Tag Archives: SEC

A Critical Analysis of the SEC’s Reaction to Crypto Lending 

By | May 20, 2022

For the past several years, investors around the world who are interested in owning and holding certain cryptoassets for the long term have had the opportunity to deposit their assets with various companies and protocols and earn interest. One such company is CoinLoan, based in Europe and regulated under applicable EU financial law. It offers… Read More »

Third-Party Litigation Finance and Public Capital Markets: The Case of the Muddy Waters Short Attack on Burford Capital

By | May 13, 2022

Imagine a company that invests in a portfolio of long-term financial assets. This company’s asset portfolio is, relative to the asset management industry, highly concentrated—a circumstance which naturally heightens the appetite of the company’s own investors to know more details of the assets in the portfolio. The company operates in an adolescent industry, and neither… Read More »

Secondary markets and the power of the enforcement of insider trading laws

By | April 28, 2022

To facilitate small and high growth firms in need of finance, the London Stock Exchange (LSE) introduced a secondary market, the Alternative Investment Market (AIM), in 1995. The AIM is a lightly regulated market, with minimum eligibility criteria and ongoing obligations, which was initially considered to be a stepping-stone to the traditionally regulated Main Market… Read More »

The Media Goes Where They’re Needed: The Relation between Firms’ Investor Base and Media Coverage

By | April 27, 2022

The financial media provides information to investors by monitoring firms for malfeasance, such as fraud and excessive CEO pay (Miller, 2006; Core, Guay, and Larcker, 2008). The media also helps investors monitor more mundane corporate activities, such as periodic earnings announcements. However, it is unclear why certain firms get extensive media coverage, along with the resulting benefits,… Read More »

Of standards and technology: ISDA and technological change in the OTC derivatives market

By | April 25, 2022

There is no lack of interest in new technologies such as distributed ledger technology (DLT) or smart contract technology (SCT). For enthusiasts, DLT and SCT are full of promise. Thanks to technology, the future is meant to be frictionless and more decentralized. However, interest in the “plumbing” underneath, which is required to implement the vision… Read More »

Comments to the SEC on its Proposed Rule on Beneficial Ownership

By | April 20, 2022

The following post summarizes a comment letter to the SEC on its proposed rule to shorten the required filing time for disclosing the acquisition of more than five percent equity share in a public company. All comments can be found here. Under the Modernization of Beneficial Ownership Reporting (proposed rule), the U.S. Securities and Exchange Commission (SEC) seeks to shorten… Read More »

The Australian Securities and Investments Commission’s New Immunity Policy: An Evaluation

By | April 19, 2022

In 2021, the Australian Securities and Investments Commission (ASIC) launched an immunity policy for certain market misconduct offenses, including insider trading and market manipulation. The ASIC immunity policy grants a full exemption from civil and criminal sanctions (specifically immunity) to individuals who have colluded with others to contravene a provision of Part 7.10 of the Corporations Act 2001.… Read More »

Doing Good and Doing it with (Investment) Style

By | April 18, 2022

A private foundation is an independent legal entity that provides a vehicle for charitable giving. Private foundations play an increasingly important role in modern society through their support of public charities and their own philanthropic programs. In tax year 2016, private foundations had roughly $900 billion in total assets and distributed nearly $65 billion to… Read More »

FinTech Regulation in the United States: Past, Present, and Future 

By | April 12, 2022

For the last year, participants in the growing financial technology (FinTech) sector have been anticipating new regulation for digital assets. On March 9, 2022, President Biden signed an executive order to begin the process of developing a new supervisory regime that will help the United States be a leader in the space and resolve the challenges associated… Read More »

The Role of Institutional Investors in Financial Distress Resolution

By | April 11, 2022

A large literature has highlighted differences in bankruptcy laws across countries and the way these laws impact financial reorganization. While the resolution of financial distress varies from country to country, a distressed firm typically faces two alternatives when it comes to rearranging its capital structure: (1) a formal court-supervised bankruptcy procedure under bankruptcy law or (2) an informal out-of-court… Read More »