In the debate over introducing ideas from environmental and sustainability regulation to corporate law, one major issue has been largely missing: discounting frameworks. Discounting is important for evaluating the future benefits of investment today and is used by both social planners such as governments and private investors. The higher the discount rate, the lower the…

On March 3, 2025, the staff of the Division of Corporation Finance of the Securities and Exchange Commission (the “SEC”) announced that it will further expand the accommodations available for issuers to submit draft registration statements for nonpublic review. These expanded accommodations are designed to facilitate capital formation and reflect the SEC’s continued efforts to…

Under Section 141 of the Delaware General Corporation Law, a corporate board could theoretically create a committee consisting of a single director, call her Daphne, to whom it gives a veto right over all decisions taken by the full board. If that’s the case, shouldn’t it be able to enter into a contract that gives…

For over two decades, policymakers worldwide have worked to combat profit shifting and tax avoidance, leading to the widespread adoption of anti-tax avoidance regulations. Notable examples include the European Union’s Anti-Tax Avoidance Directive and the Tax Cuts and Jobs Act in the United States. Despite these efforts, the overall costs and benefits of such regulations…

As part of an effort to provide greater clarity on the application of the federal securities laws to crypto assets,[1] the Division of Corporation Finance is providing its views[2] on certain activities on proof-of-work networks known as “mining.” Specifically, this statement addresses the mining of crypto assets that are intrinsically linked to the…

Less than two years after announcing a more aggressive approach to enforcement, the CFTC Division of Enforcement has issued a new policy on self-reporting and cooperation credit that replaces all previous Division policies on enforcement matters, stressing a more balanced and transparent approach.
On February 25, 2025, the CFTC’s Division of Enforcement, under new leadership,…