Columbia Law School
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Thank you for the kind introduction. It’s good to be back with the American Bar Association’s Derivatives and Futures Law Committee.
As is customary, I’d like to note that I’m not speaking on behalf of my fellow Commissioners or the
Securities Regulation
SEC Commissioner Peirce Speaks on ESG Disclosure
This summer was the summer of the cicadas. The dull hum of their song permeated the solitude of an evening stroll, along with the disconcerting crunch as pedestrian attempts to avoid squashing the creatures inevitably failed. Every seventeen years the …
Does the Strength of Investor Protection Laws Predict Capital Market Development?
Which countries provide the strongest investor protection laws? How are such laws related to the level of capital market development and ownership concentration in public companies? In a series of influential works, La Porta, Lopez-de-Silanes, Shleifer and Vishny (1997, 1998, …
The Evolution of Environmental Discourse in Conference Calls
Climate change disclosure ranks among the priorities of Gary Gensler, the new chair of the Securities and Exchange Commission. With the rapid reallocation of capital to green investments – characterized as a “tectonic shift” by BlackRock[1] and a “frenzy” …
SEC Chair Calls for Transparency on What Funds Mean by Sustainability and Diversity
Thank you for the kind introduction. I enjoyed chatting with you a couple of weeks ago, Ed, and it’s good to meet with the whole committee for the first time.
I’m grateful for your time and willingness to give us
How Does Private Firm Disclosure Affect Demand for Public Firm Equity?
In 2020, over 98 percent of the 40 million firms that disclosed detailed financial statement information worldwide were privately owned. Given their economic importance, the social value (or cost) of regulating private firm disclosures is likely significant, and how much …
Do Lawyers Make Good Gatekeepers?
Do lawyers report evidence of material violations up-the-ladder at the companies they represent, as the Sarbanes-Oxley Act and related regulations require? Have general counsel properly investigated those reports? Can we trust lawyers to be effective gatekeepers and stop corporate misconduct? …
Debevoise & Plimpton Discusses SEC’s Spring 2021 Agenda
On June 11, 2021, the Securities and Exchange Commission (the “SEC”) released Chair Gary Gensler’s Spring 2021 regulatory agenda, which sets out the short- and long-term regulatory actions that the SEC plans to take.[1] The agenda includes …
Entrenchment or Efficiency? CEO-to-Employee Pay Ratio and the Cost of Debt
Critics have argued that the rule requiring companies to disclose the ratio of CEO compensation to employee pay is too expensive and time consuming, with the U.S. Chamber of Commerce estimating the cost to U.S. companies at more than $700 …
SEC Chair Gensler Speaks at London City Week
I’m honored to be speaking again at London City Week. It’s been eight years since I last spoke here. That was about benchmark interest rates and the London Interbank Offered Rate (LIBOR). I may come back to that, but I’m
SEC Commissioner Lee Addresses Climate, ESG, and Boards of Directors
“You Cannot Direct the Wind, But You Can Adjust Your Sails”[1]
Good morning and thank you for the invitation to speak today at the Society for Corporate Governance 2021 National Conference. I’m impressed with your full and informative agenda
The Fiduciary Principle and the Best Interests of Average Retail Investors
The Securities and Exchange Commission recently offered a full-throated explication of its premise that investment advisers are subject to a federally imposed fiduciary standard under the Investment Advisers Act (IAA).[1] The premise, grounded in cryptic Supreme Court dicta, served …
Improving the SEC’s Best Execution Rule
The nature of Best Execution responsibilities of market participants has been surprisingly complex in light of the evolution of trading technology and our regulatory system. My remarks highlight several facets: the NBBO, Regulation NMS and the trade-through rule, fees and …
SEC Commissioner Asks Whether Agency Can Make Sustainable ESG Rules
Thank you Gary [LaBranche] and the National Investor Relations Institute for inviting me to speak at your 2021 Virtual Conference. Of course, I will clarify up front that the views I express are my own and do not necessarily reflect
Paul Weiss Discusses SEC Move to Consider ESG Disclosures
The SEC recently closed its period of public comment on the topic of climate-change disclosures after receiving hundreds of submissions. The comments, not surprisingly, reflected a range of views regarding climate-related disclosures, including whether the SEC should or must limit …
The SEC’s Regulation of ESG Disclosures
The U.S. Securities and Exchange Commission has indicated that ESG disclosure regulation will be a central focus of recently confirmed SEC Chair Gary Gensler’s tenure. At the top of the agenda is climate change disclosure, and the Commission is taking …
SEC Commissioners Comment on Chair Gensler’s Regulatory Agenda
Last Friday, the Office of Information and Regulatory Affairs released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Action (“Agenda”), which includes the SEC Chair’s Agenda.[1] While there are important and timely items on the list, including rules
Is the Quality of Law in the Eye of the Beholder?
Millions of dollars are spent every year by international financial institutions and development agencies to promote legal reforms in countries around the world. Indeed, since the late 1990s, legal reforms have become a key tool for trying to promote …
SEC Chair Speaks at Meeting of Investor Advisory Committee
Good morning. Thank you Jennifer, Heidi, and all the committee members for having me. I enjoyed meeting with members of the Executive Committee yesterday and am thrilled to meet the whole committee for the first time. I’m grateful for the
Are Companies More Likely to Go Public If Their Competitors Do?
The determinants of when and why private companies decide to go public through an initial public offering (IPO) is an important question with many policy implications. Anecdotally, one reason why firms decide to do an IPO is as a response …