{"id":5315,"date":"2025-02-16T11:36:33","date_gmt":"2025-02-16T16:36:33","guid":{"rendered":"https:\/\/journals.law.harvard.edu\/hblr\/?page_id=5315"},"modified":"2026-05-09T17:33:02","modified_gmt":"2026-05-09T21:33:02","slug":"5315-2","status":"publish","type":"page","link":"https:\/\/journals.law.harvard.edu\/hblr\/","title":{"rendered":"HOME"},"content":{"rendered":"\n
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FEATURED ESSAY \u2022 SECURITIES & FINANCIAL REGULATION<\/strong><\/p>\n\n\n\n

CAN SECTION 11 BE SAVED?: \u201cTRACING\u201d A PATH TO ITS SURVIVAL<\/a><\/strong><\/h2>\n\n\n\n

John C. Coffee, Jr. & Joshua Mitts<\/p>\n\n\n\n

Last term, a unanimous Supreme Court held in Slack Techs. v Pirani that purchasers of securities must \u201ctrace\u201d their shares to the registration statement that contains the alleged misstatement or omission in order to be able to assert a claim under Section 11 of the Securities Act of 1933. Lawyers and law firms on both sides of the case agreed (with differing emotions) that the decision eclipsed Section 11, which had been the federal securities laws\u2019 strongest litigation remedy for investors. We disagree with this conclusion that Section 11 is doomed, but we recognize the danger. Both in an amicus brief we filed with the Court and now in this article, we show how tracing can be performed and thus Section 11 preserved.<\/p>\n\n\n\n

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POLITICS & ECONOMICS<\/strong><\/p>\n\n\n\n

THICKER THAN ARTIFICIAL INTELLIGENCE<\/a><\/h2>\n\n\n\n

Olivia Schwartz<\/strong><\/p>\n\n\n\n

As Saudi Arabia implements Vision 2030, it may do so in a way that jeopardizes this longstanding relationship. Saudi Arabia is in the midst of creating an artificial intelligence hub in Saudi Arabia. However, with continuing U.S.-People\u2019s Republic of China (PRC) tensions, Saudi Arabia will likely have to choose between the United States and the People\u2019s Republic of China.<\/p>\n<\/div>\n\n\n\n

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TECHNOLOGY & INNOVATION<\/strong><\/p>\n\n\n\n

ENDING THE CRYPTO TAX HAVEN<\/a><\/h2>\n\n\n\n
Noam Noked<\/h6>\n\n\n\n

There is growing global concern regarding the use of crypto for tax evasion and financial crimes. To address this problem, over sixty jurisdictions have recently committed to implement the Crypto-Asset Reporting Framework (CARF). CARF transposes the Common Reporting Standard (CRS)\u2014designed for the traditional financial industry\u2014onto the crypto industry.<\/p>\n<\/div>\n<\/div>\n\n\n\n

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CORPORATE LAW & GOVERNANCE<\/strong><\/p>\n\n\n\n

LOCAL FIRM GOVERNANCE<\/a><\/h2>\n\n\n\n
Anne M. Choike<\/h6>\n\n\n\n

Since the turn of the millennium, diverse cities\u2014large and small, red and blue\u2014have undertaken initiatives aimed at the governance of firms. These novel initiatives aim to constrain executive compensation, require board diversity, promote stakeholder governance, support the establishment of worker cooperatives, and beyond. These developments mean we must add localities to the conventional framework of firm governance.<\/p>\n<\/div>\n\n\n\n

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CONSUMER PROTECTION<\/strong><\/p>\n\n\n\n

\u201cPRICE DISCRIMINATION\u201d DISCRIMINATION<\/a><\/h2>\n\n\n\n

Talia B. Gillis<\/strong><\/p>\n\n\n\n

Credit price personalization, where lenders set prices based on individual borrower and loan characteristics, is a common practice across many loan types, with conventional accounts of its harms focusing on the ways in which risk-based pricing, or setting prices based on borrowers\u2019 credit risk, can lead to disparities for protected groups like racial minorities and women.<\/p>\n<\/div>\n<\/div>\n\n\n\n

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LEGAL & REGULATORY COMPLIANCE<\/strong><\/p>\n\n\n\n

BOEING: THE MULTITUDE OF ITS TROUBLES<\/a><\/h2>\n\n\n\n

Erica (Xinhui) Chen<\/strong><\/p>\n\n\n\n

Boeing, the aviation giant corporation, has been facing a multitude of troubles in recent years. Two accidents of Boeing 737 Max resulted in the deaths of 346 people and revealed the flawed engineering safety control of Boeing. Four years after the deadly accidents, Boeing is still deeply entangled in their aftermath. This Column walks through the multi-faceted troubles Boeing is facing, and briefly explores the organizational causes embedded in Boeing\u2019s culture.<\/p>\n<\/div>\n\n\n\n

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ENVIRONMENTAL, SOCIAL, & GOVERNANCE<\/strong><\/p>\n\n\n\n

