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Day 20 of One Month to a Better Board-20 Questions Directors Should Ask about Its Compliance Committee [Video]

I end my One Month to a Better Board series with a discussion from the recently released Justice Department Evaluation of Corporate Compliance Programs as it relates to a Board of Directors. In an area of inquiry entitled,...more

SEC Grants Limited Relief from the Custody Rule for Advisers Relying on Clients’ Standing Letters of Instruction

In a letter to the Investment Adviser Association (IAA), the Staff of the Division of Investment Management said that investment advisers acting pursuant to a standing letter of instruction or other similar asset transfer...more

Multijurisdictional Securitization in the Age of Risk Retention

The challenges of complying with both the US rules and the EU rules. Both United States and European Union laws now require 5 percent credit risk retention for securitization transactions. While the jurisdictional scope...more

What’s Yours is Mine and What’s Mine is For the Benefit of My Creditors: Bankruptcy Courts Remain Reluctant to Impose Constructive...

There is an inherent tension between the goals of bankruptcy law and the state law doctrine of constructive trust. A central tenet of bankruptcy policy is that similarly situated creditors should be treated equally: because...more

Bridging the Week - February 2017 #3

CFTC Postpones Swap Dealer Compliance Date for OTC Swaps Variation Margin Requirements; Other Regulators Likely to Exercise Forbearance: On February 13, the Commodity Futures Trading Commission’s Division of Swap Dealer and...more

Explanation of J. Crew “back-door” provision and proposal for how lenders might address this in their documentation.

Recently, J. Crew used a “back-door” provision in its credit facility to transfer approximately $250 million worth of intellectual property (“IP”) to an unrestricted subsidiary with the aim of borrowing against the...more

Singapore Eases Regulatory Regime for VC Funds to Promote Financing for Start-Ups

The Monetary Authority of Singapore has proposed a simplification of the authorisation process and regulatory framework for venture capital managers—with the goal of supporting start-ups....more

Day 19 of One Month to a Better Board-Three Core Areas of Board Inquiry [Video]

There are three core areas upon which Directors should focus their attention to help establish and maintain an effective compliance program. In this podcast I discuss the three which are: (1) structural, (2) cultural, (3)...more

Healthcare & Life Sciences Private Equity Deal Tracker: Xenex Secures $38 Million in Funding

Xenex Disinfection Services has announced it has received $38 million in funding. Xenex, based in San Antonio, is the developer of a pulsed xenon full spectrum UV room disinfection system for use in healthcare...more

Form SHC Deadline Approaching for Investment Advisers and Other Reporters

Investment advisers should take note that they may be required to file Treasury International Capital Benchmark (TIC) Form SHC by Friday, March 3, 2017.1 The following summarizes the requirements of TIC Form SHC....more

Qatar: A Promising Start

Originally published in Islamic Finance News - February 22nd, 2017. The last month presented an opportunity to reflect on the performance of the banking sector in Qatar during the past year, with the majority of the...more

Blog: For The Avoidance Of Doubt, Acting Corp Fin Director Confirms Conflict Minerals And Pay-Ratio Disclosure Rules Still In...

As reported by the WSJ, at the SEC Speaks conference today, to avoid any doubt on the matter, Acting Corp Fin Director Shelley Parratt reminded companies that, notwithstanding the two requests for public comment issued by...more

Exemptions for Security-Based Swaps

On February 10, 2017, the Securities and Exchange Commission (SEC) extended to February 11, 2018 the expiration dates of certain interim final rules relating to “exemptions under [various securities laws] for those...more

This Week In Securities Litigation

NERA issued a report this week on Canadian class actions. Although the number of those actions filed last year increased compared to the year before, over the last several years the number of securities class actions filed in...more

How Effective is Your Anti-Money Laundering Program?

At the end of January, Western Union agreed to pay the United States government $586 million to resolve allegations that it failed to maintain an effective anti-money laundering program under the Bank Secrecy Act and aided...more

Blog: Corp Fin Refines Its Position On Proxy Access Fix-It Proposals

Corp Fin has refined its position with regard to exclusion of proposals to amend existing proxy access bylaws. As you may recall, the line drawn so far by Corp Fin has been that, where the shareholder proposal related to...more

EU member states reached consensus on anti-hybrid mismatch measures

On February 21, 2017, the Council of the European Union (ECOFIN, in this context) reached political consensus on a directive (known as ATAD 2) amending the EU Anti-Tax Avoidance Directive as adopted on July 17, 2016 (EU...more

SEC Speaks Acting Chair Piwowar’s Remarks

At today's, February 24, 2017, Practising Law Institute SEC Speaks annual program, Acting Chair Piwowar made opening remarks. During his wide-ranging discussion, Acting Chair Piwowar, inspired by William Graham Sumner’s the...more

IRS Begins to Target Management Fee Waivers on Audit

According to a recent BNA news report, the Internal Revenue Service (IRS) has proposed adjustments and penalties to a private fund manager related to its use of management fee waivers and transaction fee offsets. Based on the...more

Transparency International Publishes “Top Secret: Countries Keep Financial Crime Fighting Data to Themselves”

On February 15, 2017, Transparency International (“TI“) published the above report, recommending that national authorities engage to a greater level in making public disclosure of their countries’ anti-money laundering...more

Day 18 of One Month to a Better Board-Six Areas of Board Inquiry into Compliance [Video]

Where does “Tone at the Top” start. With any public and most private US companies, it is at the Board of Directors. But what is the role of a company’s Board in FCPA compliance? We start with several general statements about...more

Practice Pointers: Anticipating and Addressing SEC Comments on Non-GAAP Financial Measures - February 2017

The use of non-GAAP financial measures by public companies continues to be an area of growing concern for the Securities and Exchange Commission (“SEC”). Since the staff of the SEC’s Division of Corporation Finance (the...more

Examination Priorities for 2017 from FINRA and OCIE

In these uncertain times, the predictability and regularity of the annual priorities letters from FINRA and the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) is...more

CPOs of Registered Investment Companies Granted Limited Relief from CFTC Liquidation Audit Requirements

The U.S. Commodity Futures Trading Commission (the “CFTC”) Division of Swap Dealer and Intermediary Oversight (the “Division”) recently issued Letter 17-04 (the “Letter”), which grants relief from certain financial disclosure...more

Structured Thoughts: News for the financial services community, Volume 8, Issue 2

Identifying Conflicts of Interest in Structured Products Offerings - With FINRA and other regulators focused on conflicts of interest in the broker-dealer industry, market participants are working diligently to identify...more

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