SEC Grapples with Jarkesy Case as Meta Lawsuit Waits in the Wings

By John Livingstone and Anat Alon-Beck December 8, 2023 by renholding

The legal world witnessed a riveting face-off last week as the Supreme Court delved into the intricacies of SEC v. Jarkesy. The case, stemming from a divided opinion by the Fifth Circuit in May 2022, challenges the constitutionality of …

SEC Chair Gensler Speaks Before the Investor Advisory Committee

By Gary Gensler December 8, 2023 by renholding

Good morning. I am pleased to speak with the Investor Advisory Committee. As is customary, I’d like to note that my views are my own as Chair of the Securities and Exchange Commission, and I am not speaking on behalf

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SEC Proposal on Predictive Data Analytics Lacks Statutory Authorization

By Andrew Vollmer December 7, 2023 by renholding

In August, the SEC proposed rules requiring broker-dealers (BDs) and investment advisers (IAs) to identify and eliminate or neutralize the effect of conflicts of interest associated with their use of technologies, widely defined (Proposal). My primary concern about the Proposal …

Delaware Vice Chancellor Travis Laster Says Bill Barr Could Use Some Help on Delaware Law

By Travis Laster December 7, 2023 by renholding

The universe regularly provides reminders to remain humble, including reminders that having expertise in one area does not make you an expert in adjacent areas. Former Attorney General Bill Barr recently provided one of those reminders with his opinion column

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John C. Coffee, Jr. and Joshua Mitts – Can Section 11 Be Saved?: Tracing a Path to Its Survival

By John C. Coffee, Jr. and Joshua Mitts December 6, 2023 by renholding

In the wake of Slack Techs., LLC v. Pirani,[1] many have predicted that Section 11 of the Securities Act of 1933 will decline into a state of near irrelevance. Some have mourned this prospect in the belief that …

Skadden Discusses Proposed UK Reforms to Merger Process

By Bill Batchelor and Aurora Luoma December 6, 2023 by renholding

On November 20, 2023, the UK’s Competition and Markets Authority (CMA) announced proposed reforms to its in-depth merger control review process (the phase 2 review) that seek to provide more opportunities for engagement with decision makers and incentivise parties to …

How It Matters Who Makes Corporate Rules

By Jonathan Chan and Ernest Lim December 5, 2023 by renholding

When it comes to corporate law and governance, substantially similar rules can be implemented and enforced by a wide range of entities. For example, regulatory agencies, legislatures, stock exchanges, and private bodies have all issued rules on climate-related risk disclosure,…

ISS Discusses New UK Strategy for Sustainable Finance

By Hugo Gallagher December 5, 2023 by renholding

The U.K. Government published its updated Green Finance Strategy in March 2023. Comprehensive in nature, the Strategy articulates the U.K.’s ambition to become a world leader in the realm of sustainable finance and to retain the country’s status as a …

What Dodd-Frank Tells Us About the Impact of Risk Oversight Functions on Bank Risk

By Lakshmi Balasubramanyan, Naveen D. Daniel, Joseph G. Haubrich and Lalitha Naveen December 4, 2023 by renholding

The Dodd-Frank Wall Street Reform and Consumer Protection Act (“DFA”) was signed into law in July 2010. The DFA introduced several reforms; collectively, these reforms were intended to reduce the risk of the financial sector and to provide financial stability …

Sullivan & Cromwell Discusses Changes to UK Takeover Code

By Jeremy Kutner, Ben Perry and Matthew Triggs December 4, 2023 by renholding

On October 27, 2023, the UK’s Panel on Takeovers and Mergers (the “Panel”) published the results of a consultation started in May 2023 to review the City Code on Takeovers and Mergers (the “Code”), together with …

The Current Securities Landscape of Cryptocurrencies and NFTs

By Christa J. Laser December 1, 2023 by renholding

The value of assets on the blockchain has soared to billions of dollars, stored everywhere from Bitcoin to Bored Ape Yacht Club NFTs to play-to-earn gaming. Some of those assets, though, have crashed and burned in the wake of market …

Skadden Discusses New SEC Pay-Versus-Performance Compliance & Disclosure Interpretations

By Erica Schohn, Joseph Penko, Loren Koles and Shalom Huber December 1, 2023 by renholding

On November 21, 2023, the staff of the Securities and Exchange Commission’s (SEC’s) Division of Corporation Finance issued eight new Compliance & Disclosure Interpretations (C&DIs), and revised two previously issued C&DIs, relating to the final pay-versus-performance (PVP) disclosure rules adopted …

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The CLS Blue Sky Blog

Columbia Law School's Blog on Corporations and the Capital Markets

December 2023