On 6 April 2025, the consumer protection provisions of the Digital Markets, Competition and Consumers Act 2024 (DMCC Act) came into force. The UK Competition and Markets Authority (CMA) can now directly pursue enforcement action without going through the courts (as with competition law investigations), including issuing fines, ordering businesses to improve their practices, and
The CLS Blue Sky Blog
Latest from The CLS Blue Sky Blog
The Placebo Effect of Insider Dealing Regulation
In a recent article, we explore the curious case of how regulators in the EU, UK, and United States treat two forms of insider trading — what we call “traditional insider trading” and “shadow trading.” The former, familiar to all, involves corporate insiders trading in the shares of their own firm. The latter, less…
How Non-GAAP Revenue Guidance Is Shaping Analysts’ and Investors’ Perceptions
Yet Another Potential Economic Shock to Emerging Economies
Tariffs have been front-page news for the last few months, virtually since the moment that the Trump Administration came into office. Along with this news has come considerable commentary on the impact the tariffs may have on the U.S. and the global economy and relations between the U.S. and important trading partners such as China,…
A Concrete Standard of Judicial Review for Corporate Deferred Prosecution Agreements
Earlier this year, Judge Reed O’Connor made headlines when he rejected a plea agreement between the Department of Justice (“DOJ”) and Boeing. O’Connor rejected the agreement because it required the DOJ to consider its DEI policies in selecting a corporate monitor, and the judge found that this term infringed on the court’s responsibility to select…
Wachtell Lipton Discusses the New Administration and Antitrust Merger Remedies
SEC Commissioner Peirce Speaks on Emerging Trends in Asset Management
Thank you, Natasha [Vij Greiner]. Good morning and welcome to the Third Annual Conference on Emerging Trends in Asset Management. Before I begin, I must remind you that my views are my own as a Commissioner and not necessarily those of the SEC or my fellow Commissioners.
Today’s four panels take us on a tour…
Supreme Court’s Recent Interpretation of Wire Fraud Confirms Confidential Government Information Is Property
For nearly 40 years, regardless of whether confidential information belonged to a governmental entity or a private-sector business, its misappropriation could be prosecuted as a property crime. Lower federal courts relied on Carpenter v. United States,[1] a well-known Supreme Court decision that unanimously affirmed the federal mail and wire fraud convictions of a reporter…
Can a Shareholder Focus Create Value for All Stakeholders?
In the debate over whether corporations should give priority to shareholder interests or stakeholder interests, among the thorniest issues is whether one approach creates more value for a company than the other. The challenge lies in the difficulty of assessing which stakeholder groups firms or managers favor.
In a new study, we address that challenge…
Davis Polk Discusses the Return of Antitrust Remedies in Merger Settlements
The FTC and DOJ recently announced the first settlements of merger enforcement actions reached under the second Trump administration. These actions follow comments from leadership at the antitrust agencies expressing an openness to structural merger remedies, an important contrast to the prior administration’s refusal to negotiate remedies in most mergers. Nevertheless, both agencies have made…