Previous Next

Do Companies Lobby Against Mandatory Disclosure to Protect Proprietary Information?

By Ying Zhou January 26, 2022 by renholding

Critics of mandatory public disclosure often argue that it may put disclosing firms at a competitive disadvantage by requiring them to reveal potentially proprietary information to rivals. For instance, when the Financial Accounting Standards Board (FASB) proposed to mandate more …

SEC Chair Gensler Speaks on Cybersecurity and Securities Laws

By Gary Gensler January 26, 2022 by renholding

Thank you. It’s good to be with the Annual Securities Regulation Institute. As is customary, I’d like to note that my remarks are my own, and I’m not speaking on behalf of the Commission or SEC staff.

As some of

…

Climate-Risk Disclosures and “Dirty Energy” Transfers: “Progress” Through Evasion

By John C. Coffee, Jr. January 25, 2022 by renholding

At first glance, recent progress towards transparency in corporate climate-risk disclosures seems exceptional. Over 2,000 companies now publish annual reports showing their carbon emissions data (although most self-interestedly omit Scope 3 data). Many (including most recently ExxonMobil) have made a …

Latham & Watkins Discusses Stricter SEC Requirements for the Rule 10b5-1 Affirmative Defense

By Joel H. Trotter, Stephen P. Wink, Naim Culhaci and Deric Behar January 24, 2022 by renholding

On December 15, 2021, the Securities and Exchange Commission (SEC) issued a set of proposed amendments (the Proposal) regarding the adoption of trading plans that qualify for the affirmative defense against liability for trading on the basis of material non-public …

SEC Chair Gensler Speaks on How to Make Securities Regulation Dynamic

By Gary Gensler January 21, 2022 by renholding

Thank you for the kind introduction. As is customary, I’d like to note that my views are my own, and I’m not speaking on behalf of the Commission or SEC staff.

I’d like to share with you all that we

…

It’s Time to Regulate Stablecoins as Deposits and Require Their Issuers to Be FDIC-Insured Banks

By Arthur E. Wilmarth, Jr. January 17, 2022 by renholding

In November 2021, the President’s Working Group on Financial Markets (PWG) issued a report analyzing the rapid expansion and growing risks of the stablecoin market.[1] Stablecoins are digital assets that claim to maintain a “stable” value with reference to …

Informed Options Trading Before FDA Approves Drugs May Be Growing Problem

By Zekun Wu, Paul Borochin and Joseph H. Golec January 11, 2022 by renholding

The Food and Drug Administration (FDA) appoints drug experts to drug advisory committees (ACs) that make approval or rejection recommendations for about half of all new drugs (usually the unique ones, such as Covid vaccines). The experts receive nonpublic technical …

Mandatory Corporate Climate Disclosures: Now, but How?

By John Armour, Luca Enriques and Thom Wetzer January 10, 2022 by renholding

Climate change is one of today’s most salient policy challenges. Under the Paris Agreement, 195 governments agreed to limit temperature increases to well below 2, preferably 1.5, degrees centigrade relative to pre-industrial levels. Since the magnitude of global warming is …

How Does Better Access to Public Firm Disclosures Affect IPO Firm Financing?

By Shawn Shi January 7, 2022 by renholding

Financial markets affect the economy in a fundamental way by facilitating the creation of capital. The market for initial public offerings (IPO) – also known as the “primary market” – is especially important because it allows fast-growing and innovative companies …

Does SEC Scrutiny Improve Mutual Fund Disclosures?

By Kai Du and Shuyang Wang January 5, 2022 by renholding

Millions of investors rely on the disclosures of U.S. registered mutual funds in making their investment decisions, but some of the most influential industry opinion leaders and legal scholars have criticized the quality of those disclosures. Like public companies, mutual …

Corporate Disclosure: Facts or Opinions?

By Shimon Kogan and Vitaly Meursault January 3, 2022 by renholding

When it comes to financial disclosure, headline numbers are not all that matters. Equally important are what company executives talk about – and even how they talk about it. A large and growing body of literature in finance and accounting …

ISS Discusses Shareholder Class Action Settlements in 2021

By Jeff Lubitz December 22, 2021 by renholding

As the world will soon reflect on two full years of living through the COVID pandemic, the pace of shareholder-related class action settlements continue to bring significant recoveries back to harmed investors.

In fact, according to ISS Securities Class Action

…

Heightened Eligibility Thresholds for Shareholder Proposals: Modernization or Voter Suppression?

