Sky Blog
The federal government shutdown commenced at midnight on October 1, 2025, and proposals to reopen the government failed on October 3, extending the shutdown further into the fourth quarter.
On September 30, 2025, the SEC’s Division of Corporation Finance issued …
Going public represents a milestone in corporate evolution, opening doors to capital markets and enabling expansion. Yet what if this achievement comes with hidden costs for the people who work at these companies? Our recent analysis of millions of Glassdoor …
In an important development for the asset management industry, the Staff of the SEC’s Division of Investment Management issued a no-action letter to Simpson Thacher in response to our request for confirmation that state-chartered trust companies—which are among the most …
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 …
Guarantees of confidentiality and anonymity are important considerations for whistleblowers seeking to report information on violations to regulators and other public entities. These guarantees ensure the safety of whistleblowers when filing complaints, often against entities with substantial resources and some …
Disclosure requirements can serve legitimate public purposes, but a blanket mandate risks negative economic ramifications. In a new paper, I examine how excessive mandatory disclosure could backfire, what makes an appropriate rule, and the l challenges of evaluating policies on …
President Trump’s August 7, 2025 retirement plan Executive Order underscores the administration’s objective to make alternative assets available to defined-contribution plan participants. Below, we identify four steps the Department of Labor and the Securities and Exchange Commission should prioritize to …
On September 16, 2025, the U.S. Court of Appeals for the Second Circuit affirmed the dismissal of insider trading claims against Morgan Stanley and Goldman Sachs (the “Banks”) following the March 2021 collapse of Archegos Capital Management. Plaintiffs—investors in seven …
During each annual proxy “season,” companies receive and respond to shareholder proposals and often attempt to exclude these proposals from their proxy statements through no-action requests submitted to the U.S. Securities and Exchange Commission’s (SEC) Division of Corporation Finance (the …
We concur with the view of SEC Chair Paul Atkins that the SEC has a three-fold mission as enunciated by Congress in the Securities Exchange Act: Protecting investors, furthering capital formation, and safeguarding fair, orderly, and efficient markets. We also …
Innovations such as blockchain, AI, and DeFi promise to disrupt our markets in ways that are exciting to discuss. Equally important, though perhaps less exciting, is discussing how regulatory agencies should align their oversight when new ideas cut across jurisdictional …
Good morning, ladies and gentlemen. It is a pleasure for me to be with you in person for the first time as Chairman.[1] I have long believed that the Investor Advisory Committee has an important mission to give considered …
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 …
On September 15, 2025, the Staff of the U.S. Securities and Exchange Commission’s (SEC’s) Office of Mergers & Acquisition issued a no-action letter to Exxon Mobil Corporation that allows for the adoption of a retail voting program. To address historically …
On September 17, 2025, the U.S. Securities and Exchange Commission (SEC or the Commission) voted to approve the issuance of a Policy Statement (the Policy Statement) providing guidance on the Commission’s views on the use of mandatory arbitration provisions in …
The second item on today’s agenda is a recommendation that the Commission issue a policy statement[1] (the “Policy Statement”) addressing the presence of a mandatory arbitration provision in the governance documents of a company registering offers and sales of …
Good morning, and thank you for convening this roundtable on private market valuation. My remarks reflect my views as an individual Commissioner and not necessarily the views of the full Commission or my fellow Commissioners.
For over a decade, regulators, market participants, and Congress have wrestled with the challenge of regulating crypto assets. This relatively nascent asset class, underpinned by novel technology, has been difficult to regulate under existing financial regulatory frameworks. While both the …
Corporate transparency is often assumed to be driven by law, regulation, and public scrutiny. Yet new research shows that private pressure – quiet, anonymous inquiries sent through companies’ grievance channels – can meaningfully shape how firms disclose sensitive information.
In …
To detect corporate misconduct, regulators frequently rely on firms’ employees, who are often privy to private information and the first to identify wrongdoing. To encourage employees and others to share what they know, many regulators have implemented whistleblower programs. Some …