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May 17, 2019
Dave Kappos, Scott Bennett and Michael Mariani Co‑Author Paper on the Future of Digitized Securities

Cravath partners David J. Kappos, D. Scott Bennett and Michael E. Mariani co‑authored a paper in conjunction with Fluidity Factora and Templum Inc., entitled “Digitized Securities and the Promise of Automated Compliance,” which was published by Thomson Reuters’ Legal Executive Institute on May 14, 2019. The article explains how the current, first generation of digitized securities works and examines their potential market impact, extending to the inherent incorporation of smart contracts that automate compliance with certain aspects of securities law. In the piece, the authors detail both the promise and limitations of the evolving landscape for digitized securities, holding that the emerging technology, now in its nascent stage, has the potential to fundamentally transform the capital markets we know today.

Please click here to read the full paper.

Please click here to read a summary of the paper from Thomson Reuters.

Please click here to read a version of the paper adapted for Practical Law.