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Program on Corporate Governance Advisory Board
- William Ackman
- Peter Atkins
- David Bell
- Kerry E. Berchem
- Richard Brand
- Daniel Burch
- Paul Choi
- Jesse Cohn
- Arthur B. Crozier Christine Davine
- Renata J. Ferrari
- John Finley
- Andrew Freedman
- Ray Garcia
- Byron Georgiou
- Joseph Hall
- Jason M. Halper
- Paul Hilal
- Carl Icahn William P. Mills
- David Millstone
- Theodore Mirvis
- Philip Richter
- Elina Tetelbaum
- Sebastian Tiller
- Marc Trevino Jonathan Watkins
- Steven J. Williams
- Daniel Wolf
HLS Faculty & Senior Fellows
Author Archives: Harvard Law School Forum on Corporate Governance and Financial Regulation
Materiality and the Fraud-on-the-Market Presumption
In November 2012, the United States Supreme Court will again hear an appeal of a federal securities class action in Amgen Inc. v. Connecticut Retirement Plans & Trust Funds (No. 11-1085) (“Amgen”). In the past two years, the Supreme Court has heard no less than five appeals arising from securities class actions. Amgen requires the […]
Click here to read the complete postSecurities Offerings During Blackout Periods and Following a Quarter-End
Many companies voluntarily impose a “blackout period” beginning around the time a quarter ends and continuing through the quarter’s earnings announcement or subsequent 10-Q or 10-K filing. Although the company’s directors and officers are therefore barred by company policy from trading during this period, it may nevertheless be possible for the company or its major […]
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Posted in Accounting & Disclosure, Practitioner Publications, Securities Regulation
Tagged Disclosure, Earnings disclosure, Financial reporting, Management, SEC, Securities regulation
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The Political Economy of Insider Trading Law and Enforcement
Across the globe, many view insider trading as a threat to stock market integrity and efficiency. This is evidenced by the fact that, as of 2000, eighty-seven countries had enacted insider trading legislation and thirty-eight had prosecuted insider trading at least once. However, these laws vary in stringency and many of them were enacted only […]
Click here to read the complete postHow Global Benchmark Rates Failed and Can Recover
Editor’s Note: Gary Gensler is chairman of the Commodity Futures Trading Commission. This post is based on Chairman Gensler’s remarks before the European Parliament, Economic and Monetary Affairs Committee, available here. In June, the financial markets were taken aback when the Barclays settlement was announced. What were the systemic failures, how widespread is the problem, […]
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Posted in Financial Crisis, Financial Regulation, International Corporate Governance & Regulation, Speeches & Testimony
Tagged Banks, CFTC, Financial crisis, Financial institutions, Financial regulation, International governance
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A Corporate End-User’s Handbook for Dodd-Frank Title VII Compliance
I. Introduction Almost four years after the financial crisis and over two years after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”), the overhaul of the US derivatives market is rapidly shifting into the implementation phase. Many of the key elements of Dodd-Frank relating to OTC derivatives will begin to […]
Click here to read the complete postThe Wheatley Review of LIBOR: Final Report
The final report of the Wheatley Review on LIBOR has been published. The report concludes that LIBOR should be retained as a benchmark, but, as expected, recommends a comprehensive reform of LIBOR, which includes replacing the British Bankers Association (BBA) with a new independent administrator of LIBOR. Given the different contexts (as well as the […]
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Posted in Banking & Financial Institutions, Financial Regulation, International Corporate Governance & Regulation, Practitioner Publications
Tagged Banks, Financial institutions, Financial reform, Financial regulation, International governance, LIBOR, Oversight
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Gender Diversity on Public Company Boards
The issue of gender diversity in the corporate boardroom has risen to new prominence in the wake of recent efforts to impose quotas for women directors for companies in the European Union. The EU’s recent initiative has provoked controversy not only as to the optimal gender balance of boardrooms but also as to whether a […]
Click here to read the complete postRational Boundaries for Cost-Benefit Analysis in SEC Rulemaking
In a recent paper co-authored with Connor Raso, I argued that D.C. Circuit’s Business Roundtable decision has set a very high bar for cost-benefit analysis in rulemaking by financial regulators like the SEC. In 2011, the court struck down the agency’s long-pondered proxy access rule—a rule expressly authorized by Dodd-Frank—and did so in a way […]
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Posted in Academic Research, Legislative & Regulatory Developments, Securities Regulation
Tagged Cost-benefit analysis, SEC, SEC rulemaking, Securities regulation
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Court Vacates Position Limit Rules
Summary On October 18, 2011, the Commodity Futures Trading Commission (“CFTC”) adopted interim and final rules on positions limits applicable to options, futures contracts and swaps (including swaptions) related to 28 agricultural, metal and energy commodity contracts under Part 151 of its regulations (the “Position Limit Rules”) as well as amended existing position limits applicable […]
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Posted in Banking & Financial Institutions, Derivatives, Financial Regulation, Practitioner Publications
Tagged CFTC, Derivatives, Financial regulation, Futures, Position limits, Swaps
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