Natalie Bannerman

The SEC’s amendments to Regulation S-P, now in effect and requiring compliance by June 2026, elevate cyber-security from an operational concern to a board-level accountability issue The SEC’s new cyber-security disclosure rules hold boards personally accountable for cyber oversight, intensifying scrutiny and liability across public companies and registered entities. The amendments, effective in 2025 with a compliance deadline of June 3, 2026, expand obligations under Regulation S-P and reshape how firms govern, document and disclose cyber risk. Adopted in 2024 and now in force, the changes modernize safeguards for customer information and tighten incident response requirements as part of a…

This week’s governance, compliance and risk-management stories from around the web – At a Texas A&M corporate law symposium, SEC chairman Paul Atkins outlined his vision for revitalizing US capital markets and modernizing federal securities regulation. Speaking at the Federal Reserve Bank of Dallas, Atkins emphasized the importance of state competition in corporate law, noting Texas’s recent legislative reforms aimed at deterring ‘abusive litigation’ and enhancing shareholder protections as potential alternatives to Delaware’s long-standing dominance. He argued that such state-level legal innovation can attract companies seeking less politicized governance frameworks. During the speech, Atkins also said the SEC is considering…

The Division of Enforcement is refocusing its direction, aligning closely with chairman Atkins’ ‘back to basics’ regulatory approach When SEC director of the Division of Enforcement Margaret Ryan addressed the Los Angeles County Bar Association last week, her remarks gave a clear indication of how the SEC’s enforcement arm intends to operate under her leadership and under the broader direction of chairman Paul Atkins. Ryan, who assumed the role in September 2025, confirmed that enforcement priorities remain rooted in the enforcement of federal securities laws, but revealed a renewed focus on resource constraints and a change in philosophical approach at…

Shareholders and courts may scrutinize whether directors are meeting their fiduciary duty by failing to use tools that are central to effective oversight Activist investors may soon begin scrutinizing how boards use AI as closely as they do ESG and cyber-security, according to Nithya Das, general manager, governance and chief legal officer at Diligent. She says that the issue is not efficiency, but fiduciary effectiveness. Das believes transparency demands around AI will focus on whether directors are fully using available tools to meet their duties. ‘With AI tools, it’s much easier to collect data, benchmark, conduct research and perform scenario…

This week’s governance, compliance and risk-management stories from around the web – A federal judge in Texas has ruled a state law targeting ESG investment practices unconstitutional, marking a significant setback for state efforts to regulate corporate sustainability policies. The law, passed in 2021 as Senate Bill 13, restricted the state’s ability to invest in, or contract with companies that it said were boycotting the fossil fuel industry, effectively pressuring financial firms to avoid certain ESG-related criteria. As reported by Reuters (paywall) on February 5, US District Judge Alan Albright ruled the statute violated the First Amendment, calling it ‘facially…

SEC chairman says reviving the US IPO market will require stripping politics out of corporate governance In a February episode of the Pod Force One podcast, Atkins made headlines with a bold mission: to ‘make IPOs great again’ by addressing what he sees as regulatory and cultural barriers that have discouraged companies from going public. His comments indicate a change in how the SEC plans to support capital formation in the US. Atkins told host Miranda Devine that IPO activity in recent years has been depressed in part because companies are repelled by what he described as ‘mayhem’ in governance…