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CLE Written Materials

Legal Issues in Social Entrepreneurship and Impact Investing—In the US and Beyond: June 6-7, 2023

June 6-7, 2023
ČâÂţÎÝ
Vanderbilt Hall, 40 Washington Square South, New York City

This event has been approved for 16 New York State CLE credits in the category of Areas of Professional Practice. Each panel is approved for 1 credit. The credit is both transitional and non-transitional; it is appropriate for both experienced and newly admitted attorneys. Those panels that have been approved for CLE credit hours are indicated with an asterisk (*) in this conference program.

ČâÂţÎÝ School of Law is committed to the availability of quality affordable CLE programs for its alumni community and members of the bar-at-large. Prospective attendees interested in obtaining financial aid for this program should contact ČâÂţÎÝ Law School's the Grunin Center for Law and Social Entrepreneurship at law.gruninsocent@nyu.edu. Written requests for financial aid should include applicant name, phone number, email address, employment status and recent employment history, along with a brief statement of financial need. All requests for financial aid will be kept confidential.

Distributive Power and Wealth: Is the Impact Space Ready and Willing to Democratize Capital?

Conference Theme: Distributive Power and Wealth: Is the Impact Space Ready and Willing to Democratize Capital?

Democratization: Moving Beyond “Localization”

Government Development Aid

1. Localization at USAID: The vision and the approach

2. ADS Chapter 303: Grants and Cooperative Agreements to Non-Governmental Organizations

[See Section 303.3.6.5c.(1) and Definitions:  Local Entity/ Locally Established Partner]

3. USAID Risk Appetite Statement (A Mandatory Reference for ADS Chapter 596)

4. New Partnerships Initiatives Standard Practices and Definitions

5.  OMB Management and Budget Final Guidance re: "Substantial Involvement"

Country Government Perspective

1. International Bill of Rights

2.  Social Enterprise and Job Creation in Sub-Saharan Africa (British Counsel)

3. European American Journals Article:  Impacts of Political Interference in Public in Kibaha Town Council Administration

Multilateral Development Banks

1.  Sustainable Financing in Economic Social and Infrastructure

2.  Sustainable Investing: A Playbook for VC Funds

Donor-Advised Funds/Impact Investing

1. IRS Donor Advised Funds

2.  What is a Donor-Advised Fund

3. Impact Assets Charitable Funds

Demonstrating Democratization: Putting in the work
  • Article: The next step in pay-for-performance: A marketplace for buying and selling social outcomes. Available at:
  • Saul, J. (2022). Why the Social Sector Needs an Impact Registry. Stanford Social Innovation Review.
  • King, H., Nowicki, M., Noble, L., Palmer, D., & Saul, J. (2022). How Impact Data Changes the Way Donors Give. Stanford Social Innovation Review.
  • Policy paper written for , Having a Stake: Evidence and Implications for Broad-based Employee Stock Ownership and Profit Sharing, by Joseph Blasi, Douglas Kruse, and Richard Freeman available at: 
Distributive models: Thinking outside the box
  • Policy paper written for , Having a Stake: Evidence and Implications for Broad-based Employee Stock Ownership and Profit Sharing, by Joseph Blasi, Douglas Kruse, and Richard Freeman available at: 
  • J. Lowitzsch: The CSOP-Financing Technique: Origins, Legal Concept and Implementation; in Energy Transition - Consumer (Co-) Ownership in Renewable Energy, Palgrave Macmillan, 2019 C:\Users\m.santosvalentin\Downloads\Chapter 8 CSOPs - Energy Transition - Consumer (Co-)Ownership in RE - Lowitzsch 2019.pdf
  • Better Business Act. Draft legislation available at
  • Introducing the Equalising Deal Terms Project, Sung-Hyui Park, Bates Wells. Available at
  • Impact Governance guides. Available at:
  • Consider the Lilies: Giving Nature a Voice in the C Suite by David Hunter. Available at:
  • J. Lowitzsch: Consumer Stock Ownership Plans (CSOPs)—The Prototype Business Model for Renewable Energy Communities, Energies 2020;
  • J. Lowitzsch: Community participation and sustainable investment in city projects: The Berlin Water Consumer Stock Ownership Plan; Journal of Urban Regeneration and Renewal 2017;
Democratizing Information: Spreading the knowledge wealth
  • Template Debt-Style Revenue Based Financing Term Sheet developed for the Innovative Finance Playbook. Publicly available at
  • Template Equity-Style Revenue Based Financing Term Sheet developed for the Innovative Finance Playbook. Publicly available at

