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How CEO Bonuses and Taxes Have Affected the Offshoring of Corporate Activity

By Katie Boylen, Fabio B. Gaertner and Melissa Martin May 18, 2023 by renholding

Executive compensation and corporate taxation are both hot button issues, but can they be related? In a recent paper, we examine how CEO bonus contracts reinforce global tax incentives and show that executive pay practices helped drive corporate activity …

Columbia Law Professor Writes One of Top 10 Corporate and Securities Articles for 2022

By Reynolds Holding May 5, 2023 by renholding

Eric Talley, Isidor & Seville Sulzbacher Professor and co-director of the Millstein Center for Global Markets and Corporate Ownership at Columbia Law School, was among the authors of one of the 10 best corporate and securities articles last year, the

…

Chat GPT and Corporate Political Speech

By Michael R. Siebecker May 4, 2023 by renholding

ChatGPT and artificial intelligence (“AI”) generally might enhance our lives in many ways, but some people fear significant, pernicious outcomes as well. For instance, in a recent poll of 1,000 U.S. business leaders, almost half said their companies had already …

Cleary Gottlieb Discusses Non-Disclosure Agreements — Are They Effective?

By Sunil Gadhia, James Brady-Banzet, Kieran Rogan, Chris Gollop and Tim Vogel May 2, 2023 by renholding

Over the past several years, the use of non-disclosure agreements (“NDAs”) has received significant public scrutiny following their controversial use in a number of high profile harassment claims.^[1]

NDAs were back in the headlines earlier this year following the …

Sullivan & Cromwell Discusses CFPB Policy Statement on Abusive Conduct

By Jennifer L. Sutton, Leanne M. Van Allen, Stephen H. Meyer, Christopher Michael Viapiano and Rebecca J. Simmons April 25, 2023 by renholding

On April 3, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued a policy statement regarding what constitutes an “abusive” act or practice (the “Policy Statement”).[1] The Policy Statement outlines the CFPB’s approach to analyzing whether an act or practice …

Latham & Watkins Discusses Growing Number of State Data Privacy Laws

By Robert Blamires, Clay Northouse, Michael Rubin, Robert Brown and Joseph Hansen April 13, 2023 by renholding

On March 28, 2023, Iowa became the sixth US state to pass a comprehensive privacy law. The Iowa data privacy law (SF 262) (Iowa Privacy Law) was passed unanimously by the state House and Senate, and signed by …

Fractionalizing Investment Securities: Using FinTech to Expand Financial Inclusion

By Steven L. Schwarcz and Robert Bourret April 5, 2023 by renholding

Recent innovations in financial technology, or “FinTech,” are enabling the fractionalization of shares of stock, bonds, and other investment securities into units (“fractionalized securities”) that are small enough for virtually any investor to afford. In a new article, we show …

Debevoise Discusses White House’s National Cybersecurity Strategy

By Luke Dembosky, Avi Gesser, Erez Liebermann, Jim Pastore and Michael R. Roberts March 30, 2023 by renholding

On March 2, 2023, the White House Office of the National Cyber Director (“ONCD”) released the Biden Administration’s (the “Administration”) long-awaited National Cybersecurity Strategy (the “Strategy”), the first since the Trump Administration’s strategy was issued in September 2018. The Strategy …

What Should We Do About ChatGPT?

By Roee Sarel March 24, 2023 by renholding

Almost everyone seems to be talking about ChatGPT. This new AI-enabled chatbot, which can swiftly produce answers that feel as if a human wrote them, promises to revolutionize how we generate text. Although ChatGPT emerged just a few months ago, …

Financial Stability Board Should Rethink Its Agenda on Non-Bank Financial Intermediation

By Eric J. Pan March 17, 2023 by renholding

Non-bank financial intermediation (NFBI) – encompassing a broad range of capital sources, including broker-dealers, private funds, and open-end funds (OEFs) – is vital for the financing of the real economy, serving as a critical complement to the traditional banking sector. …

