Shocking Financed Emissions: The Effect Of Economic Volatility On The Portfolio Footprinting Of Financial Institutions, 2024 Columbia Law School
Shocking Financed Emissions: The Effect Of Economic Volatility On The Portfolio Footprinting Of Financial Institutions, Ilmi Granoff, Tonya Lee
Sabin Center for Climate Change Law
Many financial institutions are now calculating and disclosing their financed emissions, a class of metrics enabling these institutions to calculate the greenhouse gas (GHG) emissions associated with investment and lending activities. These institutions have widely adopted the metric to estimate exposure to climate-related financial risk associated with GHG-emitting activities and to provide shareholders and investors a picture of how their financial activity impacts global climate change. Financed emissions metrics, despite widespread adoption, face two key methodological challenges: lack of comparability of outputs within and between portfolios, and vulnerability of calculations to portfolio volatility. Markets are naturally volatile, but the economic …
The Fiduciary Duty Of Dissent, 2024 Villanova University Charles Widger School of Law
The Fiduciary Duty Of Dissent, Joseph W. Yockey
Villanova Law Review
No abstract provided.
Educating Deal Lawyers For The Digital Age, 2024 American University, Washington College of Law
Educating Deal Lawyers For The Digital Age, Heather Hughes
Fordham Law Review
Courses and programs that address law and emerging technologies are proliferating in U.S. law schools. Technology-related issues pervade the curriculum. This Essay presents two instances in which new technologies present challenges for deal lawyers. It explores how exposing students to closing opinions practice can prepare them to engage these challenges. Both examples involve common commercial contexts and lessons relevant to students of business associations and of the Uniform Commercial Code. The first, which deals with enforceability opinion letters, presents technical legal difficulties arising from recent developments in law and technology. The second, involving complex doctrines at the heart of financial …
A Look Back In Time: Analyzing The Success And Value Of The 2014 Amendments To Rule 2a-7 And Reporting On Form N-Cr In Light Of The March 2020 Market Events, 2024 The Catholic University of America, Columbus School of Law
A Look Back In Time: Analyzing The Success And Value Of The 2014 Amendments To Rule 2a-7 And Reporting On Form N-Cr In Light Of The March 2020 Market Events, Jocelyn Near
Catholic University Law Review
Money market funds have frequently been a target of regulation by the Securities and Exchange Commission (“SEC”). Perhaps the most expansive regulation came as a response to the 2008 financial crisis, in which the Reserve Primary Fund “broke the buck.” The SEC’s misguided 2014 reforms exacerbated the inherent risks of money market funds, including the risk of runs and first mover advantage, particularly with the implementation of Form N-CR. Form N-CR requires a money market fund to publicly report when various events occur, including when a retail or government money market fund’s current net asset value per share deviates downward …
The Truth About Fibs (Financial Institution Bonds) In Mississippi: When Express Terms Conflict With Statutory Requirements, 2024 University of Mississippi School of Law
The Truth About Fibs (Financial Institution Bonds) In Mississippi: When Express Terms Conflict With Statutory Requirements, Ronald J. Rychlak
Mississippi College Law Review
In Mississippi, Financial Institution Bonds (FIBs) are statutorily-required financial instruments that cover officers or employees of a bank (or other financial institution) to protect financial institutions against losses caused by matters such as dishonesty; forgery; fraud; kidnapping, ransom, or extortion; and counterfeiting. State statutes set forth the terms that are to be included in the FIB, but standard forms are promulgated by the Surety Association of America (SAA) or on special forms drafted by the surety.
A problem can arise if the terms on the executed bond form do not coincide with the requirements of the state statute.