Examples of Organizations Standardizing Access to Legal Transaction Documents

  • Template SAFE Agreement (post-money valuation cap) developed by the Y Combinator. Publicly available at
  • Post-money SAFE User Guide developed by the Y Combinator. Publicly available at
  • NVCA Model Legal Documents – Term Sheet (updated August 2020). Publicly available at
  • NVCA Model Legal Documents – Stock Purchase Agreement (updated September 2020). Publicly available at
  • NVCA Model Legal Documents – Right of First Refusal and Co-Sale Agreement (updated September 2020). Publicly available at
  • NVCA Model Legal Documents – Investors’ Rights Agreement (updated August 2021). Publicly available at
  • NVCA Model Legal Documents – Management Rights Letter (updated July 2020). Publicly available at
Impact Investing in Times of Crisis: Governance, Collaboration, Restructurings, Data, and Resilience

Conference Theme: Impact Investing in Times of Crisis: Governance, Collaboration, Restructurings, Data, and Resilience 

The Evolution of Contracting for Impact – Lessons Learned and Still to Be Learned
  • Burand, Doing the Deal, Impact Investing and Social Enterprises: Global Progress and Challenges 63 (Alan S. Gutterman and Robert L. Brown, eds., American Bar Association, 2022)
  • Burand & Savell, “What Can Go Right When Things Go Wrong:  Contracting for Impact Risk and Opportunities,” Impact Entrepreneur (October 20, 2022) (available at: )
  • Ball and Gibson, Partnerships with Principles:  Putting Relationships at the Heart of Public Contracts for Better Social Outcomes (Government Outcomes Lab, University of Oxford)  (September 2022) (available at:  )
  • "Social Impact Bonds 2.0? Pandemic Shows Risks of Extreme Events to SIB Beneficiaries"  (Manchester Metropolitan University and USC Price Sol Price School of Public Policy)(2021) (available at: )
  • Ranajoy Basu, “Force Majeure and Development Impact Bonds” (McDermott,Will & Emery, January 11, 2021) (available at )
  • Burand, Koch and Yang, “Scaling Social Enterprises Through Franchise Models:  Rethinking Social Franchise Agreements,” 88 UMKC L. Rev. 827 (2020)
  • Coordination among MIVs in response to Covid 19 (April 23, 2020) (available at: )
  • Burand, “Contracting (Incompletely) for Success:  Designing Pay for Success Contracts for Social Impact Bonds (SIBs),” 29 Cornell J. L. & Pub. Pol’y 1 (2019) Burand, “Contracting for Impact:  Embedding Social and Environmental Goals into Loan Agreements,” 13 ČâÂţÎÝ J.L. & Bus. 775 (2017)
Pandemics, wars and earthquakes: distressed situations in impact investments— experiences and tools
  • Julie Abrams, CGAP, Crisis Roadmap for Microfinance Institutions: COVID-19 and Beyond (Feb. 2021), .
  • Deborah Burand & Ivo JenĂ­k, CGAP, Debt Restructuring in Microfinance, COVID-19 Briefing: Insights for Inclusive Finance (Sept. 2020), .
  • Emily Gustafsson-Wright, Sarah Osborne & Emily Crane, Brookings Institution, How have impact bond-funded projects in low- and middle-income countries fared in COVID-19? (Dec. 22, 2021), .
  • Molly Tolzmann, CGAP’s 2021 Investor Survey: Trends in International Funding for Financial Inclusion (Mar. 2023), .
  • Deborah Burand, David Crush, Henry Gonzalez & Alexander Sotiriou, CGAP Briefing: Microfinance Solvency and COVID-19: A Call for Coordination (Sept. 2021), .
  • Memorandum of Understanding: Coordination among MIVs in Response to COVID-19 (April 23, 2020), .
  • Foundation Grameen Credit Agricole et al., Pledge: Key principles to protect microfinance institutions and their clients in the COVID-19 crisis (2020), .
  • Deborah Burand & Louise Savell, What Can Go Right When Things Go Wrong: Contracting for impact risk and opportunities, Impact Entrepreneur (Oct. 20, 2022), .
  • Deborah Burand, Resolving Impact Investment Disputes: When Doing Good Goes Bad, 48 Wash. U. J.L. & Pol'y 55 (2015), .

