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There are two models of regulating corporate transactions with conflicted parties. "Property rules" require the permission of all stakeholders before a transactions proceeds, while "liability rules" require that compensation be provided to stakeholders over whose objections a transactions moves forward. Neither model is optimal for every jurisdiction; there are several characteristics that determine which model is best for a particular jurisdiction.

The United States Congress hurriedly enacted the Sarbanes-Oxley Act of 2002, and the Securities and Exchange Commission worked to issue new regulations regarding corporate financial requirements. Companies are anticipating that the task of putting this all into practice is going to be more expensive and time-consuming than legislators had originally thought.

Byline: CHAD HALCOM Don't expect corporate legal budgets to expand with the economy, as most general counsel offices expect both internal and external spending to resist the recovery throughout 2011. [...]

Community bankers are hoping that the Securities and Exchange Commission will adopt an advisory panel's recommendations to give small companies relief from the internal-controls provisions of the Sarbanes-Oxley Act. On [...]

THE Federal Trade Commission asserted its ideas about competition in approving the AOL-Time Warner merger earlier this month. Commissioners drafted a plan to require the corporate giant to open Time [...]

The consequences of the enactment of the Corporate Law Economic Reform Program in Australia is discussed, with focus on the provisions that affect company directors and their accountants.