CLO Risk-Retention Rules are More Successful Than They Seem

In the wake of the Financial Crisis, Congress passed The Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111–203, H.R. 4173). Among other things, Dodd-Frank mandated that the constellation of relevant regulators[1] design and implement risk-retention rules for securitizations. Lax underwriting standards in mortgages was a key driver of the crisis and many observers believed that “significant informational gaps and misaligned incentives between sponsors of and investors in residential mortgage-backed securities (“RMBS”) led to and promoted excessive risk-taking in […] (More →)

Right to Veto Clauses In Partnership Agreements Causing Startup Headaches

Small technology startups often form as partnerships to enjoy governance norms of equal profit sharing and equal management roles. Without much need yet for outside equity, co-founders may reason that it is simpler to avoid the hassle and costs of incorporation. Given that co-founders both own and manage the company, their interests are perfectly aligned with those of the partnership startup, and they avoid agency costs that are inherent in corporations. Yet, to preserve the equality of partners’ interests and […] (More →)

Could the EU Commission’s Google Trio Impact Google’s US Operations?

On June 27th, 2017, the European Commission, the EU’s supranational executive authority, fined Google €2.42 billion (approximately $2.85m) for breaching EU antitrust rules by using its market dominance as a search engine to give an illegal advantage to another Google product, Google Shopping.  While the fine is a record sum for such an antitrust case, it amounts to little more than a financial blip for Google’s parent conglomerate, Alphabet, which, on July 24th, 2017, released Q2 2017 revenues of $26b.  […] (More →)

Towards a Developed Cryptocurrency Market: Bitcoin-Based Exchange Traded Products

In March, the SEC rejected two proposals for bitcoin-based exchange traded products (“ETP”) from NYSE Arca and the Winklevoss brothers. Since then, changes in the economic, political and regulatory spheres may have shifted the ground to make such an ETP more likely to be approved. If approved, a bitcoin-based ETP would provide a vehicle for investors to have regulated and transparent access to the cryptocurrency, and potentially pave the way for the mainstreaming of bitcoin investment and investment in other […] (More →)

Regulatory Issues and Challenges Presented by Virtual Currencies

Public discussion regarding virtual currencies tends to center around concerns with familiar themes: new financial technologies are little understood, difficult to regulate in their decentralized forms, and their anonymity and lack of government oversight currently allow significant misuse of virtual currencies in the black economy for purposes including money laundering and terrorist finance. These worries are not baseless, considering that virtual currencies markets are only recently attempting to legitimize their image as bona fide economic exchanges. The origins of bitcoin […] (More →)

Can Lobbyists Pass the Declaration of (Director) Independence to Sit On Corporate Boards?

Corporate boards employ independent directors to solve many corporate governance problems, including monitoring related-party or conflicted transactions, protecting minority shareholders against a dominant majority, setting the company’s executive pay, and auditing the company’s financial reports. From these responsibilities stems the typical definition for independent directors: “one who has no need or inclination to stay in the good graces of management, and who will be able to speak out, inside and outside the boardroom, in the face of management’s misdeeds in […] (More →)

When Privacy Meets Politics, Privacy Has a Price Tag: The FCC Broadband Regulation Rollback

A Primer on ISPs: Our Gateway to the Internet Internet service providers (“ISPs”) are our gateway to the Internet. In this capacity, they have the ability to collect, store, and share an “unprecedented breadth” of personal information about consumers, including consumers’ precise geolocation, browsing history, and content of communications. Consumers have very limited, if any, choice regarding their ISP usage; in many regions, ISPs “enjoy near-monopolistic power inside their service areas.” A recent FCC report contained data showing that as […] (More →)

Benefits and Drawbacks of the 2017 NBA CBA

In 2011, the National Basketball Association (NBA) and the National Basketball Players Association (NBPA) failed to agree on a new Collective Bargaining Agreement (CBA). The failed negotiations, led by NBA Commissioner David Stern and NBPA President Derek Fisher, resulted in a lockout that ultimately shortened the season from 82 to 66 games. Luckily, this year both parties were able to come to an agreement without infringing on the season, and a new CBA was ratified in late December 2016. Unless […] (More →)

Amid Terrorists’ Use of Social Media, Where Does a Social Media Platform’s Right to Ensure Free Speech End?

The Islamic State (ISIS) and other terror groups have revolutionized terror enlistment through their use of social media to fundraise, recruit, indoctrinate, and train new recruits. ISIS’s social media outreach in particular, especially through Twitter, has been the impetus for people from around the world to join ISIS’s ranks and plan and carry out attacks in their home countries. For instance, ISIS has specifically targeted women and girls as recruits through social media. In fact, the largest U.S. technology companies […] (More →)

In the Business of Litigating: Legal and Ethical Concerns Facing the Commercial Litigation Financing Industry

It is no secret in both the legal and business communities just how expensive litigation can be. In 2015, larger US companies were maintaining, on average, a litigation budget of roughly $11.6 million in order to cover their expected costs for the year. The changing nature of litigation, particularly the rise in scope of e-discovery, has resulted in an uptrend in these numbers in recent years. As companies are increasingly finding these costs to be too excessive, they are looking […] (More →)

About CBLR

Columbia Business Law Review is the first legal periodical at a national law school to be devoted solely to the publication of articles focusing on the interaction of the legal profession and the business community. The review publishes three issues yearly, which involve students in the editing of leading articles in business law, as well as the production of student-written notes.