Suggestions:

  • Patrick Meagher, CGAP COVID-19 Briefing, Microfinance in the COVID-19 Crisis: A Framework for Regulatory Responses (June, 2020),
  • Oricel Caminero, (June, 2022), Guidance Notes, Social Performance Task Force.
  • A customer-centric response to the COVID-19 pandemic: Social Performance Management in Practice Examples from the field, Social Performance Task Force (April, 2020):
New Models for Impact: Technology, Data, Governance and Collaboration
  • Gordon Myers and Kiril Nejkov, EM Compass, Developing Artificial Intelligence Sustainably: Toward a Practical Code of Conduct for Disruptive Technologies (2020),
  • Gordon Myers, Valoris Stewardship Catalysts Market Capitalization are Increasingly Driven by Technology and Data: Is Stewardship Keeping Pace?  (2022).
  • NIST AI Risk Management Framework, .nist.gov/itl/ai-risk-management-framework
  • Proposed EU Artificial Intelligence Act,
  • Susan Winterberg et al, Belfer Center for Science and International Affairs, Responsible Investing in Tech and Venture Capital (2020),
  • Susan Winterberg, VentureESG White Paper, Materiality Assessment for Venture Capital: Identifying ESG Risks and Opportunities for Due Diligence and Portfolio Management (2022),
  • Ford Foundation, A Guiding Framework to vetting public sector technology vendors (2023),
  • U.S. Securities and Exchange Commission, SEC Proposes Cybersecurity Risk Management Rules and Amendments for Registered Investment Advisers and Funds (2022),
  • New York State Cybersecurity Department of Financial Services, Cybersecurity Resource Center (2023),
  • Monetary Authority of Singapore, Cyber Security (2023),
  • Dr. Martin Clancy and Rebekah Tweed, The Voice of the Artist in the Age of the Algorithm, IEEE (2022).
  • IDB Lab, Ethics Self-Assessment for Actors of the Entrepreneurial System (2022),
  • PRI (UN), Starting Up:  Responsible Investment in Venture Capital (2022),
  • Office of the United Nations Commissioner for Human Rights, Benchmarking Study of Development Finance Institutions’ Safeguard Policies (2023), .
  • Tech Policy Press, an Indigenous Perspective on Generative AI (2023),
  • Clifford Chance, States Bring a Human Rights Focus to Dual-Use Export Controls with a New Code of Conduct (2023),
  • SASB Standards, Materiality Finder (2023),
  • Naineesh Gaur, World Economic Forum, This is What Increasing Data Protection Laws Mean for Your Company (2023),
  • Center for Financial Inclusion, Client Protection Principles (2019),
Role of Catalytic Investment, Philanthropy and Impact First - post COVID and other crises
  • OECD, Making Blended Finance Work for the Sustainable Development Goals (2018), http://dx.doi.org/10.1787/9789264288768-en
  • Alma Agusti Strid, James Ronicle, Social Impact Bonds in Latin America: IDB Lab's Pioneering Work in the Region: Lessons Learnt (Jan, 2021), https://publications.iadb.org/publications/english/viewer/Social-Impact-Bonds-in-Latin-America-IDB-Labs-Pioneering-Work-in-the-Region-Lessons-Learnt.pdf
  • Georgia Cipoletta Tomassian, Francisco G. Villareal, Tarek Abdo, Bonos de impacto, CoordinaciĂłn e innovaciĂłn para el financiamiento de inversiones con resultados sociales (2023),
  • Godeke, Steven and Patrick Briaud. Impact Investing Handbook: An Implementation Guide for Practitioners. A publication of Rockefeller Philanthropy Advisors.
  • Dana Brakman Reiser, Steven Dean, For-Profit Philanthropy: Elite Power and the Threat of Limited Liability Companies, Donor-Advised Funds, and Strategic Corporate Giving (January 3, 2023)
  • Lila Alejandra Gasca EnrĂ­quez, Ivette Montero RodrĂ­guez, James E. Ritch, ZaraĂ­ Salvador MĂĄtar RenterĂ­a y Daniela SolĂ­s Navarro, Report Diversity of Entrepreneurship Models with Purpose (September, 2022),
  • Dr Shonali Banerjee, System Change In Philanthropy For Development: A Research Framework for Global Growth Markets (2022),
  • Center for Strategic Philanthropy at the University of Cambridge Judge Business School, Philanthropy and COVID-19: Is the North-South Power Balance Finally Shifting? (2020),
Dynamic Impact Capital: Evolving Rules, Players, Structures, and Products

