Sky Blog
In advanced economies, the regulation of corporate governance during initial public offerings (IPOs) is used increasingly as a capital markets policy instrument. As public listings declined, private-equity financing grew, and regulatory competition intensified, lawmakers reconsidered the role of mandatory …
Convertible notes issuances have been surging in the last few years to a market size of approximately $300 billion. The increased activity has been bolstered by the high-interest rate environment, favorable equity market dynamics and macro uncertainty. Secular growth trends …
In the world of corporate governance, large institutional investors wield power. But for many, that power comes from using their “voice” to call for changes within the firm because voting with their feet by selling their stake is not realistic. …
As part of an effort to provide greater clarity on the application of the federal securities laws to crypto assets,[1] the Division of Corporation Finance, Division of Investment Management, and Division of Trading and Markets are providing their views…
Firms need data to ensure core business functions. Yet, as we discuss in a new paper, many do not pay enough attention to data sources, tending instead to focus on how data are used. Most regulations address downstream uses …
In 2026, companies and individuals conduct many important transactions using images of objects or documents, rather than the original items themselves. For example, individuals authenticate themselves using photos of their passports; banks process and accept check deposits using images of …
As Elon Musk’s lawsuit against OpenAI advances to trial in April 2026, the case offers more than courtroom drama – it provides a critical test of whether hybrid corporate organizational structures can sustain public-interest commitments in the face of extraordinary …
Key Points:
For decades, the SEC stood as the principal barrier to mandatory arbitration for shareholder claims. In September 2025, that barrier fell. The agency’s reversal on shareholder arbitration represents a seismic policy shift, leaving Delaware law as the sole impediment …
Summary
The enactment of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act established the nation’s first federal prudential framework for “payment stablecoins,” mandating 1:1 reserve backing and explicitly prohibiting issuers from paying interest.[1] This legislative bargain was …
When activist investors acquire large stakes in a company and seek influence, they traditionally push for seats on the board of directors. In recent years, however, many activists have instead appointed a non-voting observer who can attend board meetings, receive …
Under the leadership of Chairman Paul Atkins with a Republican majority on the commission, the Securities and Exchange Commission (SEC) is expected to continue on its trajectory toward regulatory reform that marks a pivot from the prior administration.
In 1814, as the War of 1812 raged, New York adopted an Act to Encourage Privateering Associations (the “Act”), which was the second general incorporation statute in U.S. history. This unusual statute provides a case study that advances three arguments: …
At the end of December, the FDIC issued two releases related to the resolution of failed banks. The December 31 release provided an update about the FDIC rule on insured depository institution (“IDI”) resolution plans (the “IDI plan rule”).[1] The …
America’s capital markets are the envy of the world but face an existential threat from the meteoric rise of index funds. The problem is a growing erosion of corporate accountability. Last month, President Trump took a first pass at this …
The environment has never been more favorable for existing banking organizations launching a digital asset business and those Fintech and other nonbank companies considering acquiring or chartering a full-service or limited-purpose bank in order to operate a digital asset business. …
The European Union’s Artificial Intelligence Act is now law. Some provisions are already in effect, but others are still being finalized, so boards are being asked to take digital governance seriously while the legal floor under their feet is still …
Since 1982, Regulation S-K has been the Commission’s central repository for filer disclosure requirements outside of the financial statements. Over the past forty-plus years, that repository has grown from the size of a gym locker to the size of an …
Environmental sustainability has become a cornerstone of modern corporate responsibility. Yet, a troubling trend lies beneath the glossy reports and bold claims: greenwashing, a way for companies to build a fake eco-friendly image.
Greenwashing is more than just misleading marketing. …