Editor’s Message
Happy fall! We saw positive momentum in the capital markets during the third quarter. Deal volume continued to be strong across the market and the micro-cap market was highlighted by the uptick in digital asset treasury PIPEs that took off over the last half of the summer. We expect to see an active capital market through the end of the year. At the SEC, the staff continues to focus on facilitating growth in our capital markets and we expect deregulatory rule proposals later this year or early next year.
Beginning in October, another government shutdown commenced and doesn’t show any immediate signs of ending. See our LEGALcurrents discussing the impact of the government shutdown on securities offerings and other reporting featuring members of our group. During this shutdown, the SEC has provided helpful guidance allowing IPOs and other public offerings to continue with more flexibility than expected while the SEC is shut down.
In September, associate Meghan R. Vogel joined our Securities and Capital Market group. I hope many of you get the opportunity to meet Meghan.
Alex McClean
Practice Group Leader
Securities and Capital Markets Group
Upcoming Events
Our Securities & Capital Markets team actively seeks opportunities to connect with clients, friends, and peers at events. Below is a glimpse of our upcoming engagement and the team members who will be in attendance. If your plans align with ours, please contact us and we’ll set up a time to connect at the event.
October 22—23 | Maxim Group Growth Summit | Hard Rock Hotel, New York City | Contact Alexander R. McClean and C. Christopher Murillo
Join top executives and investors for candid conversations on emerging trends, market drivers, and investment opportunities across the healthcare and multi-sector landscapes.
December 4 | Benchmark 14th Annual Discovery One-on-One Conference | New York Athletic Club, 180 Central Park South, New York City | Contact Margaret K. Rhoda and Luke A. Catalano
Benchmark’s Discovery Conference features one-on-one in-person meetings with dynamic publicly traded micro- and small-cap companies in an intimate conference setting.
Legal Insights
We regularly provide insight on a range of important securities and regulatory developments through our LEGALcurrents. Below are links to new articles, some of our recent updates and content from related practice groups that may be of interest:
- Could Less Mean More? Considering the Switch from Quarterly to Semiannual Reporting
- Nasdaq Proposed Rule Will Accelerate Delisting for Companies That Fail to Meet the $0.10 Low Price Requirement
- Nasdaq’s Proposed Rule Changes Signal a Shift Toward Stricter Listing Standards
- What to Expect from the SEC’s Division of Corporation Finance During a Government Shutdown
- Mid-Year Legal Roundup: Key 2025 Developments Impacting Health & Welfare Benefits
HSE Making News
Maggie Rhoda Speaks with the National Law Journal About the Uncertainty Small Public Companies Face Amidst Government Shutdown
“For smaller public companies, unless you have your registration statement declared effective before the doors closed, you are kind of left in the cold until the government reopens,” said Margaret K. Rhoda in an interview with The National Law Journal. Read more
New Cyber Reporting Rules in New York
Effective July 26, 2025, all municipal corporations and public authorities in New York must report cybersecurity incidents and ransomware payments to the New York State Division of Homeland Security and Emergency Services (DHSES) within 72 hours of forming a reasonable belief that an incident occurred.
In a recent article published in the New York Law Journal, F. Paul Greene and Laura A. Higgins from the firm’s Privacy and Data Security team, provide an overview of these new reporting requirements. Read more
Former U.S. Attorney Trini E. Ross Joins HSE
Ross will lead the Harter Secrest & Emery Government and Internal Investigations team, representing companies and individuals in matters involving internal and government investigations, drawing on her decades of experience handling high-level investigations, fostering effective communication, and crafting innovative, strategic solutions. Read more
Government Shutdown Essentially ‘Freezes’ IPO Market, Attorneys Say
While the immediate impact has been limited, capital markets attorneys caution that prolonged disruptions could slow deal activity, delay capital raising, and heighten uncertainty across the market. Margaret K. Rhoda spoke with Law360 on the impact this shutdown could have on deal activity, capital raising, and routine compliance. Read more
HSE Celebrates 64 Recognitions in 2026 Best Lawyers Rankings
Fifty of the firm’s attorneys were selected by their peers for inclusion in The 𝘉𝘦𝘴𝘵 𝘓𝘢𝘸𝘺𝘦𝘳𝘴 𝘪𝘯 𝘈𝘮𝘦𝘳𝘪𝘤𝘢® (including Alexander R. McClean and C. Christopher Murillo) and 14 attorneys were selected to the 𝘉𝘦𝘴𝘵 𝘓𝘢𝘸𝘺𝘦𝘳𝘴: 𝘖𝘯𝘦𝘴 𝘵𝘰 𝘞𝘢𝘵𝘤𝘩® 𝘪𝘯 𝘈𝘮𝘦𝘳𝘪𝘤𝘢, including Margaret K. Rhoda.
The firm’s honorees are recognized across 59 fields of practice. Read more
Past Events
New York Bankers Association Conference
As members of the NYBA, Alexander R. McClean and Margaret K. Rhoda attended the NYBA Business of Banking Conference on September 29—October 30, in Tarrytown, NY.
Harter Secrest & Emery’s Privacy and Data Security Chair F. Paul Greene led a breakout session titled “Crafting the AI Policy”. This discussion highlighted the legal and regulatory regimes applicable to bank usage of AI and addressed key governance principles to consider, outlining crucial elements to include in AI-related policies and identifying often hidden risks that accompany increased AI deployment.
About HSE’s Securities and Capital Markets Team
Leveraging top talent and a team-oriented approach, we provide responsive, cost-effective, and practical counsel to public companies and organizations of all sizes looking to access the capital markets.