A growing case law is recognizing private damages claims for market manipulation such as spoofing. A spoofer places orders for an asset while intending to cancel the orders before they execute. The point is to move the price of the
The CLS Blue Sky Blog
The CLS Blue Sky Blog, published by Columbia Law School, focuses on developments in commercial law, particularly relating to securities regulation, corporate governance, and emerging financial technologies. It covers topics such as amendments to the Uniform Commercial Code affecting digital assets, regulatory changes impacting capital markets, and legal issues surrounding private equity and investor protections. The blog also addresses broader themes in financial regulation, including climate-related disclosures, privacy concerns in financial surveillance, and evolving SEC policies. It serves as a resource for understanding the intersection of law, finance, and technology within the context of U.S. and international regulatory frameworks.
Latest from The CLS Blue Sky Blog - Page 2
Skadden Discusses Major Changes to Federal Proxy Rules
By Renholding
Executive Summary
- What’s new: On September 16, 2026, the SEC proposed amendments to the federal proxy rules, including rescinding Rule 14a-8 governing shareholder proposals in company proxy materials, expanding company discretionary voting authority over floor proposals and modernizing various other proxy
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Can Boards Rely on AI-Assisted Management Reports?
By Renholding
Under corporate law, boards of directors have long had the right to rely on reports and other information supplied by management. This “right of reliance” derives from the board’s power to delegate day-to-day operational responsibility to management. However, it is…
Sullivan & Cromwell Discusses FDIC Proposal to Reform Bank Merger Review
By Renholding
On September 17, 2026, the Federal Deposit Insurance Corporation issued a notice of proposed rulemaking (the “Proposal”)[1] to modernize and reform its framework for reviewing transactions under the Bank Merger Act (the “BMA”).[2] The Proposal is intended to…
Cryptoexchanges Have a Governance Gap
By Renholding
For more than a century, exchanges have governed markets as much as they have operated them. While creating liquidity, they have also functioned as private lawmakers within a public regulatory framework by establishing listing standards and disclosure obligations, monitoring issuers,…
Cleary Discusses SEC’s Fair Value Measurement, Disclosure Factors for Private Assets
By Martinyerovi
On September 28, 2026, the U.S. Securities and Exchange Commission’s (the SEC) Office of Chief Accountant Kurt Hohl and Division of Investment Management Director Brian Daly (collectively, the Staff), issued a joint statement on fair value measurement and disclosure considerations…
Greenwashing as Aspirational Signaling
By Renholding
Greenwashing is usually treated as a problem of corporate deception. Firms make environmental claims that exaggerate, selectively disclose, or obscure their actual sustainability performance. Greenwashing leaves investors, consumers, employees, and regulators with an overly favorable impression, thereby stifling true progress. …
Cahill Discusses SEC’s “Innovation Exemption” for Tokenized Stock Trading
By Martinyerovi
On September 17, 2026, the Securities and Exchange Commission (the “Commission” or the “SEC”) issued two conditional exemptions to facilitate permissioned trading of tokenized national market system (“NMS”) stocks.[1] Collectively known as the “Innovation Exemption,” the relief exempts qualifying…
Shadow SEC Statement No. 15: Regulation Crypto
By Renholding
On September 15, the Clarity Act failed to secure a cloture vote in the U.S. Senate, with four Republicans and all 47 Democrats voting against considering the bill at this time. The Act may come back to life again next…
SEC Issues Statement on Fair Value Measurement and Disclosure Considerations for Private Assets
By Renholding
Investment in private assets continues to grow, including for an increasing number of registrants that are required to subsequently measure these investments at fair value, such as registered closed-end funds, interval funds, tender offer funds, business development companies and private…