Securities Law Commons^™

The Non-Binding Bind: Reframing Precatory Stockholder Proposals Under Delaware Law, Kyle A. Pinder

Michigan Business & Entrepreneurial Law Review

Rule 14a-8 under the Securities Exchange Act of 1934 allows stockholders to submit proposals for inclusion in a company’s proxy materials. The rule assumes that Delaware law provides stockholders with the right to submit non-binding proposals for stockholder approval. But as many have observed, this assumption lacks a firm basis in state law, particularly in Delaware. If such a right exists, a stockholder conducting its own proxy solicitation could submit numerous precatory proposals, including those advancing narrow or special interests. This article concludes that, under Delaware law, stockholders do not have an inherent right to submit precatory proposals. Accordingly, a …

Sandbox Fictions, Douglas Sarro

Osgoode Hall Law Journal

Regulatory sandboxes are designed to give firms space to offer novel products and services to consumers on a trial basis, under an interim, tailor-made regulatory regime. Ideally, this leaves regulators better placed to understand how rules ought to be modified to accommodate new, socially beneficial offerings on a more permanent basis. But little is known about sandboxes’ implications for consumers. Will they reduce barriers to entry for innovative offerings that do a better job of serving consumer needs? Or will they lead regulators to compromise on consumer protections, allowing low-quality or even fraudulent offerings to flow into the markets they …

The Minority Report: When Should Publicly Traded Corporations Be Required To Disclose Material Information To Its Shareholders Under Item 303?, Alicia Mayo

St. John's Law Review

(Excerpt)

Due to the social distancing mandate during the COVID-19 pandemic, the demand for cloud-based platforms conducting virtual meetings grew drastically. ON24, a cloud-based digital platform that provides interactive webinars, virtual events, and multimedia content experiences, was one of the companies that experienced “explosive growth.” ON24’s customers increased from 760 customers to 1,900 from December 31, 2015 to September 30, 2020, and its revenue increased by fifty-nine percent from the previous year. ON24’s annual recurring revenue is driven by the company’s ability to acquire new customers while maintaining and expanding its existing client relationships. On February 3, 2021, ON24 commenced …

Cross-Talk, The Honorable Raymond J. Lohier, John Q. Barrett, Noa Ben-Asher, Margaret E. Mcguinness, Mark L. Movsesian, Michael A. Perino

St. John's Law Review

(Excerpt)

You know what is interesting? This has been on my mind for a long time as my law clerk, Colin, knows. What you have all described in different ways, maybe with the exception of the religious rights case, but I will get to that, is a Supreme Court that either is, or perceives itself to be, unchecked by Congress and at times unchecked by the President, largely for reasons that we can discuss.

Private Securities Enforcement And The Roberts Court, Michael A. Perino

St. John's Law Review

(Excerpt)

Thank you, Judge Lohier, thank you Professor Subotnik, and thank you to everyone who put this scholarship symposium together. I am acutely aware that I am the last panelist, on the last panel, on Friday afternoon, and so, I am going to try my best to keep my comments to the allotted ten minutes.

It is important to keep two key points in mind if we are going to talk about the Roberts Court’s approach to private securities enforcement. First, the Roberts Court contains no securities experts. In fact, except for Lewis F. Powell Jr. and William O. Douglas, …

The Coming Privatization Of Corporate Law, Dorothy S. Lund, Eric L. Talley

Faculty Scholarship

For more than a century, American corporate law has revolved around a simple competitive premise: State governments supply corporate law while companies choose their state of incorporation, and the market rewards the state offering the best corporate law product. Delaware’s longstanding market dominance (especially for public companies) is often explained through the confluence of its unusually attractive institutional package: expert judges, extensive precedent, a specialized bar, an enabling statute, and a legislature that — at least traditionally — treats corporate law as something to be calibrated technocratically rather than politicized.

Public, Private, Acquired, Alexander I. Platt, Matthew T. Wansley

Articles

For the last quarter-century, IPOs have been declining. SEC officials usually attribute the decline to startups’ choices to stay private. But that explanation is incomplete. As startups grow, they face a three-way choice between going public, staying private, and being acquired, and they have increasingly chosen the third option. In this Essay, we show how securities regulation pushes startups towards acquisitions by increasing the cost of raising capital and accessing liquidity in both public and private markets. We consider how the trend towards acquisitions could reduce competition, innovation, opportunities for diversification, and transparency. And we offer suggestions for how the …

Les Actions De Préférence Émises Par Les Banques Libanaises, Aline Tanielian

Proche-Orient, Études juridiques

No abstract provided.

Pay-To-Play, Gad Weiss

BYU Law Review

Pay-to-play clauses are a surprisingly understudied feature of venture capital financing deals. These provisions are designed to act as enforcement agents, securing investors’ long-term commitment by penalizing those who decline to provide additional funding when their portfolio startups come calling. Through an analysis of a novel dataset of pay-to-play clauses, this paper uncovers surprising patterns in how U.S. startups design and deploy them—most notably, their tendency to discriminate among investors despite legal guidance suggesting otherwise. The paper illustrates how pay-to-play clauses can increase enterprise value by addressing flaws in startups’ governance and capital structures, preventing destructive “chicken” games among investor …

Rethinking International Armed Conflict: Legal Challenges In The Age Of Hybrid Warfare, Oleksandr Havryshuk, Roman Hryshchenko

Brooklyn Journal of International Law

The binary classification of armed conflicts under international humanitarian law (IHL) — distinguishing international armed conflicts (IACs) from non-international armed conflicts (NIACs) — was forged in the aftermath of World War II and increasingly fails to capture the realities of twenty-first century warfare. Hybrid tactics, cyber operations, the proliferation of private military companies (PMCs), the expanding role of non-state actors, and the near-disappearance of formal declarations of war have eroded the analytical utility of the existing framework, generating legal uncertainty and weakening protections for affected populations. This Article critically examines the conceptual foundations of IAC as set out in Common …

