SEC Withdraws 14 Rule Proposals

On June 12, 2025, the SEC withdrew fourteen (14) rule proposals, backtracking many Biden-era regulations including several in the environmental, social and governance (ESG) arena. This move clears the slate for what should be a very different spring regulatory agenda, expected to be published in early July. Each of these rules were discussed to some extent in my last Regulatory Agenda update – which can be reviewed here – HERE.
Withdrawn Rule Proposals
Shareholder Proposals – Rule 14a-8
The SEC has withdrawn certain proposed amendments Exchange Act Rule 14a-8. The withdrawn rule proposal was first published in July 2022. Rule 14a-8 allows a qualifying shareholder to submit proposals that, subject to substantive and procedural requirements, must be included in the company’s proxy materials for annual and special meetings, and provides a method for companies to either accept or attempt to exclude such proposals. The rule has been subject to many changes, including via updated Staff Legal Bulletins, over the
The SEC Has Issued New Guidance On Cybersecurity Disclosures
On February 20, 2018, the SEC issued new interpretative guidance on public company disclosures related to cybersecurity risks and incidents. In addition to addressing public company disclosures, the new guidance reminds companies of the importance of maintaining disclosure controls and procedures to address cyber-risks and incidents and reminds insiders that trading while having non-public information related to cyber-matters could violate federal insider-trading laws.
The prior SEC guidance on the topic was dated, having been issued on October 13, 2011. For a review of this prior guidance, see HERE. The new guidance is not dramatically different from the 2011 guidance.
Introduction
The topic of cybersecurity has been in the forefront in recent years, with the SEC issuing a series of statements and creating two new cyber-based enforcement initiatives targeting the protection of retail investors, including protection related to distributed ledger technology (DLT) and initial coin or cryptocurrency offerings (ICO’s). Moreover, the SEC has asked the House Committee on Financial