Columbia Law School
Sky Blog
Thank you, Robby [Greene], for that kind intro. I am delighted to see that Robby, once my research assistant, has clearly gone on to bigger and better things. I also am delighted to be here in Singapore, by some accounts
Securities and Exchange Commission
The Potential Rewards for Blowing the Whistle on Wall Street Just Went Up
As an incentive to blow the whistle, the Securities and Exchange Commission awards tipsters who supply credible information resulting in successful enforcement actions up to 30 percent of monetary penalties paid by securities violators. The unique features of the program …
SEC Chairman Clayton Speaks to Fixed-Income Committee
Thank you, Michael [Heaney]. Good morning everyone. Thank you all for being here. I want to extend a warm welcome to our newest Commissioner, Allison Lee — Welcome back to the Commission and to your first FIMSAC meeting. We have
The Costs of Complying with SOX’s Internal-Controls Audit Requirement
Section 404(b) of the Sarbanes Oxley Act (SOX) requires auditors to test and report on the effectiveness of internal control over financial reporting (ICFR) for accelerated and large accelerated filers. Although Iliev (2010) documents substantial costs to initially comply with …
SEC Chairman Clayton Speaks to Investor Advisory Committee
Thank you, Anne [Sheehan]. Good morning everyone, and I want to extend a special welcome to our new commissioner, Allison Lee.
I am interested in today’s discussion. I understand the Committee first will be talking about the SEC approach to
Gibson Dunn Offers 2019 Mid-Year Securities Enforcement Update
The first half of 2019 has seen a continuation of the Securities and Exchange Commission’s emphasis on protecting the interests of Main Street investors. Chairman Clayton reiterated these themes in his testimony in May before the Financial Services and General …
SEC Chairman Clayton Kicks Off SEC Roundtable on Short-Termism
Bill [Hinman] thanks a lot. I’m going to highlight three items to try and kick us off here. First, a thank you to Bill, Coy, Shelley and the other staff from the Division of Corporation Finance for the work you
SEC Proposes to Exempt More Firms from Required Attestation of Internal Controls
The Securities and Exchange Commission has proposed changes to its rules requiring companies to obtain attestation on their internal controls from an independent public accountant. The proposal rests on the idea that attestation’s costs often exceed its benefits. The SEC’s …
SEC Chair Clayton Discusses Regulation Best Interest and Investment Advisers
As many of you know, in June, the Securities and Exchange Commission adopted a package of rules and interpretations that will enhance the quality and transparency of retail investors’ relationships with broker-dealers and investment advisers.[1] Importantly, they bring the
SEC Statements on the Retirement of Delaware Chief Justice Leo Strine
Yesterday, Chief Justice Leo Strine announced his retirement after more than twenty years on the Delaware Court of Chancery and Supreme Court of Delaware, two of the most important courts for our markets and our investors.
Chief Justice Strine deserves
SEC Chair Clayton Issues Statement on Offers of Settlement
When the Securities and Exchange Commission is considering filing (or has filed) an action alleging violations of the federal securities laws, it often is in the public interest to pursue a timely, reasonable and consensual resolution of the matter. The
SEC Commissioner Jackson Gives Statement on Margin for Security Futures
As always, I want to begin by thanking our Staff for the hard work reflected in today’s release. In particular, Tom McGowan and Sheila Swartz provided helpful briefings to my Office, addressing a wide range of questions in connection with …
SEC Commissioner Peirce Speaks About Women on Boards
A few months ago there was an article in the Washington Post about the baby on board signs that seem to be on so many cars.[1] The article’s timing was perfect because I had just seen one of those …
Statement of Concerned Securities Law Professors Regarding Investment Advisers and Fiduciary Obligations
We circulate this statement as law professors specializing in the field of securities regulation who are concerned that the Securities and Exchange Commission (the “Commission”) has moved in a new direction that is both contrary to its past practice and …
SEC Commissioner Peirce Talks Flaws in Scoring Companies on Environmental, Social, and Governance Factors
Thank you, Ben [Zycher]. I will begin with the standard disclaimer. My remarks represent my views and not necessarily those of the Commission or my fellow Commissioners.
I will next address a question that is undoubtedly in the mind of
SEC Commissioner Peirce Talks Exchange-Traded Funds
Welcome to all of you. We are so delighted to be able to host you at the Securities and Exchange Commission for today’s workshop on exchange-traded funds (ETFs). The discussion today is sure to be fascinating. Aside from my greeting,
SEC Chairman Discusses Recent Legal Decisions and the Impact of Data Collection
Thank you, Jeff [Boujoukos], for that kind introduction. I am pleased to have the opportunity to speak with the SEC’s federal and state partners in my home town of Philadelphia. Thank you to the Philadelphia Regional Office for organizing this
SEC Commissioner Jackson Speaks on Final Rules Governing Investment Advice
Our nation is facing a savings crisis. Many young workers are unable to save at all; half of America’s retirees have saved less than $65,000 and face the terrifying prospect of running out of money in retirement.[1] Every time
Wachtell Lipton Discusses Corporate Purpose—Stakeholders and Long-Term Growth
Until recently, the dialogue on corporate governance has focused almost exclusively on how to increase the ability of shareholders to impose their will on corporations. Shareholder groups, advisory firms and academics continually developed and added to a set of “best …
SEC Commissioner Talks a Quarter Century of Exchange-Traded Fun
Since the first exchange-traded fund (“ETF”) launched in 1993, ETFs have proven to be one of the most useful and successful innovations in the registered fund space under the Investment Company Act (“Act”) of 1940. The innovation did not stop