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SDNY Bankruptcy Court Publishes Proposed Amendments to Local Rules

Last month, the United States Bankruptcy Court for the Southern District of New York published proposed amendments to its local rules effective December 1, 2016 (the “Proposed Amendments”). Links to the Bankruptcy Court’s...more

Incentive Compensation for Employees: Instead of Increasing Banks' Bottom Lines, These Arrangements May Increase the Risk of Fines

The New York State Department of Financial Services (DFS) recently issued guidance to regulated banking institutions (Institutions) prohibiting them from implementing incentive-based compensation programs unless these...more

Blog: SEC Proposes Use Of “Universal Proxy” In Election Contests And Adopts Changes To Rule 147 And Reg D

At an open meeting this morning, the SEC voted, by a vote of two to one, to propose amendments to the proxy rules that mandate the use of universal proxy cards in contested elections and relate to disclosure about voting...more

FCA Publishes "New" Mission Statement

On 26 October 2016, the FCA published a Mission Statement titled “Our Future Mission”. The aim of the publication is to “establish a set of guiding principles” that explain how the FCA pursues its strategic and operational...more

Blog: Passive Investors: The Invisible Hand Of The Marketplace?

You might be interested in this article in the WSJ discussing the ascension to power-broker status of passive investors, such as index funds. The article contends that “leverage over America’s corporate boards… increasingly...more

SEC Adopts Final Rules Regarding Intrastate and Regional Offerings

On October 26, 2016 at an open meeting, the SEC adopted final rules regarding intrastate and regional offerings, which closely follow the SEC’s proposed rules issued on October 30, 2015. The final rules amend Securities Act...more

Transactions Update: Purchase Price or Compensation

Purchase Price v. Compensation - ..Companies are choosing to stay private significantly longer than the vesting period for stock options ..Recent proposals by private companies to buy back stock from current and...more

Selling Your Business: Why Accurate Financials are Important

This is the fourth installment of a series discussing potential pitfalls that JR and Sue Ellen Pawlenty, who own Pawlenty Energy, should be wary of when they are trying to sell their business. Recently, Tilting the Scales...more

New Treasury Regulations Curtail Planning Opportunities for Partnership Structures

The U.S. Treasury Department and the Internal Revenue Service issued final and temporary regulations (the “2016 Regulations”) on October 5, 2016 addressing the partnership disguised sale and debt allocation rules. The 2016...more

A Work in Progress: The Legal Function and the FCA's Senior Managers' Regime

The Senior Managers and Certification Regime (the “Regime”) came into force on 7 March 2016, with the stated aim of enhancing and embedding a culture of individual responsibility and accountability within the UK’s banking...more

Division of Corporation Finance Issues Five FAQs Related to CEO Pay Ratio Rules

On October 18, 2016, the Division of Corporation Finance issued five new Compliance and Disclosure Interpretations (C&DIs) related to the CEO Pay Ratio Rules. The CEO Pay Ratio Rules, which became effective on October 19,...more

Further expansion of corporate criminal liability

With the publication of the draft Criminal Finances Bill 2016-2017 on 13 October 2016, businesses have been put on notice of what stands to be the largest expansion of UK corporate criminal liability since the Bribery Act...more

An Introduction to Corporate Guarantee

In the UAE, the risk management activities inherent in running a corporate or investment banking business remain of crucial importance, not least because of the strong local characteristic of “name lending”, by which is meant...more

New FINRA Capital Acquisition Broker Rule Set May Be of Interest to Private Fund Sponsors

The SEC recently approved a set of FINRA rules for Capital Acquisition Brokers (“CABs”), described as corporate financing firms that generally limit their businesses to advising companies on mergers and acquisitions, advising...more

FFIEC Releases Answers To FAQs About Cybersecurity Assessment Tool

On October 17, 2016, the Federal Financial Institutions Examination Council (“FFIEC” or the “Council”) released a set of answers to frequently asked questions about its cybersecurity assessment tool (the “CAT”). The FFIEC, an...more

US Securities and Exchange Commission Proposes Enhanced Regulatory Framework for Covered Clearing Agencies

The US Securities and Exchange Commission voted to establish enhanced standards for the operation and governance of securities clearing agencies that are deemed systemically important by the Financial Stability Oversight...more

Liquidity Management and Reporting Modernization Rulemaking

On October 13, 2016, the Securities and Exchange Commission (SEC) approved three new rules under the Investment Company Act of 1940 (Investment Company Act). The new rules will impose liquidity requirements, authorize the use...more

Application of New Debt-Equity Regulations to Securitizations

On October 13, 2016, Treasury and the IRS issued new final and temporary “anti-inversion” regulations under section 385 of the Internal Revenue Code that could treat certain purchasers of notes issued by securitizations as...more

US Comptroller of the Currency Discusses Bank Secrecy Act and Anti-Money Laundering Compliance

The US Comptroller of the Currency, Thomas J. Curry, spoke at a conference of the Association of Certified Anti-Money Laundering Specialists about the OCC’s role in the BSA/AML regulatory regime and the risks the regime is...more

How Much Should I Expect to Pay An Investment Banker To Sell My Family-Owned Business?

In our last blog post, we highlighted the benefits of retaining an investment banker for the sale of your family-owned business. As you might expect, investment bankers do not work for free. In today’s blog post, we outline...more

Cyber in the Board Room: Balancing Risk and Oversight

Boards of directors remain increasingly exposed to the threat of liability arising from data breaches and other cyber-incidents. Nearly a year ago, Senators Jack Reed and Susan Collins introduced the Cybersecurity...more

Bill C-25 Looks to Include Majority Voting, Diversity Disclosure Requirements in Canada Business Corporations Act

The Government of Canada recently introduced Bill C-25 (Bill), titled “An Act to amend the Canada Business Corporations Act, the Canada Cooperatives Act, the Canada Not-for-profit Corporations Act and the Competition Act”....more

Can Forcing a Company into Bankruptcy be an Unfair or Deceptive Trade Practice?

Can a bankruptcy trustee prove a violation of N.C. Gen. Stat. § 75-1.1 based on business strategies that forced a debtor into bankruptcy? The U.S. Bankruptcy Court for the Eastern District of North Carolina recently...more

New Delaware Chapter 11 Filings – Basic Energy Services, Inc., et al.

Basic Energy Services, Inc., and twenty-seven (27) of its subsidiaries and affiliates filed petitions for relief under chapter 11 in the Bankruptcy Court for the District of Delaware earlier this morning (Case No. 16-12320). ...more

New Delaware Chapter 11 Filings – American Gilsonite Holding Company

American Gilsonite Holding Company—a hydrocarbon resin supplier based in Houston, Texas—and four of its affiliates have filed petitions for relief under chapter 11 in the United States Bankruptcy Court for the District of...more

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