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Corporate Governance Beyond the Shareholder and Stakeholder Models

By Dirk Schoenmaker Willem Schramade and Jaap W. Winter November 7, 2022 by renholding

In a new paper, we compare the main models of corporate governance (Schoenmaker, Schramade and Winter, 2022). One is the stakeholder model, which recognizes that companies have responsibilities to society that are broader than just making a profit. A problem …

Skadden Discusses Final FinCEN Rule on Beneficial Ownership Reporting

By Jamie L. Boucher, Alessio Evangelista, Eytan J. Fisch, Greg Seidner and Javier A. Urbina November 7, 2022 by renholding

On September 29, 2022, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a long-awaited final rule implementing the beneficial ownership information (BOI) reporting requirements of the Corporate Transparency Act (CTA). The final rule adopted much of FinCEN’s December …

Debevoise & Plimpton Discusses “Dark Patterns” and Regulatory Scrutiny

By Avi Gesser, Johanna Skrzypczyk, Michael R. Roberts and Melissa Muse October 20, 2022 by renholding

There has been significant regulatory attention recently to “dark patterns,” including FTC guidance, state privacy laws, and state and federal enforcement actions. Some of this activity involves new regulations, and some is based on decades-old consumer protection laws …

The Puzzle and Persistence of Biglaw Clustering

By Gregory H. Shill October 3, 2022 by renholding

Elite U.S.-based global law firms (Biglaw) concentrate their offices in the costliest districts of superstar cities, especially two neighborhoods in Manhattan. This pattern has persisted despite both the dispersal of Biglaw clients across less-dense, lower-cost U.S. locations and the development …

Debevoise & Plimpton Discusses How to Protect AI Models and Data

By Avi Gesser, Anna Gressel, Tristian Lockwood, Noah Schwartz and Joel Yonts September 30, 2022 by renholding

One of the most difficult challenges for cybersecurity professionals is the increasing complexity of corporate systems. Mergers, vendor integrations, new software tools and remote work all expand the footprint of companies’ information systems, creating a larger attack surface for hackers. …

Arnold & Porter Discusses DOJ’s First False Claims Act Settlement With PPP Lender

By Jonathan E. Green, Kevin M. Toomey, Tirzah S. Lollar, Christian D. Sheehan and Kara Ramsey September 28, 2022 by renholding

On September 13, 2022, the United States Department of Justice (DOJ) announced a settlement with Prosperity Bank, a regional bank with branches in Texas and Oklahoma, for processing a Paycheck Protection Program (PPP) loan on behalf of an ineligible borrower.…

Latham & Watkins Discusses SEC’s Strategic Plan

By Marlon Q. Paz, Stephen P. Wink, Donald Thompson and Deric Behar September 26, 2022 by renholding

On August 25, 2022, the Securities and Exchange Commission (SEC) published a draft Strategic Plan (the Plan) for fiscal years 2022–2026. The Plan focuses on three goals that, according to SEC Chairman Gary Gensler, advance the SEC’s mission to protect …

How Common is Insider Trading? Evidence from the Options Market

By Oleg Bondarenko and Dmitriy Muravyev September 15, 2022 by renholding

The U.S. Securities and Exchange Commission (SEC) brought 51, 30, and 33 insider trading cases in 2018, 2019, and 2020, respectively. Whether those numbers mean that insider trading is relatively uncommon or that the cases regulators and prosecutors have pursued …

How Enforcement Affects Disclosure

By Benedikt Franke and Dirk Simons September 9, 2022 by renholding

The ability of disclosure rules to provide investors, consumers, and the public with useful information depends largely on how well the rules are enforced. Strong enforcement helps ensure the provision of information and increases companies’ desire for mandatory disclosure. In …

The War on Business

By Tom C.W. Lin September 8, 2022 by renholding

Nations and businesses often compete and clash. But the war on business has escalated in recent years as nation-states and non-state actors target specific businesses with sanctions and recriminations and new intensity and methods. The many legal, economic, and social …

