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Program on Corporate Governance Advisory Board
- Peter Atkins
- David Bell
- Kerry E. Berchem
- Richard Brand
- Daniel Burch
- Paul Choi
- Jesse Cohn
- Arthur B. Crozier
- Renata J. Ferrari
- Andrew Freedman
- Ray Garcia
- Byron Georgiou
- Joseph Hall
- Jason M. Halper William P. Mills
- David Millstone
- Theodore Mirvis
- Philip Richter
- Elina Tetelbaum
- Sebastian Tiller
- Marc Trevino
- Steven J. Williams
HLS Faculty & Senior Fellows
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
Putting Technology and Competition to Work for Investors
Today [June 20, 2014], I want to speak to you about the current state of our securities markets—an issue that I know is on your minds and one that is well-suited for the financial capital of the world. The U.S. securities markets are the largest and most robust in the world, and they are fundamental […]
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Posted in Practitioner Publications, Regulators Materials, Securities Regulation, Speeches & Testimony
Tagged Broker-dealers, Capital markets, Equity securities, High-frequency trading, Intermediaries, Investor protection, NASDAQ, NYSE, Regulation NMS, SEC, Securities regulation
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Measuring Readability in Financial Disclosures
The Fog Index has become a popular measure of financial disclosure readability in recent accounting and finance research. The SEC has even contemplated the use of the Fog Index to help identify poorly written financial documents. However, the measure has migrated to financial applications without its efficacy in the context of business disclosures having been […]
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Posted in Academic Research, Accounting & Disclosure
Tagged Disclosure, Filings, Information environment, SEC, Shareholder communications
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Bebchuk Included in the Thomson Reuters List of Most Influential Authors in all Research Fields
Professor Lucian Bebchuk was recently included in the list of most highly cited authors in academic research during 2002-2012 issued by Thomson Reuters. Spotlighting the standout researchers of the last decade, Thomson Reuters has issued Highly Cited Researchers, a compilation of influential names in science. These researchers earned the distinction by writing the greatest numbers […]
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Posted in Academic Research, Program News & Events
Tagged Citations, Program on Corporate Governance, Rankings
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CFTC Provides Streamlined No-Action Relief Filing Procedure
The Division of Swap Dealer and Intermediary Oversight (the “Division”) of the Commodity Futures Trading Commission (“CFTC” or the “Commission”) recently issued CFTC Letter No. 14-69 (May 12, 2014) (the “Letter”), which provides to certain commodity pool operators (“CPOs”) who delegate (the “Delegating CPO”) their CPO responsibilities to registered CPOs (the “Designated CPO”) a standardized, […]
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Posted in Derivatives, Financial Regulation, Practitioner Publications, Securities Regulation
Tagged CFTC, Commodities, Derivatives, Financial regulation, No-action letters, Securities regulation, Swaps, Swaps entities
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Volcker Rule: Observations on Interagency FAQs, OCC Interim Examination Guidelines
More than six months after the release of final Volcker Rule regulations, banking organizations continue to grapple with a long list of interpretive questions and an opaque process for seeking clarity from the Volcker agencies. Regulatory silence broke for a brief moment this past week in the form of a short interagency FAQ and, from […]
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Posted in Banking & Financial Institutions, Financial Regulation, Practitioner Publications, Securities Regulation
Tagged Banks, Compliance and disclosure interpretation, Financial institutions, Financial regulation, OCC, Proprietary trading, Securities regulation, Securitization, Volcker Rule
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Clearinghouses as Liquidity Partitioning
The Dodd-Frank Act established that certain swap contracts which previously were traded bilaterally (directly between buyers and sellers) must be traded through clearinghouses instead. Critics of this clearing mandate have mounted two main objections: a clearinghouse shifts risk instead of reducing it; and a clearinghouse could fail, requiring a bailout. In my article Clearinghouses as […]
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Posted in Academic Research, Banking & Financial Institutions, Bankruptcy & Financial Distress, Derivatives
Tagged Bankruptcy, Clearing houses, Derivatives, Financial institutions, Liquidity, Setoffs, Swaps, Systemic risk
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Comparing Insider Trading in the US and Europe
In the European Union insider trading has been regulated much more recently than in the United States, and it can be argued that, at least traditionally, it has been more aggressively and successfully enforced in the United States than in the European Union. Several different explanations have been offered for this difference in enforcement attitudes, […]
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Posted in Academic Research, Comparative Corporate Governance & Regulation, International Corporate Governance & Regulation, Securities Litigation & Enforcement, Securities Regulation
Tagged EU, Europe, Fiduciary duties, Insider trading, International governance, SEC, SEC v. Dorozhko, Section 10(b), Securities enforcement, Securities regulation
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The Fed’s Wake-Up Call to Bank Directors
The Dodd-Frank Act was undoubtedly a thorough re-working of the regulatory paradigm for banks and other financial institutions. But no less resolute are the intentions of U.S. banking regulators to carry regulatory reform further, based in significant part on perceived “macroprudential” authority after Dodd-Frank. The new regulatory paradigm will increasingly leave behind bank regulation’s traditional […]
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Posted in Banking & Financial Institutions, Boards of Directors, Financial Regulation, Practitioner Publications
Tagged Bank boards, Banks, Boards of Directors, Dodd-Frank Act, Federal Reserve, Fiduciary duties, Financial institutions, Financial regulation, Risk, Risk oversight
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