Profiting from Rival Firms’ Cyberattacks

By Jun-Koo Kang, Jungmin Kim and Fangbo Si February 15, 2023 by renholding

In a recent case, the Securities and Exchange Commission (SEC) pursued an unconventional form of insider trading involving Medivation Inc., an oncology-focused biopharmaceutical firm and one of its former, senior executives. According to the SEC, the executive profited from trading …

Simpson Thacher Discusses Supreme Court Case on Standing and Direct-Listing Shares

By Jonathan Youngwood, Peter Kazanoff, Craig Waldman, Stephen Blake and David Elbaum February 6, 2023 by renholding

On December 13, 2022, the Supreme Court granted certiorari to consider whether Sections 11 and 12(a) of the Securities Act require a plaintiff who purchased shares through a direct listing to plead and prove that he bought shares registered under …

Debevoise Discusses Malicious Corporate Deepfakes

By Avi Gesser, Megan Bannigan, Christopher Ford, Anna Gressel and Scott Caravello February 1, 2023 by renholding

Content generated by artificial intelligence (“AI”) continues to improve and become more convincing. These realistic images, audio, and videos, where used for purposes of a misrepresentation or to falsely spread information, are commonly dubbed “deepfakes.” Governments around the world are …

Kirkland & Ellis Discusses the FTC’s Newly Rediscovered Penalty Offense Authority

By Olivia Adendorff, Richard H. Cunningham and Lucie Duvall December 21, 2022 by renholding

The FTC recently announced the first use of its “Penalty Offense Authority” in many years. The agency dusted off this statutory tool as part of its multifaceted effort to continue to obtain monetary relief in its consumer protection enforcement actions …

Simpson Thacher Discusses Final Labor Department Rule on ESG Investing, Proxy Voting

By Brian D. Robbins, Erica L. Rozow, Jeanne M. Annarumma and George M. Gerstein December 20, 2022 by renholding

The U.S. Department of Labor (the “DOL”) recently issued a final rule (the “Final Rule”) that seeks to clarify the circumstances under which a fiduciary subject to ERISA may consider climate change and other environmental, social …

Debevoise Discusses What the GDPR Can Tell Us About State Privacy Laws

By Robert Maddox, Johanna Skrzypczyk and Martha Hirst December 19, 2022 by renholding

The EU’s General Data Protection Regulation 2016 (the “GDPR”) changed the global privacy landscape, and has been called the “gold standard” for data protection regulation. Recently, a number of U.S. states have introduced privacy laws, which borrow certain GDPR concepts …

Cooley Discusses CFPB Bulletin Analyzing Rise in Crypto-Asset Complaints

By Michelle Rogers and Katie Brockway Katz December 8, 2022 by renholding

On November 10, 2022, the Consumer Financial Protection Bureau issued a bulletin analyzing consumer complaints submitted to the CFPB over the past four years related to crypto-assets and platforms. According to the CFPB, fraud, scams and transaction issues accounted for …

Willkie Farr Discusses Personal Liability for Executives in the Wake of Cyber Incidents

By Daniel K. Alvarez, Laura E. Jehl, Stefan Ducich and Amal Ibraymi December 5, 2022 by renholding

A new and potentially significant tool in regulatory enforcement is emerging for executives whose companies suffer a cybersecurity incident. The Federal Trade Commission (“FTC”), in a recently proposed Decision and Order, held James Rellas, the Chief Executive Officer …

Debevoise & Plimpton Discusses the Myth of Artificial Intelligence Errors

By Avi Gesser, Anna Gressel, Mengyi Xu and Samuel Allaman December 2, 2022 by renholding

Machines are increasingly making important decisions that have traditionally been made by humans, such as who should get a job interview or who should receive a loan. For valid legal, reputational, and technical reasons, many organizations and regulators do not …

Skadden Discusses First OFAC and FinCEN Parallel Enforcement Actions on Virtual Currency

By Alessio Evangelista, Eytan J. Fisch, Khalil N. Maalouf, Javier A. Urbina and Michael A. Darling November 23, 2022 by renholding

On October 11, 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) announced settlements for approximately $24 million and $29 million, respectively, with virtual currency exchange Bittrex, Inc. (Bittrex). …

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