AI, New Technologies, and Corporate Governance

By Martin Petrin August 19, 2024 by renholding

Business has always had to adapt to new technologies, from the steam engine to the automobile to personal computers. Today, artificial intelligence (AI) and closely related developments like Big Data analytics and machine learning are the technologies transforming business, along …

Toward a Dynamic View of Corporate Purpose

By Dorothy S. Lund January 9, 2024 by renholding

What is the purpose of the corporation in society? Whose interests are corporate managers supposed to advance? How can corporate law and governance best promote social welfare? For the past 50 years, most scholars and business leaders would have answered …

How It Matters Who Makes Corporate Rules

By Jonathan Chan and Ernest Lim December 5, 2023 by renholding

When it comes to corporate law and governance, substantially similar rules can be implemented and enforced by a wide range of entities. For example, regulatory agencies, legislatures, stock exchanges, and private bodies have all issued rules on climate-related risk disclosure,…

Is Regulating AI an Impossible Task?

By Georges Ugeux November 8, 2023 by renholding

To regulate artificial intelligence, or AI, it is important to look at the various, and often contradictory, settings where AI operates – and how it is treated there. For example, data privacy generally and in particular open banking, in which …

ESG-Linked Swaps and the New Governance School of Regulatory Scholarship

By Ilya Beylin June 20, 2023 by ilyabeylin

To some extent, this is another collection of words about an acronym that collects words, in the largely passive and meaningless manner of a lint roller. Elizabeth Pollman recently developed a deft history of the acronym ESG, which stands for …

Do Companies Take Remedial Actions After Socially Irresponsible Behavior?

By Wei Cai, Aneesh Raghunandan, Shivaram Rajgopal and Wenxin Wang March 16, 2023 by renholding

Companies involved in scandals often suffer damage to their reputations from media, consumer, or investor criticism For instance, notable oil spills, from Exxon’s 1989 Exxon Valdez disaster to BP’s 2010 Deepwater Horizon debacle, resulted in both hundreds of millions of …

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 …

Let’s Stop Treating Crypto Trading as If It Were Finance

By Todd H. Baker November 29, 2022 by renholding

Members of Congress and financial regulators from the Federal Reserve, U.S. Treasury, SEC, CFTC, and CFPB appear set on regulating the crypto trading system (traded coins and associated marketplaces, exchanges, brokerages, lending, staking, derivatives, intermediaries, and enablers) as part of …

Wachtell Lipton Discusses Regulating Cryptoassets With Existing Tools

By Kevin S. Schwartz, Rosemary Spaziani , David M. Adlerstein, David E. Kirk and Sabina M. Beleuz August 23, 2022 by renholding

For all the press lamenting the “crypto winter” and urging long-term legislative overhaul, there has not been sufficient attention to how existing regulatory tools can be employed to address some of the key risks and vulnerabilities in the current crypto …

The Challenge of Holding Big Business Accountable

By Roy Shapira June 30, 2022 by renholding

Is big business ungovernable? Some of today’s calls to break up and intensely regulate big business do not hinge on harms to consumers as consumers, but rather on the claim that giant corporations with market power treat legal requirements as …

The Innovation and Reporting Consequences of Financial Regulation for Young Life-Cycle Firms

By Abigail M. Allen, Melissa F. Lewis-Western and Kristen Valentine April 19, 2022 by renholding

Over the last several decades, financial regulators have increaAdd Newsed governance and reporting requirements for publicly listed firms, frequently with the goal of improving the reliability of financial information available to investors. The implicit assumption in such regulation …

How to Effectively Regulate Related-Party Transactions

By Alperen Afşin Gözlügöl February 1, 2022 by renholding

Related party transactions (RPTs) are a common corporate governance concern that cuts across many jurisdictions but remains hard to regulate. Allowing value-increasing RPTs while preventing the value-decreasing ones in a cost-effective way is a challenging task for regulators. Jurisdictions do …

SEC Chair Gensler Speaks on the Risks of SPACs

By Gary Gensler December 13, 2021 by renholding

Thank you for the kind introduction, Ty [Gellasch]. It’s great to be with the Healthy Markets Association.

As is customary, I’d like to note that my views are my own, and I am not speaking on behalf of my fellow

…

Securities Regulation and Class Warfare

By Jonathan R. Macey March 2, 2021 by renholding

In a new article, I examine the regulatory goals of creating “fair, orderly, and efficient” securities markets in light of the recent issues involving trading in the shares of GameStop Corp. (GME) through the broker-dealer firm Robinhood Financial LLC. The …

The Case for Prudential Regulation of the Litigation Finance Market

By Andrew S. Jacobs and Jack B. Jacobs January 21, 2021 by renholding

[Editor’s Note: This and the piece that immediately follows offer a point/counterpoint on litigation finance.] The past decade has witnessed a steady stream of innovative capital markets products. Among these developments is litigation finance – a transaction form …

Regulatory Costs of Being Public: Evidence from Bunching Estimation

By Michael Ewens, Kairong Xiao and Ting Xu January 8, 2021 by renholding

Disclosure and internal governance regulations are, along with accounting rules, distinguishing features of the public firm. Deregulation agendas such as those of the Trump administration typically assume that many regulations on public firms have imposed high compliance costs. Such arguments …

Cleary Gottlieb Discusses ESG Regulatory Developments

By Chris Macbeth, Géraldine Bourguignon, Caroline Petruzzi McHale, George Taylor and Clara Cibrario Assereto November 4, 2020 by snehapandya

The last few years have seen a marked worldwide expansion in “ESG”-labelled investment products, bringing sustainable finance into the spotlight as a clear financial industry megatrend. By 2018, investment in sustainable assets in five of the world’s major markets (Europe, …

Closing the “RegLag” Between Prospective Regulated Activity and Regulation

By John W. Bagby and Nizan G. Packin October 16, 2020 by renholding

There is often a significant delay between the start of an activity that ends up being regulated and the moment a regulatory response is announced or adopted. This regulatory lag (RegLag) enables individuals, firms, and regulators to engage in undesirable …

The Politics of Regulatory Compliance and Enforcement

By Jodi L. Short October 15, 2020 by renholding

In a recent article, I compile a comprehensive toolkit for researchers investigating political influences on enforcement, compliance, and corporate governance outcomes. I review different conceptualizations of politics in regulatory theory. I collect both qualitative and quantitative empirical studies that …

The Dog that Didn’t Bark: Effects of Regulation on Cryptocurrency Trading

By Brian D. Feinstein and Kevin Werbach September 28, 2020 by renholding

Cryptocurrencies have the potential to operate as a new financial asset class; as a novel fund-raising tool for ventures; as a more efficient payment mechanism, especially across borders; and as the foundation for an innovative, new economy of distributed applications. …

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

Regulation