Weekly Roundup: April 1-7, 2022

This roundup contains a collection of the posts published on the Forum during the week of April 1-7, 2022.

Social Contagion and the Survival of Diverse Investment Styles

Posted by David Hirshleifer (USC), Andrew W. Lo (MIT Sloan), and Ruixun Zhang (Peking University), on Friday, April 1, 2022

Tags: Behavioral finance, Institutional Investors, Investor horizons, Market conditions, Peer groups, Social networks

Statement by Commissioner Peirce on Proposal on SPACs, Shell Companies, and Projections

Posted by Hester M. Peirce, U.S. Securities and Exchange Commission, on Friday, April 1, 2022

Tags: Capital formation, Investor protection, IPOs, LLCs, Mergers & acquisitions, SEC, Securities regulation, SPACs, Special purpose vehicles

The SEC’s Proposed New Short Disclosure/Sale Requirements

Posted by Kevin J. Campion, Sidley Austin LLP, on Saturday, April 2, 2022

Tags: Disclosure, Regulation SHO, SEC, SEC rulemaking, Securities regulation, Short sales

Shareholder Activism in the Regulated Utility Sector

Posted by Audra Cohen and Tia Barancik, Sullivan & Cromwell LLP, on Saturday, April 2, 2022

Tags: Duke Energy, Hedge funds, Mergers & acquisitions, Private equity, Proxy contests, Securities regulation, Shareholder activism

SEC Proposes Unprecedented Cybersecurity Rules and Reporting Requirements

Posted by Adam Fee, Antonia M. Apps, and George S. Canellos, Milbank LLP, on Sunday, April 3, 2022

Tags: Cybersecurity, Risk, Risk disclosure, Risk management, SEC, SEC rulemaking, Securities regulation

Materiality in Recent SEC Comments on Climate Disclosure

Posted by Cydney Posner, Cooley LLP, on Monday, April 4, 2022

Tags: Climate change, Environmental disclosure, ESG, Materiality, SEC, Securities regulation, Sustainability

The Promise and Perils of Open Finance

Posted by Joshua Macey (University of Chicago) and Dan Awrey (Cornell University), on Monday, April 4, 2022

Tags: Algorithmic trading, Artificial intelligence, Banks, Consumer protection, Cybersecurity, Financial institutions, Financial regulation, Financial technology

EU Taxonomy and the Future of Reporting

Posted by Holly Pettingale, Stéphane de Maupeou, and Peter Reilly, FTI Consulting, on Monday, April 4, 2022

Tags: Climate change, Environmental disclosure, ESG, EU, Europe, Human capital, International governance, Sustainability

SEC Proposes Rules Enhancing Cybersecurity Disclosures

Posted by Zachary L. Cochran, Zachary J. Davis and Elizabeth Morgan, King & Spalding LLP, on Tuesday, April 5, 2022

Tags: Boards of Directors, Cybersecurity, Form 10-K, Form 10-Q, Materiality, Risk, Risk disclosure, Risk management, SEC, Securities regulation

Five Questions Boards Should Ask About the War in Ukraine

Posted by Matteo Tonello, The Conference Board, Inc., on Tuesday, April 5, 2022

Tags: Cybersecurity, ESG, Globalization, International governance, Risk management, Russia, Sustainability, Ukraine

Post-Doctoral Corporate Governance Fellowships For Finance, Economics, and Accounting Researchers

Posted by the Harvard Law School Forum on Corporate Governance, on Tuesday, April 5, 2022

Tags: Hiring, Program on Corporate Governance

SEC Proposes Short Sale Disclosure Rules

Posted by Brian Breheny, Raquel Fox, and James Rapp, Skadden, Arps, Slate, Meagher & Flom LLP, on Wednesday, April 6, 2022

Tags: Confidentiality, Disclosure, Institutional Investors, Regulation SHO, SEC rulemaking, Securities regulation, Short sales

The SEC’s Proposed Climate-Related Disclosure Rules: Thoughts for Audit Committees

Posted by David M. Silk, Carmen X. W. Lu, and Ram Sachs, Wachtell, Lipton, Rosen & Katz, on Wednesday, April 6, 2022

Tags: Audit committee, Boards of Directors, Disclosure, Environmental disclosure, ESG, SEC, Securities regulation

Statement by Commissioner Peirce on In the Matter of Lloyd D. Reed

Posted by Hester M. Peirce, U.S. Securities and Exchange Commission, on Wednesday, April 6, 2022

Tags: Information asymmetries, Information environment, Inside information, Insider trading, Mergers & acquisitions, SEC, SEC enforcement, Securities enforcement, Securities regulation

Corporate Leadership’s Indispensable Role in Promoting Equality

Posted by Martin Lipton and Leo E. Strine, Jr., Wachtell, Lipton, Rosen & Katz, on Thursday, April 7, 2022

Tags: Board composition, California, Diversity, ESG, Listing standards, Management, NASDAQ, Private ordering, Stakeholders, State law

The Limits of SPAC Sponsor Earnouts

Posted by Michael Klausner (Stanford University) and Michael Ohlrogge (NYU), on Thursday, April 7, 2022

Tags: Agency costs, Earnouts, Executive Compensation, IPOs, Mergers & acquisitions, SPACs

Statement by Chair Gensler on Registration of Security-Based Swap Execution Facilities

Posted by Gary Gensler, U.S. Securities and Exchange Commission, on Thursday, April 7, 2022

Tags: CFTC, Credit default swaps, Derivatives, Dodd-Frank Act, SEC, SEC rulemaking, Securities regulation, Swaps, Swaps entities