Sky Blog
On July 16, 2025, for perhaps the first time in the history of Delaware corporate law, a Caremark claim involving a public company director went to trial. Meta stockholders brought an $8 billion claim against the company’s directors and officers, …
I am delighted that the transfer agent rule proposal is seeing the light of day before I leave the Commission. Thank you to Jamie Selway, Elizabeth Fitzgerald, Moshe Rothman, and the rest of the staff in the Division of Trading …
Few empirical studies end up on both sides of a major regulatory fight, and fewer still get accused of being read too selectively by one side. My 2021 study on Israel’s voluntary transition to semiannual reporting has been at the …
A wave of near-term debt maturities, persistent covenant pressure, and a financing market that rewards speed and certainty over marketed processes have pushed balance sheet management to the top of the agenda for management and boards of highly levered companies. …
Raising a first-time private fund is extraordinarily difficult. Incumbent managers have long-held and significant advantages in fundraising, and the challenge of breaking into the industry has only grown steeper in recent years as fundraising has slowed and capital has consolidated …
Executive Summary
As private credit has expanded into a mainstream asset class, trustees who manage pension fund portfolios on behalf of beneficiaries face an evolving set of challenges. This piece explores the prudent person standard that guides pension fund trustees as they …
As part of a broader shift in the regulatory landscape, federal banking agencies are working to make exams more objective and financial in focus. For example, the Federal Financial Institutions Examination Council (“FFIEC”) recently released a notice of …
Private credit and fraud are teaming up to hit the news cycle again. The latest story relates to the conflicts among private credit, private equity, and insurance.[1] This has resulted in one of the most successful sports franchise owners …
On August 7, 2026, the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”) released its Annual Report to Congress for calendar year 2025 (the “Report”).[1] In an accompanying press release, the U.S. Department of the …
Private equity has historically operated within a governance environment in which external capital-market scrutiny largely constrained sponsor behavior. In particular, credible “exit” events, such as initial public offerings or sales to genuinely independent acquirers, have served as recurring moments of …
On August 18, 2026, the Securities and Exchange Commission proposed Regulation Crypto Assets, an offering and disclosure framework for “covered investment contracts” involving crypto assets that are not themselves securities. The proposal represents the next phase of the SEC’s “Project …
The growth of private credit has been remarkably fast. Direct lenders have displaced banks and broadly syndicated lenders in much of the mid-market sector, promising borrowers speed and flexibility while offering investors high returns.
The asset class is now facing …
On August 18, 2026, the U.S. Department of Justice (DOJ) published a rule officially establishing the National Fraud Enforcement Division (the Fraud Division).[1] The rule, which takes effect on August 24, 2026, grants the Fraud Division authority over criminal …
Prediction markets are in the regulatory crosshairs. In the United States, within the span of a few months this year, federal prosecutors brought the first criminal insider trading case involving an event contract against an Army master sergeant with a …
Widely overlooked in the U.S. Supreme Court’s landmark campaign finance decision this term is a surprising and robust affirmation of disclosure for combating corruption. With this principle reinforced, we expect many states to strengthen and expand their campaign finance disclosure …
The European Union’s Empowering Consumers for the Green Transition Directive (the “ECGTD”) makes important changes to the rules on how companies make environmental and other sustainability claims in relation to products or services sold to individual consumers, and changes to …
In January 2025, Target Corporation quietly dismantled the DEI infrastructure it had built in the wake of George Floyd’s murder. There was no press release and no acknowledgment of retreat. Within weeks, other public companies followed. Yet Costco made the …
On July 23, 2026, the U.S. Department of Justice Antitrust Division (DOJ) announced that it would revive targeted Second Request investigations and published a revised model timing agreement.[1] Merging parties that agree to DOJ’s timing agreement during a Second …
Kalshi and other prediction markets have been inundating the CFTC with self-certifications of binary options (i.e., prediction products or event contracts). The figure below shows total self-certifications to the CFTC and self-certifications from Kalshi since it began operating in 2021. …