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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
- Joseph Hall
- Jason M. Halper William P. Mills
- David Millstone
- Theodore Mirvis
- Philip Richter
- Elina Tetelbaum
- Sebastian Tiller
- Marc Trevino
- Steven J. Williams
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
SEC Modernizes Filing Fee Rules
On October 13, 2021, the U.S. Securities and Exchange Commission adopted final rules that amend several fee-bearing forms, schedules, statements and related rules to modernize filing fee disclosure and payment methods for securities transactions. The amendments, which will require each filing fee table and related disclosure to be filed as an exhibit in a structured format, will […]
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Posted in Accounting & Disclosure, Practitioner Publications, Securities Regulation
Tagged Accounting, Disclosure, EDGAR, Filings, Financial reporting, SEC, SEC rulemaking, Securities regulation, XBRL
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Remarks by Chair Gensler at the Securities Enforcement Forum
Thank you for having me here today. As is customary, I’d like to note that my views are my own, and I’m not speaking on behalf of the Commission or SEC staff. In 1934, in his first speech as the SEC’s first Chair, Joseph Kennedy told the National Press Club, “The Commission will make war […]
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Posted in Practitioner Publications, Regulators Materials, Securities Litigation & Enforcement, Securities Regulation, Speeches & Testimony
Tagged Accountability, Compliance and disclosure interpretation, DOJ, SEC, SEC enforcement, SEC rulemaking, Securities enforcement
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Quantifying the High-Frequency Trading “Arms Race”
In the past few decades, financial markets across most major asset classes—equities, futures, treasuries, currencies, options, etc.—have transformed from human beings interacting with each other on trading floors, pits and desks, to computerized trading algorithms interacting with each other in exchange computer servers. On the whole, this transformation from humans to computers has brought clear, […]
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Posted in Academic Research, Empirical Research, Securities Regulation
Tagged Algorithmic trading, Arbitrage, Financial technology, High-frequency trading, Liquidity, Market efficiency
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Weekly Roundup: October 29–November 4, 2021
Disrupting the Disruptors? The “Going Public Process” in Transition Posted by Aswath Damodaran (New York University), on Friday, October 29, 2021 Tags: Capital formation, Direct listings, Disclosure, IPOs, Private equity, Public firms, Securities regulation, SPACs, Venture capital firms Carbon Zero and the Board Posted by Martin Lipton, Wachtell, Lipton, Rosen & Katz, on Friday, October 29, 2021 Tags: Climate change, Disclosure, Environmental disclosure, ESG, SEC, Securities regulation, Shareholder activism, Sustainability Racial Equity Audits: A […]
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Tagged Weekly Roundup
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Remarks by Chair Gensler Before the Asset Management Advisory Committee
Thank you. It is good to be with this Committee again. I’d like to thank the members. For the past two years, you have studied and advised the Commission on a number of important issues, on top of your other responsibilities and roles. This Committee was formed shortly before COVID-19 came to our shores. This […]
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Posted in Accounting & Disclosure, ESG, Practitioner Publications, Regulators Materials, Securities Litigation & Enforcement, Securities Regulation, Speeches & Testimony
Tagged Asset management, Disclosure, ESG, Financial technology, Form ADV, Institutional Investors, Investment advisers, Private funds, Securities regulation, Sustainability
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Statement by Commissioners Peirce and Roisman on Shareholder Proposals
Today the Division of Corporation Finance issued a new staff legal bulletin relating to shareholder proposals, which rescinded the last three bulletins and indicated that the staff may no longer agree that certain proposals are excludable from proxy statements under Rule 14a-8. Notably, the Bulletin singles out as likely no longer excludable proposals “squarely raising […]
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Posted in Corporate Elections & Voting, ESG, Practitioner Publications, Regulators Materials, Securities Regulation, Speeches & Testimony
Tagged Climate change, ESG, No-action letters, Rule 14a-8, Say on climate, SEC, SEC rulemaking, Securities regulation, Shareholder proposals, Shareholder voting
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Mandating Disclosure of Climate-Related Financial Risk
Climate change will profoundly affect the institutions that undergird modern society and will challenge almost every industry and economic sector. Under certain warming scenarios, our best available estimates suggest that climate change will impose tens of trillions of dollars in economic costs over the next 80 years. In this unprecedented environment, companies and their investors […]
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Posted in Academic Research, Accounting & Disclosure, ESG, Securities Regulation
Tagged Climate change, Disclosure, Environmental disclosure, ESG, Risk disclosure, SASB, SEC, Securities regulation, Sustainability
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Remarks by Chair Gensler Before the SIFMA Annual Meeting
Thank you. It’s good to be here at the annual meeting of the Securities Industry and Financial Markets Association — what we all know as SIFMA. John [Rogers], I look forward to your questions. As is customary, I will note that I am not speaking on behalf of the Commission or SEC staff. The SEC […]
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Posted in Practitioner Publications, Regulators Materials, Securities Litigation & Enforcement, Securities Regulation, Speeches & Testimony
Tagged Broker-dealers, Capital markets, Derivatives, Engagement, Investor protection, SEC, SEC rulemaking, Securities regulation, Swaps, Systemic risk
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Endogenous Choice of Stakes Under Common Ownership
A common concentrated owner (CCO) holds stakes in competing firms. Antitrust theorists have long posited that the interests of a CCO differ from those of an owner of a single firm. Economists have developed models in which, depending on its ownership structure, a firm in a noncompetitive industry maximizes a weighted average of its own […]
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Posted in Academic Research, Comparative Corporate Governance & Regulation, Empirical Research, Institutional Investors
Tagged Antitrust, Asset management, Common ownership, Index funds, Institutional Investors, Ownership, Ownership structure
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SEC Reopens Comment Period for Dodd-Frank Clawback Rule
On October 14, 2021, the Securities and Exchange Commission announced that it is reopening the comment period for its proposed clawback rule, which has languished ever since Congress directed the SEC to adopt it in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Dodd-Frank Act directed the SEC to require stock exchanges to obligate […]
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Posted in Accounting & Disclosure, Executive Compensation, Practitioner Publications, Securities Litigation & Enforcement, Securities Regulation
Tagged Clawbacks, Dodd-Frank Act, Executive Compensation, Restatements, SEC, SEC enforcement, SEC rulemaking, Securities enforcement, Securities regulation
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