Insights on Corporate & Securities

In an effort to provide registrants with clearer guidance on the examination process, the Division of Examinations of the US Securities and Exchange Commission (SEC) released The SEC Exam Handbook: A Practical Guide on Process and Engagement, which replaces and expands upon the Division’s prior examination brochure published in 2023.

On September 30, the US Securities and Exchange Commission (SEC) proposed two sets of rule amendments designed to expand individual (retail) investor access to private market strategies through registered funds and business development companies (BDCs; collectively, regulated funds).

Pencils down, the US Securities and Exchange Commission (SEC) Division of Examinations has once again previewed (some of) the test.

Last week, the US Court of Appeals for the Eleventh Circuit (which covers Alabama, Florida, and Georgia) overruled a 1985 precedent, Mason v. Continental Group, Inc., that required employees to exhaust their benefit plan’s internal claims resolution process before suing for violations of the Employee Retirement Income Security Act (ERISA).

ArentFox Schiff is pleased to have represented Peakline Partners LLC in its recently-announced acquisition of Kalon Capital LLC, a specialty finance company focused on equipment financing solutions for middle-market businesses. 

On September 18, the US Food and Drug Administration (FDA) issued a warning letter to Empower Pharmacy, a Houston-based compounding pharmacy that was producing GLP-1 weight-loss drugs (semaglutide and tirzepatide) at high volume.

ArentFox Schiff advised Choice Hotels International, Inc. (NYSE: CHH), one of the world’s largest lodging franchisors, in its all-cash acquisition of Harvest Hosts, a membership company for RV travelers. The deal is valued at about $130 million. Choice acquired 100% of Harvest Hosts from Stripes, a growth equity firm based in New York, and other shareholders.

Partner and Fashion & Retail Co-Leader Erica Roque will participate in “Artist Corporations: A New Legal Framework for Creative Practice,” presented by the Center for Art Law on October 1 at 12:00 p.m. ET.

ArentFox Schiff is pleased to announce that Chairman Anthony V. Lupo has been named to the Forbes 2026 America’s Top Lawyers list.

On September 3, the US Securities and Exchange Commission (SEC) proposed to rescind Rule 206(4)-5 under the Investment Advisers Act of 1940, as amended, commonly known as the “pay-to-play” rule, along with related recordkeeping requirements under Rule 204-2(a)(18).

ArentFox Schiff partners Richard Brand and Zak Welsh have been named to The Hollywood Reporter’s 2026 “Top Sports Lawyers” list, which recognizes select attorneys for their work on some of the most significant matters in the sports industry.

ArentFox Schiff is pleased to announce that 125 attorneys have been recognized by The Best Lawyers in America 2027, with two attorneys highlighted as “Lawyers of the Year” and 36 attorneys listed as “Ones to Watch.”

ArentFox Schiff is pleased to announce that Managing IP has listed 17 attorneys among the 2026 IP STARS, recognizing them as leaders in their firm and jurisdiction.

ArentFox Schiff advised Information Security Media Group (ISMG), a global leader in cybersecurity intelligence and education, in connection with a strategic growth investment from an affiliate of Peak Rock Capital, a leading private investment firm, with deep experience building information services and technology businesses.

At the midpoint of 2026, the agriculture industry is navigating a complex and ever-changing legal landscape shaped by the evolution of artificial intelligence (AI), trade and capital-market uncertainty, regulatory reform, and other policy issues.

On July 22, the US Securities and Exchange Commission (SEC) approved Nasdaq’s proposed rule requiring all Nasdaq-listed companies to maintain a minimum Market Value of Listed Securities (MVLS) of at least $5 million. Companies falling below this threshold for 30 consecutive business days would face immediate suspension and delisting.

On July 7, US Securities and Exchange Commission (SEC) Chairman Paul S. Atkins issued a statement outlining the agency’s 2026 Regulatory Agenda and its key priorities for the coming year.

The Institutional Limited Partners Association (ILPA) continues to refine its guidance on continuation funds to address the needs of limited partners in the current market.

ArentFox Schiff is pleased to announce that 23 practices and 81 attorneys have been recognized by The Legal 500 United States 2026 guide.

ArentFox Schiff is pleased to announce that 68 attorneys were recognized as leaders in their field and 25 practices spanning the firm’s litigation, regulatory, and transactional capabilities, as well as key industries, were ranked among the best in the country in the 2026 edition of Chambers USA: America’s Leading Lawyers for Business.

The US Securities and Exchange Commission (SEC) has proposed comprehensive amendments to modernize securities registration. The proposed rules would dramatically expand Form S-3 eligibility, replace the well-known seasoned issuer (WKSI) framework for domestic issuers with a new three-tier system, modernize Form S-1, and preempt state securities law registration for all registered offerings.

On April 20, the Delaware Court of Chancery issued a post-trial opinion in DSM HoldCo, Inc. v. Demoulas, upholding the termination of Arthur T. Demoulas as president and CEO of the Market Basket grocery store chain.

The transaction marks a significant development for the global luxury fashion industry, bringing together two well-known names through a strategic investment in Roberto Cavalli.

ArentFox Schiff represented Chicago Fire FC in a multiyear naming rights and sponsorship transaction.

Nasdaq has significantly raised the financial bar for special purpose acquisition company (SPAC) listings. Effective May 15, the minimum market value listing threshold increases to $100 million on the Global Market and $75 million on the Capital Market, with stricter shareholder requirements on both tiers.