Bobby Bee

The following is part of our annual publication Selected Issues for Boards of Directors in 2026. Explore all topics or download the PDF. Big changes to disclosure and other governance rulemaking from the SEC, and potentially Congress and the Trump administration, are coming in 2026. These changes will affect how companies disclose information; how they engage with investors, proxy advisors and other stakeholders and how boards and management think about governance.

As the U.S. government shutdown stretches into its sixth week—and in light of the SEC’s clarification that it will not be reviewing and declaring registration statements effective via the traditional route during the shutdown—issuers seeking to proceed with primary and secondary offerings are turning to a statutory alternative that permits registration statements to go automatically effective without SEC clearance.[1] The exchanges have indicated willingness to play along, with some...

The Securities and Exchange Commission (SEC) issued a concept release seeking public comment by September 8, 2025, on its definition of “foreign private issuer” (FPI). The SEC indicated that a review is warranted due to significant changes in the FPI population over the last two decades, including shifts in jurisdictions of incorporation and headquarters, evolving trading patterns, and various regulatory frameworks.