Sky Blog
Governments around the world are rediscovering ownership as an instrument of economic policy. From Washington’s industrial policy and Beijing’s state-owned enterprises (SOEs) to sovereign wealth funds across Asia, states are increasingly acting not merely as regulators but as strategic shareholders. …
In 2023, an open-source project for managing decentralized autonomous organizations (DAOs) on Ethereum became embroiled in a dispute that raised legal and governance questions for digital assets and decentralized technology. The protocol, called Aragon, had structural traits that are common …
In November 2024, the Financial Accounting Standards Board finalized its Disaggregation of Income Statement Expenses (DISE) standard. Beginning in 2028, public firms will have to break out employee compensation from each functional expense item on the face of their income …
In a recent comment letter, we take issue with a Department of Labor proposal (the “Proposal”) to create a safe harbor that would facilitate large-scale retail investment in private markets through 401(k) plans. While much of the DOL’s analysis …
The Private Securities Litigation Reform Act’s (“PSLRA”) automatic stay during the pendency of a motion to dismiss is one of the most important procedural protections for defendants in a securities action. The stay, which applies to “all discovery and other …
Corporate law gives corporations the ability to own assets, enter contracts, raise funding, and operate at scale. The central commitment corporations make in return is to act lawfully. Yet when violations of the law are hard to detect and penalties …
In M&A, an acquirer must pay an acquisition premium to target shareholders. However, much to academic puzzlement, this universal reality rubs against theory. Two fundamental ideas in modern financial economics are the efficient capital market hypothesis (ECMH) and the capital …
On July 17, 2026, Scoular, a Nebraska-based agricultural company, entered into a three-year deferred prosecution agreement (DPA) with DOJ to resolve a Foreign Corrupt Practices Act (FCPA) case. The case has all the hallmarks of a standard FCPA resolution and …
Joint ventures (JVs) have become the load-bearing walls of the industrial economy. In mining, over three-quarters of copper and nearly two-thirds of lithium production come from JVs[1]. In oil and gas, roughly half the output at majors like …
The Commission, the Crypto Task Force, and staff across the Divisions have done tremendous work in the past year and a half to provide clarity to crypto markets as to when a certain asset or activity is subject to the …
Boards are under pressure to become more diverse, but diversity is often measured at a particular moment rather than over time. Missing is any attempt to determine whether the board is renewing itself. In a new paper, we study …
The Supreme Court’s October Term 2025 was one of the most consequential in years. While the Court grappled with contentious, blockbuster cases concerning birthright citizenship, voting rights, and transgender rights, the Term ultimately was dominated by disputes testing — and, …
On May 5, 2026, the Securities and Exchange Commission proposed amendments that would permit U.S. domestic issuers to file financial reports semiannually rather than quarterly. Under the proposal, the choice would rest with the firm alone—that is, with its board …
I should like to begin by extending a warm welcome to the Committee’s new members—Anya Coverman, Joseph Lucosky, Andrew Prystai, Rodrigo Seira, and Erik Syvertsen. I am certain that your collective expertise and many contributions will prove invaluable as we …
Mutual fund disclosures read, unsurprisingly, like the legal documents they are—full of terms of art, legalese, and stock language about performance, fees, and investment risk. It is tempting to dismiss disclosures as “boilerplate”—a four-letter word in the law, belittling the …
The Federal Deposit Insurance Corporation (FDIC) has proposed its first major update to the rules governing Confidential Supervisory Information (CSI) in roughly three decades. The Notice of Proposed Rulemaking (Proposed Rule), which was published in the Federal Register on June …
Much of the law governing corporate artificial intelligence rests on a single premise: that the a company’s protection against legal liability depends on the quality of the record it can produce. Directors defend oversight claims with minutes and charters. Issuers …
Today [July 16], in a long-awaited move, the Commission proposed Regulation E-Delivery to make electronic delivery the default under the securities laws for issuers, investment advisers, investment companies, and broker-dealers. This rulemaking focuses on the default delivery method; not the …
For a century, Delaware has dominated American corporate law by securing incorporations from most public companies. This market share made Delaware law a common language among American business lawyers and law professors. Outsize attention to Delaware leaves other states, like …