Weekly Roundup: September 10

This roundup contains a collection of the posts published on the Forum during the week of September 10–16, 2021.

Financial Reporting and Moral Sentiments

Posted by Radhika Lunawat (UC Irvine), Timothy W. Shields (Chapman University), and Gregory Waymire (Emory University), on Friday, September 10, 2021

Tags: Behavioral finance, Financial reporting, Information environment, Management, Oversight, Reputation

Remarks by Chair Gensler Before the Investor Advisory Committee

Posted by Gary Gensler, U.S. Securities and Exchange Commission, on Friday, September 10, 2021

Tags: Financial technology, Rule 10b-5-1, SEC, SEC enforcement, SEC rulemaking, Securities enforcement, Securities regulation, SPACs, Special purpose vehicles

NYSE Restores Thresholds for Related Party Transactions

Posted by Brian Breheny, Raquel Fox, and Marc Gerber, Skadden, Arps, Slate, Meagher & Flom LLP, on Saturday, September 11, 2021

Tags: Audit committee, Foreign issuers, Listing standards, Materiality, Mergers & acquisitions, NYSE, Related party transactions, Securities regulation

SEC Continues to Scrutinize Earnings Management Through Its EPS Initiative

Posted by Jina Choi and Andre Fontana, Morrison & Foerster LLP, on Sunday, September 12, 2021

Tags: Accounting, Earnings disclosure, Earnings management, Financial reporting, Risk, SEC, SEC enforcement, Securities enforcement

Boards Need to Become More Diverse. Here’s How to Do It

Posted by Maria Castañón Moats, PricewaterhouseCoopers LLP, on Monday, September 13, 2021

Tags: Board composition, Board dynamics, Board turnover, Boards of Directors, Director qualifications, Diversity, ESG

Boeing’s MAX Woes Reach the Boardroom

Posted by Edward D. Herlihy and William Savitt, Wachtell, Lipton, Rosen & Katz, on Monday, September 13, 2021

Tags: Boards of Directors, Boeing, Caremark, Delaware cases, Delaware law, Derivative suits, Director liability, Liability standards, Risk oversight, Shareholder suits

Discharging the Discharge for Value Defense

Posted by Eric Talley (Columbia Law School), on Monday, September 13, 2021

Tags: Contracts, Debt, Debt contracts, Debtor-creditor law, Securities litigation

The FCA and SEC Annual Reports—A Statistical Comparison

Posted by Helen Marshall, Michael A. Asaro, and Joe Hewton, Akin, Gump, Strauss, Hauer & Feld LLP, on Tuesday, September 14, 2021

Tags: FCA, International governance, SEC, SEC enforcement, Securities enforcement, UK

Beyond “Market Transparency”: Investor Disclosure and Corporate Governance

Posted by Alexander I. Platt (University of Kansas School of Law), on Tuesday, September 14, 2021

Tags: Disclosure, Information asymmetries, Information environment, Schedule 13F, Securities regulation, Transparency

ESG Disclosures in Proxy Statements: Benchmarking the Fortune 50

Posted by Rebecka Manis, Lindsey Smith, and Sonia Gupta Barros, Sidley Austin LLP, on Tuesday, September 14, 2021

Tags: Climate change, Disclosure, Diversity, Environmental disclosure, ESG, Human capital, SEC, SEC rulemaking, Securities regulation, Sustainability

Uptick in Clients Seeking to Discuss ESG Investing

Posted by Subodh Mishra, Institutional Shareholder Services, Inc., on Wednesday, September 15, 2021

Tags: Climate change, Environmental disclosure, ESG, Institutional Investors, Proxy advisors, Stakeholders

Market Efficiency and Limits to Arbitrage: Evidence from the Volkswagen Short Squeeze

Posted by Angel Tengulov (University of Kansas), on Wednesday, September 15, 2021

Tags: Accounting, EU, Europe, International governance, Market reaction, Mergers & acquisitions, Securities regulation, Short sales, Volkswagen

Testimony By Chair Gensler Before the United States Senate Committee on Banking, Housing, and Urban Affairs

Posted by Gary Gensler, U.S. Securities and Exchange Commission, on Wednesday, September 15, 2021

Tags: Cryptocurrency, Derivatives, Disclosure, Investor protection, SEC, SEC enforcement, Securities enforcement, Securities regulation, SPACs, Swaps

Going Public Report: First Half 2021

Posted by Robert Freedman, Amanda Rose and Ran Ben-Tzur, Fenwick & West LLP, on Thursday, September 16, 2021

Tags: Capital formation, IPOs, Mergers & acquisitions, SPACs, Special purpose vehicles, Tech companies

The Real Effects of Mandatory CSR Disclosure on Emissions: Evidence from the Greenhouse Gas Reporting Program

Posted by Lavender Yang, Nicholas Muller, and Pierre Liang (Carnegie Mellon University), on Thursday, September 16, 2021

Tags: Climate change, Corporate Social Responsibility, Environmental disclosure, ESG, Information environment, Oversight, Reputation, Stakeholders

SEC Charges Kraft Heinz with Improper Expense Management Scheme

Posted by Cydney Posner, Cooley LLP, on Thursday, September 16, 2021

Tags: Accounting, Accounting irregularities, Financial reporting, Restatements, SEC, SEC enforcement, Securities enforcement, Securities regulation

Weekly Roundup: September 10–16, 2021