The Law and Economics of Blacklisting

By Nizan Geslevich Packin and Hadar Y. Jabotinsky September 2, 2022 by renholding

The crackdown on Tornado Cash, a crypto mixing service, continues a recent trend of regulators using blacklisting as a key enforcement tool. Tornado Cash was blacklisted by the Treasury Department for allegedly helping to launder over $7 billion in …

FTC Chair Lina Khan Speaks on Data Security Rulemaking

By Lina M. Khan August 22, 2022 by renholding

Today [August 11], the Federal Trade Commission initiated a proceeding to examine whether we should implement new rules addressing data practices that are unfair or deceptive.

The Commission brought its first internet privacy case 24 years ago against GeoCities, one

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Paul Weiss Discusses Second Circuit Ruling on Intent Element of a SOX Whistleblower Claim

By Geoffrey R. Chepiga, Andrew J. Ehrlich, Lorin L. Reisner, Audra J. Soloway and Daniel S. Sinnreich August 19, 2022 by renholding

On August 5, 2022, the Second Circuit held that individuals claiming they were terminated in retaliation for protected whistleblower activities under Sarbanes-Oxley must prove that their employer acted with retaliatory intent. Murray v. UBS Securities LLC, No. 20-4202 (2d …

Sullivan & Cromwell Discusses CFPB’s Focus on Tech Companies and Personal Finance Data

By Jared Fishman, Anthony Lewis, Rebecca Simmons, Stephen Meyer and Jennifer Sutton August 18, 2022 by renholding

Last week, the CFPB took three actions demonstrating the agency’s continued focus on technology companies and personal financial data protection. First, the CFPB issued an interpretive rule explaining the CFPB’s view that many digital marketing providers may be “service providers” …

Revisiting the Audit Expectations Gap

By Wendy Heltzer and Mary Mindak July 25, 2022 by renholding

As the regulation of public company audits evolves, questions persist over whether there is still a gap between the public and auditors over expectations for the responsibilities of auditors – what we call the expectations gap. In a recent study, …

Debevoise Discusses What the ADPPA Means for U.S. Data Regulation

By Paul D. Rubin, Avi Gesser, Johanna N. Skrzypczyk, Michael R. Roberts and Alessandra G. Masciandaro July 15, 2022 by renholding

On June 21, 2022, the House Energy and Commerce Committee formally introduced a new federal privacy bill: the American Data Privacy and Protection Act (“ADPPA”). Notably, the ADPPA has diverse support from both branches of Congress and both political parties. …

The Pros and Cons of Disclosing News in Distressed Organizations

By Hrishikesh Desai and Daniel Schaupp July 1, 2022 by renholding

Regulation affecting managers’ disclosure of news in U.S. organizations has been affected by three main changes over the past three decades: (a) The Private Securities Litigation Reform (PSLR) Act, 1995, which protected managers from litigation arising from the disclosure of …

Assistant AG for National Security Speaks on Cybersecurity

By Matthew G. Olsen June 3, 2022 by renholding

Good afternoon. I’m Matt Olsen and I am the Assistant Attorney General for National Security at the United States Department of Justice.

I’m very pleased to be here at CyCon. Thank you to Lucas for moderating this panel, to my

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Business Risks Stemming from Socio-Economic Inequality

By Todd Cort, Stephen Park and Decio Nascimento April 15, 2022 by renholding

Socio-economic inequality has risen over the last 40 years in almost every part of the world and has been exacerbated by the COVID-19 pandemic. Inequality does not only affect societies – it can also have a significant impact on the …

SEC Chair Gensler Speaks on Removal of Credit-Ratings References from Reg M

By Gary Gensler March 25, 2022 by renholding

Today [March 24], the Commission voted to propose removing references of credit ratings from Rules 101 and 102 of Regulation M (Reg M). I was pleased to support today’s proposal because, if adopted, it would fulfill a mandate issued by

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