From the Freshfields SEC Desk

Insights based on 25+ years’ experience leading the SEC

As former SEC regulators, we provide an exclusive look behind the curtain at what's shaping developments inside the agency. Our goal is to give you a genuine understanding of the regulatory landscape and how decisions are made. We'll utilize our prior SEC experience and share our firsthand knowledge to help you anticipate upcoming changes and effectively navigate complexities.

Think of us as your guides to the SEC's inner workings, helping you see the full picture beyond the official announcements.

Latest blogs

Mar 6 2026

SEC Exempts Certain Officers and Directors of FPIs from Six Jurisdictions from Section 16(a) Reporting

On March 5, the U.S. Securities and Exchange Commission used its exemptive authority under the Holding Foreign Insiders Accountable Act...

Feb 25 2026

SEC's 2026 Enforcement Manual Codifies Wells Process, Cooperation Credit, and Waivers—Balancing Transparency with Flexibility

The US Securities and Exchange Commission (SEC) issued its first Enforcement Manual update since 2017 on February 2026. The update...

Jan 7 2026

Directors and Officers of FPIs to make prompt public disclosure to the SEC about their FPI equity holdings from March 2026

The US legislature has removed a disclosure exemption enjoyed by directors and officers of SEC-reporting non-US companies that meet the...

Dec 17 2025

SEC Retires Global Research Analyst Settlement: More Principles-Based Oversight Under FINRA Rule 2241 Defines the New Landscape

December 2025 marks the end of an era. The Securities and Exchange Commission has formally terminated the remaining undertakings of the...

Dec 16 2025

Proxy Advisors Under Pressure: What the December 11 Executive Order Could Mean for SEC Rulemaking and the 2026 Proxy Season

On December 11, the White House issued an Executive Order that targets proxy advisory firms, including ISS and Glass Lewis, for...

Dec 12 2025

Baby it’s Cold Outside: Legislation Extends the Application of Section 16(a) to Foreign Private Issuers and Their Insiders

This blog was originally posted on December 12, 2025 and updated on December 16, 2025. In a frosty start to the holiday season, Foreign...

Nov 24 2025

SEC Seeks Dismissal of Cybersecurity Disclosure Case Against SolarWinds and its Chief Information Security Officer

The SEC announced that it was seeking dismissal of the federal court action against SolarWinds Corp. and its now chief information...

Nov 18 2025

SEC Staff Reshapes Shareholder Proposal Landscape with Narrowed No-Action Path

The SEC Division of Corporation Finance issued a pivotal Staff Statement today that could reshape how public companies approach...

Nov 14 2025

Issuer Action Guide: SEC Post-Shutdown Guidance

Narrative Overview On November 13, 2025, the SEC issued post-shutdown guidance to help issuers navigate filings that became effective by...

Oct 13 2025

From the Freshfields SEC Desk: 14a-8 Bypass: SEC Chairman Offers Companies Way to Short Circuit Shareholder Proposals

In an October 9, 2025 speech, SEC Chairman Paul Atkins sent a clear signal that SEC Staff would grant broad No-Action Letter relief to...

Oct 9 2025

SEC Moves to Ease IPOs and Other Registered Offerings During Shutdown

On October 9, 2025, the SEC’s Division of Corporation Finance issued updated guidance on the Division’s operations during the ongoing...

Sep 30 2023

Government Shutdown & the SEC – Practical Advice for Public Companies

With a government shutdown looming, the Division of Corporation Finance of the SEC has updated its guidance outlining the “extremely...

Sep 30 2025

From the Freshfields SEC Desk: One Green Light for Mandatory Arbitration from the SEC

On September 17, 2025, the U.S. Securities and Exchange Commission took a significant step to reverse course on a decades-old policy...

Jul 10 2025

D.C. Circuit Reins in SEC Authority: Proxy Voting Advice No Longer a Solicitation Under the Exchange Act

Executive Summary In a pivotal decision issued on July 1, 2025, the U.S. Court of Appeals for the D.C. Circuit ruled that proxy voting...

Jul 2 2025

Supreme Court to Decide Key Case on Private Shareholder Lawsuits Against Registered Investment Funds

Introduction On June 30, 2025, the U.S. Supreme Court granted cert to hear a case that could significantly impact how registered...

Jun 26 2025

SEC Changes Course on Priorities, Unsurprisingly Continues Enforcing the FCPA, and Selects New Agency Leaders

Continuing its trend of reversing course from the last Administration, and with a nod to promoting innovation, the U.S. Securities and...

Jun 9 2025

SEC Revisits Foreign Private Issuer Eligibility

I. Executive Summary On June 4, 2025, the Securities and Exchange Commission (SEC) published a Concept Release on Foreign Private Issuer...

Latest podcasts

Jun 18 2025

Eureka: Fresh Takes on Capital Markets with Freshfields Episode #4: Midseason Proxy Review

In episode #4 of the Eureka podcast series, Former SEC Director of CorpFin and Freshfields partner Erik Gerding is joined by partners Leza Bieber, Heather Brookfield and Sarah Ghulamhussain who unpack the trends this Proxy Season.

Jun 9 2025

Eureka: Fresh Takes on Capital Markets with Freshfields Episode #3: What to expect from SEC Enforcement

In episode #3 of our Eureka podcast series, partners and former senior SEC officials Melissa Hodgman and Erik Gerding share insider perspectives on what to expect from SEC enforcement.

May 5 2025

Eureka: Fresh Takes on Capital Markets with Freshfields Episode #2: IPOs and other Routes to Capital and Liquidity: “The Garden of Forking Paths”

In episode #2 of the Eureka podcast series, Former Director of CorpFin at the SEC and Freshfields partner Erik Gerding and Freshfields partners Calise Cheng and Jacqueline Marino explore IPOs in the face of uncertainty, including alternative paths to capital and liquidity.

