Does Enhanced Disclosure Curb CEO Pay?

By Ilona Babenko, Benjamin Bennett and Zexi Wang August 10, 2023 by renholding

High CEO pay in the United States has fueled repeated calls for enhanced disclosure of chief executives’ compensation. For example, in 2015 the SEC received over 285,000 comment letters supporting its proposed rule to require disclosure of CEO-employee pay ratios. …

ISS Discusses Intangible Assets and Company Valuation

By Anthony Campagna and Kevin Spellman November 18, 2021 by renholding

Intangible assets continue to represent a significant portion of the overall Balance Sheet globally. Over 40% of capital in the US today is in the form of intangible assets, as assessed by our ISS EVA (Economic Value Added) methodology. The

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Closing the “RegLag” Between Prospective Regulated Activity and Regulation

By John W. Bagby and Nizan G. Packin October 16, 2020 by renholding

There is often a significant delay between the start of an activity that ends up being regulated and the moment a regulatory response is announced or adopted. This regulatory lag (RegLag) enables individuals, firms, and regulators to engage in undesirable …

How Nudges Can Help Regulate New Technologies

By Nissim Cohen and Hadar Y. Jabotinsky April 17, 2020 by renholding

New technologies are being introduced in markets around the globe. Disruptive innovations such as blockchain, cryptocurrencies, the Internet of things, automated cars and other products that support decision-making based on artificial intelligence (AI) are offering a creative take on traditional …

Artificial Intelligence and Technology in Corporate Governance

By Natania Locke and Helen Bird April 6, 2020 by renholding

The modern boardroom is beset by huge volumes of data that directors must digest to perform their governance functions, data that are only increasing as industries rapidly change and respond to technological disruption. At the same time, corporate scandals as …

Merger Breakups

By Menesh Patel October 29, 2019 by renholding

One of today’s most pressing antitrust questions is how antitrust should address the conduct of dominant technology companies, such as Amazon, Facebook, and Google. Once heralded as the champions of innovation and the modern economy, these companies are now the …

Debevoise Discusses SEC Disclosure Changes for Tech, Media, and Telecom Firms

By Jeffrey P. Cunard, Michael Diz, Jonathan E. Levitsky, Paul M. Rodel and C. Chloe Orlando May 3, 2019 by abirvarma

On March 20, 2019, the SEC announced the adoption of amendments to Regulation S-K intended to modernize and simplify disclosure requirements applicable to SEC reporting companies. Highlighted below are two changes of note for companies in the technology, media and …

The Future of Data Driven Finance: Financial Regulation, Data Regulation, and RegTech

By Dirk A. Zetzsche, Douglas W. Arner, Ross P. Buckley and Rolf H. Weber April 15, 2019 by renholding

Fifty years ago, banking was a relationship business. Bank managers collected information about depositors and borrowers from all sorts of sources, formal and informal. In recent decades, credit decisions have become far more data-driven, with companies like Amazon and the …

Putting Technology to Good Use: The Role of Corporate, Competition, and Tax Law

By John Armour, Luca Enriques, Ariel Ezrachi and John Vella February 14, 2019 by renholding

Innovation and its main output, technology, are changing the way we work, socialize, vote, and live. New technologies have improved our lives and made firms more productive, raising living standards across the world. Thanks to progress in information technology, the …

How Innovation and Technological Savvy Would Help Institutional Investors

By Ashby H. B. Monk and Dane Rook March 26, 2018 by renholding

The role of institutional investors in modern society often goes underappreciated. In fact, the viability of many socio-economic systems is premised on institutional investors succeeding in their missions. Sovereign wealth funds help stabilize the macro-economy and currency prices, finance critical …

SEC Commissioner Talks Old Law and New Frontiers at RegTech Summit

By Michael S. Piwowar March 9, 2018 by renholding

Questions of FinTech and RegTech have been paramount in my mind and, I think it is safe to say, the minds of my fellow Commissioners in recent months.[1]

Old Fields and New Corn

On the paneled walls of the

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Financial Supervisors and RegTech: Four Roles and Four Challenges

By Luca Enriques February 12, 2018 by renholding

Financial institutions and their regulators have long been early adopters of new information technologies (IT). In a short essay based on two posts for the Oxford Business Law Blog (available here and here), I first identify four uses of …

Technology Spillovers, Asset Redeployability, and Corporate Financial Policies

By Phuong-Anh Nguyen and Ambrus Kecskés January 26, 2018 by renholding

Innovation is perhaps the single most important driver of productivity and growth. However, firms do not innovate in isolation but rather within an ecosystem of their technological peers, as many classic studies show. More recent work finds that a given …

The Governance Implications of Business Disruption

By Michael W. Peregrine and Kenneth Kaufman January 12, 2018 by renholding

In 2018, corporate boards will increasingly be called upon to respond to how innovative competitors disrupt their companies’ business models. These competitors use technology, scale, and sharp insights into consumers to lower prices, improve products and services, and draw customers …

Morrison & Foerster Explains How Delaware Paves the Way for Blockchain Technology

By Spencer D. Klein and F. Dario de Martino March 31, 2017 by renholding

Following last May’s announcement of the “Delaware Blockchain Initiative” by former Delaware Governor Jack Markell[1], on March 13, 2017, the Corporate Council of the Corporation Law Section of the Delaware State Bar Association released groundbreaking draft legislation proposing …

Can Technology Solve Information Overload and Complexity in Securities Disclosure?

By Erik F. Gerding January 17, 2017 by renholding

Securities disclosure is under fire, with professors and politicians launching two basic criticisms against it. The first is that it causes “information overload:” Investors cannot process all the disclosure that securities rules require. The idea can be traced back to …

What Happens When Technology Is Faster Than the Law?

By Wulf Kaal September 22, 2016 by renholding

Designing a regulatory framework that ensures the safety of users and the public while facilitating the commercial use and consumer enjoyment of disruptive innovation is a challenging undertaking. This is particularly true in contemporary settings, where innovation is quicker and …

Morrison & Foerster Covers the Highlights of World Economic Forum’s Blockchain Report

By Joshua Ashley Klayman, F. Dario de Martino and Alisha J. Turak September 19, 2016 by renholding

The World Economic Forum threw a knockout punch last month when it released its report, “The Future of Infrastructure: An Ambitious Look at How Blockchain Can Reshape Financial Services.”[1] When Giancarlo Bruno, the World Economic Forum’s Head …

Skadden explains CFIUS’s Annual Report to Congress Highlights Decrease in Investigations, Need for Transparency

By Ivan A. Schlager, John M. Beahn, Jonathan M. Gafni, Malcolm Tuesley, Joshua F. Gruenspecht and John P. Kabealo March 8, 2016 by AJ

The Committee on Foreign Investment in the United States (CFIUS) is an interagency organization charged with identifying potential national security risks posed by foreign acquisitions of U.S. businesses and mitigating those risks as necessary. If CFIUS determines that the national …

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