The United Nations General Assembly appears about to resolve one of the prominent legal issues caused by the sea level rise that is occurring mostly because of climate change: whether an island state that is no longer habitable because
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Why Contracts Can’t Solve the Tragedy of the Horizon
In 2015, Mark Carney, then Governor of the Bank of England and now Prime Minister of Canada, named a problem that financial markets had begun to confront but had difficulty articulating, “the tragedy of the horizon.” As we
White & Case Discusses M&A Regulatory Closing Risk and Superior-Proposal Determination
In the fourth quarter of 2025, Novo Nordisk A/S (“Novo”) intervened as an interloper in the acquisition of Metsera, Inc. (“Metsera”), a clinical-stage developer of obesity and metabolic therapies that had entered into a merger agreement to be acquired by
How to Advise Token Developers in Light of Proposed SEC Regulation Crypto Assets
For a decade, a development team that wanted to distribute tokens in the U.S. or to U.S. persons had two realistic options: attempt an SEC registration that, basically, no one could complete, or make a judgment call under the 1946
Davis Polk Discusses OCC and FDIC Changes to Rules for Supervision
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC and, collectively, the Agencies) issued a joint final rule to define the term “unsafe or unsound practice” for purposes of section 8 of the
What Anthropic’s Antitrust Waiver Says About the Law and Economics of AI
In September 2026, Dario Amodei proposed an unusual response to the race to develop frontier artificial intelligence. If competition pushes leading laboratories to move faster than safety allows, Washington should let them coordinate. The Anthropic chief executive wants outside evaluators
SEC Chair on Plan to Rescind Shareholder Proposal Rule and Modernize Proxy Solicitation
Today [September 16], the Commission issued two proposing releases related to its proxy rules under the Securities Exchange Act of 1934. The proposals reflect two of my highest regulatory priorities. First, ensuring that the Commission does not improperly intrude into
New National Academies of Sciences’ Report on Marine Carbon Dioxide Removal Highlights the Need for Governance Reforms
The new Limiting Overshoot report from the United Nations Environment Program (UNEP) paints a grim picture. Global warming is likely to exceed 1.5oC above pre-industrial levels within the next decade and could reach as high as 3.6oC by 2100.
How Generative AI Could Change the Mutual Fund Industry
The mutual fund industry has become increasingly concentrated. The five largest fund families managed about 35% of industry assets in 2005, compared with 57% in 2024. One explanation is economic efficiency: Successful managers attract more capital, and larger organizations benefit
Skadden Discusses Delaware Chancery Decision Not to Apply Section 144 Safe Harbors
Key Points
- The Delaware Court of Chancery issued the first opinion analyzing the DGCL Section 144 safe harbors in the context of a challenged merger transaction involving a conflicted director/officer, holding the safe harbors were unavailable at the pleading stage