Conference Theme: Dynamic Impact Capital: Evolving Rules, Players, Structures, and Products 

Impact-Linked GP Compensation – From Theory to Action
  • Aaron Bourke and Chintan Panchal. (2022). “Tying Fund Managers’ Compensation to Impact Performance is Easier Said Than Done”.
  • Acre. (2020). “Outcomes aligned incentive structures for investment managers and their employees”.
  • Asian Infrastructure Investment Bank. (2023). “Reflecting on Sustainable Investing: Sustainability-Linked Incentives for Fund Managers”. Available at:
  • Aunnie Patton Power. (2022). “Have We Reached The Tipping Point For Impact-Linked Compensation?”.
  • Cathy Clark, Jed Emerson and Ben Thorley. (2012). “A market emerges: The six dynamics of impact investing”.
  • Cathy Clark, Jed Emerson and Ben Thorley. (2013). “Impact investing 2.0. The way forward. Insight from 12 outstanding funds”.
  • Dilek Cetindamar and Banu Ozkazanc‐Pan. (2017). "Assessing mission drift at venture capital impact investors". Business Ethics: A European Review 26.3: 257-270. Available at: https://onlinelibrary.wiley.com/doi/abs/10.1111/beer.12149 • Global Impact Investing Network. (2011). “Impact-Based Incentive Structures”. Available at:
  • Global Impact Investing Network. (2019). “IRIS+ and the Five Dimensions of Impact”.
  • Global Impact Investing Network. (2019). “IRIS+ Core Metrics Sets”.
  • Global Impact Investing Network. (2019). “Using IRIS+ for Decision-Making”.
  • Global Impact Investing Network. (2019). “Using IRIS+ to Incorporate Stakeholder Voice”.
  • Global Impact Investing Network. (2022). “IRIS+ and the SDGc”.
  • Global Impact Investing Network. (2022). “IRIS+ Thematic Taxonomy”.
  • International Finance Corporation. (2019). “The Promise of Impact Investing”. Available at:
  • Jennifer Bolton, Ilomai Kurrik and Rebecca Pereira. (2015). “Impact Investing Private Equity Fund Industry: Legal Considerations”.
  • Louis Wouters. (2022). “Tying financial remuneration of fund managers to impact”.
  • Morrison Foerster and Impact Capital Managers. (2021). “Legal Innovation in Impact Investing”.
  • PR Newswire. (2022). “Maycomb Capital and ZOMA Foundation launch new fund to accelerate outcomes financing in Colorado”. Available at:
  • Toby Mitchenall. (2022). “Impact-linked carry faces a fundamental challenge; let’s hope it prevails”. Available at:
  • Travers Smith (2021). “Private-equity backed companies: The evolution of ESG-linked financial incentives”. Available at:
  • Varada Karthik (2022). “Putting your money where your mouth is – Impact-linked carry: tying incentives with impact goals.”. Available at:
  • Vicky Meek. (2022). “The GPs tying carried interest to impact”. Available at:
  • Will Gornall and Ilya A. Strebulaev. (2021). “The Economic Impact of Venture Capital: Evidence from Public Companies”. Available at SSRN:
Unlocking Endowment Assets for Greater Impact
  • David A. Levitt. (2011). “Investing In The Future: Mission-Related And Program-Related Investments For Private Foundation”. Available at:
  • Grantcraft. (2018). “Program-related Investing Skills and Strategies for New PRI Funders”. Available at:
  • M. Diane Burton, Shawn Allen Cole, Abhishek Dev, Christina Jarymowycz, Leslie Jeng, Josh Lerner, Fanele Mashwama, Cynthia Xu and Rob Zochowski. (2021). “The Project on Impact Investments' Impact Investment Database”. Harvard Business School Finance Working Paper No. 20-117, Available at SSRN:
  • Maximilian Kremer, Ann-Kristin Achleitner and Reiner Braun. (2022). “Doing Well by Doing Good? – Venture Capital Mission Investments by Charitable Nonprofit Foundations and University Endowments”. Available at SSRN:
  • Michael Silvestri, John Pion, Matthias Argenyi and Michael Grossman. (2023). “Breaking Barriers: A Practical Guide to Unlocking Foundation Endowments”. Available at:
  • Neil Reeder and Andrea Colantonio. (2013). “Measuring impact and non-financial returns in impact investing: A critical overview of concepts and practice. The London School of Economics and the European Investment Bank Institute”. Available at:
  • Paul Brest. (2016). "Investing for impact with program-related investments". (2016). Stanford Social Innovation Review 14.Summer: 19-27. Available at:
  • PR News Wire. (2022). “Builders Initiative Announces 90 percent of its $1 Billion Foundation Endowment is Now Mission-Related”. Available at:
  • Principles for Responsible Investment. (2018). “Impact Investing Market Map”. Available at:
  • Rebecca Tekula and Kirsten Andersen. (2019). "The role of government, nonprofit, and private facilitation of the impact investing marketplace." Public Performance & Management Review 42.1: 142-161. Available at:
