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  • John C. Coffee, Jr. – Boeing and the Future of Deferred Prosecution Agreements By John C. Coffee, Jr.
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Editorial Board John C. Coffee, Jr. Edward F. Greene Kathryn Judge

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SIFI

Presidential Pendulums in Finance

By Christina Parajon Skinner November 11, 2020 by renholding

While much attention has been paid to President Trump’s deregulatory efforts and intentions, presidential involvement in the work of the administrative agencies is not new.  Past presidents including Ronald Reagan, Bill Clinton, and Barack Obama have acted up to – …

Davis Polk Discusses FSOC’s Shift to an Activities-Based Approach

By Annette Nazareth, Margaret Tahyar and Randy Guynn January 22, 2020 by renholding

The Financial Stability Oversight Council’s (FSOC) recently revised guidelines (the 2019 Guidelines)[1] on how it will identify and address financial stability risks are a major shift from the guidelines it issued in the immediate aftermath of …

Sullivan & Cromwell Discusses FSOC Changes to Nonbank SIFI-Designation Guidance

By Marion Leydier, William Torchiana, Samuel Woodall, Roderick Gilman and Jeremy Knobel January 6, 2020 by renholding

On December 4, 2019, the Financial Stability Oversight Council (the “Council”) voted unanimously to finalize amendments to its interpretive guidance (the “Final Guidance”) on designating nonbank financial companies as “systemically important financial institutions” (“SIFIs”).…

Network-Sensitive Financial Regulation

By Luca Enriques, Alessandro Romano and Thom Wetzer June 10, 2019 by renholding

Shocks to only part of the financial system, such as the collapse of the subprime mortgage market in 2007, can spread and intensify through the complex interconnections among financial and non-financial institutions to become systemic threats. The consequences can be …

The Future of Financial Institution Resolution

By Paul L. Lee May 16, 2019 by renholding

One of the principal lessons learned from the 2007-2009 financial crisis was the need for new legal regimes to facilitate the rapid and orderly resolution of systemically important financial institutions without a government bailout.  In the final part of a …

Cleary Gottlieb Discusses FSOC Proposal to Change SIFI Designation Process

By Katherine Mooney Carroll, Patrick Fuller and John Lightbourne March 14, 2019 by renholding

On March 6, 2019, the Financial Stability Oversight Council (“FSOC”) issued new proposed guidance (the “Proposal”) regarding the designation of nonbank financial companies as “systemically important financial institutions” (“SIFIs”).[1] The Proposal makes substantial …

Why Dismantling Nonbank SIFI Regulation Is a Serious Mistake

By Jeremy C. Kress, Patricia A. McCoy and Daniel Schwarcz December 19, 2018 by renholding

The unnerving events of fall 2008 removed all doubt that investment banks and other nonbank financial firms can propagate systemic risk and endanger the world’s financial system.  In response, Congress instituted a robust system for regulating systemic risk posed by …

The Unwise and Illegal Deregulation of Prudential Financial

By Jeremy C. Kress November 26, 2018 by renholding

On October 18, federal regulators released the largest U.S. insurance group, Prudential Financial, Inc., from enhanced government oversight.  Prudential had been the last remaining systemically important financial institution (SIFI)—a designation Congress created in the Dodd-Frank Act for nonbank financial companies …

Arnold & Porter Discusses Revised Financial CHOICE Act

By David F. Freeman, Jr., L. Charles Landgraf, Henry G. Morriello, Paul A. Howard and Anthony Raglani May 18, 2017 by Jeff Himelson

Republicans on the House Financial Services Committee, led by Chairman Jeb Hensarling (R-TX), approved their “Financial CHOICE Act” (FCA) legislation on a party-line 34-26 vote on May 4, clearing the way for consideration on the House floor in the coming …

The FSOC’s Off-Ramp for the Systemically Important Financial Firm

By Jeffrey Gordon May 10, 2017 by renholding

Attacks on the authority of the Financial Stability Oversight Council (“FSOC”) to designate non-bank financial firms as systemically important, and thus subject to the Fed’s oversight, are misguided. [1] Such authority is essential to the long-term maintenance of financial stability, …

A Paradigm’s Progress: The Single Point of Entry in Bank Resolution Planning

By Paul L. Lee January 18, 2017 by renholding

The latest chapter in the saga of resolution planning under the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) unfolded in December 2016 when the Federal Deposit Insurance Corporation (the “FDIC”) and the Board of Governors of …

Breaking Up (Banks) Is Hard to Do

By Alan M. White October 25, 2016 by renholding

The latest Wells Fargo bank scandal has rekindled debates about breaking up banks that are too big to fail, too big to manage or too big to comply.

