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This is an expanded version of the text ``Perverse Sheaves on Loop Grassmannians and Langlands Duality'', AG/9703010. The main new result is a topological realization of algebraic representations of reductive groups over arbitrary rings. We outline a proof of a geometric version of the Satake isomorphism. Given a connected, complex algebraic reductive group G we show that the tensor category of representations of the Langlands dual group is naturally equivalent to a certain category of perverse sheaves on the loop Grassmannian of G. The above result has been announced by Ginsburg in and some of the arguments are borrowed from his approach. However, we use a more "natural" commutativity constraint for the convolution product, due to Drinfeld. Secondly, we give a direct proof that the global cohomology functor is exact and decompose this cohomology functor into a direct sum of weights. The geometry underlying our arguments leads to a construction of a canonical basis of Weyl modules given by algebraic cycles and an explicit construction of the group algebra of the dual group in terms of the affine Grassmannian. We completely avoid the use of the decomposition theorem which makes our techniques applicable to perverse sheaves with coefficients over an arbitrary commutative ring. We deduce the classical Satake isomorphism using the affine Grassmannian defined over a finite field. This note contains indications of proofs of some of the results. The details will appear elsewhere.

Perverse Sheaves on affine Grassmannians and Langlands Duality