By Xinyi Mao December 17, 2021 by renholding

In September 2020, the Securities and Exchange Commission amended Rule 14a-8 of the Securities Exchange Act to increase the eligibility requirements for a shareholder to submit proposals.[1] Rule 14a-8, also called the shareholder proposal rule, governs when a company …

SEC Considers Amendments to Rule 10b5-1

By Reynolds Holding December 16, 2021 by renholding

It was a very busy day at the U.S. Securities and Exchange Commission yesterday, with the commission weighing in on several proposed rule changes. For starters, the commission considered proposed amendments to Rule 10b5-1 and new disclosure requirements designed to …

SEC Considers Proposed Money Market Fund Reforms

By Reynolds Holding December 16, 2021 by renholding

On December 15, the U.S. Securities and Exchange Commission considered amendments to rules that govern money market funds. Commission Chairman Gary Gensler’s statement in support is available here. The statements of commissioners Caroline A. Crenshaw and Allison Herren Lee, also …

SEC Considers Proposals to Enhance Buybacks Disclosure

By Reynolds Holding December 16, 2021 by renholding

On December 15, the U.S. Securities and Exchange Commission considered proposals to enhance disclosure about stock buybacks. Commission Chairman Gary Gensler’s statement supporting the proposals is available here. The statements of commissioners Caroline A. Crenshaw and Allison Herren Lee in …

SEC Considers Proposed Rules About Security-Based Swaps

By Reynolds Holding December 16, 2021 by renholding

On December 15, the U.S. Securities and Exchange Commission considered three proposed rules about the security-based swaps market. Commission Chairman Gary Gensler’s statement in support of the rules is available here. The statements of commissioners Caroline A. Crenshaw and Allison …

Skadden Discusses SEC’s Final Amendments Under Holding Foreign Companies Accountable Act

By Brian V. Breheny, Raquel Fox, Julie Gao, Kenneth W. Chase and Leo W. Chomiak December 15, 2021 by benzonenshayn

On December 2, 2021, the U.S. Securities and Exchange Commission (SEC) adopted final amendments implementing the disclosure and submission requirements of the Holding Foreign Companies Accountable Act (HFCA Act). In addition, the adopting release establishes the SEC’s procedures for (i) …

How Sarbanes-Oxley Changed Firms’ Responses to Announcements of Earnings Restatements

By Jo-Ellen Pozner December 14, 2021 by renholding

Among the many goals of the Sarbanes-Oxley legislation was to increase CEOs’ accountability for the veracity of financial statements by requiring that they personally certify financial disclosures. Although that provision has not led to successful prosecutions of offending executives, our …

The SPACtacular Rise of the Special Purpose Acquisition Company: A Retail Investor’s Worst Nightmare

By Bobby V. Reddy December 13, 2021 by renholding

The special purpose acquisition company, or SPAC, is a company with no commercial or operating history that has listed on a stock exchange with the sole objective of raising financing to identify and acquire another company. SPACs developed after the …

« Previous 1 … 37 38 39 40 41 … 118 Next »

The CLS Blue Sky Blog

Columbia Law School's Blog on Corporations and the Capital Markets

Securities Regulation

Do Companies Lobby Against Mandatory Disclosure to Protect Proprietary Information?

SEC Chair Gensler Speaks on Cybersecurity and Securities Laws

Latham & Watkins Discusses Stricter SEC Requirements for the Rule 10b5-1 Affirmative Defense

SEC Chair Gensler Speaks on How to Make Securities Regulation Dynamic

It’s Time to Regulate Stablecoins as Deposits and Require Their Issuers to Be FDIC-Insured Banks

Informed Options Trading Before FDA Approves Drugs May Be Growing Problem

Mandatory Corporate Climate Disclosures: Now, but How?

How Does Better Access to Public Firm Disclosures Affect IPO Firm Financing?

Does SEC Scrutiny Improve Mutual Fund Disclosures?

Corporate Disclosure: Facts or Opinions?

ISS Discusses Shareholder Class Action Settlements in 2021

Heightened Eligibility Thresholds for Shareholder Proposals: Modernization or Voter Suppression?

SEC Considers Amendments to Rule 10b5-1

SEC Considers Proposed Money Market Fund Reforms

SEC Considers Proposals to Enhance Buybacks Disclosure

SEC Considers Proposed Rules About Security-Based Swaps

Skadden Discusses SEC’s Final Amendments Under Holding Foreign Companies Accountable Act

How Sarbanes-Oxley Changed Firms’ Responses to Announcements of Earnings Restatements

The SPACtacular Rise of the Special Purpose Acquisition Company: A Retail Investor’s Worst Nightmare