Is it Dodd-Frank? Probably, on the federal level, but this has been a year of plenty of action. The SEC did its proxy reform concept release. And in enforcement, the post-Galleon spread of wiretaps looks to make next year a big year for prosecutions - so far we just have Don Chu, which threatens uber hedge fund SAC. The enforcement case of the year this year must be the Goldman Sachs ABACUS deal settlement. Here's Adam Levitin on it.
I don't think the US Supreme Court did a lot of corporate law this year, with business patents and PCAOB decisions that could have gone far resolving very little. But the Morrison case, presuming that the securities laws do not apply extraterritorially (and arguably not reversed by a sort of clumsy effort in Dodd-Frank to reverse it), could be pretty big, here's Richard Painter on both issues. And until the honest services statute is revised, Skilling was good news for corporate executives, here's Christine on the case.
On international deals, the killing of BHP's bid for Potash by the Canadian government may a harbinger of protectionism as an M&A defense, so I say it's pretty notable. Here's Steve Davidoff on one aspect of the affair.
And in international regulation, Basel III's continuing development gets my nod. The Basel Committee just met, plans to promulgate the text of Basel III by the end of the year, and has concluded, as US regulators like Sheila Bair have been urging, that systemically significant "banks should have loss-absorbing capacity beyond the Basel III standards ... work on this topic continues in the Committee and the Financial Stability Board (FSB)."
What have we missed?
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