Sky Blog
We concur with the view of SEC Chair Paul Atkins that the SEC has a three-fold mission as enunciated by Congress in the Securities Exchange Act: Protecting investors, furthering capital formation, and safeguarding fair, orderly, and efficient markets. We also …
Innovations such as blockchain, AI, and DeFi promise to disrupt our markets in ways that are exciting to discuss. Equally important, though perhaps less exciting, is discussing how regulatory agencies should align their oversight when new ideas cut across jurisdictional …
Good morning, ladies and gentlemen. It is a pleasure for me to be with you in person for the first time as Chairman.[1] I have long believed that the Investor Advisory Committee has an important mission to give considered …
The U.S. Securities and Exchange Commission last week took steps toward modernizing the periodic reporting system for public companies, and also permitted issuers to include mandatory arbitration provisions in their charters and/or bylaws in connection with IPOs and other securities …
On September 15, 2025, the Staff of the U.S. Securities and Exchange Commission’s (SEC’s) Office of Mergers & Acquisition issued a no-action letter to Exxon Mobil Corporation that allows for the adoption of a retail voting program. To address historically …
On September 17, 2025, the U.S. Securities and Exchange Commission (SEC or the Commission) voted to approve the issuance of a Policy Statement (the Policy Statement) providing guidance on the Commission’s views on the use of mandatory arbitration provisions in …
The second item on today’s agenda is a recommendation that the Commission issue a policy statement[1] (the “Policy Statement”) addressing the presence of a mandatory arbitration provision in the governance documents of a company registering offers and sales of …
Good morning, and thank you for convening this roundtable on private market valuation. My remarks reflect my views as an individual Commissioner and not necessarily the views of the full Commission or my fellow Commissioners.
FILING AND SETTLEMENT TRENDS
A recent NERA Economic Consulting (NERA) study provides an overview of federal securities litigation filings in the first half of 2025. This section highlights several notable trends.
Figure 1 below reflects the federal …
For over a decade, regulators, market participants, and Congress have wrestled with the challenge of regulating crypto assets. This relatively nascent asset class, underpinned by novel technology, has been difficult to regulate under existing financial regulatory frameworks. While both the …
Corporate transparency is often assumed to be driven by law, regulation, and public scrutiny. Yet new research shows that private pressure – quiet, anonymous inquiries sent through companies’ grievance channels – can meaningfully shape how firms disclose sensitive information.
In …
To detect corporate misconduct, regulators frequently rely on firms’ employees, who are often privy to private information and the first to identify wrongdoing. To encourage employees and others to share what they know, many regulators have implemented whistleblower programs. Some …
Today [September 4], the Office of Information and Regulatory Affairs released the Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions.
This regulatory agenda reflects that it is a new day at the Securities and Exchange Commission. The items …
Derivatives lawyers are not known to be an excitable bunch. But a recent opinion from the U.S. District Court in the Northern District of Texas has derivatives lawyers excited, and not in a good way. The judge has vastly restricted …
The SEC’s Division of Trading and Markets and the CFTC’s Division of Market Oversight and Division of Clearing and Risk (collectively, the “Divisions”)[1] are announcing a cross-agency initiative in furtherance of the SEC’s Project Crypto and the CFTC’s Crypto …
This month, we examine the following most important SEC enforcement developments:
In the summer of 2025, shares of Robinhood hit an all-time high following the announcement of ambitious plans from the e-trading giant to expand its financial services. The plans involve launching new initiatives, including Robinhood Strategies, Robinhood Banking, a …
The Securities and Exchange Commission today [August 21] announced that Judge Margaret “Meg” Ryan has been named Director of the Division of Enforcement, effective Sept. 2, 2025. Acting Director of Enforcement Sam Waldon will return to his previous role as …
On August 13, 2025, the Sixth Circuit issued a unanimous opinion in Owens v. FirstEnergy Corp., No. 23-3940 (6th Cir. Aug. 13, 2025) (“FirstEnergy”) with significant ramifications for establishing reliance in securities fraud cases and analyzing damages models at …
The growing gap between CEO compensation and typical worker pay has become one of the most visible signs of rising economic inequality. In the United States, this gap has widened dramatically over the past several decades. While CEOs in the …