Columbia Law School
Sky Blog
I’m grateful for the opportunity to visit Baruch College’s Zicklin School of Business and speak at the annual financial reporting conference for the fourth time. Many students who were starting their collegiate work here when I first spoke at this
SEC
Debevoise Discusses SEC Disclosure Changes for Tech, Media, and Telecom Firms
On March 20, 2019, the SEC announced the adoption of amendments to Regulation S-K intended to modernize and simplify disclosure requirements applicable to SEC reporting companies. Highlighted below are two changes of note for companies in the technology, media and …
Beyond Disclosure: A New Way of Examining Securities Regulation
When it comes to the U.S. securities markets, the game has changed. Historically, the U.S. securities markets were dominated by retail investors who engaged in a buy and hold strategy: purchasing stocks as a vehicle to invest in a corporation …
Do Share Buybacks Deserve More Regulatory Scrutiny?
In 2018, U.S. companies spent $1 trillion to buy back their shares, while they spent $4 trillion to do so between 2008 and 2017. This is raising strong criticism from different quarters in the political sphere. Not only do key …
Insider Trading and Disclosure: The Case of Cyberattacks
The U.S. Securities and Exchange Commission (SEC) recently identified incidents in which top executives sold shares before disclosing to the public negative information about cyberattacks. For example, the former chief information officer of Equifax, Jun Ying, exercised his stock options …
SEC Investor Advocate Talks Investor Issues for 2019
Good afternoon. I hope you are enjoying this year’s edition of SEC Speaks, which gives the public a good overview of all the work that is going on at the Commission.[1] In the Office of the Investor Advocate, we
Commissioner Peirce Speaks on SEC’s “Secret Law”
I would like to begin with the standard disclaimer plus an additional one that ties with the theme of this speech. The views I represent are my own and not necessarily those of the Commission or my fellow Commissioners. The
SEC’s Roisman on Encouraging Smaller Entrants to U.S. Capital Markets
Good afternoon. Thank you to everyone who hurried back from lunch to hear me speak. The pressure is on for me to make it worth your while. I never imagined that I would be standing at this podium, but I …
SEC Chair Clayton Offers “MD&A” for the Agency
Disclosure and the concepts of materiality, comparability, flexibility, efficiency and responsibility have been, and continue to be, the bedrock principles that make our public capital markets the most fair and efficient markets in the world. Today, I will take a
SEC Offers Framework for “Investment Contract” Analysis of Digital Assets
SEC Chairman Clayton Talks Market Growth and Development
Welcome to the SEC’s 29th Annual International Institute for Securities Market Growth and Development.[1]
Thank you for being our guests over the next two weeks.
It is our honor to host 186 delegates from 69 countries this year.
Gibson Dunn on SEC Simplification of Disclosure Requirements
SEC Chairman Delivers Remarks to the Commission’s Investor Advisory Committee
Thank you, Anne (Sheehan). Good morning everyone. It’s good to see everyone again, particularly as the last time we all met in person was in December of last year. I was glad to be able to participate with Commissioner Roisman …
SEC Commissioner Jackson Discusses FAST Act Adopting Release
I want to begin by conveying my thanks to the staff in the Division of Corporation Finance for their hard work in developing today’s adopting release. I am especially grateful to Charles Kwon and Dan Greenspan, as well as Director …
Insider Trading and Executive Overreach
The recent controversy over President Donald Trump’s use of his emergency authority to fund a wall on the U.S. southern border has awakened many Americans to the problem of executive overreach. Yet, what few may appreciate is that executive overreach …
Davis Polk Discusses CFTC’s Entry Into Anti-Corruption Enforcement
On March 6, 2019, Commodity Futures Trading Commission (“CFTC”) Director of Enforcement James McDonald announced an initiative to pursue foreign corrupt practices that constitute violations of the Commodities Exchange Act (“CEA”), noting that the Enforcement Division already has open investigations …
SEC’s Corporate Finance Director Discusses Disclosing Risks
Today, I would like to discuss [1] how the U.S. securities disclosure requirements, which are largely principles-based, apply in areas where the disclosure topics may be complex, associated with uncertain risks and rapidly evolving. Sounds like Brexit might fit that
Prosecuting Securities Fraud Under Section 17(a)(2)
Traditionally, securities fraud has been civilly enforced under Section 10(b) of the Exchange Act and Rule 10b-5 promulgated thereunder, and criminally prosecuted under Section 32 of the Exchange Act. Recently, however, the SEC has increasingly asserted claims under Section 17(a)(2) …
SEC Commissioner Discusses the Proxy Process
Today, I will talk about the proxy process. But, before I segue into any substance, this is a good time for me to provide my first standard disclaimer: My views and remarks are my own, and do not necessarily represent …
Short Selling and the New Market Manipulation
Stock market manipulation has been around since shortly after stock markets were invented. Everyone is familiar with the methodology in the standard “pump and dump” scheme: False rumors are circulated, the stock is bid up by the manipulators, supply might …