Skadden Discusses Government Expectations for Companies’ Data-Driven Compliance Programs

By Gary DiBianco, Raquel Fox and Gretchen M. Wolf October 19, 2021 by renholding

As artificial intelligence and other data tools have proliferated, regulators and prosecutors expect companies to utilize sophisticated data analytics as part of their compliance programs. They also expect directors to take an active role, understanding and overseeing these data-driven compliance …

SEC Chair Gensler Speaks on Clawbacks of Erroneously Awarded Compensation

By Gary Gensler October 18, 2021 by renholding

I support today’s [October 14] action to re-open comment on the Dodd-Frank Act rule regarding clawbacks of erroneously awarded incentive-based compensation. I believe we have an opportunity to strengthen the transparency and quality of corporate financial statements as well as

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SEC Chair Gensler Speaks About Digital Analytics in Finance

By Gary Gensler October 14, 2021 by renholding

Thank you. I’m happy to appear at SEC Speaks for the first time as Chair of the Securities and Exchange Commission.

This event provides great continuing legal education to lawyers, accountants, and other market professionals. It also gives a platform

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New SEC Enforcement Director Speaks on Promoting Market Integrity

By Gurbir Grewal October 12, 2021 by renholding

Thank you for that introduction and for having me here today. At the Division of Enforcement, ensuring that broker-dealers and associated individuals follow our laws and regulations is critical to our mission, so it’s only fitting that my first speech

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The Price of Your Vote: Proxy Choice and Securities Lending

By Joshua Mitts October 11, 2021 by renholding

On October 7, 2021, BlackRock announced that, beginning in 2022, institutional clients would have the opportunity to direct the voting of shares held by index funds. Some commentators heralded this change as “a catalyst for others in [the investment management] …

Sullivan & Cromwell Discusses SEC Proposal to Enhance Proxy Voting Disclosure by Investment Funds

By Donald R. Crawshaw, Eric M. Diamond, Joseph A. Hearn, Sarah P. Payne and Marc Trevino October 11, 2021 by benzonenshayn

On September 29, 2021, the SEC issued a proposed rulemaking to enhance the information mutual funds, exchange-traded funds and other registered management investment companies (“funds”) report annually about their proxy votes. The proposal also would require so-called “institutional investment managers” …

Davis Polk Discusses SEC Enforcement Action Against Alternative Data Provider

By Robert A. Cohen, Joseph A. Hall, Margaret E. Tahyar, Matthew J. Bacal and Matthew A. Kelly October 8, 2021 by renholding

An enforcement action against an alternative data provider for misrepresenting its practices offers lessons both for trading firms that use alternative data and public companies that sell it.

On September 14, 2021, the Securities and Exchange Commission announced a settlement …

SEC Chair Gensler Testifies Before U.S. House Committee on Financial Services

By Gary Gensler October 7, 2021 by renholding

Good afternoon, Chairwoman Waters, Ranking Member McHenry, and members of the Committee. I’m honored to appear before you today for the second time as Chair of the Securities and Exchange Commission. As is customary, I will note that my views

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SEC Chair Gensler Speaks on Proposal to Enhance Proxy Voting Disclosure

By Gary Gensler September 30, 2021 by renholding

Good morning. This is an open meeting of the U.S. Securities and Exchange Commission on September 29, 2021. I want to welcome members of the public who are listening in.

This is my first open meeting as Chair of this

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Copycat Skills and Disclosure Costs

By Sean Cao, Kai Du, Alan L. Zhang and Baozhong Yang September 29, 2021 by renholding

Despite the benefits of greater transparency, public disclosures may reveal proprietary information that ultimately harms the disclosing firm by allowing competitors to view and imitate its strategies, an activity known as “copycatting.” An SEC proposal in July 2020 to increase …

Arnold & Porter Discusses ESG, Disclosure, and Whistleblowing

By Jane Norberg, Robert Azarow, Daniel M. Hawke, Brian D. Israel and Erik Walsh September 29, 2021 by renholding

On August 25, 2021, The Wall Street Journal reported that the SEC and the United States Attorney’s Office for the Eastern District of New York are investigating greenwashing allegations made by the former head of sustainability of Deutsche Bank AG’s …

SEC Chair Speaks Before Small Business Capital Formation and Asset Management Advisory Committees

By Gary Gensler September 28, 2021 by renholding

Thank you, Carla [Garrett]. It’s good to be with this Committee again. I’d like to thank the members for their time and willingness to represent the interests of America’s small businesses. As is customary, I’d like to note I’m not

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Davis Polk Discusses SEC Request for Information on Digital Engagement by Broker-Dealers, Investment Advisers

By Gabriel D. Rosenberg, Jai R. Massari, Tyler X. Senackerib, Margaret E. Tahyar and Zachary J. Zweihorn September 24, 2021 by renholding

In light of the growing popularity of digital investing platforms and increased scrutiny of these platforms by Congress, the SEC has released a broad request for information and public comment (RFI) on all matters related to the use of digital …

Mandatory Short Selling Disclosure Could Lead to Investor Herding Behavior

By John Heater, Ye Liu, Qin Tan and Frank Zhang September 23, 2021 by renholding

Commission-free trading apps like Robinhood and coordinated action by retail investors on Twitter, WallStreetBets, and other social media have created an unprecedented force on Wall Street that specifically targets short sellers. One result has been a massive run-up in the …

The Real Effects of Conflict Minerals Disclosures

By Bok Baik, Omri Even-Tov, Russell Han and David Park September 22, 2021 by renholding

Pursuant to the Dodd-Frank Act, the Securities and Exchange Commission (SEC) adopted the conflict minerals disclosure (CMD) rule, which requires issuers to perform due diligence on “conflict minerals” – natural resources known to fuel conflicts in underdeveloped nations – that …

SEC Chair Gensler Speaks on Alternative Reference Rates

By Gary Gensler September 21, 2021 by renholding

It’s good to be with the Alternative Reference Rates Committee to discuss the transition from the London Interbank Offered Rate (LIBOR). I’d like to thank the Committee, the New York Fed, and the Federal Reserve Board for putting this together.

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Unicorniphobia

By Alexander Platt September 20, 2021 by renholding

Once upon a time, a successful startup that reached a certain maturity would “go public” – selling securities to ordinary investors, perhaps listing on a national stock exchange, and taking on the privileges and obligations of a public company under …

The Jobs Act Did Not Raise IPO Underpricing

By Omri Even-Tov, Panos N. Patatoukas and Young S. Yoon September 17, 2021 by renholding

The JOBS Act was signed into law on April 5, 2012, with the objective of improving access to the public capital market for growth companies. Title I of the JOBS Act amended the Securities Act and the Exchange Act and …

SEC Chair Gensler Testifies Before Senate Committee on Banking, Housing, and Urban Affairs

By Gary Gensler September 16, 2021 by renholding

Good morning, Chairman Brown, Ranking Member Toomey, and members of the Committee. I’m honored to appear before you today for the first time as Chair of the Securities and Exchange Commission. I’d like to thank you for your support in …

Whistleblowing Should Be Part of President Biden’s Fight Against Corruption

By Stephen M. Kohn September 15, 2021 by renholding

On June 3, 2021 President Joseph Biden issued a “Memorandum on Establishing the Fight Against Corruption as a Core United States National Security Interest,” (hereinafter “Anti-Corruption Memorandum” or “Memorandum”). In issuing the Memorandum, President Biden placed fighting corruption …

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