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On March 3, 2025, the SEC's Division of Corporation Finance announced an immediate expansion of accommodations for issuers submitting draft registration statements (DRS) for nonpublic review, including expansion to Section 12(g) initial registrations, removal of the 12-month limit for follow-on DRS, and clarification for de-SPAC transactions.
On June 4, 2025, the SEC issued a Concept Release initiating a comprehensive reassessment of the definition of "Foreign Private Issuer" (FPI), citing fundamental shifts in the FPI population including concentration of trading in the U.S. and divergence of incorporation and headquarters jurisdictions.
On September 3, 2025, Nasdaq filed two separate proposed rule changes with the SEC aimed at comprehensively enhancing its initial and continued listing standards, including higher minimum public float for the Net Income Standard and an accelerated delisting process for severely non-compliant companies.