Echoing the debate between Louis Brandeis and Teddy Roosevelt in the Progressive …

Too Big and Unable to Fail

By Stephen J. Lubben and Arthur E. Wilmarth, Jr. October 5, 2016 by renholding

Financial regulation after the Dodd-Frank Act was enacted in 2010 has produced a blizzard of acronyms, many of which revolve around the basic “too big to fail” problem.  OLA, OLF, SPOE, and TLAC are new regulatory tools that seek to …

The Financial Industry’s Bankruptcy Plan for Resolving Failed Megabanks Would Give Unwarranted Benefits to Their Executives and Wall Street Creditors

By Arthur E. Wilmarth, Jr. November 3, 2015 by ilyabeylin

In a recent post,[1] I summarized my forthcoming article critiquing the financial industry’s plan for resolving failed megabanks under Title II of the Dodd-Frank Act.[2] My article describes the industry’s “single point of entry” (SPOE) strategy for recapitalizing …

The Financial Industry’s Plan for Resolving Failed Megabanks Will Ensure Future Bailouts for Wall Street

By Arthur E. Wilmarth, Jr. September 8, 2015 by ilyabeylin

The high-risk business model of large financial conglomerates (frequently called “universal banks”) was an important cause of the financial crisis. Universal banks rely on cheap funding from deposits and shadow banking liabilities to finance their speculative activities in the capital …

1 Comment  

PwC discusses Resolution: Single point of entry strategy ascends

By Sharon Haas, Sally Neal, John Simonson, Dan Weiss, Pranjal Shukla, Geoffrey Dworkin and Lance Auer August 27, 2015 by ilyabeylin

The release last week of public summaries of the resolution plans submitted by the 12 largest financial institutions operating in the US reveal more insight into the institutions’ resolution strategies than ever before, including the strategy for each of their …

What’s the Value of a TBTF Guaranty? Evidence from the G-SII Designation for Insurance Companies

By Kathryn L. Dewenter and Leigh A. Riddick July 20, 2015 by ilyabeylin

Since AIG’s bailout in September 2008, the role of large, complex insurance firms in the global financial system has received much attention. Concern about the global operations, interconnectedness, and non-traditional activities of these large firms prompted the Financial Stability Board …

The AIG Case: Moral Hazard on Steroids!

By John C. Coffee, Jr. June 17, 2015 by ilyabeylin

The AIG decision (actually, Starr International Co. v. The United States[1]) has shocked many but for the wrong reason. Some commentators have focused on the ingratitude of Maurice Greenberg, AIG’s former CEO and the “architect” of its international …

1 Comment  

Bail-in, Not Bail-out: Developing SIFI Resolution Strategies Around the Globe

By Michael H. Krimminger April 29, 2015 by ilyabeylin

The 2007-2009 financial crisis was a watershed event that shook the confidence of people around the globe in the stability of the international financial system. The crisis demonstrated a failure of market discipline and the government responses only exacerbated this …

Commissioner Gallagher’s Remarks on Building the Financial System of the 21st Century: An Agenda for Europe and the United States

By Daniel M. Gallagher April 16, 2015 by ilyabeylin

Thank you, Hal [Scott], for that kind introduction. I apologize for not being able to address you in person. Back in 2013, I opened a speech to the American Academy in Berlin with a bit of German.[1] While I …

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Each business day, our team sifts through blog posts, news stories, and other sources to keep up-to-date on relevant recent developments. The following links will take you to our recommended selections. To see the sources we follow click Filter Sources.

