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.
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 ...
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