Columbia Law School
Sky Blog
Good afternoon. It’s a privilege to welcome you all to the annual Section 19(d) Conference. I want to start by commending NASAA and SEC staff for their work in putting this event together. And thanks to our colleagues from NASAA
Securities Regulation
SEC Chair Gensler Speaks at FINRA Annual Conference
Good afternoon. I want to thank the Financial Industry Regulatory Authority and Robert [Cook] for hosting me as part of this week’s conference.[1] I’ve known Robert since he joined the SEC to lead the Trading and Markets Division and
SPAC vs. IPO: Is There a Difference in Executive Compensation?
An emerging company in need of capital to grow has an important decision to make: how and when to raise the necessary capital.
The traditional way of taking an emerging company public in an initial public offering, or IPO, is …
Is Everything Securities Fraud?
Securities litigation is almost inevitable for any public company. Often, investors sue because the firm’s managers engaged in fraud that directly harmed the shareholders – say, by doctoring the firm’s financials or lying about known business prospects. However, shareholders also …
Cahill Gordon Discusses SEC Rules Under Holding Foreign Companies Accountable Act
The Securities and Exchange Commission (the “SEC”) has adopted interim final rules[1] to implement the Congressionally-mandated document submision and disclosure requirements of the Holding Foreign Companies Accountable Act (the “HFCA Act”), which became effective on May 5, 2021.
The …
Mind the (Data) Gaps: SEC Commissioner Speaks at Conference on Financial Market Regulation
Before I begin my remarks, I need to mention that the views that I express today are my own and do not necessarily reflect the views of the Commission or its staff.
To start, I want to note that I
Skadden Discusses SEC and ESG Disclosure
During his Senate confirmation hearing for chair of the Securities and Exchange Commission (SEC), Gary Gensler said he would adhere to the U.S. Supreme Court’s view of materiality: Information is material (and should therefore be disclosed) if there is a …
Skadden Discusses Closer Scrutiny of Corporate Conduct Under Biden
The Biden administration is widely expected to be tougher on corporate wrongdoing than its predecessor. Although there have not yet been significant changes to existing policies, key nominations to date and early enforcement initiatives signal close scrutiny of corporate conduct …
Extraterritorial Reach of U.S. Crypto Regulation by the SEC
Taming Unicorns
Until the last decade, most startups that grew to become valuable businesses chose to go public. Late-stage startups with reported valuations over $1 billion used to be so rare that venture capitalist Aileen Lee called them “unicorns.” When she coined …
O’Melveny & Myers Discusses the Legal Challenges of NFTs
Non-Fungible Tokens, or NFTs, are big news these days. After an NFT for a piece of digital art by the artist Beeple (Mike Winkelmann) sold for $69 million in March 2021―making it the third-most expensive artwork by a living …
SEC Speaks on Accounting and Reporting Considerations for SPAC Warrants
SPACs, IPOs, and Liability Risk Under the Securities Laws
Ropes & Gray Discusses FCPA as an Enforcement Priority Under New Administration
On March 10, 2021, the United States Senate confirmed D.C. Circuit Judge Merrick Garland as the incoming Attorney General to lead the Department of Justice (DOJ). The confirmation of Biden’s nominee to lead the Securities & Exchange Comission (SEC), Gary …
Quinn Emanuel Discusses SPAC Litigation Risks
Special purpose acquisition companies, or SPACs, took 2020 by storm, with nearly 250 SPACs raising around $83 billion through initial public offerings (“IPOs”)—more than the previous five years combined.[1] The SPAC boom has only accelerated in 2021, with over 200 …
SEC’s Acting Chief Accountant Discusses Reporting and Auditing Issues for Companies Merging with SPACs
In recent years, we have seen significant market developments and innovation in our capital markets, with a variety of structures being utilized to raise capital and facilitate taking private companies public.[1]
The U.S. capital markets are often described as
Regulating SPACs — Before It’s Too Late
Although it has been used in the past, the resurgence of the Special Purpose Acquisition Company (SPAC) has been spectacular in the last two years. According to its promoters, a SPAC offers relatively easy access to a listing on a …
Latham & Watkins Discusses New CFTC Climate Risk Unit
On March 17, 2021, the Commodity Futures Trading Commission (CFTC) announced the establishment of an interdivisional Climate Risk Unit (CRU) to assess the risks to US financial stability posed by climate change. The CRU aims to be a catalyst for …
Paul Weiss Discusses How to Mitigate SPAC Litigation Exposure
The explosive growth in Special Purpose Acquisition Companies (“SPACs”)[1] is starting to generate significant amounts of litigation. Scores of civil lawsuits have been filed against SPAC sponsors and/or their directors and officers since the start of 2020, with more …
Wilson Sonsini Discusses SEC Focus on Climate Change Disclosures
In a series of recent public statements and announcements, the U.S. Securities and Exchange Commission (SEC) has signaled that climate change disclosures will be front and center on its agenda.
These announcements come as Gary Gensler, President Biden’s nominee for …