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.…

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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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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Corporate Venture Capital, Disclosure, and Financial Reporting

By Sophia J.W. Hamm, Michael J. Jung and Min Park May 21, 2021 by renholding

In a new paper, we examine firms’ corporate venture capital (CVC) investing from a disclosure and financial reporting perspective. CVC refers to minority equity investments made by established, publicly-listed firms in privately-held entrepreneurial ventures. CVC investing differs from pure venture …

SEC Chair Gensler Speaks at FINRA Annual Conference

By Gary Gensler May 21, 2021 by renholding

Good afternoon. I want to thank the Financial Industry Regulatory Authority and Robert [Cook] for hosting me as part of this week’s conference.[1] I’ve known Robert since he joined the SEC to lead the Trading and Markets Division and

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Is Everything Securities Fraud?

By Emily Strauss May 19, 2021 by renholding

Securities litigation is almost inevitable for any public company. Often, investors sue because the firm’s managers engaged in fraud that directly harmed the shareholders – say, by doctoring the firm’s financials or lying about known business prospects. However, shareholders also …

Cahill Gordon Discusses SEC Rules Under Holding Foreign Companies Accountable Act

By Geoffrey E. Liebmann and Michael A. Chaia May 19, 2021 by renholding

The Securities and Exchange Commission (the “SEC”) has adopted interim final rules^[1] to implement the Congressionally-mandated document submision and disclosure requirements of the Holding Foreign Companies Accountable Act (the “HFCA Act”), which became effective on May 5, 2021.

The …

Mind the (Data) Gaps: SEC Commissioner Speaks at Conference on Financial Market Regulation

By Caroline A. Crenshaw May 17, 2021 by renholding

Before I begin my remarks, I need to mention that the views that I express today are my own and do not necessarily reflect the views of the Commission or its staff.

To start, I want to note that I

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Skadden Discusses SEC and ESG Disclosure

By Brian V. Breheny, Raquel Fox, Marc S. Gerber and Neil P. Stronski May 13, 2021 by renholding

During his Senate confirmation hearing for chair of the Securities and Exchange Commission (SEC), Gary Gensler said he would adhere to the U.S. Supreme Court’s view of materiality: Information is material (and should therefore be disclosed) if there is a …

How Financial Misconduct by Institutional Investors Affects Corporate Social Responsibility

By Samuel B. Bonsall, Babak Mammadov and Blerina Bela Zykaj May 6, 2021 by renholding

In recent years, institutional investors have publicly voiced their support for firms’ corporate social responsibility (CSR) activities. Most notably, Larry Fink, the CEO of BlackRock— the largest institutional investor in the world, with over $7 trillion in assets under management—sent …

Skadden Discusses Closer Scrutiny of Corporate Conduct Under Biden

By Gary DiBianco, Andrew M. Lawrence, Jessie K. Liu, Colleen P. Mahoney and Jocelyn E. Strauber May 6, 2021 by renholding

The Biden administration is widely expected to be tougher on corporate wrongdoing than its predecessor. Although there have not yet been significant changes to existing policies, key nominations to date and early enforcement initiatives signal close scrutiny of corporate conduct …

Extraterritorial Reach of U.S. Crypto Regulation by the SEC

By Carol Goforth April 27, 2021 by renholding

In 2008, the world ushered in the blockchain era[1] with a whitepaper posted pseudonymously in an online discussion of cryptography under the name “Satoshi Nakamoto.”[2] That paper formed the foundation for Bitcoin, the first blockchain-hosted cryptoasset,[3] a …

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