Tippees and Tippers: The Impact of Martoma II

By John C. Coffee, Jr. July 23, 2018 by renholding

This is a column for insider trading junkies—a special breed who love all the nuances in this very nuanced subject. Late last month, a Second Circuit panel did something fairly unusual: It withdrew a 2017 decision and substituted a new …

Latham & Watkins Discusses SEC Official’s Analysis of Digital Assets as Securities

By Stephen P. Wink, David L. Concannon, Miles P. Jennings, Cameron R. Kates and Thomas H. Gabay July 2, 2018 by renholding

William Hinman, Director of the US Securities and Exchange Commission (SEC) Division of Corporation Finance, provided substantial color on the SEC’s evolving view of digital asset classification recently when he shared his thoughts on how to characterize purchases and sales …

SEC Proposes Changes to Whistleblower Rule

By Securities and Exchange Commission June 29, 2018 by renholding

The Securities and Exchange Commission voted on June 28, 2018, to propose amendments to the rules governing its whistleblower program. The whistleblower program was established in 2010 to incentivize individuals to report high-quality tips to the Commission and help the

…

SEC Adopts New Requirements on Using XBRL Reporting Language for Financial Statements

By Securities and Exchange Commission June 29, 2018 by renholding

The Securities and Exchange Commission voted on June 28, 2018, to adopt amendments to eXtensible Business Reporting Language (XBRL) requirements for operating companies and funds. The amendments are intended to improve the quality and accessibility of XBRL data.

The amendments,

…

SEC Updates Definition of “Smaller Reporting Companies”

By Securities and Exchange Commission June 29, 2018 by renholding

The Securities and Exchange Commission voted on June 28, 2018, to adopt amendments to the “smaller reporting company” (SRC) definition to expand the number of companies that qualify for certain existing scaled disclosure accommodations.

“I want our public capital markets

…

SEC Proposes New Approval Process for Exchange Traded Funds

By Securities and Exchange Commission June 29, 2018 by renholding

The Securities and Exchange Commission voted on June 28, 2018, to propose a new rule and form amendments intended to modernize the regulatory framework for exchange-traded funds (ETFs), by establishing a clear and consistent framework for the vast majority of

…

Will Swing Pricing Save Sedentary Shareholders?

By Anne M. Tucker and Holly van den Toorn June 26, 2018 by renholding

Starting in November 2018, U.S. public, open-ended mutual funds will have the option to adjust the daily pricing of the fund—the net asset value or NAV—to account for and recoup large transaction costs. Currently, the fund, and therefore its remaining …

Wachtell Lipton Discusses Supreme Court Ruling on SEC Judges

By John F. Savarese, Wayne M. Carlin and Jonathan Siegel June 26, 2018 by renholding

On June 21, in a much anticipated decision, the Supreme Court held that SEC Administrative Law Judges (“ALJs”), who have historically been appointed by SEC staff, are “Officers of the United States” and, hence, under the Appointments Clause, can be …

Cleary Gottlieb Discusses SEC’s Latest Take on Digital Assets as Securities

By Michael H. Krimminger, Pamela L. Marcogliese, Matthew C. Solomon and Zachary L. Baum June 21, 2018 by renholding

On Thursday, June 14, the SEC Director of Corporation Finance, William Hinman, stated his view that current secondary market trades of Ether are not now securities transactions as part of a speech on the treatment of digital assets under the …

SEC Chair Talks Culture at the SEC and Financial Institutions

By Jay Clayton June 19, 2018 by renholding

Thank you Bill [Dudley] for that kind introduction and for inviting me to speak today.[1] I’m planning to speak for fifteen or so minutes and to open the floor to questions.

I want to extend my congratulations to Bill

…

SEC Chief Accountant Talks Financial Reporting and Innovation

By Wesley Bricker June 7, 2018 by renholding

Thank you, Robert [Hodgkinson] for the kind introduction. Thank you, also, to the Institute of Chartered Accountants in England and Wales (“ICAEW”) for sponsoring this event. I am delighted to be in London and with you this afternoon. London continues …

Financial Enforcement Actions and the Role of Whistleblowers

By Andrew C. Call, Gerald S. Martin, Nathan Y. Sharp and Jaron H. Wilde June 6, 2018 by renholding

In our recent paper, we investigate the association between employee whistleblowers and outcomes of financial misrepresentation enforcement actions by the Securities and Exchange Commission (SEC) and Department of Justice (DOJ). We examine SEC and DOJ enforcement actions for financial misrepresentation …

