Sky Blog
On 30 October, the U.K. Competition and Markets Authority (the “CMA”) published a research paper on “Agentic AI and consumers”, alongside revised guidance for businesses on “Complying with consumer law when using AI agents”. The same …
In 1919, Massachusetts allowed manufacturing companies to let their employees nominate and elect directors. Those directors were to have the same rights and powers, and the same duties and responsibilities, as directors elected by stockholders. Employment could provide access to …
The Hong Kong Securities and Futures Commission (SFC) recently has acknowledged improvements in sponsor work since its circular in January identifying deficiencies, but warns that what it describes as dubious arrangements to inflate IPO demand continue to be a serious …
For decades, the Foreign Corrupt Practices Act (FCPA) has been the gold standard for corporate anti-bribery compliance around the world. But recent changes in the United States’ enforcement policy and a line of Supreme Court decisions narrowing the federal corruption …
Ask whether a shareholder may submit a proposal to a U.S. corporation, examine the corporation’s records, or file a derivative suit, and the accurate answer is now another question: How much stock does the shareholder own? In a new article…
The European Union’s Omnibus I Directive is the first stage of the European Commission’s sustainable finance simplification agenda. In a forthcoming article, I argue that it reveals a structural feature of that framework: Sustainability, simplification, and harmonization cannot be …
On July 20, 2026, a United States appeals court unanimously overturned certification of a securities class action against The Boeing Company (Boeing), holding that plaintiffs must establish a workable, class-wide methodology for calculating damages at the certification stage. Boeing underscores …
How does stronger securities enforcement affect stock prices? The conventional wisdom is that it deters fraud, improves disclosure, and lowers the cost of raising outside capital, so shareholders should welcome it. The most relevant evidence supports that view. When the …
The prevailing law and economics account treats the evolution of corporate law as a series of neutral, efficiency-driven adjustments. Scholars who study the Global South describe something messier. Corporate law in any given country is the product of political and …
Few empirical studies end up on both sides of a major regulatory fight, and fewer still get accused of being read too selectively by one side. My 2021 study on Israel’s voluntary transition to semiannual reporting has been at the …
Executive Summary
The European Union’s Empowering Consumers for the Green Transition Directive (the “ECGTD”) makes important changes to the rules on how companies make environmental and other sustainability claims in relation to products or services sold to individual consumers, and changes to …
Institutional investors’ rising ownership of publicly traded shares and its implications for corporate governance have prompted scrutiny in both the United States and Australia. In the U.S., shares are increasingly in the hands of the Big Three index funds: BlackRock, …
The Court of Justice of the European Union (the “ECJ”) recently delivered an important judgment on the interpretation of inside information under Article 7(1)(a) of the Market Abuse Regulation (“MAR”): Brännelius. The judgment addresses what should be understood as …
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. …
Assurance providers, a type of green gatekeeper, certify the accuracy of sustainability information. In a new paper, we analyze the market for assurance services, asking whether they should be regulated and, if so, how.
Assurance providers do with sustainability-related …
Executive Summary
Creditors are generally familiar with various forms of subordination, such as contractual, structural, statutory, and equitable subordination. Yet, they may be less familiar with a dynamic that has become increasingly prominent in recent high-profile distress/restructuring situations in which government policy …
Debates over Big Tech M&A often focus on “killer acquisitions,” where a dominant firm buys a startup in order to eliminate a future rival. A more subtle and, in some ways, more difficult problem is that innovation can lose momentum …
On May 19, 2026, the Securities and Exchange Commission (“SEC”) released proposed amendments (Release No. 33‑11419) that it has described as the most significant overhaul of public company reporting in two decades. While the proposal is broad—touching filer …