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Cleary M&A Watch
House Financial Services Committee Previews Possible 14a-8 Reform
September 15, 2025
Delaware Business Litigation Report
Chancery Nixes Insider Trading Claims for Demand-Futility Pleading Fail
September 15, 2025
Dealbook
Robinhood Bets Again on Opening Up Private Markets
September 15, 2025
Financial Times
SEC Boss Scraps Bold Enforcement Plan
September 15, 2025
Insurance Journal
Attacks on SEC Climate Rule Paused
September 15, 2025
Wall Street Journal
UnitedHealth Spends Big to Mollify DC
September 14, 2025
New York Post
UBS Eyes US Move to Skirt Swiss Regs
September 14, 2025
D&O Diary
SOX’s Ethics Reporting Hotlines Endure
September 14, 2025
Yahoo Finance
SEC to Nix Case Against Nikola CEO
September 14, 2025
Business Law Prof Blog
SEC May OK Arbitration in Bylaws
September 14, 2025
Wall Street Journal
Microsoft, OpenAI to Extend Partnership
September 11, 2025
Bloomberg
Paramount Readies Warner Bros. Bid
September 11, 2025
Dealbook
Klarna Debut Suggests IPO Revival
September 11, 2025
Securities and Exchange Commission
New Corporation Finance Chief Named
September 11, 2025
McDermott Will
DOJ, FTC Speed Up Merger Reviews
September 11, 2025
Bloomberg
SEC Near Dual-Class Fund Decision
September 10, 2025
Delaware Business Litigation Report
Delaware Chancery Finds Class Rep Sought Excessive Incentive Award
September 10, 2025
ThinkAdvisor
SEC Sued Over Accredited Investor Rule
September 10, 2025
Financial Times
SEC Targets Firms Tied to Suspected Chinese Pump and Dump Scam
September 10, 2025
Corporate & Securities Law Blog
Ninth Circuit Clarifies the SEC’s Disgorgement Standard
September 10, 2025
Wall Street Journal
Inflation Erased Income Gains Last Year
September 9, 2025
Bloomberg
Trump Floats New China, India Tariffs
September 9, 2025
D&O Diary
What Happens to Parallel Derivative Suits If Securities Class Actions Settle?
September 9, 2025
Cointelegraph
Senate Bill: Token Stocks Are Securities
September 9, 2025
Delaware Corporate & Commercial Litigation Blog
Delaware Supreme Court Clarifies Requirements for Aiding and Abetting
September 9, 2025
Freshfields' A Fresh Take
FTC Temu Case Clarifies INFORM Act
September 8, 2025
The Governance Beat
Big Three Split Stewardship in Two
September 8, 2025
The FinReg Blog
Crypto Everything Everywhere at Once
September 8, 2025
Securities and Exchange Commission
Cross-Border Task Force to Fight Fraud
September 8, 2025
CoinDesk
Nasdaq Seeks SEC OK on Stock Tokens
September 8, 2025
Wall Street Journal
Tech’s New Gig Is in Battlefield Data
September 7, 2025
Bloomberg
Fed Chair Finalist Hassett Backs “Mission Creep” Criticism
September 7, 2025
Deal Lawyers.com
Nasdaq Proposes SPAC-Listing Change
September 7, 2025
Corporate & Securities Law Blog
Ninth Circuit Rules Market Slogan Alone Not Actionable Under Rule 10b-5
September 7, 2025
Business Law Prof Blog
Tesla Surprises With Musk-Pay Proxy
September 7, 2025
Reuters
FTC Acts Against Worker Noncompetes
September 4, 2025
New York Times
Porsche No Longer German Blue Chip
September 4, 2025
Freshfields' A Fresh Take
Ninth Circuit Greenlights Broad Use of Discovery In Foreign Proceedings
September 4, 2025
CoinDesk
SEC Probes Coinbase on User Number
September 4, 2025
Bloomberg
SEC Wells Process Due for Reform
September 4, 2025
Wall Street Journal
Court Says Harvard Trump Cuts Illegal
September 3, 2025
Bloomberg
NY Giants Sell Stake to Koch Family
September 3, 2025
Dealbook
Investors Think Google Got Spared
September 3, 2025
Reuters
SEC to Offer More Supervisor Buyouts
September 3, 2025
Securities and Exchange Commission
SEC Sues Over $770 Mln Ponzi Scheme
September 3, 2025
Bloomberg
U.S. Judge: Google Can Keep Chrome
September 2, 2025
Dealbook
Fining X May Upend US-EU Trade Deal
September 2, 2025
D&O Diary
Dow Chemical Hit With Tariffs-Related Securities Lawsuit
September 2, 2025
Deal Lawyers.com
Intel Files 8-K Detailing U.S. Stake
September 2, 2025
Corporate & Securities Law Blog
U.S. Court Blocks Enforcement of Texas Proxy Adviser Disclosure Law
September 2, 2025
Wall Street Journal
Crypto Launch Enriches Trumps by $5 Bln
September 1, 2025
Delaware Business Litigation Report
Delaware Chancery Enforces “Hell or High Water” Provision to Close Merger
