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Financial Services Weekly News - April 2016 #3

Regulatory Developments - FHFA Announces Principal Reduction Program for Struggling Underwater Homeowners - On April 14, the Federal Housing Finance Agency (FHFA) announced a new Principal Reduction Modification...more

SEC Interpretive Guidance Permits Tacking of Rule 144 Holding Period for REIT Common Stock Acquired Upon Redemption of OP Units in...

On March 14, 2016, the Staff of the Division of Corporation Finance of the Securities and Exchange Commission (the “SEC”) issued interpretive guidance (the “Guidance”) affirming that, in a traditional UPREIT structure, the...more

The Economist Frames the Argument Against Excessive Bank Regulation (somewhat unintentionally)

On March 26, 2016, The Economist published an article entitled “The Problem with Profits.” That article discussed the high profitability of U.S. firms and why that seemingly positive fact is actually harmful to the overall...more

Recent amendments to the Act respecting duties on transfers of immovables

On March 17, 2016, the Government of Québec presented its 2016-2017 budget, which included important amendments to the Act respecting duties on transfers of immovables (the Act). The Act provides that every municipality...more

"Corporate Finance Alert: SEC Staff Issues Rule 144 Guidance Related to REIT Shares Received in Exchange for Operating Partnership...

The staff of the SEC’s Division of Corporation Finance recently issued an interpretive letter concluding that, for purposes of Rule 144 under the Securities Act, the holding period for shares of a publicly traded real estate...more

SEC Issues Guidance with respect to the Conversion of a REIT’s OP Units

On March 14, 2016, the Staff of the Securities and Exchange Commission (SEC) issued interpretative guidance in response to a request from Bank of America, N.A., Merrill Lynch, Pierce, Fenner & Smith Incorporated with respect...more

Investment in UK Real Estate - Considerations for overseas investors

There are no controls on foreign ownership or occupation of UK real estate. As a result the UK market continues to benefit from large amounts of overseas investment, attracted by its settled legal and planning system and...more

Supreme Court Severely Restricts Federal-Court Access for Non-Corporate Entities, Including Certain REITs and RICs

Business trusts, statutory trusts and non-corporate real-estate investment trusts now face a significant jurisdictional barrier that will reduce their access to the federal courts, following a March 7 ruling by the U.S....more

EB-5 financing accelerates in 2016 and favors (1) Hotels, (2) Mixed-Use and (3) Multifamily as top 3 targets for EB-5 funding.

Hotel Lawyer in Los Angeles at the latest EB-5 Summit - If you have been thinking about tapping into EB-5 financing for your development project, this is the time to make your decision and act quickly. If you need...more

Ninth Circuit Finds No Reliance On Auditor’s Qualified Opinions

In 2009, the Securities and Exchange Commission sued Danny Pang and his two companies for allegedly defrauding investors of hundreds of millions of dollars by misrepresenting investments in the life insurance policies of...more

Financial Services Weekly News - January 2016 #3

Regulatory Developments - FinCEN Issues Advisory on Update to List of FATF Identified Jurisdictions - FinCEN has issued an advisory to financial institutions summarizing updates made by the FATF to the list of...more

Overview of Affordable Housing Programs

Standard & Poor’s (S&P) has rating criteria for municipal and corporate bonds, the proceeds of which are to be used to finance the acquisition, refinancing, or renovation of affordable rental housing communities. These...more

SEC Cites Firm’s Inadequate Books For Delaying Investigation

The SEC took the unusual step of citing the inadequacy of the books and records of the firm for “adversely impacting” its investigation and “causing unreasonably prolonged uncertainty concerning” the company’s historic...more

SEC Regulations on Investment Securities Crowdfunding

Crowdfunding has created a revolution in the raising of funds for startup companies and for other projects, including both for-profit and not-for-profit projects. Crowdfunding is a process by which a company or project can...more

Orrick's Financial Industry Week in Review

Federal Reserve Releases First Determination of Aggregate Consolidated Liabilities of all Financial Companies - On July 1, the Federal Reserve Board released its first determination of the aggregate consolidated...more

First Regulation A+ Offering Document Appears on EDGAR

Perhaps the first Regulation A+ offering document has appeared on EDGAR. According to the documents it is a Tier 2 offering for up to $50,000,000. The offering circular states the offering commenced on June 19, 2015. The...more

Orrick's Financial Industry Week in Review

EBA Outlines Upcoming Initiatives for the Regulation of Retail Payments - The European Banking Authority ("EBA") has announced details of its plans to harmonize regulatory and supervisory practices to ensure secure, easy...more

DBO Filing Procedures Set To Change Big Time

When I joined the Department of Corporations, it had no website and filings were made only in hard copy. In the ensuing years, the Department (now known as the Department of Business Oversight) created a website, established...more

Fannie And Freddie Shareholders To US: 2008 Government Takeover Of Mortgage Giants Good For The Country; Not So Much For Us

Can shareholders of a government-sponsored enterprise successfully challenge the constitutionality of a government takeover of the entity? ...more

Waterfall Distributions for Investors – Bruce E. Methven

Managers who are organizing an investment funds....more

J-REIT Reform – Finance and Insider Trading Regulations

On December 7, 2012, the working group of the finance committee of the Financial Services Agency of Japan (the “Working Group”) issued its final report (the “Final Report”) with respect to the reform of the legal regime of...more

Dodd-Frank News: January 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Monthly Update

In This Issue: - RECENT CASES . Dodd-Frank Challenges Under the Administrative Procedure Act and Commodity Exchange Act . Preemption . Whistleblower Protection Under the Dodd-Frank Act . Arbitration...more

Using the Reg. S Exemption for Foreign Investors

Using Reg. S is useful when the issuer does not want to be limited by the restrictions of Rule 506. With a Rule 506 offering all investors must be either accredited or sophisticated, and there is a limit of 35 non-accredited...more

Using Finders to Locate Investors – Bruce E. Methven

A number of years ago the SEC effectively banned the use of finders to locate investors for securities offerings that cross state lines. Still, a few states allow finders for their intrastate offerings (offerings made...more

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