 2024)
• The PCAOB published a report on auditor independence (September 16, 2024)
• The SEC adopted amendments to its EDGAR Filer Manual (September 16, 2024)
• The SEC adopted final amendments to the rules governing how exchanges quote individual stock prices (September 18, 2024)
• The SEC posted a notice & request for comment for proposed NYSE rule amendments that would affect foreign private issuers (September 20, 2024)
• The U.S. Department of Justice (DOJ) announced updates to its Evaluation of Corporate Compliance Programs guidance (ECCP) (September 24, 2024)
• The SEC settled charges against 23 entities and individuals for failures to timely report information about their holdings and transactions in public company stock (September 25, 2024)
• The SEC settled charges against an issuer for selective disclosure of material, nonpublic information in the CEO’s social media accounts (September 26, 2024)
• The SEC adopted rule and form amendments concerning access to and management of accounts on the Commission’s Electronic Data Gathering, Analysis, and Retrieval system (“EDGAR”), referred to as EDGAR Next (September 27, 2024)
• The California governor signed amendments to the state’s climate reporting legislation (September 27, 2024)
• The SEC announced that it was monitoring the impact of Hurricane Helene on the Capital Markets (September 27, 2024)
• The SEC settled charges against the former CEO and independent director of an issuer for concealing a close personal relationship with a current executive (September 30, 2024)

For additional information about any of the above developments, or to discuss any questions that you may have, please contact a member of Maynard Nexsen’s Public Company Advisory Group.

This Client Alert is for information purposes only and should not be construed as legal advice. The information in this Client Alert is not intended to create and does not create an attorney-client relationship.