SEC

Debevoise & Plimpton Discusses SEC’s Spring 2021 Agenda

By Marc Ponchione, Gregory T. Larkin and Sheena Paul July 1, 2021 by renholding

On June 11, 2021, the Securities and Exchange Commission (the “SEC”) released Chair Gary Gensler’s Spring 2021 regulatory agenda, which sets out the short- and long-term regulatory actions that the SEC plans to take.[1]  The agenda includes …

Entrenchment or Efficiency? CEO-to-Employee Pay Ratio and the Cost of Debt

By Katsiaryna Salavei Bardos, Steven Kozlowski and Michael Puleo June 30, 2021 by renholding

Critics have argued that the rule requiring companies to disclose the ratio of CEO compensation to employee pay is too expensive and time consuming, with the U.S. Chamber of Commerce estimating the cost to U.S. companies at more than $700 …

SEC Chair Gensler Speaks at London City Week

By Gary Gensler June 30, 2021 by renholding

I’m honored to be speaking again at London City Week. It’s been eight years since I last spoke here. That was about benchmark interest rates and the London Interbank Offered Rate (LIBOR). I may come back to that, but I’m

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SEC Commissioner Lee Addresses Climate, ESG, and Boards of Directors

By Allison Herren Lee June 29, 2021 by renholding

“You Cannot Direct the Wind, But You Can Adjust Your Sails”[1]

Good morning and thank you for the invitation to speak today at the Society for Corporate Governance 2021 National Conference.  I’m impressed with your full and informative agenda

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The Fiduciary Principle and the Best Interests of Average Retail Investors 

By Joseph A. Franco June 25, 2021 by renholding

The Securities and Exchange Commission recently offered a full-throated explication of its premise that investment advisers are subject to a federally imposed fiduciary standard under the Investment Advisers Act (IAA).[1]   The premise, grounded in cryptic Supreme Court dicta, served …

Improving the SEC’s Best Execution Rule

By Chester S. Spatt June 24, 2021 by renholding

The nature of Best Execution responsibilities of market participants has been surprisingly complex in light of the evolution of trading technology and our regulatory system. My remarks highlight several facets: the NBBO, Regulation NMS and the trade-through rule, fees and …

SEC Commissioner Asks Whether Agency Can Make Sustainable ESG Rules

By Elad L. Roisman June 23, 2021 by renholding

Thank you Gary [LaBranche] and the National Investor Relations Institute for inviting me to speak at your 2021 Virtual Conference. Of course, I will clarify up front that the views I express are my own and do not necessarily reflect

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Paul Weiss Discusses SEC Move to Consider ESG Disclosures

By Daniel J. Kramer, David S. Huntington, Mark S. Bergman, Brad S. Karp and Audra J. Soloway June 22, 2021 by renholding

The SEC recently closed its period of public comment on the topic of climate-change disclosures after receiving hundreds of submissions. The comments, not surprisingly, reflected a range of views regarding climate-related disclosures, including whether the SEC should or must limit …

The SEC’s Regulation of ESG Disclosures

By David A. Katz and Laura A. McIntosh June 21, 2021 by renholding

The U.S. Securities and Exchange Commission has indicated that ESG disclosure regulation will be a central focus of recently confirmed SEC Chair Gary Gensler’s tenure. At the top of the agenda is climate change disclosure, and the Commission is taking …

SEC Commissioners Comment on Chair Gensler’s Regulatory Agenda

By Hester M. Peirce and Elad L. Roisman June 17, 2021 by renholding

Last Friday, the Office of Information and Regulatory Affairs released the Spring 2021 Unified Agenda of Regulatory and Deregulatory Action (“Agenda”), which includes the SEC Chair’s Agenda.[1] While there are important and timely items on the list, including rules

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SEC Chair Speaks at Meeting of Investor Advisory Committee

By Gary Gensler June 14, 2021 by renholding

Good morning. Thank you Jennifer, Heidi, and all the committee members for having me. I enjoyed meeting with members of the Executive Committee yesterday and am thrilled to meet the whole committee for the first time. I’m grateful for the

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SEC Chair Talks Finance and Technology in Equity Markets

By Gary Gensler June 10, 2021 by renholding

Thank you, Rich, for that kind introduction and for inviting me here today. As is customary, I’d like to note that my views are my own, and I am not speaking on behalf of my fellow Commissioners or the staff.…

Administrative Crimes: A Qualified Defense

By Daniel Richman June 7, 2021 by renholding

On his way out, President Trump sought to “protect Americans from overcriminalization” by trying to limit the criminal enforcement of regulatory offenses. Hostility to administrative crimes is growing at the Supreme Court too, in part as an outgrowth of concern …

Putting the Electric Cart Before the Horse:* Inevitable Costs of a New ESG Disclosure Regime

By Elad L. Roisman June 7, 2021 by renholding

Thank you to Dan [Bigman] and the Corporate Board Member for inviting me to participate in today’s ESG Board Forum.  Of course, the views I express here are my own and do not necessarily represent those of my fellow Commissioners.

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SEC Commissioners Respond to Chairman’s Call for Review of Proxy-Voting Advice Rules

By Hester M. Peirce and Elad L. Roisman June 3, 2021 by renholding

Today [June 1], Chair Gensler announced that he has directed the SEC staff to consider whether to recommend that the Commission revisit its recent regulatory actions taken with respect to proxy voting advice businesses and its longstanding interpretation of proxy

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SEC Commissioner Crenshaw Speaks at Small Business Forum

By Caroline A. Crenshaw May 28, 2021 by renholding

Good afternoon! Thank you Martha [Miller] for the warm introduction. It is wonderful to be here. I have truly enjoyed hearing from all of the panelists over the last several days. And I am particularly interested in today’s discussion focused

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Keeping Up with the Joneses and the Real Effects of S&P 500 Inclusion

By Benjamin Bennett, René M. Stulz and Zexi Wang May 27, 2021 by renholding

The S&P 500 index is the most visible and prestigious broad-based stock index in the U.S. Being included in it means joining an exclusive club that confers prestige on its members, as, for instance, many articles noted when Tesla was …

SEC Commissioner Lee Speaks on Myths and Misconceptions about “Materiality”

By Allison Herren Lee May 26, 2021 by renholding

Thank you, Neil [Stewart] for the introduction and for having me today as you discuss the important and timely topic of climate and ESG disclosures. I very much look forward to hearing from Janine [Guillot] and Julie [Bell Lindsay]. You

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Paul Weiss Discusses SEC Approval of Nasdaq Rule Change Allowing Direct Listings

By Mark S. Bergman, Christopher J. Cummings, John C. Kennedy, Raphael M. Russo and Tracey A. Zaccone May 25, 2021 by renholding

On May 19, 2021, the SEC approved Nasdaq’s proposed rule change[1] to permit primary direct floor listings. This will permit companies to undertake an initial public offering and concurrent Nasdaq listing without the use of underwriters to market the …

SEC Commissioner Lee Speaks on Leveraging Regulatory Cooperation

By Allison Herren Lee May 24, 2021 by renholding

Good afternoon. It’s a privilege to welcome you all to the annual Section 19(d) Conference. I want to start by commending NASAA and SEC staff for their work in putting this event together. And thanks to our colleagues from NASAA

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