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Network-Sensitive Financial Regulation

By Luca Enriques, Alessandro Romano and Thom Wetzer June 10, 2019 by renholding

Shocks to only part of the financial system, such as the collapse of the subprime mortgage market in 2007, can spread and intensify through the complex interconnections among financial and non-financial institutions to become systemic threats. The consequences can be …

The Imperative for Blockchain Accounting

By Dov Fischer June 7, 2019 by renholding

For hundreds of years, the basic flowchart of accounting information has been the same. A firm records its own transactions, maintains a record of those transactions, and reports those transactions (Soll, 2014, xiv). Trends in technology make it inevitable that …

Venture Bearding

By Benjamin P. Edwards and Ann C. McGinley June 6, 2019 by renholding

For founders of companies, appealing to funders can be everything – and that often means projecting a masculine image. In a recent article, we coined the term “venture bearding” to describe this phenomenon, a tactic that can make the difference …

Debevoise Discusses Guidance on Applying Bank Secrecy Act Framework to Convertible Virtual Currency

By Satish M. Kini and Byungkwon Lim June 5, 2019 by renholding

The Financial Crimes Enforcement Network (“FinCEN”) issued interpretive guidance on May 9, 2019 explaining how the agency intends to apply its existing regulatory framework to companies offering common types of convertible virtual currency (“CVC”) products and services (the “CVC Guidance”).…

Regulatory Arbitrage, Unclear Terminologies: A Challenge to Global Cryptoasset Regulations

By Apolline Blandin, Michel Rauchs and Hatim Hussain May 29, 2019 by renholding

Few innovations in finance have emerged in recent years that are as controversial or present as many challenges to regulators and policymakers as cryptoassets. A key question for regulators and market participants is the extent to which the difference between …

Emergency Guarantee Authority: The Pros and Cons

By Reynolds Holding May 15, 2019 by renholding

Today, we present a debate among preeminent scholars about Columbia Law School Professor Kathryn Judge’s proposal for an emergency guarantee authority that could help contain the fallout from another financial crisis. The first piece is Professor Judge’s summary of her …

Why We Need a Guarantor of Last Resort

By Kathryn Judge May 15, 2019 by renholding

More than a decade has passed since the worst of the 2007-2009 financial crisis. In that time, we have learned that some of the gravest consequences of the crisis were not the economic fallout, but the political backlash it triggered. …

Guarantor of Last Resort: Is There a Better Alternative?

By Morgan Ricks May 15, 2019 by renholding

Larry Summers, who was one of President Obama’s key economic advisors when the Dodd-Frank Act of 2010 was enacted, recently decried what he called “excessive populism” in portions of that legislation. This might seem surprising; Dodd-Frank’s technocracy-on-steroids approach (848 pages! …

Emergency Guarantee Authority: Not Letting a Crisis Go to Waste

By Graham Steele May 15, 2019 by renholding

Calming the panic in short-term funding markets was a significant part of the response to the 2008 financial crisis. While the TARP bailout programs received the most attention during the crisis, TARP never exceeded one-fifth of the government’s overall financial …

Emergency Guarantee Authority: A FEMA for Finance

By Stephen G. Cecchetti and Kermit L. Schoenholtz May 15, 2019 by renholding

“[I]t is a question of when, not if, a large-scale attack succeeds.” DTCC and Oliver Wyman, Large-scale Cyber-attacks on the Financial System, March 2018.

“The government cannot credibly commit to a no-bailout policy.” Kathryn Judge, “Guarantor of

…

Will Putting Title III of Helms-Burton Into Effect Open the Litigation Floodgates?

By Peter Fox May 14, 2019 by renholding

On April 17, 2019, U.S. Secretary of State Mike Pompeo announced that President Trump would not suspend for any additional periods of time Title III of the Cuban Liberty and Democratic Solidarity Act – better known as “Helms-Burton.”[1] Title …

Regulating the Development of Driverless Finance

By Hilary J. Allen May 13, 2019 by renholding

Before permitting driverless cars to operate on the open road without a licensed driver, lawmakers and innovators are working to ensure the safety not only of the passengers in those cars, but also of third parties – particularly other drivers …

The Myth of Risk Free Markets

By Yesha Yadav May 9, 2019 by renholding

Economies and markets operate on the assumption that U.S. debt securities (“Treasuries”) are risk-free. This means that the United States is expected to pay its debts. Also, Treasuries are supposed to trade easily and efficiently in secondary markets. Unsurprisingly, the …

Initial Crypto-asset Offerings, Tokenization, and Corporate Governance

By Stéphane Blemus and Dominique Guégan May 1, 2019 by renholding

Blockchain and other types of distributed ledger technology pose various new legal and economic questions for companies. Are crypto-asset holders a new kind of corporate stakeholder? If so, are they like shareholders or bondholders, and how can they participate in …

Debevoise Discusses Federal Reserve Proposal to Clarify and Revise Control Framework

By Satish M. Kini, Gregory J. Lyons, David L. Portilla, Will C. Giles, Alison M. Hashmall and David G. Sewell April 29, 2019 by renholding

On April 23, the Federal Reserve Board (the “FRB”) proposed a new, comprehensive framework for determining “control” under the Bank Holding Company Act (“BHC Act”) and Home Owners’ Loan Act (“HOLA”). We provide a high-level overview of the proposal below. …

Davis Polk Discusses France’s New Legal Framework for Digital Assets

By Christophe Perchet, Juliette Loget, Jean-Christophe Devouge, Stéphane Daniel and Daniel Arroche April 25, 2019 by renholding

After becoming one of the first countries to authorize the registration and transfer of unlisted securities using blockchain technology, France has adopted an innovative legal framework governing initial coin offerings (“ICOs”) and digital assets services providers (“DASPs”) with the aim …

Cleary Gottlieb Discusses Fed’s Proposed Resolution-Planning Rules Overhaul

By Michael Krimminger, Lisa Schweitzer, Knox McIlwain, Sarah Stanton and Lauren Gilbert April 23, 2019 by renholding

On April 8, 2019, the Federal Reserve proposed a broad overhaul of the 2011 regulations governing resolution planning (the “Proposal”)^[1], which would significantly reduce the frequency of submissions and simplify requirements for many resolution plans. The …

Opening the Black Box of Companies’ Capital Investment Process

By Gilles Hilary, Mark (Shuai) Ma and Wenjia Yan April 16, 2019 by renholding

In spite of intensive academic research on capital expenditure efficiency, how firms make investment decisions remains largely a black box. We analyze that process by dividing it into two stages: budgeting of capital expenditures (CapEx) and execution of the budget. …

The Future of Data Driven Finance: Financial Regulation, Data Regulation, and RegTech

By Dirk A. Zetzsche, Douglas W. Arner, Ross P. Buckley and Rolf H. Weber April 15, 2019 by renholding

Fifty years ago, banking was a relationship business. Bank managers collected information about depositors and borrowers from all sorts of sources, formal and informal. In recent decades, credit decisions have become far more data-driven, with companies like Amazon and the …

Arnold & Porter Discusses Bill on Banking Services for Marijuana-Related Firms

By Michael Mancusi, Christopher Allen, Evelina Norwinski, Amber Hay and Kevin Toomey April 15, 2019 by renholding

Depository institutions have been understandably reluctant to provide banking services to cannabis-related businesses in light of the significant (and costly) regulatory and compliance expectations that apply under the Bank Secrecy Act (BSA) and other anti-money laundering (AML) laws and regulations.…

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