Weekly Roundup: July 10

This roundup contains a collection of the posts published on the Forum during the week of July 10–16, 2020.

Do Bank Insiders Impede Equity Issuances?

Posted by Martin Goetz (Goethe University Frankfurt), Luc Laeven (European Central Bank), Ross Levine (University of California, Berkeley), on Friday, July 10, 2020

Tags: Banks, Equity capital, Financial crisis, Financial regulation, Firm valuation, Incentives, Liquidity, Ownership, Ownership structure, Private benefits of control, Shocks

Opening Remarks by Commissioner Roisman at the Emerging Markets Roundtable

Posted by Elad L. Roisman, U.S. Securities and Exchange Commission, on Friday, July 10, 2020

Tags: Accounting, Capital formation, Emerging markets, International governance, Investment advisers, Investor protection, Securities regulation

Final Volcker 2.0: Summary for Fund Activities

Posted by Joseph P. Vitale and Nicholas Wilson, Schulte Roth & Zabel LLP, on Saturday, July 11, 2020

Tags: Banks, Federal Reserve, Financial institutions, Financial regulation, Ownership, Venture capital firms, Volcker Rule

Statement by Commissioner Lee on the Proposal to Substantially Reduce 13F Reporting

Posted by Allison Herren Lee, U.S. Securities and Exchange Commission, on Saturday, July 11, 2020

Tags: Asset management, Disclosure, Institutional Investors, Ownership, Schedule 13F, SEC, Securities regulation, Transparency

Doubt On Merger Disclosure Claims in a Rare Federal Court Decision

Posted by Roger Cooper, James Langston, and Mark McDonald, Cleary Gottlieb Steen & Hamilton LLP, on Sunday, July 12, 2020

Tags: Discovery, Merger litigation, Mergers & acquisitions, Proxy disclosure, Section 14, Shareholder suits, U.S. federal courts

Accounting and Auditing Enforcement Activity—2019 Review and Analysis

Posted by Elaine M. Harwood and Alison M. Forman, Cornerstone Research, on Sunday, July 12, 2020

Tags: Accounting, Audits, Financial reporting, Foreign firms, PCAOB, Restatements, Sarbanes–Oxley Act, SEC, SEC enforcement, Securities enforcement, Securities fraud

COVID-19: Navigating Core Audit Committee Responsibilities

Posted by Paula Loop, Paul DeNicola, and Stephen G. Parker, PricewaterhouseCoopers LLP, on Monday, July 13, 2020

Tags: Accounting, Audit committee, Audits, Boards of Directors, Compliance & ethics, Compliance and disclosure interpretation, Disclosure, External auditors, Internal auditors, Risk, Risk oversight

Protecting Financial Stability: Lessons from the Coronavirus Pandemic

Posted by Howell E. Jackson (Harvard Law School) and Steven L. Schwarcz (Duke University), on Monday, July 13, 2020

Tags: Bailouts, Banks, CARES Act, COVID-19, Financial crisis, Financial institutions, Financial regulation, Macroeconomics, Systemic risk

Chancery Court Sustains Breach of Fiduciary Duty Claims Against Nonparty to LLC Agreement

Posted by Taylor B. Bartholomew, Matt Greenberg and Joanna Cline, Troutman Pepper Hamilton Sanders LLP, on Monday, July 13, 2020

Tags: Contracts, Delaware cases, Delaware law, Fiduciary duties, Intermediaries, Liability standards, Securities litigation, Shareholder suits

Rulemaking Petition on Disclosure to Help Assess Climate Risk

Posted by Joseph F. Keefe and Julie Gorte, Impax Asset Management LLC, on Tuesday, July 14, 2020

Tags: Asset management, Climate change, Environmental disclosure, ESG, Long-Term value, Risk management, SEC, Securities regulation, Sustainability, Systemic risk

The Effect of Managers on Systematic Risk

Posted by Antoinette Schoar (MIT), Kelvin Yeung (Cornell University), and Luo Zuo (Cornell University), on Tuesday, July 14, 2020

Tags: Behavioral finance, Management, Manager characteristics, Managerial style, Risk management, Systemic risk

Maximizing the Benefits of Board Diversity: Lessons Learned From Activist Investing

Posted by Jared Landaw, Barington Capital Group LP, on Tuesday, July 14, 2020

Tags: Board composition, Board independence, Board performance, Boards of Directors, Corporate culture, Director qualifications, Diversity, Management, Shareholder activism

COVID-19: Audit Committee Financial Reporting Guidebook

Posted by Paula Loop, Paul DeNicola, and Stephen G. Parker, PricewaterhouseCoopers LLP, on Wednesday, July 15, 2020

Tags: Accounting, Audit committee, Boards of Directors, COVID-19, Disclosure, Financial reporting, Firm valuation, Internal auditors, Risk, Risk disclosure

CEO Summit

Posted by Jeffrey A. Sonnenfeld (Yale School of Management), on Wednesday, July 15, 2020

Tags: Accountability, Board leadership, Corporate Social Responsibility, Diversity, ESG, Management, Stakeholders

Response Letter to Statement Announcing SEC Staff Roundtable on Emerging Markets

Posted by Jeffrey P. Mahoney, Council of Institutional Investors, on Wednesday, July 15, 2020

Tags: Accounting standards, China, Council of Institutional Investors, Emerging markets, Financial reporting, Institutional Investors, International governance, Investor protection, Listing standards, NASDAQ, PCAOB, Securities fraud, Securities regulation

Weekly Roundup: July 10–16, 2020