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Holland & Knight's Inaugural Israel Practice Newsletter - July 2017

by Holland & Knight LLP on

...We invite you to read our inaugural Israel Practice newsletter, in which our authors discuss pertinent American-Israeli topics. As Israel has been a crossroads and a prolific source of new ideas for more than 3,000 years,...more

Dechert's Global Private Equity Newsletter - Summer 2017 Edition: D&O Insurance Coverage - How Careful Should the Drafting Be?...

by Dechert LLP on

Directors are required to review and approve transformative M&A transactions. The power to approve, however, comes with the potential liability that could be asserted if the transactions do not turn out as projected....more

Asset Management Regulatory Roundup - July 2017 - Issue 1

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. In this issue we look at the extension of the PSC regime to Scottish limited partnerships and AIM listed companies,...more

Restructuring and Insolvency Bulletin Issue 1 - 2017: United States: D&O Insurance Policies – a cautionary tale: the Peril of...

by Dechert LLP on

Directors and officers (D&Os) of troubled companies should be highly sensitive to D&O insurance policies with Prior Act Exclusion. While policies with such exclusion may be cheaper, a recent decision by the U.S. Court of...more

Officer and director checklist: Complying with the global reach of the New York Department of Financial Services Cybersecurity...

by White & Case LLP on

The New York State Department of Financial Services (NYDFS) issued Cybersecurity Requirements for Financial Services Companies (the "Cybersecurity Regulation") effective March 1, 2017. The regulation imposes tight compliance...more

Financial Conduct Authority Publishes Policy Statement on Application of its Conduct Rules to Non-Executive Directors

by Shearman & Sterling LLP on

The Financial Conduct Authority has published a Policy Statement on applying conduct rules in the Code of Conduct sourcebook to non-executive directors in the banking and insurance sectors. In-scope NEDs are those who do not...more

Financial Conduct Authority Publishes Policy Statement and Final Guidance on the Duty of Responsibility

by Shearman & Sterling LLP on

The Financial Conduct Authority has published a Policy Statement and final Guidance on how it will enforce the "duty of responsibility". The "duty of responsibility" came into force to replace the much-criticised so-called...more

Latest FCA rules and guidance: SMCR, remuneration and whistleblowing

by Dentons on

On 3 May the FCA published a series of policy statements tidying up aspects of the senior managers and certification regime (SMCR) for banks and insurers as well as finalising rules on remuneration and on whistleblowing in...more

Ninth Circuit Holds D&O Policy Bars Coverage of FDIC’s Claims

In a decision, the US Court of Appeals for the Ninth Circuit, in finding for a directors & officers (D&O) insurer, denied coverage of the Federal Deposit Insurance Corporation’s (FDIC) claims against a failed bank’s former...more

NYDFS Cybersecurity Regulations Compliance Guide: Applicability, Exemptions and Penalties

by White & Case LLP on

As discussed in our March 1, 2017 update,1 the New York Department of Financial Services ("NYDFS") issued final regulations that require New York banks and insurance companies, as well as other financial services companies...more

The UK Senior Managers Regime: One Year Later

by WilmerHale on

On March 7, 2017, it will be one year since the U.K. Financial Conduct Authority's senior managers and certification regime came into force, heralding a new era of personal accountability in the financial sector. A...more

New York DFS Finalized Cybersecurity Regulations Go Into Effect March 1, 2017

by Bracewell LLP on

On February 16, 2017, the New York State Department of Financial Services (DFS) announced the final version of the “first-of-its-kind” cybersecurity regulations governing financial institutions, insurance companies, and other...more

NYS Department of Financial Services Cybersecurity Regulation Goes Live: Now What?

by White & Case LLP on

March 1, 2017 marks the effective date of the New York State Department of Financial Services (NYDFS) Cybersecurity Requirements for Financial Services Companies (the Rules). We previously reported on these emerging standards...more

Be Careful What You Wish For, Part II: Would Companies Be Better Off Without the Fraud-on-the-Market Doctrine?

The villain in the fight against securities class actions is the fraud-on-the-market presumption of reliance established by the U.S. Supreme Court in 1988 in Basic Inc. v. Levinson, 485 U.S. 224 (1988). Without Basic, the...more

9th Circuit Holds Insured vs. Insured Exclusion Applicable to Claims Brought by FDIC

In its recent decision in FDIC v. BancIsure, Inc., 2017 U.S. App. LEXIS 452 (Jan. 10, 2017), the United States Court of Appeals had occasion to consider the scope of an insured vs. insured exclusion in the context of...more

UK Autumn Statement 2016: finance

by DLA Piper on

In the 2016 Autumn Statement, the UK government confirmed, as previously announced, that from April 2017, it is to cap the amount of tax deductions for interest to the higher of 30% of taxable earnings in the UK or the net...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

German Investment Fund Association Extends Rules of Conduct - The general meeting of the German Investment Fund Association BVI (Deutscher Fondsverband) agreed to revised rules of conduct for the fund industry which will...more

DFS Cyber Regulation: Part II – An Interview with Bay Dynamics’ Steven Grossman

This is the second installment in our interview with Steven Grossman, VP Strategy & Enablement at Bay Dynamics, the cyber risk analytics company. Here, Steven discusses the importance of aligning an institution’s risk...more

Cyber Regulation Demands Board Accountability: Part 2 in a 3-Part Series

This is our second installment in a three-part series examining the New York State Department of Financial Services (“DFS”) new cybersecurity regulation. In this installment, we provide an overview of the regulation’s impact...more

Delay to the Application Date of the EU Regulation on Packaged Retail and Insurance-based Investment Products

by Ropes & Gray LLP on

The European Commission announced on 9 November 2016 an extension to the application date of the Regulation on Key Information Documents for Packaged Retail and Insurance-based Investment Products (“PRIIPs”) to 31 December...more

D&Os – Be Aware of Creditor Exclusion in Your Insurance Coverage

by Dechert LLP on

The U.S. Court of Appeals for the Fifth Circuit recently held that a Creditor Exclusion provision in D&O insurance coverage may result in significant limitations on the coverage provided to the D&Os, when the underlying...more

Webcast: Understanding and Defending State Consumer Protection Actions

Consumer protection or unfair and deceptive acts or practices statutes have been enacted in every state in an attempt to protect consumers from predatory, deceptive and unscrupulous business practices. While good intentioned,...more

Recurring Issues in Accounting for Litigation Contingencies

Certain questions seem to recur when it comes to outside counsel’s communications with a company’s auditors about potential exposures as a result of litigation or regulatory/enforcement matters and the underlying accounting...more

The Few. The Responsible. Those who can serve as Fiduciaries for Brokerage Firms.

by Ary Rosenbaum on

Most brokerage firms are staying mum about how they intend to meet their requirements under the new fiduciary rule in 2017, but some have tipped their hands and are going to go the approach that I thought they would....more

What’s New in the Revised Uniform Unclaimed Property Act?

by K&L Gates LLP on

The unclaimed property laws of most states are based in whole or in part on one of the multiple versions of the Uniform Unclaimed Property Act promulgated by the Uniform Law Commission. The Uniform Act was initially...more

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Cybersecurity

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