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Securities,
Administrative/Regulatory

Dec. 23, 2024

5th Circuit vacates SEC approval of NASDAQ board diversity rules

The 5th Circuit found that the diversity rules were not a disclosure requirement but a public-shaming penalty, and concluded that the rules were unrelated to the purposes of the Exchange Act.

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The Dec. 11, 5th Circuit en banc decision striking down NASDAQ's board diversity rules likely signals the end of the road for NASDAQ's embattled "diversify or disclose" requirements. A closely divided Court of Appeals for the 5th Circuit in ...