Sky Blog
The most important question in whistleblowing is a straightforward one: Why does whistleblowing work? Modernized whistleblower award laws, such as the False Claims Act and Dodd-Frank Act, have had immense impacts on the detection and prosecution of white-collar crimes. …
Today [December 20], the Commission adopted amendments on the requirements for large broker-dealers to calculate and segregate their customer balances daily rather than weekly. I am pleased to support this adoption because it helps better protect customers in the event …
One distinctive feature of the U.S. economy over recent decades has been the rise of the entrepreneur-dominated public company. This development has derived largely from the growth of private funding available through venture capital, so that initial public offerings have …
As of January 1, 2026, registered investment advisers (RIAs) and exempt reporting advisers (ERAs) will face new regulatory obligations under the Financial Crimes Enforcement Network’s (FinCEN) final rule on anti-money laundering (AML) and countering the financing of terrorism (CFT).[1]…
The recent scandal involving TD Securities LLC[1] has served as a stark reminder of the dark side of high-frequency trading. While this particular case has garnered significant attention, it is far from an isolated incident. Spoofing, a form of …
The revolutionary potential of artificial intelligence (AI) creates substantial uncertainty about its impact on firm value. On one hand, AI can drive revenue growth through innovative products and precise customer targeting, while also reducing operational costs by automating tasks, optimizing …
Rational apathy stands at the center of current and long-time developments and debates in corporate governance and activism. Dominance of index funds in share ownership, prevalence of proxy advisers, pass-through voting programs, trading proxy votes on an exchange, and the …
Institutional investors such as mutual funds, pension funds, and exchange traded funds (ETFs) play a prominent role in today’s economy. According to the CFA Institute, institutional investors now hold over $70 trillion in investable assets and thus wield immense influence …
On December 11, 2024, in a 9-8 decision, the United States Court of Appeals for the Fifth Circuit ruled that in approving the Nasdaq Stock Market’s (Nasdaq) board diversity rules (the Rules), the Securities and Exchange Commission (SEC) had …
Say-on-pay, an annual, non-binding shareholder vote on CEO compensation, is one of the primary ways of giving shareholders a voice in corporate governance. It is in essence a vote of confidence on the board of directors’ compensation decisions and the …
Today [December 16], the Commission approved a final rule to require broker-dealers, securities-based swap dealers, exchanges, clearing agencies, and other self-regulatory organizations to submit forms electronically. I am pleased to support this adoption because it would improve the efficiency of …
We today announce the formation of The Shadow SEC, an independent organization of six current academics that, like the earlier established Federal Reserve Shadow Open Market Committee, is intended to provide, encourage, facilitate, and distribute policy discussions and debates relating …
The Consumer Financial Protection Bureau (the CFPB) recently released a report identifying limits in federal privacy protections afforded by the Fair Credit Reporting Act (FCRA) and Gramm-Leach-Bliley Act (the GLBA). The report strongly encourages state policymakers to consider how consumers …
Each year, a significant number of publicly listed companies in the U.S. face the departure of their CEOs. While these transitions are inevitable, they represent critical moments in a company’s lifecycle, often leading to long-lasting financial and strategic problems when …
On November 18, 2024, the U.S. Department of the Treasury (“Treasury”) issued a final rule (the “Final Rule”) that amends the regulations administered and enforced by the Committee on Foreign Investment in the United States (“CFIUS” or the “Committee”).[1]…
Striking a balance between pursuing economic growth and addressing social and environmental challenges is not easy, yet it’s crucial for emerging markets. There’s no doubt that growth has lifted millions of people from poverty over the last half-century, but it …
As is customary, I’d
The concept of systemic organizational risk is critically important in corporate governance. It arises when multiple points of potential failure take root in an organization or industry. When a breakdown occurs, it inflicts significant cost and damage. For this reason, …
On November 14, 2024, the U.S. Department of Justice (“DOJ”) Antitrust Division (the “Division”) released guidance for the Evaluation of Corporate Compliance Programs in Criminal Antitrust Investigations (the “Guidance”). The Guidance will be used by the Division in assessing the …
Fascinating trends are afoot in corporate boardrooms, according to data compiled by The Conference Board and its partners, including us at the University of Delaware’s Weinberg Center for Corporate Governance and collaborators from KPMG, Russell Reynolds, and ESGAUGE.
Our new …