Nanosecond Policies: Comparing Us And Chinese Approaches To High-Frequency Trading Regulation, Bilal Laghari

Brooklyn Journal of International Law

High frequency trading has transformed global financial markets, introducing both efficiency gains and significant regulatory concerns. This Note analyzes the divergent approaches of the United States and China in regulating high frequency trading, focusing on how each system addresses issues of market manipulation, information asymmetry, and systemic risk. It contends that the United States’ reliance on outdated and indirect regulatory mechanisms, such as Regulation NMS, has failed to keep pace with technological advancements. In contrast, China’s more recent and targeted regulatory framework provides clearer guidance and stronger oversight of high frequency trading practices. This Note concludes that a hybrid approach, …

Table Of Contents

Seattle University Law Review

Table of Contents

How The Dod Discourages Military Families From Seeking Mental Health Counseling, Christina Welch

Seattle University Law Review

The Department of Defense’s (DoD) administration of the Exceptional Family Member Program (EFMP) presents significant barriers to mental health care access for military spouses and children. This paper explores how the EFMP, though designed to support military families with special needs, inadvertently creates barriers to mental health treatment. Military family members often do not seek mental health treatment to avoid the program's mandatory enrollment requirements. Military family members often view enrollment in the program undesirable because enrollment can restrict the pool of potential future duty assignment locations that are available to service members.

The lack of comprehensive data collection by …

Volume 49 Masthead

Seattle University Law Review

Volume 49 Masthead

2025, Richard Delgado

Seattle University Law Review

"In a cutting and provocative social critique in one of the more extended Rodrigo Chronicles, Richard Delgado in 2025 employs skillful narrative—one of CRT’s many contributions to legal scholarship —to tell a gripping story of just how far the nation has descended into darkness with President Trump’s re-election. In Delgado’s vision, law professors—along with other political opponents of the President: immigrants, people of color, LGBTQ+ people, women, the underserved—have targets on their backs."

-excerpt from Kevin Johnson's review of 2025

Veiled Justice: Secularism And The Hijab Across Democracies, Mohamed ‘Arafa

Seattle University Law Review

For much of 2022, Iran was gripped by widespread protests led by women who openly challenged the regime’s authority, particularly its compulsory veiling laws, following the death of Mahsa Amini in police custody. Women around the globe came around and showed solidarity with the women in Iran. However, in non-Islamic countries and societies, one can still make out many prejudices and stereotyping connected to the question of whether and to what extent veiling is mandatory for women according to Shārīe’ā law. Is wearing the hijab a choice, or rather, an essential religious practice that religious Muslim women need to obey? …

Rewriting The Playbook: The X’S And O’S Of The House Settlement And The Future Of Student-Athletes’ Voice In Their Compensation, Matthew K.V. Glazer

Seattle University Law Review

Since the formation of the National Collegiate Athletic Association (NCAA) in the 1900s, collegiate athletes (student-athletes) have been prohibited from using their own name, image and likeness (NIL) for profit. But on July 1, 2021, the NCAA changed course and began allowing student-athletes to profit from their own NIL. In the past few years, U.S. college athletics have undergone significant changes, most notably introducing monetary compensation for student-athletes’ NIL. While these changes were long overdue and ultimately beneficial, they have significantly disrupted the landscape of college sports, giving rise to numerous challenges that some experts have compared to the “Wild …

Mr. Trump Goes To Washington Part Ii: A Review Of Richard Delgado's 2025, Kevin Johnson

Seattle University Law Review

Richard Delgado’s The Rodrigo Chronicles have captivated a generation of law students and legal scholars.  Mapping the terrain of race, racism, and Critical Race Theory (CRT), the skillful, and long-running narrative series stands as a testament to Delgado’s dedication to justice for all.

The Rodrigo Chronicles are simply one of Delgado’s many intellectual contributions and part of an unparalleled scholarly legacy.  As one of the founders of CRT, he produced a landmark body of scholarship –authoring the field's primary text,  making the argument for the regulation of hate speech,  forcefully challenging the Black/white binary of civil rights that long dominated …

The Preventative Care Gap: Completing The Aca’S Vision For Health, Abby Nagaich

Seattle University Law Review

This Note examines the preventive care mandate under the Affordable Care Act (ACA) and the legal, political, and practical challenges that threaten its effectiveness. While the ACA significantly expanded access to no-cost preventive services, gaps remain—particularly in behavioral health, obesity management, and equitable service delivery. Ongoing litigation, potential administrative rollbacks, and shifting political leadership further destabilize this critical component of public health policy.

This Note argues that for the ACA to fulfill its original promise—and for any health framework to succeed—preventive care must be redefined as a comprehensive, early intervention approach grounded in both systemic access and patient education. It …

International Law’S Forgotten Refugees—Palestinian Refugees In Egypt

Seattle University Law Review

This Article examines the legal and humanitarian crisis facing Palestinian refugees who have fled to Egypt amidst the ongoing violence in Gaza. While escaping active conflict, these refugees face systemic barriers to employment and education, rendering their living conditions precarious and unsustainable. The unique legal status of Palestinian refugees stems from the fact that they have been excluded from the 1951 Refugee Convention and its 1967 Protocol, leaving them without any meaningful international protection. This exclusion is rooted in the political complexities of the Palestinian struggle for self-determination and reflects a fragmented legal framework that prioritizes limited humanitarian aid over …