SEC Roundup brings you inside conversations with securities law experts, former regulators, and industry leaders to examine the real-world impacts of SEC enforcement actions and rulemaking. Hosted by ICAN's Nicolas Morgan and Thomas Zaccaro, both former SEC enforcement attorneys, this series cuts through legal jargon to provide clear analysis of how SEC policies affect everyday investors and entrepreneurs. From landmark court decisions to regulatory developments, SEC Roundup delivers expert perspective on the critical balance between effective regulation and market freedom.
SEC Roundup 105: The SEC Pay-to-Play Repeal Illusion
The SEC has proposed scrapping Rule 206(4)-5, the pay-to-play rule that cuts off government-client fees for two years after a political contribution. Advisers shouldn't delete their policies. Sidley's Hardy Callcott — former SEC assistant general counsel for Market Regulation and former Schwab general counsel — tells Nick Morgan and Mark Hiraide why most RIAs will keep their political giving bans regardless: MSRB Rule G-37, FINRA Rule 2030 and a thicket of state and local rules survive repeal untouched. Also covered: why the SEC prosecuted the New York pension scandal years before the rule existed, and why 206(4)-5 still binds through the November midterms. Comments close November 9.
Investor Choice Advocates Network (ICAN Law) is the only nonprofit public-interest litigation firm focused exclusively on SEC overreach and fair access to capital markets. The SEC's three mandates are to protect investors, keep markets fair and facilitate capital formation, and they work together. Real protection means going after fraud, not locking people out. Choice is the protection. Join our email list: https://www.icanlaw.org/newsletter-signup (https://www.icanlaw.org/newsletter-signup)
29 Sept 2026
SEC Roundup Ep 104: Fix the Gate, Don't Shoot the Gatekeeper
What happens when standard legal due diligence is treated as a securities violation? Today we sat down with New York immigration attorney and ICAN client Mona Shah. Mona recounts her three-year legal battle against the SEC, which charged her firm under Section 5 despite alleging zero fraud or investor harm. The panel explores how the Commission overlooked extensive EB-5 investor documentation, the devastating human toll on immigrant families, and the chilling message sent to boutique law firms facilitating private capital formation.
Investor Choice Advocates Network (ICAN Law) is the only nonprofit public-interest litigation firm in the country focused exclusively on reining in SEC overreach and expanding fair access to capital markets. Be part of a movement to protect innovation and opportunity in American markets while preserving essential investor protections—join our email list today: https://www.icanlaw.org/newsletter-signup (https://www.icanlaw.org/newsletter-signup)
14 Aug 2026
SEC Roundup Ep 103: The Delisting Cliff – How Nasdaq's $5M Rule Threatens Small Public Companies
With the SEC's approval of Nasdaq's new $5 million listing rule now frozen, the fight over small-company delisting is wide open. In Episode 103 of SEC Roundup, we welcome Small Public Company Coalition president Marc Indeglia and former SEC Chief Economist Professor Craig Lewis to explain the "delisting cliff." Nasdaq's rule would suspend any company that spends 30 days below $5 million in market value — with no period to cure the problem and no pause on trading while it appeals. Professor Lewis reviewed 20 years of data: of the companies the rule would have cut, 78% later recovered. The Coalition has petitioned the SEC to set it aside.
Investor Choice Advocates Network (ICAN Law) is the only nonprofit public-interest litigation firm in the country focused exclusively on reining in SEC overreach and expanding fair access to capital markets. Be part of a movement to protect innovation and opportunity in American markets while preserving essential investor protections—join our email list today: https://www.icanlaw.org/newsletter-signup (https://www.icanlaw.org/newsletter-signup)
Who has been a guest on SEC Roundup
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Kari Axel
Tim Brown
Hal Scott
Ross Cameron
Jennifer Schulp
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