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

Which Way Out?

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, September 24, 2008

Editor’s Note: This op-ed by Professor Howell Jackson will be published in the print edition of the Christian Scientist Monitor tomorrow. While many agree that dramatic governmental action is needed to restore confidence in financial markets, there is less consensus on the precise form that action should take. Secretary Paulson has sketched out one approach […]

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Posted in Financial Crisis, HLS Research, Legislative & Regulatory Developments, Op-Eds & Opinions | Tagged , , , , | 1 Comment

Fed Relaxes Traditional Control Rules for Private Equity and Other Minority Investments in Banks and Bank Holding Companies

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, September 23, 2008

Yesterday, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued a policy statement (the “Equity Policy Statement”) that relaxed and clarified its long-standing control rules relating to minority investments in banks and bank holding companies (“Banking Organizations”). These changes and clarifications relate to four principal areas: • expanded director rights; • […]

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Posted in Legislative & Regulatory Developments, Practitioner Publications, Private Equity, Securities Regulation | Tagged , , , | 1 Comment

Developments in Takeover Defense

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, September 22, 2008

My firm extends an invitation to readers of the Harvard Law School Corporate Governance Blog to join us for a 60-minute informative Webcast on Developments in Takeovers Defenses tomorrow, September 23 at noon ET. You may do so from the comfort of your office by simply logging in a few minutes prior to the start […]

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Posted in Mergers & Acquisitions, Practitioner Publications | Tagged , | Comments Off on Developments in Takeover Defense

SEC Loosens Restrictions on Issuer Repurchases; Insider Trading Considerations Continue to Apply

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Saturday, September 20, 2008

In an emergency order that became effective yesterday, September 19, 2008, the SEC suspended the timing and volume restrictions of Rule 10b-18. Rule 10b-18 is the rule that says that repurchases by a company will not be viewed as manipulative if they are effected in accordance with the conditions of the rule. The SEC emergency […]

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SEC Issues Order Temporarily Banning Short Sales of Public Securities of 799 Financial Companies

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, September 19, 2008

Yesterday the SEC issued an order temporarily banning all persons from short selling publicly traded securities of any issuers that are included in a list of financial companies attached to the order. The order, which is currently effective, expires at 11:59 p.m. (Eastern) on October 2, 2008. There are several narrow exceptions to the blanket […]

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Posted in Banking & Financial Institutions, Practitioner Publications, Securities Regulation | Tagged , | 1 Comment

Treasury Encourages Development of Covered Bonds in the U.S. and Issues “Best Practices”

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Friday, September 19, 2008

My colleagues Randall Guynn and Joerg Riegel and I have recently written a memorandum entitled Treasury Encourages Development of Covered Bonds in the U.S. and Issues “Best Practices”, which discusses the Treasury Department’s issuance of Best Practices for U.S. Covered Bonds intended to set standards for the development of a covered bond market in the […]

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SEC Constrains Short Selling: Too Little Too Late

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Thursday, September 18, 2008

The SEC yesterday announced three actions addressing short selling. Its actions are too little too late. First, the SEC adopted a rule requiring short sellers and their broker-dealers to deliver securities by the settlement date (three days after the transaction date) and imposing penalties for failure to do so. In addition, the SEC eliminated the […]

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Panel Discussion on Corporate Litigation

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Wednesday, September 17, 2008

The Harvard Law School Program on Corporate Governance is pleased to announce the availability of the video of its event on corporate litigation. The event, which was held earlier this month, is the first of the Program’s series entitled Introduction to Corporate Practice. The series’ aim is to expose students to leading practitioners and their […]

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Beneficial Ownership – By-Law Disclosure Proposal

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Tuesday, September 16, 2008

My partner James C. Woolery and I have prepared a memorandum entitled “Beneficial Ownership – By-Law Disclosure Proposal,” in which we propose an innovative by-law amendment as a response to the threat posed to a company by the secret accumulation of its shares by activist investors. Secrecy is often achieved in this context through the […]

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Posted in Corporate Elections & Voting, Mergers & Acquisitions, Practitioner Publications, Securities Regulation | Tagged , , | Comments Off on Beneficial Ownership – By-Law Disclosure Proposal

Founders, Heirs, and Corporate Opacity in the U.S.

By Harvard Law School Forum on Corporate Governance and Financial Regulation | Published Monday, September 15, 2008

In our forthcoming Journal of Financial Economics paper entitled Founders, Heirs, and Corporate Opacity in the U.S., we investigate the impact of founder and heir shareholders on corporate opacity and whether, and how, they use their influence to affect firm performance. We argue that founders’ and heirs’ unique and dominant control positions provide particularly strong […]

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