Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation

Cyber Lessons from the SEC?

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, October 1, 2018

Public companies worried about cybersecurity risk would be well served to pay attention to a recent crackdown by the U.S. Securities and Exchanges Commission on the use of automated technology to detect investment advisor fraud. A recent settlement with Ameriprise Financial Services Inc., a registered investment adviser and broker dealer, suggests that the Commission isn’t […]

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The SEC and Foreign Private Issuers: A Path to Optimal Public Enforcement

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Sunday, September 30, 2018

The question of finding an optimal approach to securities law liability and enforcement against foreign issuers in U.S. markets remains open. Seeking to find answers to this policy question, my recent article presents relevant empirical, doctrinal, economic, and institutional arguments. To my knowledge, this paper is the first empirical survey of the recent changes in […]

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Testimony on “Oversight of the SEC’s Division of Investment Management”

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, September 29, 2018

Chairman Huizenga, Ranking Member Maloney, and Members of the Subcommittee, thank you for inviting me to testify before you today about the work of the Division of Investment Management (the “Division”). I would also like to thank you for your interest in asset management and the efforts of our Division in this space. The asset […]

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On Elon Musk, Donald Trump, and Corporate Governance

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, September 29, 2018

There was something Trumpian in Elon Musk’s tweet about taking Tesla private. “Am considering taking Tesla private at $420. Funding secured”, he boldly and succinctly announced on August 7, claiming that the necessary capital has been confirmed from the Public Investment Fund (PIF), the Saudi sovereign fund that is seeking to become the region’s largest […]

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Corporate Governance Update: Shareholder Activism Is the Next Phase of #MeToo

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, September 28, 2018

As the #MeToo movement continues to make itself felt in all facets of American life, public company boards of directors that are newly focused on the issue of workplace harassment have seen corporate responses evolve. In recent months, many boards have overseen the addition of anti- harassment policies to corporate codes of conduct, the establishment […]

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How Blockchain will Disrupt Corporate Organizations

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, September 28, 2018

Closed, hierarchical organizations have dominated political, economic and social life for the past several hundred years. Such organizations are characterized by (i) a centralized source of authority; (ii) a formal hierarchy with clearly differentiated functional “roles”; and, (iii) standardized operational systems and procedures dictated by the authority/hierarchy. This type of organization has exerted an enormous […]

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Weekly Roundup: September 21-27, 2018

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, September 28, 2018

Confronting a New Agency Problem Posted by Adi Libson (Bar-Ilan University), on Friday, September 21, 2018 Tags: Corporate Social Responsibility, Diversity, Engagement, Environmental disclosure, ESG, Shareholder power, Shareholder proposals, Shareholder voting Fake News: Evidence from Financial Markets Posted by Shimon Kogan (IDC Herzliya), Tobias Moskowitz (Yale School of Management), and Marina Niessner (AQR Capital Management), on Saturday, September 22, 2018 Tags: Financial reporting, Information environment, SEC, SEC enforcement, Securities enforcement, Securities […]

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Digital Tokens: No Such Thing as a Free Launch

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, September 27, 2018

The issuance of digital tokens in exchange for services rather than money still can constitute an offering of securities, according to findings recently made by the Securities and Exchange Commission in a settled enforcement action, In the Matter of Tomahawk Exploration LLC and David Thompson Laurance, Securities Act Rel. No. 33-10530, Exchange Act Rel. No. […]

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Short-Changing Compliance

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, September 27, 2018

Our paper Short-Changing Compliance argues for a refashioning of the rules of director liability for failures of compliance oversight, the so-called Caremark standard, in light of changing patterns of executive and director compensation that create short-termist pressures to under-invest in compliance. We propose a regime of fact-finding and clawbacks that runs through an alternative dispute […]

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Can the First Dutch Stewardship Code Encourage Investors to Act as Stewards

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, September 27, 2018

Introduction On July 3rd, 2018, Eumedion published the first Dutch Stewardship Code (the “Code”), following a public consultation launched in September 2017. The Code provides a set of principles for stewardship by asset owners and asset managers towards Dutch listed investee companies. Eumedion is a cooperative body of mainly Dutch institutional investors, although in recent […]

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