Monthly Archives: August 2017

Response to the Federal Reserve’s Proposal to Enhance the Effectiveness of Boards of Directors

By | August 29, 2017

Courtesy of Joseph A. Smith Jr. On August 3, 2017, the Board of Governors of the Federal Reserve System (“Federal Reserve”) released a proposal regarding its supervisory expectations for the boards of directors of bank holding companies, savings and loan holding companies, state member banks, U.S. branches and agencies of foreign banks, and non-bank systemically… Read More »

Is an ICO a Sale of Securities? An Analysis of The DAO Offering

By | August 24, 2017

Initial Coin Offerings (also referred to as “ICOs” or “token sales”) are presenting new challenges for regulators in determining the application of securities laws. Until recently, the ICO market was unrestrained by law or regulation; inhibited only by investor appetite. But last month, the Securities and Exchange Commission (SEC), threw cold water on the ICO… Read More »

Robo-Advisers and the Fiduciary Duty

By | August 1, 2017

This post is inspired by and includes excerpts from “The Rise of Robo-Advisers: Can an Algorithm be a Fiduciary”, 67 Duke L.J (2017) (forthcoming). Imagine all your retirement savings is managed by an online company (robo-adviser) that utilizes an extremely sophisticated machine learning algorithm to construct a continuously adjusting portfolio designed to maximize risk-adjusted returns… Read More »