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The Role of Disclosure in the Unregulated Crypto Market

By Thomas Bourveau, Atif Ellahie, Emmanuel T. De George and Daniele Macciocchi July 10, 2018 by renholding

Our new research paper studies the issuers of unregulated crypto-tokens such as EOS and Tether. We examine two dimensions: the success of the Initial Coin Offering (ICO) process, and the capital market patterns following the listing of the tokens on …

How External Whistleblower Rewards Affect Internal Reporting

By Masaki Iwasaki July 6, 2018 by renholding

Does paying employees for blowing the whistle on corporate crime to regulators discourage internal reporting and undermine corporate governance? The answer is not as simple as it might seem. My research shows that, as the amount of reward increases, the …

Latham & Watkins Discusses SEC Official’s Analysis of Digital Assets as Securities

By Stephen P. Wink, David L. Concannon, Miles P. Jennings, Cameron R. Kates and Thomas H. Gabay July 2, 2018 by renholding

William Hinman, Director of the US Securities and Exchange Commission (SEC) Division of Corporation Finance, provided substantial color on the SEC’s evolving view of digital asset classification recently when he shared his thoughts on how to characterize purchases and sales …

SEC Proposes Changes to Whistleblower Rule

By Securities and Exchange Commission June 29, 2018 by renholding

The Securities and Exchange Commission voted on June 28, 2018, to propose amendments to the rules governing its whistleblower program. The whistleblower program was established in 2010 to incentivize individuals to report high-quality tips to the Commission and help the

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SEC Adopts New Requirements on Using XBRL Reporting Language for Financial Statements

By Securities and Exchange Commission June 29, 2018 by renholding

The Securities and Exchange Commission voted on June 28, 2018, to adopt amendments to eXtensible Business Reporting Language (XBRL) requirements for operating companies and funds. The amendments are intended to improve the quality and accessibility of XBRL data.

The amendments,

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SEC Updates Definition of “Smaller Reporting Companies”

By Securities and Exchange Commission June 29, 2018 by renholding

The Securities and Exchange Commission voted on June 28, 2018, to adopt amendments to the “smaller reporting company” (SRC) definition to expand the number of companies that qualify for certain existing scaled disclosure accommodations.

“I want our public capital markets

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SEC Proposes New Approval Process for Exchange Traded Funds

By Securities and Exchange Commission June 29, 2018 by renholding

The Securities and Exchange Commission voted on June 28, 2018, to propose a new rule and form amendments intended to modernize the regulatory framework for exchange-traded funds (ETFs), by establishing a clear and consistent framework for the vast majority of

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SEC Adopts Changes to Disclosure of Funds’ Liquidity Risk

By Securities and Exchange Commission June 29, 2018 by renholding

The Securities and Exchange Commission on June 28, 2018, adopted amendments to public liquidity-related disclosure requirements for certain open-end funds. Under the amendments, funds would discuss in their annual or semi-annual shareholder report the operation and effectiveness of their liquidity

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Bitcoin’s Price Chaos Demonstrates the Importance of Sophisticated Financial Products

By Peter Charles Bassine and Harrison Fregeau June 28, 2018 by renholding

Between January 1 and December 17, 2017, the value of a single Bitcoin skyrocketed from under $1,000 to nearly $20,000. To match Bitcoin’s 1183 percent return during this period, an investor would have needed the equivalent of 38 years’ average …

Will Swing Pricing Save Sedentary Shareholders?

By Anne M. Tucker and Holly van den Toorn June 26, 2018 by renholding

Starting in November 2018, U.S. public, open-ended mutual funds will have the option to adjust the daily pricing of the fund—the net asset value or NAV—to account for and recoup large transaction costs. Currently, the fund, and therefore its remaining …

Wachtell Lipton Discusses Supreme Court Ruling on SEC Judges

By John F. Savarese, Wayne M. Carlin and Jonathan Siegel June 26, 2018 by renholding

On June 21, in a much anticipated decision, the Supreme Court held that SEC Administrative Law Judges (“ALJs”), who have historically been appointed by SEC staff, are “Officers of the United States” and, hence, under the Appointments Clause, can be …

Cleary Gottlieb Discusses SEC’s Latest Take on Digital Assets as Securities

By Michael H. Krimminger, Pamela L. Marcogliese, Matthew C. Solomon and Zachary L. Baum June 21, 2018 by renholding

On Thursday, June 14, the SEC Director of Corporation Finance, William Hinman, stated his view that current secondary market trades of Ether are not now securities transactions as part of a speech on the treatment of digital assets under the …

SEC Chair Talks Culture at the SEC and Financial Institutions

By Jay Clayton June 19, 2018 by renholding

Thank you Bill [Dudley] for that kind introduction and for inviting me to speak today.[1] I’m planning to speak for fifteen or so minutes and to open the floor to questions.