Future Foresight And Its Impact On The Application Of Iso 22301 Business Continuity Management System In The Commercial Banking Sector In Jordan, 2024 جامعة جرش / كلية الاعمال
Future Foresight And Its Impact On The Application Of Iso 22301 Business Continuity Management System In The Commercial Banking Sector In Jordan, ثروت الحوامدة, حنان بو طه
Jerash for Research and Studies Journal مجلة جرش للبحوث والدراسات
The study aimed to identifying the effect of future foresight in the application of the ISO 22301 standard for business continuity management system in the commercial banking sector in Jordan. Whose number is (400) employees, the study sample consisted of (196) employees, were randomly selected. The study followed the descriptive and analytical approach. The questionnaire was used as a tool for data collection. The results of the study showed that the relative importance of the future foresight was high, and the relative importance of applying the ISO 22301 standard for business continuity management system was high, as it came after …
Emerging Technologies And Perfection Of Security Interests: A Financial University Of Uncertainty, 2024 Brooklyn Law School
Emerging Technologies And Perfection Of Security Interests: A Financial University Of Uncertainty, Elizabeth M. Wagenbach
Brooklyn Law Review
Since the founding of Bitcoin in 2009, digital assets, such as cryptocurrency, have exploded in popularity. Cryptocurrency has been associated with stories of immense profit and immense loss. The lucky transactors have been able to capitalize on the price fluctuations of cryptocurrency, while the unlucky transactors became victims of the same volatility, losing tremendous amounts of money. The novelty and ingenuity of cryptocurrency has been coupled with mass confusion to transactors and regulators alike. These early days of cryptocurrency have been characterized by a sort of regulatory tug of war that is a direct result of confusion of what cryptocurrency …
In The Midst Of Bankruptcy: How Cryptocurrency's Classification Affects Creditors Who Were Once Customers, 2024 University of Washington School of Law
In The Midst Of Bankruptcy: How Cryptocurrency's Classification Affects Creditors Who Were Once Customers, Mia Qu
Washington Law Review
In 2022, Congress proposed the Digital Commodities Consumer Protection Act to amend the Commodity Exchange Act and define a new type of commodity: digital commodity. The definition of digital commodity encompasses cryptocurrency and provides the Commodity Futures Trading Commission with jurisdiction over digital asset transactions. This definition of digital commodity has two important implications. First, it signals the lawmakers’ tendency to generalize cryptocurrency as a commodity. Second, it brings complications into how creditors—especially individual crypto account holders—can recover in the recent bankruptcy cases involving prominent crypto companies. This Comment contains four components. First, it provides a brief explanation of cryptocurrency …
Getting Merger Guidelines Right, 2024 Boston Univeristy School of Law
Getting Merger Guidelines Right, Keith N. Hylton
Faculty Scholarship
This paper is on the new Merger Guidelines. It makes several arguments. First, that the Guidelines should be understood as existing in a political equilibrium. Second, that the new structural presumption of the Merger Guidelines (HHI = 1,800) is too strict, and that an economically reasonable revision in the structural presumption would have increased rather than decreased the threshold. Whereas the new Guidelines lowers the threshold to HHI 1,800 from HHI 2,500, an economically reasonable revision would have increased the threshold to HHI 3,200. I justify this argument using a bare-bones model of Cournot competition. Third, it seems unlikely, …
From Crypto Wild West To Regulated Frontier: Unleashing The Potential Of Blockchain Technology, 2024 Virginia Commonwealth University
From Crypto Wild West To Regulated Frontier: Unleashing The Potential Of Blockchain Technology, Pawan Jain
West Virginia Law Review
The emergence of blockchain technology has transformed the financial landscape in many ways. From creating new cryptocurrencies to facilitating decentralized exchanges and smart contracts, blockchain has the potential to disrupt traditional financial institutions and reshape the way we conduct business. However, the adoption of blockchain technology has also raised concerns about its potential risks and challenges, such as its susceptibility to fraud, market manipulation, and money laundering. These concerns have led to calls for regulating blockchain technology to mitigate these risks and ensure the integrity and stability of financial markets. Recent collapses in the crypto market caused by the bankruptcy …
From Canonical Law To Offshore Finance: Confessing To Priests And Bankers In Luxembourg, 2024 Thomas Jefferson University
From Canonical Law To Offshore Finance: Confessing To Priests And Bankers In Luxembourg, Samuel Weeks
Journal of Global Catholicism
In this article, I address two recurring tendencies that I heard during a recent period of research on banking secrecy in Luxembourg. First, my banker interviewees frequently mentioned personal transgressions for why many of their clients hide assets “offshore.” The wrongdoings my interlocutors cited included not only clients’ tax evasion, bankruptcy, and avoidance of liability – but also divorce, adultery, and the existence of out-of-wedlock children. Second, with a similar frequency, my interviewees drew parallels between the secrecy laws covering bankers and those afforded to other professionals in the country. Article 458 of Luxembourg’s Penal Code, dating from the nineteenth …
Covid-19 Risk Factors And Boilerplate Disclosure, 2024 New York University
Covid-19 Risk Factors And Boilerplate Disclosure, Stephen J. Choi, Mitu Gulati, Xuan Liu, Adam C. Pritchard
Law & Economics Working Papers
The SEC mandates that public companies assess new information that changes the risks that they face and disclose these if there has been a “material” change. Does that theory work in practice? Or are companies copying and repeating the same generic disclosures? Using the shock of the COVID-19 pandemic, we explore these questions. Overall, we find considerable rote copying of boilerplate disclosures. Further, the factors that correlate with deviations from the boilerplate seem related more to the resources that companies have (large companies change updated disclosures more) and litigation risks (companies vulnerable to shareholder litigation update more) rather than general …
Money Talks: Implementing Open Banking In The United States, 2024 University of Arkansas, Fayetteville
Money Talks: Implementing Open Banking In The United States, Hailey Marie Petit
Arkansas Law Review
An open banking system exists when a third-party financial service provider has access to consumer financial information. What if the United States could be on the forefront of the next banking industry change? A well implemented system would mean a new, accessible way to make a transaction. This Comment will explore how the United States can implement an open banking system. First, this Comment defines open banking against the backdrop of the traditional transaction model. Next, this Comment describes the United Kingdom’s adoption of open banking, focusing on the benefits and detriments created by its adoption. Third, this Comment describes …
Where You Lead, I Will Follow: Professional Athletes' Ability To Influence Loyal Fans' Cryptocurrency Investments And The Broader Need For Cryptocurrency Regulation, 2024 Villanova University Charles Widger School of Law
Where You Lead, I Will Follow: Professional Athletes' Ability To Influence Loyal Fans' Cryptocurrency Investments And The Broader Need For Cryptocurrency Regulation, Anna D'Eramo
Jeffrey S. Moorad Sports Law Journal
No abstract provided.