September 1, 2025
Reuters
Musk Seeks End to SEC Twitter-Stake Suit
September 1, 2025
New York Business Divorce
NY Appraisal Law Really Is Exclusive
September 1, 2025
Corporate & Securities Law Blog
U.S. and UK M&A Practices Diverge
September 1, 2025
Wall Street Journal
Fed Governor Sues to Stop Firing
August 28, 2025
FCPA Professor
SEC Leaves FCPA Enforcement Gaps
August 28, 2025
Bloomberg
SEC Staff Cuts Threaten Filing Reviews
August 28, 2025
Delaware Corporate & Commercial Litigation Blog
Chancery Explains Dissolution Nuances
August 28, 2025
Deal Lawyers.com
Are SPACs Goldilocks Path to Public?
August 28, 2025
Wall Street Journal
Microsoft Probes Workers After Protest
August 27, 2025
Reuters
Delta Ends Fuel Dump Suit for $79 Mln
August 27, 2025
New York Times
French Political, Debt Crises Loom
August 27, 2025
Bloomberg
SEC Slams Nikola Bankruptcy Plan
August 27, 2025
Corporate & Securities Law Blog
Texas Proxy Disclosure Law Debuts
August 27, 2025
Wall Street Journal
Exxon Held Talks for Return to Russia
August 26, 2025
Bloomberg
Teen Suicide to Prompt ChatGPT Update
August 26, 2025
Reuters
Fed Governor Will Sue to Keep Job
August 26, 2025
Securities Regulation and Corporate Governance Monitor
Deadline Nears for Resource Extraction Issuers to File Form SD With SEC
August 26, 2025
Deal Lawyers.com
Delaware Chancery Cites Disclosure Schedule in Dismissing Fraud Claim
August 26, 2025
Bloomberg
Appeal Blocks Habba as US Attorney
August 25, 2025
Wall Street Journal
Musk’s xAI Sues Apple, OpenAI
August 25, 2025
Delaware Business Litigation Report
Delaware Chancery Nixes Interlocutory Appeal When Case Nears End
August 25, 2025
The Governance Beat
EDGAR Next Debut Poses Challenges
August 25, 2025
Delaware Corporate & Commercial Litigation Blog
Delaware Chancery Awards Fees for Breach of Forum Selection Clause
August 25, 2025
Bloomberg
Apple to Redo iPhone Over 3 Years
August 24, 2025
New York Times
What Does AI Sell-Off Portend?
August 24, 2025
The Governance Beat
Nevada Steps Toward Business Court
August 24, 2025
D&O Diary
When Must CEO Illness Be Disclosed?
August 24, 2025
King & Spalding
SEC Focusing on Retail Investor Fraud
August 24, 2025
Reuters
Fintech Firm Aspiration’s Co-Founder Pleads Guilty to Defrauding Investors
August 21, 2025
Wall Street Journal
Tariffs Rise, Walmart Wins Shoppers
August 21, 2025
Bloomberg
DOJ Urges Fed Governor’s Ouster
August 21, 2025
D&O Diary
NY Court Affirms Trump Civil Fraud Ruling, Vacates Massive Damages
August 21, 2025
Sidley Enhanced Scrutiny
Chancery Nixes Claims Against Directors for Not Probing Past Misconduct
August 21, 2025
Securities and Exchange Commission
SEC Names New Enforcement Chief
August 21, 2025
New York Times
Deal Would Value ChatGPT at $500 Bln
August 20, 2025
The Governance Beat
Texas Proxy Adviser Law Almost Live
August 20, 2025
The Block
SEC Chair Says Few Tokens Securities
August 20, 2025
Deal Lawyers.com
Delaware OKs Obscure DGCL Changes
August 20, 2025
Corporate & Securities Law Blog
Second Circuit Vacates Fraud Conviction in First Crypto Insider Trading Case
August 20, 2025
Reuters
US Seeks Equity in Intel for Cash Grants
August 19, 2025
Bloomberg
Meta Restructures AI Group Again
August 19, 2025
D&O Diary
Risk of AI Deepfake Attacks Grows
August 19, 2025
Wall Street Journal
SEC Fines Private Equity Firm TZP
August 19, 2025
M&A/PE Quarterly
“Entire Fairness” Cases Unpredictable
August 19, 2025
Freshfields' A Fresh Take
Recent Cases Offer First Look at New FCPA Enforcement Priorities
August 18, 2025
The Governance Beat
Board Agendas Getting Too Routine
August 18, 2025
D&O Diary
Losing the Face of the Company Quickly Leads to Securities Suits
August 18, 2025
PubCo @ Cooley
California Supreme Court Backs Delaware Forum-Selection Clauses
August 18, 2025
Deal Lawyers.com
Chancery Nixes Typical Non-Compete
August 18, 2025
Wall Street Journal
Disney’s Marvel Abandons Georgia
August 17, 2025
Dealbook
Corporate Governance’s Wild West
August 17, 2025
D&O Diary
CSR Score Can Mask Corporate Fraud
August 17, 2025
Bloomberg
SEC Sues IR Exec for Insider Trading
August 17, 2025
Business Law Prof Blog
Update: Texas, Nevada Reincorporation
August 17, 2025

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