On April 19, 2023, the Supreme Court removed two key potential obstacles to the criminal prosecution of foreign states and their agencies and instrumentalities in U.S. courts. In Turkiye Halk Bankasi A.S. v. United States, 598 U.S. __ (2023), the Court first held that federal courts have jurisdiction over criminal cases against foreign sovereigns
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SEC Chair Speaks Before the Investment Company Institute
By Gary Gensler
As is customary, I’d like to note that my views are my own as Chair of the Securities and Exchange Commission, and I’m not speaking on behalf of my fellow Commissioners or the SEC staff.
Investment Company Act of 1940
There is a saying when you’re in the woods. “You don’t have to outrun the…
How EU and U.S. Disclosure Requirements Differ While Sharing the Same Goals
Financial markets and securities regulation in the European Union and the United States are converging in an increasing number of areas, from the repression of market manipulation to the provision of stricter requirements for market gatekeepers, such as auditing firms and credit rating agencies. The reasons are clear: EU and U.S. lawmakers want to protect…
SEC Commissioner Speaks on Cybersecurity and Protecting Investors
Good morning. Thank you, Bob [Zukis]. It is a pleasure to be here today, and I thank the Digital Directors Network for hosting this discussion about cybersecurity. This topic is so essential for the safety and resiliency of our capital markets. [1]
My special thanks to former Commissioner Luis Aguilar for initially inviting me to…
SEC Chair Speaks About the Treasury Markets and the Debt Ceiling Discussions
By Gary Gensler
Good afternoon. I’m pleased to be back for what I’m told is the fifth time speaking before the International Swaps and Derivatives Association (ISDA). As is customary, I’d like to note that my views are my own as Chair of the Securities and Exchange Commission, and I am not speaking on behalf of my fellow…
Skadden Discusses De-SPACed Companies Seeking Chapter 11 Protection
The contraction of the market for special purpose acquisition companies (SPACs) and the recent challenges de-SPACed companies have encountered have attracted considerable press attention. The stocks of many de-SPACed businesses — companies formed by the merger of a SPAC with an operating business — are trading well below the SPACs’ original IPO price, and a…
SEC Chair Gensler Speaks on Updated Rules for Private Funds
By Gary Gensler
The 1990s was the decade of Michael Jordan and the Chicago Bulls. The Cold War was over. It was the dawn of the internet and the Spice Girls. Seinfeld was on TV. Bill Clinton brought blue jeans and Domino’s delivery to the White House.
The 1990s also was pretty relevant for the private fund field.…
Cleary Gottlieb Discusses Non-Disclosure Agreements — Are They Effective?
Over the past several years, the use of non-disclosure agreements (“NDAs”) has received significant public scrutiny following their controversial use in a number of high profile harassment claims.[1]
NDAs were back in the headlines earlier this year following the leak to the Telegraph of around 100,000 Whatsapp messages belonging to the former UK Health…
Mayer Brown Discusses Corporate Governance and Risk Management Experience
From employee protection to consumer safety, risk management is a central daily duty of corporate management and has become top of the oversight agenda for corporate boards. While managers remain in charge of day-to-day risk management, the board’s oversight role has expanded so much that directors benefit from thinking broadly and deeply about how they…
A Way Out of the Banking Crisis: The Case for a New Style Prime Money Market Fund
The best way out of the bank stability problem revealed by the run on Silicon Valley Bank – but spreading to other banks – may be a new style of prime money market fund (“MMF”) that, unlike existing prime MMFs, has some loss-absorbing capacity and so could offer fixed net asset value (“NAV”).
Recall in…