Amgen and the Fraud-on-the-Market Class Action: Frozen in Time?

The Supreme Court’s very recent decision in the Amgen case addressed whether a “merits” issue—the materiality of the alleged misstatement or omission—is such a predicate to the fraud-on-the-market presumption established in Basic Inc. v. Levinson that it must be proved …

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Editor's Tweet: Professor Donald Langevoort of Georgetown Law discusses Amgen and the Fraud-on-the-Market Class Action: Frozen in Time?

Disclosure and Ratings Requirements in European Structured Finance

The newly amended credit rating agencies regulation coming into force on 20 June will expand the scope and application of disclosure requirements and other ratings related regulation for structured finance instruments – a concept wide enough to include many transactions

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Editor's Tweet: Clifford Chance discusses Disclosure and Ratings Requirements in European Structured Finance http://wp.me/p2Xx5U-151

Taking Gatekeeping Seriously: Financial Product Approval as a Form of Systemic Risk Regulation

One of the key lessons of the recent financial crisis, and the greatest challenge facing post-crisis regulatory reforms, is the need to control and reduce systemic risk associated with financial innovation, complexity, and the growing interconnectedness of global financial markets. …

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Editor's Tweet: UNC Professor Saule Omarova discusses Financial Product Approval as a Form of Systemic Risk Regulation

Supreme Court Decides To Hear Applicability of Sarbanes-Oxley’s Whistleblower Protections

The Supreme Court recently granted certiorari to decide whether the whistleblower protections of the Sarbanes-Oxley Act (SOX), 18 U.S.C. § 1514A, extend to employees of privately held contractors or subcontractors of a public company.  The case, Lawson v. FMR,…

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Editor's Tweet: Supreme Court Decides To Hear Applicability of Sarbanes-Oxley’s Whistleblower Protections

Morrison and Foerster Summarizes the Status of Dodd-Frank as it approaches three years

If Aesop were still in the fable-writing business, and he had been watching the last three years of Dodd-Frank Act rulemaking, we would probably be reading the Snail and the Tortoise to our kids. In this issue of Dodd-Frank at …

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Editor's Tweet: Morrison and Foerster Summarizes the Status of Dodd-Frank as it approaches three years

Should Municipal Bond Issuers be Required to Disclose Bank Loans?

You may be surprised to learn that municipal bond issuers are not required to disclose bank borrowings.  I’ve heard numerous estimates that such issuers have outstanding bank borrowings in the $200 to $300 billion range, which would amount to approximately

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Editor's Tweet: Cate Long of Reuters Discusses Whether Municipal Bond Issuers should be Required to Disclose Bank Loans?

Covington & Burling Discusses the STOCK Act Opening Up a New Front for Insider Trading Cases

The Securities and Exchange Commission has opened what the Washington Post calls a “new front” in its “escalating … crackdown on insider trading.” At the center of this new front are entities that trade securities based on government information. Unless …

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Editor's Tweet: Covington & Burling Discusses the STOCK Act Opening Up a New Front for Insider Trading Cases http://wp.me/p2Xx5U-10J

Wachtell Lipton Discusses Class Certification Case Standing in Contrast to Amgen

A divided Supreme Court ruled 5 to 4 [in the last week of March] that certification of an antitrust class action was not proper because plaintiffs failed to establish that damages caused by actionable antitrust injury were capable of measurement …

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Editor's Tweet: Wachtell Lipton Discusses Class Certification Case Standing in Contrast to Amgen

Latham & Watkins Discusses the JOBS Act after One Year: A Review of the New IPO Playbook

Latham & Watkins LLP has prepared a comprehensive report, “The JOBS Act After One Year: A Review of the New IPO Playbook.” The report focuses on Title I of the JOBS Act, which changed the initial public offering …

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Editor's Tweet: Latham & Watkins Discusses the JOBS Act after One Year: A Review of the New IPO Playbook

Approaching Deadline for Nasdaq-Listed Companies to Implement New Compensation Committee Standards

As annual meeting season approaches, so too does the first deadline for companies listed on the NASDAQ Stock Market (Nasdaq) to comply with amended compensation committee rules. Traditionally, evaluation of director independence of Nasdaq-listed companies differed for purposes of serving …

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Editor's Tweet: Arnold & Porter Discusses Approaching Deadline for Nasdaq-Listed Companies to Implement New Compensation Committee Standards

The Case for a Junior Equity Market

The following post comes from Professor Jeff Schwartz of the University of Utah S.J. Quinney College of Law:

The influential SEC Advisory Committee on Small and Emerging Companies recently approved a new set of recommendations.  The boldest among them is …

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Editor's Tweet: Professor Jeff Schwartz of the University of Utah discusses the case for a junior equity market.

Outmanned and Outgunned: Fighting on Behalf of Investors Despite Efforts to Weaken Investor Protections

The following speech was delivered by Commissioner Aguilar on April 16, 2013 to the North American Securities Administrators Association (“NASAA”), Annual NASAA/SEC 19(d) Conference in Washington D.C.

Good morning. Thank you for inviting me to deliver the opening remarks of …

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Editor's Tweet: Commissioner Aguilar discusses fighting on behalf of investors despite efforts to weaken investor protections

Activist Investors and the Revaluation of Governance Rights

Equity ownership in the United States no longer reflects the dispersed share ownership of the canonical Berle-Means firm. Instead, in our new working paper, The Agency Costs of Agency Capital:  Activist Investors and the Revaluation of Governance Rights, Ron …

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Editor's Tweet: Professor Jeffrey N. Gordon of Columbia Law School discusses Activist Investors and the Revaluation of Governance Rights