Fifth Circuit Vacates SEC Order Approving Nasdaq’s Board Diversity Proposal
By EsqSocial Corporation 24/12/24
On December 11, 2024, the United States Court of Appeals for the Fifth Circuit, in a 9-8 en banc decision, vacated NASDAQ’s Board Diversity Rules (the “Rules”) in Alliance for Fair Board Recruitment v. SEC, finding that the Securities and Exchange Commission (the “SEC”) exceeded its authority under the Securities Exchange Act of 1934 (the “Exchange Act”) when it approved the Rules. The decision reversed an October 2023 decision by a three-judge panel of the Circuit, which had upheld the Rules......
By: A&O Shearman