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As discussed in this prior blog, on December 18, 2025, the Holding Foreign Insiders Accountable Act (HFIAA) removed the exemption from reporting under Section 16(a) of the Securities Exchange Act of 1934 (Exchange Act), as amended, for foreign private issuers (FPIs). 

On March 5, 2026, the United States Securities…

Continue Reading SEC provides exemptive relief and issues final rules codifying Holding Foreign Insiders Accountable Act Section 16 reporting for directors and officers of foreign private issuers

On January 13, 2026, the United States Securities and Exchange Commission (SEC) announced plans to conduct a comprehensive review of Regulation S-K, the central framework governing non-financial statement disclosure requirements for public companies. In a statement, SEC Chairman Paul S. Atkins emphasized that the current breadth of Regulation S-K…

Continue Reading SEC proposes comprehensive reform of Regulation S-K

Now that 2026 has begun, US public companies with a December 31 fiscal year-end will be working to prepare their annual reports on Form 10-K for filing with the United States Securities and Exchange Commission. 

Companies are encouraged not only to meet relevant SEC requirements, but also to understand disclosure…

Continue Reading Updating Form 10-K for fiscal year 2025 and other annual reporting

Institutional Shareholder Services (ISS) and Glass, Lewis & Co. (Glass Lewis), two major proxy advisory firms in the United States, have updated their benchmark proxy voting guidelines for the 2026 proxy season.

These firms provide institutional investors with voting recommendations on key matters such as director elections, executive compensation, corporate…

Continue Reading ISS and Glass Lewis release benchmark policy updates for 2026

President Donald Trump has issued an Executive Order 14366, “Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors,” which could significantly impact the policies and practices of Institutional Shareholder Services (ISS) and Glass, Lewis & Co. (Glass Lewis), two major proxy advisory firms in the United States.

Released on…

Continue Reading Trump Administration issues Executive Order affecting proxy advisory firms: Top points

For more than five decades, a significant advantage of “Foreign Private Issuer” (FPI) status was the exemption from the beneficial ownership reporting requirements and short-swing profit rules of Section 16 of the Securities Exchange Act of 1934 (Exchange Act). That era has now ended.

On December 18, 2025, the Holding…

Continue Reading End of an era: FPIs now subject to Section 16 reporting, new requirements

After the government reopened on November 13, 2025, the United States Securities and Exchange Commission (SEC) issued a statement including questions and answers (Q&A) related to filings made during or after the federal government shutdown. The SEC noted that more than 900 registration statements were filed during the shutdown.

In…

Continue Reading SEC publishes filing guidance following end of government shutdown

For public companies looking to raise capital relatively quickly and at a lower cost, equity lines of credit (ELOCs) and at-the-market equity offerings (ATMs) may be viable options.  Both allow companies to control the timing and volume of sales of equity securities and offer processes that are generally less disruptive…

Continue Reading Equity lines of credit and at-the-market offerings: Alternative public financing options

On October 9, 2025, during a keynote address at the John L. Weinberg Center for Corporate Governance’s 25th Anniversary Gala, United States Securities and Exchange Commission (SEC) Chairman Paul Atkins suggested that the SEC may be amenable to arguments from Delaware-incorporated companies seeking to exclude precatory shareholder proposals from…

Continue Reading SEC signals potentially significant changes to Rule 14a-8 shareholder proposal process

On October 20, 2025, DLA Piper held a bootcamp for pre-IPO and growth-stage companies in the biotech and medtech industries in the firm’s New York office. Attended by nearly 100 individuals, the bootcamp covered topics including late-stage financings, paths for going public, financial preparedness, regulatory considerations, compliance issues, intellectual property…

Continue Reading DLA Piper hosts bootcamp for biotech and medtech companies