  • Richard Henriques, Arjun Nath, Carra Cote-Ackah, and Katherina Rosqueta. (2018). “Program-Related Investments”. The Center for High Impact Philanthropy, the University of Pennyslvania. Available at:
  • Robert Wood Johnson Foundation. (2022). “How We’re Investing to Advance Racial Equity”. Available at:
  • Steven Godeke and Doug Bauer. (2008). “Philanthropy’s New Passing Gear: Mission-Related Investing: A Policy and Implementation Guide for Foundation Trustees”. New York: Rockefeller Philanthropy Advisors. Available at:
  • Susan N. Gary. (2011). “Is It Prudent to Be Responsible? The Legal Rules for Charities That Engage in Socially Responsible Investing and Mission Investing”. 6 Nw. J. L. & Soc. Pol'y. 106. Available at :
  • Vivek Pandit and Toshan Tamhane. (2018). “A Closer Look At Impact Investing”. McKinsey Quarterly. Available at:
Legal Team as Partners and Not Problems
  • Alfredo Contreras and Joe McGrath. (2020). “Law, Technology, and Pedagogy: Teaching Coding to Build a ‘Future-Proof’ Lawyer”. 21 MINN. J.L. SCI. & TECH. 297. Available at:
  • Alicia E. Plerhoples, (2015). “Risks, Goals, and Pictographs: Lawyering to the Social Entrepreneur”. 19 LEWIS & CLARK L. REV. 301-326. Available at:
  • Celeste M. Hammond. (2009). “Borrowing from the B Schools: The Legal Case Study as Course Materials for Transaction Oriented Elective Courses: A Response to the Challenges of the MacCrate Report and the Carnegie Foundation for Advancement of Teaching Report on Legal Education”. 11 TENN J. BUS. L. 9, 18-19 Available at:
  • Deborah Burand. (2020). “Building the Case for the Business Lawyer of Tomorrow: Putting Impact into Practice”, 56 WILLAMETTE L. REV. 425. Available at:
  • Deborah L. Rhode. (2017)."Leadership in law" Stanford Law Review 69.6: 1603. Available at:
  • Jeannie Naujeck. (2021). “How The Environmental, Social, And Governance Movement Is Gaining Ground In Boardrooms, Law Firms, And Legal Scholarship”, Duke Law Magazine. Available at:
  • Natalie Runyon. (2021). “Increase in Clients’ ESG Transparency Is Driving Law Firms to Create New Sustainability Practice Areas”. Available at:
  • Patrick Temple-West. (2021). “Calls to Action on ESG Boost Demand for Legal Expertise”. FT. Available at:
  • Roger E. Barton. (2021). “As Corporate Clients Emphasize ESG, Law Firms Should Be Leading the Pack”. Reuters.com. Available at:
  • Susan R. Jones. (2020). “The Case for Leadership Coaching in Law Schools: A New Way to Support Professional Identity Formation”. 48 HOFSTRA L. REV. 659. Available at:
  • Susan R. Jones and Janet Thompson Jackson. (2018). “Law & Entrepreneurship in Global Clinical Education”. 25 INT’L J. CLINICAL EDUC. 85. Available at:
Innovating on Innovation
  • Alexander W. Peters, Jordan Pyda, Gopal Menon, Emi Suzuki, and John G. Meara. (2019). "The World Bank Group: innovative financing for health and opportunities for global surgery." Surgery 165, no. 2: 263-272. Available at:
  • Arame Tall, Sarah Lynagh, Candela Blanco Vecchi, Pepukaye Bardouille, Felipe Montoya Pino, Elham Shabahat, Vladimir Stenek, Fiona Stewart, Samantha Power, Cindy Paladines, Philippe Neves and Lori Kerr. (2021). “Enabling Private Investment in Climate Adaptation and Resilience : Current Status, Barriers to Investment and Blueprint for Action”. World Bank. Available at:
  • Clifford Chance. (2022). “ESG Securitisation: Accelerating After A Slow Start”. Available at:
  • Georg Inderst and Fiona Stewart. (2018). “Incorporating Environmental, Social and Governance (ESG) Factors into Fixed Income Investment”. World Bank Group Publication, available at SSRN:
  • Gong Cheng, , Torsten Ehlers and Frank Packer. (2022). "Sovereigns and sustainable bonds: challenges and new options." Available at:
  • Heike Reichelt. (2010). "Green bonds: a model to mobilise private capital to fund climate change mitigation and adaptation projects.". The EuroMoney environmental finance handbook 2010: 1-7. Available at:
  • International Finance Corporation and World Bank Group. (2019). “Creating Impact: The Promise of Impact Investing”. Available at:
  • Navin Girishankar. (2009). “Innovating Development Finance - From Financing Sources to Financial Solutions”. World Bank Policy Research Working Paper No. 5111, Available at SSRN:
  • Sudha Mathew and Sheeja Sivaprasad. (2022). “Sustainable Bonds”. Available at SSRN:
  • Torsten Thiele and Leah R. Gerber. (2017). "Innovative financing for the high seas.". Aquatic Conservation: Marine and Freshwater Ecosystems 27: 89-99. Available at:
A Tale of Diverging Regulatory Environments: Navigating Local and Global Regulations and Developing the Skills to Respon

