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Category Archives: Securities Law

Sentieo Trump Tracker: Follow The President’s Impact on Your Investment

Senteio Blog: “Today, we are excited to introduce the Trump Tracker. It’s a bot that constantly scans new public financial documents for mentions of President Trump. These documents include all SEC filings, conference call transcripts, investor presentations, press releases, and more. The bot instantly surfaces new mentions of Trump as soon as they’re published, while intelligent queries automatically sort them into topics like Obamacare, Mexico, and NAFTA. Anyone interested in following the administration’s impact on public companies can engage with the Trump Tracker by checking the dedicated website, following the @trumptrackerbot Twitter account, or signing up for a daily email alert on the site. The Trump Administration is Now a Stated Risk Factor for Public Companies When we last wrote about the Trump administration at the end of January, we noted that the markets paid six times as much attention to the new president’s policies as compared to those of President Obama over a comparable time period. Sixty days after President Trump moved into the White House, we see that trend continuing. The number of regulatory filings mentioning President Trump sharply increased after Inauguration Day on January 20th. We measure a total of over 1750 filings mentioning President Trump from January 20th through March 22nd, 939 of which are SEC documents. There is a significant change in the tenor of those mentions as well. We see references to President Trump shifting from high-level comments to more formal statements in the “Risk Factors” disclosure sections of SEC filings. Overall, 60% of references to President Trump within SEC filings are in the “Risk Factors” section. This is a substantial increase from the less than 15% we observed during the presidential campaign. This trend is even more pronounced in the healthcare industry, where we find that 85% of mentions since Inauguration Day were contained in these sections.”

Report on Distributed Ledger Technology: Implications of Blockchain for Securities Industry

FINRA – “This paper provides an overview of distributed ledger technology, highlights some key applications being explored in the securities industry and potential impact of the technology, and discusses key implementation and regulatory considerations for broker-dealers.  FINRA welcomes an open dialogue with market participants to help proactively identify and address any potential risks or hurdles in… Continue Reading

Paper – Regulating Information

Bird, Andrew and Karolyi, Stephen A. and Ruchti, Thomas G., Regulating Information (October 18, 2016). Available for download at SSRN: https://ssrn.com/abstract=2901650 “The SEC regulates and standardizes information production in financial markets through financial reporting standards. With a novel dataset exploiting institutional features of the standard setting process. On average, standards increase aggregate market value by… Continue Reading

Treepedia maps trees in cities throughout the world

Treepedia – Exploring the Green Canopy in cities around the world – Using the power of MIT digital research applications and Google Street view users may choose a city from the list included to date, and search by specific location(s) to identify the differences in green space within a city and in comparison to other… Continue Reading

Too Big to Disclose: Firm Size and Materiality Blindspots in Securities Regulation

Georgiev, George S., Too Big to Disclose: Firm Size and Materiality Blindspots in Securities Regulation (December 13, 2016). UCLA Law Review, Vol. 64, 2017. Available at SSRN: https://ssrn.com/abstract=2894538 “This Article argues that the securities disclosure regime contains previously unexamined structural deficiencies, which pertain to the information provided by the largest public companies. These deficiencies arise… Continue Reading

Disclosure 2.0: Can Technology Solve Overload, Complexity, and Other Information Failures?

Gerding, Erik F., Disclosure 2.0: Can Technology Solve Overload, Complexity, and Other Information Failures? (August 1, 2016). Tulane Law Review, Vol. 90, No. 5, 2016. Available for download at SSRN: https://ssrn.com/abstract=2889598 “In recent years, securities law scholars have either renewed an old attack on mandatory issuer disclosure or questioned the effectiveness of securities disclosure in… Continue Reading

GAO Reports – Air Traffic Control, Financial Audits of Federal Reserve, CFPB, FHFA, SEC, Preventing llicit Drug Use

Air Traffic Control: Experts’ and Stakeholders’ Views on Key Issues to Consider in a Potential Restructuring, GAO-17-131: Published: Oct 13, 2016. Publicly Released: Nov 15, 2016. Corporate Shareholder Meetings: Proxy Advisory Firms’ Role in Voting and Corporate Governance Practices, GAO-17-47: Published: Nov 15, 2016. Publicly Released: Nov 15, 2016. Federal Reserve: Additional Actions Could Help… Continue Reading

GAO Reports – Patriot Modernization, SEC Conflict Minerals Rule

Patriot Modernization: Oversight Mechanism Needed to Track Progress and Provide Accountability, GAO-16-488: Published: Aug 25, 2016. Publicly Released: Aug 25, 2016. SEC Conflict Minerals Rule: Companies Face Continuing Challenges in Determining Whether Their Conflict Minerals Benefit Armed Groups, GAO-16-805: Published: Aug 25, 2016. Publicly Released: Aug 25, 2016. Continue Reading

GAO Reports – Army Patriot Modernization, SEC Conflict Minerals Rule

Patriot Modernization: Oversight Mechanism Needed to Track Progress and Provide Accountability, GAO-16-488: Published: Aug 25, 2016. Publicly Released: Aug 25, 2016: “While the currently fielded version of the Army’s Patriot surface-to-air missile system is an improvement over prior versions, the Army currently plans to spend about $2.9 billion between fiscal years 2013 and 2021 on… Continue Reading

GAO Reports – Defense Health Care, Indian Health Service, SEC InfoSec, Missile Defense, Public Transit, Veterans Justice, F-35 Joint Strike Fighter

Defense Health Care: DOD Is Meeting Most Mental Health Care Access Standards, but It Needs a Standard for Follow-up Appointments, GAO-16-416: Published: Apr 28, 2016. Publicly Released: Apr 28, 2016. Indian Health Service: Actions Needed to Improve Oversight of Patient Wait Times, GAO-16-333: Published: Mar 29, 2016. Publicly Released: Apr 28, 2016. Information Security: Opportunities… Continue Reading

High Frequency Trading: Overview of Recent Developments

CRS report via FAS – High Frequency Trading: Overview of Recent Developments, Rena S. Miller, Specialist in Financial Economics; Gary Shorter, Specialist in Financial Economics, April 4, 2016. “High-frequency trading(HFT) generally refers to trading in financial instruments, such as securities and derivatives, transacted through supercomputers executing trades within microseconds or milliseconds (or, in the technical… Continue Reading

The Flash Crash: A New Deconstruction

Aldrich, Eric M. and Grundfest, Joseph and Laughlin, Gregory, The Flash Crash: A New Deconstruction (January 25, 2016). Available at SSRN: http://ssrn.com/abstract=2721922 or http://dx.doi.org/10.2139/ssrn.2721922 “On May 6, 2010, in the span of a mere four and half minutes, the Dow Jones Industrial Average lost approximately 1,000 points. In the following fifteen minutes it recovered essentially… Continue Reading