I want to extend my congratulations to Bill

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Financial Misreporting: Hiding in the Shadows or in Plain Sight?

By Delphine Samuels, Daniel J. Taylor and Robert E. Verrecchia June 13, 2018 by renholding

It’s widely assumed that executives are less likely to inflate earnings at high profile companies under a good deal of regulatory oversight. And yet it’s also widely known that managers in high profile companies have an incentive to overstate their …

SEC’s Jackson Calls for Curbing Executives’ Ability to Cash Out on Buybacks

By Robert J. Jackson, Jr. June 12, 2018 by renholding

Thank you so much, Neera [Tanden], for that very kind introduction. I’ve long admired all that you and everyone here at the Center for American Progress do to promote a progressive economic agenda. And I share your commitment to making

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SEC Chief Accountant Talks Financial Reporting and Innovation

By Wesley Bricker June 7, 2018 by renholding

Thank you, Robert [Hodgkinson] for the kind introduction. Thank you, also, to the Institute of Chartered Accountants in England and Wales (“ICAEW”) for sponsoring this event. I am delighted to be in London and with you this afternoon. London continues …

Financial Enforcement Actions and the Role of Whistleblowers

By Andrew C. Call, Gerald S. Martin, Nathan Y. Sharp and Jaron H. Wilde June 6, 2018 by renholding

In our recent paper, we investigate the association between employee whistleblowers and outcomes of financial misrepresentation enforcement actions by the Securities and Exchange Commission (SEC) and Department of Justice (DOJ). We examine SEC and DOJ enforcement actions for financial misrepresentation …

Post-Earnings Announcement Drift and Corporate Insider Trading

By Christina Dargenidou, Ian Tonks and Fanis Tsoligkas June 5, 2018 by renholding

Post-earnings announcement drift (PEAD) is a well-documented and puzzlingly persistent market anomaly. Companies that report earnings higher than expected typically experience an upward drift in their stock prices while those that report earnings below what was anticipated see a downward …

Latham & Watkins Discusses New SEC Guidance on Cybersecurity

By Jennifer C. Archie and Serrin Turner June 5, 2018 by renholding

With so much boardroom attention on cybersecurity, directors continue to focus on the Securities and Exchange Commission (SEC) guidance issued earlier this year and its implications. The guidance adds specific expectations for disclosure controls and incident response procedures, and reiterates …

Sense and Nonsense About Securities Litigation

By Richard A. Booth June 4, 2018 by renholding

In a forthcoming article, I contend that Professor James Spindler has it wrong in his recent critique[1] of scholarly opposition to securities fraud class actions (SFCAs). Spindler argues that the opposition is based on two mistaken ideas: (1) that …

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The CLS Blue Sky Blog

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

Securities Regulation

The Role of Disclosure in the Unregulated Crypto Market

How External Whistleblower Rewards Affect Internal Reporting

Latham & Watkins Discusses SEC Official’s Analysis of Digital Assets as Securities

SEC Proposes Changes to Whistleblower Rule

SEC Adopts New Requirements on Using XBRL Reporting Language for Financial Statements

SEC Updates Definition of “Smaller Reporting Companies”

SEC Proposes New Approval Process for Exchange Traded Funds

SEC Adopts Changes to Disclosure of Funds’ Liquidity Risk

Bitcoin’s Price Chaos Demonstrates the Importance of Sophisticated Financial Products

Will Swing Pricing Save Sedentary Shareholders?

Wachtell Lipton Discusses Supreme Court Ruling on SEC Judges

Cleary Gottlieb Discusses SEC’s Latest Take on Digital Assets as Securities

SEC Chair Talks Culture at the SEC and Financial Institutions

Financial Misreporting: Hiding in the Shadows or in Plain Sight?

SEC’s Jackson Calls for Curbing Executives’ Ability to Cash Out on Buybacks

SEC Chief Accountant Talks Financial Reporting and Innovation

Financial Enforcement Actions and the Role of Whistleblowers

Post-Earnings Announcement Drift and Corporate Insider Trading

Latham & Watkins Discusses New SEC Guidance on Cybersecurity

Sense and Nonsense About Securities Litigation