Sky Blog
The following comes to us from Sean M. O’Connor, Professor of Law, University of Washington School of Law. This post is based on the forthcoming article of the same name in the Symposium issue of the George Mason Law Review …
The following post comes to us from Maria von Tippelskirch, Assistant Professor, University of Hamburg and LL.M. candidate, Columbia Law School.
The Dodd-Frank Act protects whistleblowers from retaliation by their employers. Yet it is not clear whether this protection is …
The following post comes to us from Albert Choi, Professor of Law, University of Virginia School of Law, and is based on his recent paper, “Relational Sanctions against Non-Profit Organizations: Why a Selfish Entrepreneur would Organize a Non-Profit Enterprise.” The …
The following post comes to us from Lynn A. Stout, Distinguished Professor of Corporate and Business Law, Clarke Business Law Institute, Cornell Law School and is based on her recent paper, “Killing Conscience: The Unintended Behavioral Consequences of ‘Pay For …
On February 25, 2014, Chairman of the House Committee on Ways and Means, Representative Dave Camp (R.-Mich.), published the proposed Tax Reform Act of 2014 and an accompanying technical explanation written by the Joint Committee on Taxation (together, the “Camp …
You can’t make this stuff up. Reality is more bizarre than fiction. Good as “House of Cards” or “Game of Thrones” are, they cannot match the Herbalife battle for the sheer confrontation of economic power, the treachery among rivals, or …
On March 6, 2014, the Division of Clearing and Risk (the “DCR”) of the Commodity Futures Trading Commission (the “CFTC”) issued a time-limited no action letter, extending the temporary alternative compliance frameworks available to “Eligible Affiliate Counterparties” (as defined in …
The Federal Reserve’s recent Dodd-Frank enhanced prudential standards final rule subjects foreign banking organizations with ≥ $50 billion in U.S. assets (“Foreign Bank”) to a qualitative liquidity framework. Among other things, the qualitative liquidity framework requires a Foreign …
The following remarks were delivered by Commissioner Daniel M. Gallagher of the U.S. Securities and Exchange Commission in Washington, D.C. at the Institute of International Bankers 25th Annual Washington Conference on March 3, 2014. A copy of the speech is …
The following post comes to us from Kevin S. Haeberle, Post-Doctoral Research Scholar, Program in the Law & Economics of Capital Markets, Columbia Law School & Columbia Business School.
It is well understood that society is better off when …
In a recent paper, Professors Lucian Bebchuk and Robert Jackson have extended Professor Bebchuk’s extreme and eccentric campaign against director-centric governance into a new realm—that of the Constitution of the United States. They claim that “serious questions” exist about …
It is well known that the Fed injected massive amounts of liquidity into the financial system during the 2007-2009 financial crisis. Far less well known is that the Fed was not the only place banks obtained government-backed liquidity when market …
Although Davis Polk does not yet accept Bitcoin, we have been closely following the rapid-fire booms, busts and arrests in the Bitcoin and the larger cryptocurrency space.
Cryptocurrencies – including Bitcoin, Ripple, Litecoin, Dogecoin and about a hundred others – …
On February 25, the Supreme Court unanimously decided Walden v. Fiore, a case with significant implications for Delaware’s officer and director consent statute, § 3114. I recently argued that § 3114 is unconstitutional, especially in light of the Court’s …
The following remarks were delivered by Commissioner Luis A. Aguilar of the U.S. Securities and Exchange Commission in Washington, D.C. at SEC Speaks on January 21, 2014. A copy of the speech is also available here.
Thank you for …
The Basel Committee on Banking Supervision (the “Basel Committee”) has published a second Consultative Document containing revised proposals for the Basel securitisation framework (the “Revised Proposals”).[1] The Revised Proposals describe a revised set of approaches for determining the regulatory capital …
The following post is based on an article by Professor Steven Schwarcz of Duke Law School entitled Intrinsic Imbalance: The Impact of Income Disparity on Financial Regulation, which documents and examines the consequences of the extraordinary two-to-one income disparity …
On February 18th, the Board of Governors of the Federal Reserve System (Federal Reserve) voted unanimously to approve a final rule (Final Rule) implementing the enhanced prudential standards contained in Section 165 of the Dodd-Frank Act. This Client Alert discusses …
The following post comes to us from Charles Korsmo, Assistant Professor of Law, Case Western University School of Law and is based on his recent article, “Venture Capital and Preferred Stock,” 78 Brook. L. Rev. 1163 (2013). The full paper …
It has been more than two years since the United States Securities and Exchange Commission (SEC) began operating its whistleblower program, but substantial questions linger over its effectiveness and its transparency. Under the program, whistleblowers are entitled to recover up …