Fifth Circuit Overturns SEC Approval of Nasdaq’s Board Diversity Rules
By EsqSocial Corporation 24/12/24
On December 11, 2024, the United States Court of Appeals for the Fifth Circuit, in a lengthy opinion, vacated the U.S. Securities and Exchange Commission’s (SEC) approval of Nasdaq’s board diversity rules in Alliance for Fair Board Recruitment v. SEC. The court found Nasdaq’s regulations to be inconsistent with the purposes of the Securities Exchange Act of 1934 (Exchange Act) and concluded that the SEC’s decision approving such rules was “arbitrary, capricious, an abuse of discretion, or...
By: Wiley Rein LLP