Sky Blog
We oppose rescission of SEC Rule 14a-8.
Rule 14a-8 has for 80 years been a useful, congressionally authorized component of the U.S. capital markets, fully compatible with the long-standing dual state and federal system governing public companies. Reasonable people may …
The 2026 Regulatory Agenda reflects the robust rulemaking we are pursuing under my chairmanship. Now that we are just over one year into my tenure, we have made significant progress in returning the agency to its core mission of protecting …
Thank you, Jim [Febeo]. I am delighted to be part of the Summit. My views are my own as a Commissioner and not necessarily those of the Commission or my fellow Commissioners. My days of giving that disclaimer are rushing …
Good morning, ladies and gentlemen. And thank you, Fred [Ryan], for your generous introduction. Before I begin, I should like to take a moment to recognize what a profound privilege it is for me to address the Reagan National Economic …
Good morning, ladies and gentlemen. Let me begin by thanking our FSOC hosts for convening this roundtable series and for the invitation to take part in it. I should also like to acknowledge our industry partners for joining us. Today’s …
Public companies routinely unlock capital by monetizing nontraditional assets. Future receivables are securitized. Intellectual property is pledged as collateral. Long-dated cash flows are sliced, priced, and traded. Even reputational assets increasingly appear – implicitly, if not formally – on corporate …
Convertible notes issuances have been surging in the last few years to a market size of approximately $300 billion. The increased activity has been bolstered by the high-interest rate environment, favorable equity market dynamics and macro uncertainty. Secular growth trends …
For decades, European policymakers have aspired to create a single capital market capable of financing innovation on a scale comparable to that of the United States. Yet, as reiterated by the recent Letta and Draghi Reports, that ambition remains …
Democratic institutions depend on public confidence to function effectively. Citizens comply with tax laws when they trust the IRS, cooperate with police when they view law enforcement as legitimate, and engage constructively with regulators they perceive as fair and effective. …
A corporate governance revolution is underway. The conventional depiction of the U.S. capital markets has focused on the presence of large institutional shareholders and their substantial influence over the economy. But in the past two years, in response to political …
Global capital markets are undergoing profound transformation. Over the past decade, there has been a marked decline in Initial Public Offerings (IPOs) in most advanced economies, including those with highly developed capital markets such as the United Kingdom and the …
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 …
In the modern private capital markets, the traditional distinctions between equity and debt have become increasingly blurred and inadequate to capture the complexity of modern investment instruments. Sophisticated market participants – particularly private credit funds – have begun to craft …
Good morning. Let me begin by thanking all of you for being here and for your dedicated efforts[*]. As I mentioned at our previous meeting, this Committee serves a critical function. Its members come from every corner of …
On June 4, 2025, the U.S. Securities and Exchange Commission (the “Commission” or “SEC”) issued a concept release soliciting public comment on the definition of foreign private issuer (“FPI”), particularly on whether the current definition should be amended in an …
In order to keep the compliance folks here at the SEC happy, I must first note that the views I express here today are my own and do not necessarily reflect those of the full Commission or of my fellow …
Over recent decades, the massive globalization of finance has led many observers to expect widespread harmonization of nations’ financial regulations. Yet, while there has been a remarkable degree of harmonization in some areas, at least at the regional level, considerable …
My colleague Eric Talley at Columbia Law School has proposed an ingenious modification of SB 21 – scheduled for a vote today in the Delaware legislature – that highlights the contractarian traditions of Delaware law and builds off the experience …
The California Air Resources Board is seeking public feedback as part of its implementation of California’s pending GHG emissions and climate risk disclosure laws. These laws – the Climate Corporate Data Accountability Act (SB 253) and the Climate Related Financial …
The recent scandal involving TD Securities LLC[1] has served as a stark reminder of the dark side of high-frequency trading. While this particular case has garnered significant attention, it is far from an isolated incident. Spoofing, a form of …