Apr 22 2025

Eureka: Fresh Takes on Capital Markets from Freshfields Episode #1: Disclosure and Governance During a Trade War

In episode #1 of the Eureka podcast series, Former Director of CorpFin at the SEC and Freshfields partner Erik Gerding and Freshfields partners Pamela Marcogliese and Leza Bieber discuss how to think about disclosures and governance during a trade war.

Contacts

New York

Insights based on 25+ years’ experience leading the SEC

Latest blogs

Latest blogs

SEC Exempts Certain Officers and Directors of FPIs from Six Jurisdictions from Section 16(a) Reporting

SEC's 2026 Enforcement Manual Codifies Wells Process, Cooperation Credit, and Waivers—Balancing Transparency with Flexibility

Directors and Officers of FPIs to make prompt public disclosure to the SEC about their FPI equity holdings from March 2026

SEC Retires Global Research Analyst Settlement: More Principles-Based Oversight Under FINRA Rule 2241 Defines the New Landscape

Proxy Advisors Under Pressure: What the December 11 Executive Order Could Mean for SEC Rulemaking and the 2026 Proxy Season

Baby it’s Cold Outside: Legislation Extends the Application of Section 16(a) to Foreign Private Issuers and Their Insiders

SEC Seeks Dismissal of Cybersecurity Disclosure Case Against SolarWinds and its Chief Information Security Officer

SEC Staff Reshapes Shareholder Proposal Landscape with Narrowed No-Action Path

Issuer Action Guide: SEC Post-Shutdown Guidance

From the Freshfields SEC Desk: 14a-8 Bypass: SEC Chairman Offers Companies Way to Short Circuit Shareholder Proposals

SEC Moves to Ease IPOs and Other Registered Offerings During Shutdown

Government Shutdown & the SEC – Practical Advice for Public Companies

From the Freshfields SEC Desk: One Green Light for Mandatory Arbitration from the SEC

D.C. Circuit Reins in SEC Authority: Proxy Voting Advice No Longer a Solicitation Under the Exchange Act

Supreme Court to Decide Key Case on Private Shareholder Lawsuits Against Registered Investment Funds

SEC Changes Course on Priorities, Unsurprisingly Continues Enforcing the FCPA, and Selects New Agency Leaders

SEC Revisits Foreign Private Issuer Eligibility

Latest podcasts

Latest podcasts

Eureka: Fresh Takes on Capital Markets with Freshfields Episode #4: Midseason Proxy Review

Eureka: Fresh Takes on Capital Markets with Freshfields Episode #3: What to expect from SEC Enforcement

Eureka: Fresh Takes on Capital Markets with Freshfields Episode #2: IPOs and other Routes to Capital and Liquidity: “The Garden of Forking Paths”

Eureka: Fresh Takes on Capital Markets from Freshfields Episode #1: Disclosure and Governance During a Trade War

Contacts

Erik Gerding

Melissa R. Hodgman

David Nicolardi

Insights based on 25+ years’ experience leading the SEC

Latest blogs

Latest blogs

SEC Exempts Certain Officers and Directors of FPIs from Six Jurisdictions from Section 16(a) Reporting

SEC's 2026 Enforcement Manual Codifies Wells Process, Cooperation Credit, and Waivers—Balancing Transparency with Flexibility

Directors and Officers of FPIs to make prompt public disclosure to the SEC about their FPI equity holdings from March 2026

SEC Retires Global Research Analyst Settlement: More Principles-Based Oversight Under FINRA Rule 2241 Defines the New Landscape

Proxy Advisors Under Pressure: What the December 11 Executive Order Could Mean for SEC Rulemaking and the 2026 Proxy Season

Baby it’s Cold Outside: Legislation Extends the Application of Section 16(a) to Foreign Private Issuers and Their Insiders

SEC Seeks Dismissal of Cybersecurity Disclosure Case Against SolarWinds and its Chief Information Security Officer

SEC Staff Reshapes Shareholder Proposal Landscape with Narrowed No-Action Path

Issuer Action Guide: SEC Post-Shutdown Guidance

From the Freshfields SEC Desk: 14a-8 Bypass: SEC Chairman Offers Companies Way to Short Circuit Shareholder Proposals

SEC Moves to Ease IPOs and Other Registered Offerings During Shutdown

Government Shutdown & the SEC – Practical Advice for Public Companies

From the Freshfields SEC Desk: One Green Light for Mandatory Arbitration from the SEC

D.C. Circuit Reins in SEC Authority: Proxy Voting Advice No Longer a Solicitation Under the Exchange Act

Supreme Court to Decide Key Case on Private Shareholder Lawsuits Against Registered Investment Funds

SEC Changes Course on Priorities, Unsurprisingly Continues Enforcing the FCPA, and Selects New Agency Leaders

SEC Revisits Foreign Private Issuer Eligibility

Latest podcasts

Latest podcasts

Eureka: Fresh Takes on Capital Markets with Freshfields Episode #4: Midseason Proxy Review

Eureka: Fresh Takes on Capital Markets with Freshfields Episode #3: What to expect from SEC Enforcement

Eureka: Fresh Takes on Capital Markets with Freshfields Episode #2: IPOs and other Routes to Capital and Liquidity: “The Garden of Forking Paths”

Eureka: Fresh Takes on Capital Markets from Freshfields Episode #1: Disclosure and Governance During a Trade War

Contacts

Erik Gerding

Melissa R. Hodgman

David Nicolardi