The D&O Diary

The D&O Diary

A PERIODIC JOURNAL CONTAINING ITEMS OF INTEREST FROM THE WORLD OF DIRECTORS & OFFICERS LIABILITY, WITH OCCASIONAL COMMENTARY

Category Archives: Paulson Committee

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Paulson’s Initiatives and U.S. Capital Market Competitiveness

Posted in Paulson Committee, Regulatory Reform
On May 17, 2007, Treasury Secretary Henry M. Paulson, Jr. announced (here) his latest "initiatives…to enhance U.S. capital market competitiveness." In a Financial Times op-ed piece published the same day (here), Paulson said the purposes of the initiatives were to "ensure we preserve an efficient financial reporting system that provides reliable information, is supported by … Continue Reading

Apple, The Big Apple, and “Pay to Play” Plaintiffs’ Lawyers

Posted in Paulson Committee, Plaintiffs' Bar, Regulatory Reform, Securities Litigation
In a series of recent editorials, the New York Sun has raised some interesting and troubling questions about a New York City’s pension fund’s involvement as lead plaintff in the Apple Computer options backdating securities litigation. The first Sun editorial on the topic, entitled "New York Versus Apple "appeared on January 25, 2007 (here). The … Continue Reading

The Bloomberg/Schumer Report on U.S. Capital Market Competitiveness

Posted in Paulson Committee, Regulatory Reform
On Monday January 22, 2007, Republican New York City Mayor Michael Bloomberg and Democratic New York Senator Charles Schumer released the joint report they commissioned from McKinsey & Company, entitled "Sustaining New York’s and the U.S.’s Global Financial Services Leadership." The report can be found here, and the joint press release describing the report can … Continue Reading

Looking at Auditor Liability Caps

Posted in Accountant Liability, International D & O, Paulson Committee, PCAOB, Regulatory Reform
When the Committee on Capital Markets Regulation (popularly known as the Paulson Committee) in its Interim Report (here) recommended "setting a cap on auditor liability," the Committee relied for support on the steps in that direction that have been taken by the European Commission. In its latest effort along those lines, the European Commission on … Continue Reading

Is London’s “Light Touch” Attracting Fraudsters?

Posted in AIM, International D & O, Paulson Committee, Regulatory Reform
In my prior comments on the Paulson Committee’s calls for regulatory reform (most recently, here), I have suggested that perhaps the U.S. securities markets may be better off without at least some of the companies that are avoiding the U.S. exchanges’ tougher listing requirements. A recent report by a U.K. accounting firm contains interesting data … Continue Reading

Paulson Committee’s Weak Case for Regulatory Reform

Posted in Paulson Committee, Regulatory Reform
When the blue-ribbon Committee on Capital Markets Regulation (popularly known as the Paulson Committee) released its Interim Report (here) calling for regulatory reform, it based its case for reform in large part on the U.S securities exchanges’ loss of market share in the global IPO marketplace. As The D & O Diary has previously noted … Continue Reading

Looking at The Paulson Committee’s Proposed Litigation Reforms

Posted in Paulson Committee, Regulatory Reform
As noted yesterday (here), the Committee on Capital Markets Regulation (often referred to as the Paulson Committee) has released its Interim Report (here). The Report contains much text, many graphics, and 32 recommendations supposedly addressed to how to improve the competitiveness of the U.S. securities markets. As proof that the U.S. markets are losing their … Continue Reading

Regulatory Reform: Solving a Problem or Introducing a Weakness?

Posted in Paulson Committee, Regulatory Reform, SOX (Generally)
The Committee on Capital Markets Regulation (or the "Paulson Committee" as the group has come to be known) is scheduled to release its recommendations later this week, on November 30. The Paulson Committee is concerned with the competitiveness of the U.S. securities exchanges in the global marketplace, and the perceived inability of the U.S exchanges … Continue Reading

A “Modest Proposal” for Securities Litigation Reform

Posted in Paulson Committee, Regulatory Reform, Securities Litigation
As The D & O Diary has previously noted (most recently here), the attempts by the Paulson Committee to propose ways to improve the competitiveness of the U. S. securities exchanges in the global marketplace may include securities litigation reform. Interest in the Committee’s reform efforts increased substantially as a result of media reports (here) … Continue Reading

The Paulson Committee and Securities Regulation Reform

Posted in Paulson Committee, Regulatory Reform, Securities Litigation
In an earlier post (here), I commented on the initative of the so-called Committee on Capital Markets Regulation to take a look at the impact of regulation on the competitiveness of the U.S. securities markets in the global marketplace. (The Committee has become known as the Paulson Committee because of the public support that Treasury … Continue Reading

Securities Litigation Reform Redux?

Posted in Paulson Committee, Regulatory Reform, Securities Litigation
When the soi-disant "Committee on Capital Markets" announced (here) on September 12, 2006 that it was forming an independent group of business and academic leaders to study how to improve the competitiveness of U.S. capital markets, the press coverage (here) generally presumed that the group would be focused on reforming the Sarbanes-Oxley Act. But in … Continue Reading