Latham & Watkins Discusses New SEC Guidance on Cybersecurity

By Jennifer C. Archie and Serrin Turner June 5, 2018 by renholding

With so much boardroom attention on cybersecurity, directors continue to focus on the Securities and Exchange Commission (SEC) guidance issued earlier this year and its implications. The guidance adds specific expectations for disclosure controls and incident response procedures, and reiterates …

The Irrepressible Myth That SEC Overregulation Has Chilled IPOs

By John C. Coffee, Jr. May 29, 2018 by renholding

The following is an abbreviated version of Professor Coffee’s May 23 testimony before the House Financial Services Committee’s Subcommittee on Capital Markets, Securities, and Investments. The deleted portions of his testimony relate to the specific content of proposed bills to …

Paul Weiss Discusses Roadmap of Non-GAAP Financial Measures for Audit Committees

By Mark S. Bergman, John J. Satory and Monika G. Kislowska May 15, 2018 by renholding

On March 16, 2018, the Center for Audit Quality (the “CAQ”) published Non-GAAP Financial Measures: A Roadmap for Audit Committees[1] (the “Roadmap”) to provide guidance to audit committees on advancing their oversight and involvement with non-GAAP financial measures. The …

An Unasserted Lesson of the SEC’s Yahoo Cyberbreach Enforcement Action

By Stanley Keller May 10, 2018 by renholding

Much has been written about the Securities and Exchange Commission’s enforcement action involving Yahoo’s failure to adequately disclose a cyberbreach.[1] I am writing about something that the SEC’s announcement and order did not address and therefore has not been …

Enforcement Co-Chief Offers Tips on Meeting with the SEC

By Steven R. Peikin May 10, 2018 by renholding

I’m delighted to be here today among so many friends and colleagues, and I extend my thanks to the New York City Bar for hosting this important event. Because New York plays such a pivotal role in our financial system, …

Accusers as Adjudicators in Agency Enforcement Proceedings

By Andrew Vollmer May 8, 2018 by renholding

Largely because of the U.S. Supreme Court’s 1975 decision in Withrow v. Larkin, the accepted view for decades has been that a federal administrative agency does not violate the Due Process Clause by combining the functions of investigating, charging, …

SEC Chair Clayton Talks Retail Investment Services and Forward-Looking Regulation

By Jay Clayton May 3, 2018 by renholding

It is wonderful to be in Philadelphia.

It is wonderful to be at Temple University. It is very kind of Temple to host this event. I will speak for about 30 minutes and then take questions.[1]

Before I move …

SEC Investment-Management Director Talks Conduct Standards and Liquidity Risk

By Dalia Blass May 2, 2018 by renholding

I am going to touch on two areas of work that reflect our efforts to be a responsive regulator that seeks engagement from all as we develop regulatory policies: the standards of conduct for investment professionals and liquidity risk management.…

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The CLS Blue Sky Blog

Columbia Law School's Blog on Corporations and the Capital Markets

Securities and Exchange Commission

Tippees and Tippers: The Impact of Martoma II

Latham & Watkins Discusses SEC Official’s Analysis of Digital Assets as Securities

SEC Proposes Changes to Whistleblower Rule

SEC Adopts New Requirements on Using XBRL Reporting Language for Financial Statements

SEC Updates Definition of “Smaller Reporting Companies”

SEC Proposes New Approval Process for Exchange Traded Funds

Will Swing Pricing Save Sedentary Shareholders?

Wachtell Lipton Discusses Supreme Court Ruling on SEC Judges

Cleary Gottlieb Discusses SEC’s Latest Take on Digital Assets as Securities

SEC Chair Talks Culture at the SEC and Financial Institutions

SEC Chief Accountant Talks Financial Reporting and Innovation

Financial Enforcement Actions and the Role of Whistleblowers

Latham & Watkins Discusses New SEC Guidance on Cybersecurity

The Irrepressible Myth That SEC Overregulation Has Chilled IPOs

Paul Weiss Discusses Roadmap of Non-GAAP Financial Measures for Audit Committees

An Unasserted Lesson of the SEC’s Yahoo Cyberbreach Enforcement Action

Enforcement Co-Chief Offers Tips on Meeting with the SEC

Accusers as Adjudicators in Agency Enforcement Proceedings

SEC Chair Clayton Talks Retail Investment Services and Forward-Looking Regulation

SEC Investment-Management Director Talks Conduct Standards and Liquidity Risk