Regulation Archive

Aug 09, 2021
SEC gives green light to Nasdaq board diversity plan
The SEC on Friday approved Nasdaq’s plan to promote diversity on boards. The move opens the door for Nasdaq to require companies listed on the exchange to have – or explain why they do not have – at least two diverse board members, including one who self-identifies as female and one who self-identifies as either an under-represented minority or LGBTQ+. Nasdaq-listed companies will also have to disclose in aggregate form the voluntary self-identified gen...
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Aug 04, 2021
Gensler expects climate disclosure proposal by year-end
SEC chair Gary Gensler has given issuers a heads up on when they can expect to see the agency’s plans for requiring companies to report on climate risk and what that may entail. In remarks to the Principles for Responsible Investment last week, Gensler said he has asked the SEC staff to develop a mandatory climate risk disclosure rule proposal by the end of the year. He outlined elements he wishes to see in such disclosures, including that they are consiste...
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Jul 05, 2021
FCA looks to change UK listing rules in competitiveness boost
The UK’s Financial Conduct Authority (FCA) has launched a consultation on proposed reforms designed to boost the competitiveness of the UK’s listing regime. The changes include the introduction of a dual-class structure ‘in the premium listing segment’ as well as reducing the required free float from 25 percent to 10 percent ‘in certain circumstances’. ...
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Jun 16, 2021
As companies disclose more ESG data, activists have an opportunity
The growth of corporate disclosure on ESG issues will offer new opportunities to activist investors as they search for evidence of underperformance, according to a recently released white paper. Activists are increasingly using ESG issues as a focus area in their engagement with issuers, but it can be hard to build a thesis when there is a lack of data showing how companies stack up against peers. ESG disclosure, already at record levels, is set to increase f...
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May 14, 2021
Investor coalition calls for tougher methane regulation for oil and gas industry
A large coalition of investors has called on the US administration to strengthen methane regulation and warned that a lack of action could hit the value of oil and gas companies.  The group of 147 firms, co-ordinated by Ceres and the Interfaith Center on Corporate Responsibility (ICCR), welcomes action being taken by the US government but urges further measures to help meet the climate goals of the Paris Agreement.  Tackling methane emissions is viewed as k...
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Apr 23, 2021
EU to more than quadruple number of companies covered by sustainable reporting rules
The European Commission (EC) has proposed new sustainable reporting rules that would greatly expand the number of companies forced to disclose information on ESG issues.  European lawmakers said this week they plan to extend non-financial disclosure rules to large, unlisted companies and also bring in lighter requirements for small and medium-sized enterprises (SMEs).  The changes mean around 50,000 companies will have to follow ‘detailed EU sustainabilit...
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Apr 02, 2021
Senate Banking Committee chair seeks to overturn 14a-8 reforms
Senator Sherrod Brown, D-Ohio, has launched an effort to overturn SEC reforms that change the shareholder proposal process and have sparked widespread concern among investors. Brown last week introduced a joint resolution stating that ‘Congress disapproves the rule submitted by the [SEC] relating to ‘Procedural requirements and resubmission thresholds und...
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Apr 02, 2021
Star Market’s success is reshaping how companies go public in China
In 2020, an equities market that had been in existence for less than two years attracted nearly half of all IPO proceeds in mainland China. Star Market – or, to give it its impressive full name, the Shanghai Stock Exchange Science and Technology Innovation Board – has a growth story as remarkable as the ‘new economy’ companies that flock to its doors. The market has also drawn scrutiny for its dramatic first-day trading gains and wild price swings. But given...
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