On September 30, 2025, the new Texas Stock Exchange (TXSE) announced that the SEC approved its Form 1 registration statement, officially approving the exchange. Accordingly, the TXSE is now officially a recognized national securities exchange, similar to the Nasdaq Stock Market and the New York Stock Exchange, both of which the TXSE has expressly targeted as its main competitors in past public statements. In the TXSE’s own words, this makes it the “first fully integrated national securities exchange to receive SEC approval in decades” offering, within a single platform, a comprehensive suite of services, including listing standards, trading, clearing, settlement, and market data.

Shortly before the scheduled start of the trial, the U.S. Department of Justice, Antitrust Division (Division) reached a settlement with Hewlett Packard Enterprise (HPE) and Juniper Networks (Juniper), allowing their $14 billion merger to proceed. The settlement, described by the agency as “novel,” requires divestiture of an HPE business line to a pre-approved buyer and at least one license of certain Juniper technology to one or more licensees that must be approved by the Division.

Public companies planning to grant stock options, SARs or similar option-like instruments to executive officers in 2024 should consider whether to avoid the windows in which a new disclosure requirement under SEC rules applies. See SEC Release 33-11138. Companies may already consider whether they have material non-public information at…

Public Companies are Exempt, But . . .

Public companies have an exemption from the filing requirements under the new Corporate Transparency Act (CTA) reporting rules.  The public company exemption applies to companies that are required to file reports with the U.S. Securities and Exchange Commission (SEC).  That exemption, however,…

The new SEC cybersecurity rules (Release No. 33-11216), codify and build on earlier SEC guidance on cybersecurity risks and incidents and require specific cybersecurity-related disclosures.

The new requirements include:

  • Disclosures within 4 business days of material cybersecurity incidents on Form 8-K beginning December 18, 2023
  • Standardized annual disclosures

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Last week, each of the major stock exchanges filed proposed changes to their listing rules governing the adoption of “clawback” policies that will require listed companies to recover erroneously awarded compensation paid to executive officers in the event of a financial statement restatement. The SEC approved these rule changes (including…

On May 3, 2023, the SEC adopted final rules relating to corporate stock buybacks. The new rules have some significant differences from those the SEC proposed in December 2021.  While the new rules do require significantly greater detail about daily stock repurchases in Inline XBRL format, they will only require…

On April 24, 2023, the SEC extended, for a short time, the deadline for the effectiveness of stock exchange listing requirements under the Dodd Frank Act that will require listed companies to adopt clawback policies for erroneously awarded compensation (see our prior blog post here).  The bottom line is…