Fifth Circuit Court of Appeals Invalidates NASDAQ Diversity Rule Approved by SEC

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On 12/11/2024, the Fifth Circuit Court of Appeals issued a decision in Alliance for Fair Board Recruitment v. SEC, overturned a panel decision, and invalidated NASDAQ's Board Diversity Rule, which had previously been approved by the SEC, which required companies on the NASDAQ to provide a demographic breakdown of the board of directors, and required a standard to have one (1) self-identified female director, 1 director who self-identified as a minority or as LGBTQ or provide a brief explanation why the standard had not been met:

https://www.ca5.uscourts.gov/opinions/pub/21/21-60626-CV0.pdf 

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