ACTIVISM ON HOLD: THE LEGAL BARRIERS TO SHAREHOLDER IMPACT LITIGATION<\/a><\/h2>\n\n\n\n

Dennis Ronel<\/strong><\/p>\n\n\n\n

This Column examines the challenges shareholder activists face when seeking to hold managers accountable through litigation, highlighting three key obstacles: the entrenched shareholder primacy doctrine, the protective nature of the business judgment rule, and the stringent evidentiary requirements under Delaware law.<\/p>\n<\/div>\n<\/div>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

FEATURED ESSAY \u2022 SECURITIES & FINANCIAL REGULATION CAN SECTION 11 BE SAVED?: \u201cTRACING\u201d A PATH TO ITS SURVIVAL John C. […]<\/p>\n","protected":false},"author":109,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"class_list":["post-5315","page","type-page","status-publish","hentry"],"jetpack_shortlink":"https:\/\/wp.me\/PgKEUK-1nJ","jetpack-related-posts":[{"id":4233,"url":"https:\/\/journals.law.harvard.edu\/hblr\/hblr-online-volume-3\/","url_meta":{"origin":5315,"position":0},"title":"Volume 3 (2012\u20132013)","author":"ehansen","date":"July 31, 2016","format":false,"excerpt":"ENVIRONMENTAL, SOCIAL, & GOVERNANCE WHY ARE FOREIGN INVESTMENTS IN DOMESTIC ENERGY PROJECTS NOW UNDER CFIUS SCRUTINY? Stephen Heifetz and Michael Gershberg CFIUS now actively reviews and sometimes alters transactions that result in foreign control of U.S. energy companies. There are three primary drivers behind this recent scrutiny. SECURITIES & FINANCIAL\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4235,"url":"https:\/\/journals.law.harvard.edu\/hblr\/hblr-online-volume-2\/","url_meta":{"origin":5315,"position":1},"title":"Volume 2 (2011\u20132012)","author":"ehansen","date":"July 31, 2016","format":false,"excerpt":"BANKRUPTCY RESTRUCTURING SOVEREIGN DEBT UNDER LOCAL LAW: ARE RETROFIT COLLECTIVE ACTION CLAUSES EXPROPRIATORY? Melissa A. 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Stout Experts still debate what caused the credit\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4740,"url":"https:\/\/journals.law.harvard.edu\/hblr\/volume-8-issue-2\/","url_meta":{"origin":5315,"position":3},"title":"Volume 8, Issue 2 (2018)","author":"wgu","date":"November 20, 2019","format":false,"excerpt":"SECURITIES & FINANCIAL REGULATION INVESTOR-DRIVEN FINANCIAL INNOVATION Kathryn Judge Financial regulations often encourage or require market participants to hold particular types of financial assets. One unintended consequence of this form of regulation is that it can spur innovation to increase the effective supply of favored assets. This Article examines when\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4857,"url":"https:\/\/journals.law.harvard.edu\/hblr\/volume-11-issue-1\/","url_meta":{"origin":5315,"position":4},"title":"Volume 11, Issue 1","author":"wgu","date":"May 16, 2021","format":false,"excerpt":"[vc_row][vc_column][vc_column_text] CORPORATE LAW & GOVERNANCE AN EFFICIENCY ANALYSIS OF DEFENSIVE TACTICS Ronald J. Gilson & Alan Schwartz For thirty-five years, courts and scholars have been divided over the effects of defensive tactics in the market for corporate control. Strong defensive tactics locate authority to accept a hostile bid in the\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":3487,"url":"https:\/\/journals.law.harvard.edu\/hblr\/volume-3-issue-2\/","url_meta":{"origin":5315,"position":5},"title":"Volume 3, Issue 2 (2013)","author":"wpengine","date":"October 15, 2013","format":false,"excerpt":"SECURITIES & FINANCIAL REGULATION \u2022 LEGAL & REGULATORY COMPLIANCE PRIVATE REGULATION OF INSIDER TRADING IN THE SHADOW OF LAX PUBLIC ENFORCEMENT: EVIDENCE FROM CANADIAN FIRMS Laura Nyantung Beny and Anita Anand Like firms in the United States, many Canadian firms voluntarily restrict trading by corporate insiders beyond the requirements of\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/journals.law.harvard.edu\/hblr\/wp-json\/wp\/v2\/pages\/5315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/journals.law.harvard.edu\/hblr\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/journals.law.harvard.edu\/hblr\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/journals.law.harvard.edu\/hblr\/wp-json\/wp\/v2\/users\/109"}],"replies":[{"embeddable":true,"href":"https:\/\/journals.law.harvard.edu\/hblr\/wp-json\/wp\/v2\/comments?post=5315"}],"version-history":[{"count":0,"href":"https:\/\/journals.law.harvard.edu\/hblr\/wp-json\/wp\/v2\/pages\/5315\/revisions"}],"wp:attachment":[{"href":"https:\/\/journals.law.harvard.edu\/hblr\/wp-json\/wp\/v2\/media?parent=5315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}