Columbia Law School
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Today [May 25], the Commission is considering a proposal to improve disclosures by certain investment advisers and funds that purport to take Environmental, Social, and Governance (ESG) factors into consideration when making investing decisions. I am pleased to support this
Securities Regulation
SEC Commissioner Peirce on ESG Disclosures Proposal
Thank you, Mr. Chair. A key impetus for today’s [May 25’s] rulemaking[1] is a legitimate concern about the practice of greenwashing by investment advisers and investment companies. This concern is real because advisers can mint money by calling their
Katten Discusses Shareholder Litigation Risk in an Unstable Geopolitical Environment
Over the past two years, U.S. public companies faced an unpredictable risk environment. Two geopolitical crises – the Covid-19 pandemic, and the Russian invasion of Ukraine – strained international supply chains and destabilized financial markets.
It is tempting to view …
Sullivan & Cromwell Discusses Recent Rulings’ Effects on SEC Use of Administrative Forum
Two cases—one recently accepted for review by the Supreme Court, and another recently decided by the Court of Appeals for the Fifth Circuit—could change the manner in which the SEC brings enforcement actions against those accused of violating federal securities …
SEC Chair Gensler Testifies Before U.S. House Financial Services Subcommittee
Good morning, Chairman Quigley, Ranking Member Womack, and members of the Subcommittee. I’m honored to appear before you for the second time as Chair of the Securities and Exchange Commission. It is good to be here alongside Federal Trade Commission
Does the Threat of Securities Class Actions Add Value for Shareholders? Evidence from China
Securities class actions (SCA) are an important governance mechanism in the U.S. securities market, but there is a significant debate about their costs and benefits to investors. SCA are intended to serve two key functions in investor protection: disciplining and …
SEC Enforcement Chief Speaks on Delays of Defense Counsel
Ordinarily at an event like this one, I’d speak about all the ways in which we are working to protect investors, including our increased focus on the private fund space, the additional resources we’ve committed to our Crypto Assets and …
Debevoise & Plimpton Discusses SEC Guidance on Ukraine Disclosure Obligations
On May 3, 2022, the Division of Corporation Finance (“CorpFin”) of the U.S. Securities and Exchange Commission (“SEC”) provided guidance to companies of their disclosure obligations with respect to the direct or indirect impact that Russia’s invasion of Ukraine and …
SEC Chair Gensler Talks Security-Based Swaps Market to ISDA
Thank you for the kind introduction. It’s good to be back with the International Swaps and Derivatives Association (ISDA) again.
As is customary, I’d like to note that I’m not speaking on behalf of my fellow Commissioners or the SEC
Does Going Private Affect Peer Firms’ Disclosures?
Disclosure by publicly listed companies provides critical information to the capital markets and benefits not only firms’ stakeholders but also the overall economy (e.g., Badertscher et al. 2013; Shroff et al. 2017; Barrios et al. 2021). However, the number of …
SEC Chair Gensler Speaks at Conference on Financial Market Regulation
The field of economic research is central to our work at the SEC. It helps shape every aspect of our policymaking, from the early design phase to the proposing releases to the consideration of public comments to the adopting releases.
Do IPOs of Companies with an Innovative “Up-C” Structure Harm Public Shareholders?
The umbrella partnership corporation (“Up-C”) IPO structure allows an entity taxed as a partnership to go public by creating a shell corporation that sits above, and whose sole asset is units of, the historic partnership. Unlike a traditional IPO where …
Debevoise & Plimpton Discusses SEC’s Proposed SPAC Rules and Investment Banks
The new rules relating to special purpose acquisition companies proposed by the Securities and Exchange Commission on March 30, 2022, would, if adopted, have far-reaching effects on investment banks involved in business combination transactions involving SPACs. The proposed rules aim …
SEC Commissioner Speaks on IPOs and the Rise of SPACs
Thank you Hal [Scott] for that kind introduction and for inviting me to speak today. I am honored to precede such an esteemed panel of practitioners and academics. As always, I must give my standard disclaimer that my remarks are
SEC Chair Gensler Speaks on U.S. Bond Market
Thank you. It’s good to be with City Week again. As is customary, I’d like to note that my views are my own, and I am not speaking on behalf of the Commission or SEC staff.
Since we are in
Debevoise & Plimpton Discusses SEC Enforcement Action Highlighting Whistleblower-Related Rules
On April 12, the Securities and Exchange Commission (the “SEC” or the “Commission”) announced settled charges against David Hansen, the co-founder and former Chief Information Officer of a Las Vegas technology company, for violations of Rule 21F-17(a). In settling the …
Sullivan & Cromwell Discusses the Implications for Financial Institutions of Proposed SEC Climate Disclosure Rules
On March 21, 2022, the Securities and Exchange Commission proposed, in a 510-page release, climate-related disclosure rules for public companies. Although the proposed rules do not impose industry-specific requirements, in certain areas they would have a particularly significantly impact …
Congress Should Grant the SEC Oversight of Digital Asset Spot Markets
The Commodity Futures Trading Commission (CFTC) has classified Bitcoin and Ether – and by extension other cryptocurrencies that are similarly structured – as commodities (courts have also upheld this classification). While the CFTC regulates commodity derivatives, they do not regulate …
The Innovation and Reporting Consequences of Financial Regulation for Young Life-Cycle Firms
Over the last several decades, financial regulators have increaAdd Newsed governance and reporting requirements for publicly listed firms, frequently with the goal of improving the reliability of financial information available to investors. The implicit assumption in such regulation …
Cleary Gottlieb Discusses SEC’s Proposed Climate-Change Disclosure Rules: The Climate Note to Audited Financial Statements
On March 21, 2022, the U.S. Securities and Exchange Commission issued for public comment a rule proposal that, if adopted, would require reporting companies to provide certain climate-related information in their registration statements and annual reports filed with the SEC. …