Conference Theme: A Tale of Diverging Regulatory Environments: Navigating Local and Global Regulations and Developing the Skills to Respond 

Diverging State Regulation of ESG and Impact Investing
  • (March 15, 2023)
  • (February 9, 2023)
  • (November 23, 2022)
  • (October 20, 2022)
  • (August 9, 2022)
  • (December 16, 2022)
  • (October 11, 2022)
Comparative Global Regulation of Impact Investing
  • “Environmental, Social & Governance Comparative Guide – in Italy”, The Global Legal Post, 2023 ()
  • “ESG and Impact Investing 2023 – in Italy”, Lexology 2022 ()
  • The EU regulation articles published by:
    • IBA’s Legal Practice Division on “EU Sustainable Finance and Greenwashing: Where Are We and What Lies Ahead?” 2023 (): focused on greenwashing and intends to contextualize the debate with respect to past, present and future relevant market and regulatory developments in Europe, focusing in particular on the impact on financial intermediaries
    • Wolters Kluwer “Road to Corporate Sustainability Reporting Directive (CSRD)” (): focused on the contents of the CSRD and the differences with the NFDR
    • South pole “The Corporate Sustainability Reporting Directive (CSRD): Here’s how you can prepare for the new EU regulation” (): it dives deep on the contents of the CSRD and on how to prepare for its next application
    • SSRN “The Current State of Corporate Sustainability Reporting Regulation in the European Union” (): it provides an overview of sustainability disclosure regulation in the EU.
  • “Hong Kong’s ESG regulatory framework and emerging enforcement and disputes risk”, Lexology 2022 ()
  • “Guidance for Pursuing Impact in Listed Equities”, the GIIN ();
Creating ESG- and Impact-Ready Lawyers
Fifty Ways to Measure Impact: Challenges and Opportunities in Impact Reporting
  • The COSO Sustainability reporting recent publication:
  • SEC Proposes ESG Disclosure Rules for Investment Advisers and Investment Companies ()