Nasdaq Files Rule Requiring Diverse Representation on Boards of Listed Companies

On December 1, 2020, The Nasdaq Stock Market filed a proposed rule with the U.S. Securities and Exchange Commission (SEC), which, if approved, will require listed companies to disclose the racial, LGBTQ+ status, and gender makeup of their boards of directors and have a minimum number of diverse directors or explain why they could not—or elected not to—achieve the established targets.

Securities and Exchange Commission Adopts Final Fund of Funds Rule

On October 7, 2020, the Securities and Exchange Commission (SEC) adopted Rule 12d1-4 and other amendments under the Investment Company Act of 1940, as amended, which streamline and enhance the regulatory requirements for registered investment companies and business development companies to acquire shares of other funds in excess of the limits in Section 12(d)(1) of the 1940 Act.