Boardroom Governance with Evan Epstein Erik Gerding (Freshfields): Governance, Regulation, and Risk in a Global Business Environment
Jul 14, 2025
Erik Gerding, a Capital Markets partner at Freshfields and former SEC Director, shares insights on the complexity of global governance. He discusses the SEC's evolving stance on Foreign Private Issuers and how recent regulations impact compliance. Gerding also addresses the rise of AI and its regulatory implications, emphasizing the importance of clear guidelines. With a focus on cybersecurity, he highlights new SEC mandates for disclosure. Lastly, he examines trends in IPOs and the shifting environment for corporate governance.
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Foreign Private Issuers Shift Demographics
- Foreign Private Issuers (FPIs) receive special SEC accommodations recognizing home country regulations.
- Changes in FPI demographics raise questions about adequacy of investor protections under current rules.
FPIs Directors Must Manage Section 16 Risk
- Directors of FPIs should be aware of personal liability under Section 16 if FPI status is lost.
- Timing of trades by officers and directors requires careful management to avoid legal risk.
Clear AI Disclosure Matters
- Companies should disclose specific AI technologies and their actual business impact.
- Clear AI disclosure distinguishes companies from competitors and counters AI washing.