Decentralized Autonomous Organizations: To Statutorily Organize Or Not?, 2024 Southern Utah University
Decentralized Autonomous Organizations: To Statutorily Organize Or Not?, David M. Grant, Eric M. Kirby, Steven Hawkins
Wyoming Law Review
This Article explores the evolving concept of decentralized autonomous organizations (DAOs) in the context of Web3 technology. It raises critical questions about whether DAOs truly represent a step forward in limiting liability in entity governance structures or if they risk centralizing the decentralized. The text discusses the potential of DAOs to address regulatory and tax challenges while also highlighting concerns about their legitimacy and security. It compares the governance structures of traditional entities to DAOs and contemplates the reasons for formal organization pursuant to state statute. The Article further delves into some of the statutory laws in specific states recognizing …
Retail Investors And Corporate Governance: Evidence From Zero-Commission Trading, 2024 Northwestern Pritzker School of Law
Retail Investors And Corporate Governance: Evidence From Zero-Commission Trading, Dhruv Aggarwal, Albert H. Choi, Yoon-Ho Alex Lee
Law & Economics Working Papers
We examine the effects of the sudden abolition of trading commissions by major online brokerages in 2019, which lowered stock market entry costs for retail investors, on corporate governance. Firms already popular with retail investors experienced positive abnormal returns around the abolition of commissions. Firms with positive abnormal returns in response to commission-free trading subsequently saw a decrease in institutional ownership, a decrease in shareholder voting, and a deterioration in environmental, social, and corporate governance (ESG) metrics. Finally, these firms were more likely to adopt bylaw amendments to reduce the percentage of shares needed for a quorum at shareholder meetings. …
Wanted: A Prudential Framework For Crypto Assets, 2024 Department of Economics at Duke University and at Duke Law
Wanted: A Prudential Framework For Crypto Assets, Lee Reiners, Sangita Gazi
Arkansas Law Review
This Article summarizes the limited publicly available data on banks’ exposure to crypto assets and offers several specific examples of how U.S. banks engage in crypto-related businesses. It then examines past guidance issued by U.S. bank regulators and explains why this guidance lacks sufficient detail to clarify the prudential requirements associated with the various crypto-related activities in which banks are engaged. The Article then assesses the adequacy of the Basel Committee on Banking Supervision’s final prudential standard for crypto-asset exposures, issued in December 2022, and finds that the measure fails to adequately address the unique risks various crypto-asset activities pose …
Just Because They Say It: Does The U.S. Really Have The “First-Ever Comprehensive Framework” For Digital Assets?, 2024 University of Arkansas in Fayetteville
Just Because They Say It: Does The U.S. Really Have The “First-Ever Comprehensive Framework” For Digital Assets?, Carol R. Goforth
Arkansas Law Review
On March 9, 2022, President Biden made history by signing an Executive Order on Ensuring Responsible Development of Digital Assets. On September 16, 2022, the White House released a fact sheet proclaiming that it had produced the “First Ever Comprehensive Framework for Responsible Development of Digital Assets,” based on nine reports stemming from the Executive Order. This Article is divided into two main parts. Part one reviews the reports received by the White House, explaining what they address while pointing out open issues for which no particular direction is established. Part two assesses regulatory gaps in the crypto space in …
Keynote Address By Cftc Commissioner Kristin Johnson, 2024 University of Arkansas, Fayetteville
Keynote Address By Cftc Commissioner Kristin Johnson, Kristin N. Johnson
Arkansas Law Review
Today, our markets are witnessing a transformative moment marked by exceptional, rapidly evolving innovation. To better understand this transformation, we might inquire about the nature of these novel financial instruments, intermediaries, and the underlying technologies that fuel an ever-expanding adoption. Thinking critically about these issues may inform our understanding of the intermediaries or lack thereof, and financial products that characterize this moment in the history and evolution of financial markets.
The Global Corporate Minimum Tax And Mne Home Countries, 2024 University of Michigan Law School
The Global Corporate Minimum Tax And Mne Home Countries, Reuven S. Avi-Yonah
Other Publications
This Perspective explores the implications for the home countries of large MNEs of the agreement reached by over 140 countries in 2021 to enact a corporate minimum tax of 15%. It argues that the corporate minimum tax complements the trend to reduce the negative impact of unfettered globalization on labor, and it protects the ability of home countries to finance a robust social safety net. Home countries should adopt the corporate minimum tax, and that includes the US, which last year failed to adapt its Global Intangible Low-Taxed Income approach to the corporate minimum tax.