Sky Blog
Key Points:
For decades, the SEC stood as the principal barrier to mandatory arbitration for shareholder claims. In September 2025, that barrier fell. The agency’s reversal on shareholder arbitration represents a seismic policy shift, leaving Delaware law as the sole impediment …
When activist investors acquire large stakes in a company and seek influence, they traditionally push for seats on the board of directors. In recent years, however, many activists have instead appointed a non-voting observer who can attend board meetings, receive …
Under the leadership of Chairman Paul Atkins with a Republican majority on the commission, the Securities and Exchange Commission (SEC) is expected to continue on its trajectory toward regulatory reform that marks a pivot from the prior administration.
Since 1982, Regulation S-K has been the Commission’s central repository for filer disclosure requirements outside of the financial statements. Over the past forty-plus years, that repository has grown from the size of a gym locker to the size of an …
Environmental sustainability has become a cornerstone of modern corporate responsibility. Yet, a troubling trend lies beneath the glossy reports and bold claims: greenwashing, a way for companies to build a fake eco-friendly image.
Greenwashing is more than just misleading marketing. …
The shareholder proposal mechanism under SEC Rule 14a‑8 occupies a distinctive position in U.S. corporate governance. Created in 1942 as part of the federal proxy system, it enables shareholders to express views on corporate policy while leaving decision-making authority with …
Before I begin, I must – as always – inform you that my remarks today are provided in my official capacity as the Securities and Exchange Commission’s Director of the Division of Investment Management, but do not necessarily reflect the …
In Augenbaum v. Anson Investment Master Fund LP et al., the Southern District of New York recently denied a motion to dismiss in a case seeking short-swing profit disgorgement relating to trades that generated ~$500 million by an alleged …
Regulators, investors, and academics generally agree on the main goal of strong SEC oversight: to improve financial reporting, which helps markets allocate capital and promotes market efficiency. But this goal prompts a question that matters for corporate governance and long-run …
On December 18, 2025, President Trump signed into law the National Defense Authorization Act for Fiscal Year 2026 (the “2026 NDAA”),which includes the Holding Foreign Insiders Accountable Act. The Holding Foreign Insiders Accountable Act amends Section 16(a) of the …
Debates on whether to simplify financial regulations are often framed as if complexity were a technical inconvenience –an unfortunate by-product of legislative over-exuberance that could be corrected by pruning rulebooks and consolidating texts. Yet the reality is not so simple. …
The federal securities laws establish the authority of the Securities and Exchange Commission (“SEC” or “Commission”) to set accounting, auditing, and auditor independence standards to be followed in the preparation and the audit of the financial statements of public companies. …
In November 2021, the Securities and Exchange Commission issued Staff Legal Bulletin 14L (“SLB 14L”), making it easier for shareholders to place environmental and social proposals on corporate ballots. The move was hailed by advocates for the environment as a …
Climate-related reporting continues to be a controversial topic. The U.S. Securities and Exchange Commission has withdrawn its defense of enhanced climate-related disclosures, the European Commission is debating how to scale back mandatory sustainability reporting requirements under its Omnibus revisions, …
Good afternoon, ladies and gentlemen, and thank you for joining us. Let me first begin by thanking Commissioner Hester Peirce and the entire Crypto Task Force for organizing today’s [December 15] roundtable. I should also like to thank our distinguished …
On November 20, SEC Commissioner Mark Uyeda called for the opening of 401(k) retirement savings to private markets. He observed that diversification has grown increasingly difficult to achieve through public securities alone, and that private investments (in structures such as …
With new leadership under the Trump administration, the Securities and Exchange Commission (“SEC”) is charting a course that promises significant changes in the regulation of securities disclosures and capital markets. In this alert, we discuss several important trends and developments …
On December 11, President Trump signed an Executive Order titled “Protecting American Investors from Foreign‑Owned and Politically‑Motivated Proxy Advisors” (the “Order”). The Order focuses on the “enormous influence” of proxy advisory firms, particularly Institutional Shareholder Services, Inc. (“ISS”) …
The traditional mechanisms for ensuring corporate accountability – civil, regulatory, and federal criminal – are failing. At the same time, industries that generate great economic value are inflicting a great deal of harm. This moment calls for effective reforms that …