General Business Finance & Banking

Read need-to-know updates, commentary, and analysis on General Business issues written by leading professionals.
News & Analysis as of

Tax Newsletter - July/August 2014 (China & Hong Kong)

Welcome to the latest July/August 2014 issue of our Tax Newsletter. We saw a number of legislative developments taken place in the PRC and Hong Kong in the past two months that might bring about legal and tax...more

The Waters of March -The Benefits of Owning Life Insurance within a Cascading Charitable Lead Annuity Trusts (CLATs)

...I recall hearing Bossa Nova as a ten year old at my neighbor’s house in the Panama Canal Zone – Sergio Mendes and Brazil 66. The Waters of March is one of many great songs written by Antonio Carlos Jobim and sung by Elis...more

SEC Targets Corporate Insiders for Failing to Promptly Disclose Stock Transactions

The Commission has announced an unprecedented enforcement initiative against officers, directors, and major stockholders for violating beneficial ownership reporting requirements and against public companies for their roles...more

Court Rules on Applicability of Make-Whole Premiums Upon Debt Acceleration

In the context of make-whole premiums, court decisions suggest that the applicability of the premium upon a refinancing in bankruptcy will be governed by the wording of the debt documents, and that if an automatic...more

Mechanics Lien Subordination: Illinois Further Limits Construction Lenders’ Ability To Ensure Priority Against Mechanics Liens

On July 16, 2014, Illinois enacted Public Act 98-764 (Senate Bill 3023) (“SB 3023”), which amends the Illinois Mechanics Lien Act (770 ILCS 60/ et seq.) (the “Act”) to prohibit subordination of mechanics liens on Illinois...more

FCPA Compliance and Ethics Report-Episode 91, Internal Controls for Third Parties Under the FCPA, Part II [Video]

In this episode, I continue my exploration of internal controls around third parties in a FCPA compliance program, with Henry Mixon. ...more

EU Strengthens Economic Sanctions Against Russia

The European Union (EU) put into effect on Friday (September 12, 2014) a new round of economic sanctions against Russia over its role in Ukraine. ...more

New Reporting Requirement for Foreign Investments in the U.S.

Effective as of September 15, 2014, a new reporting requirement applies to a broad range of direct, and indirect, investments in the U.S. by foreign persons. The U.S. Department of Commerce’s Bureau of Economic Analysis (the...more

Sears’ New $400 Million Secured Loan: Another Sign of Trouble at the Venerable Retailer?

Last year, the 112-year old retailer J.C. Penney was regularly in the news – and it was rarely good. The stock was in a free-fall, in the process of dropping from about $20 per share in May 2013 to a low of a little more...more

CFPB Proposes Rule To Supervise Nonbank Auto Finance Companies

The Consumer Financial Protection Bureau has issued a proposal to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.” Comments on the proposal will be due 60 days after the...more

New U.S. Restrictions on Russia: OFAC Guidance and Industry-Specific Sanctions

OFAC Expands the 50 Percent Rule - Last month, the Department of Treasury’s Office of Foreign Assets Control (OFAC) released new guidance related to entities owned or controlled by persons designated as a Specially...more

This Week In Securities Litigation

The Commission continued with broken windows this week. Twenty Rule 105 short selling cases were filed in a group. Last week another group of broken window type cases was filed based on the failure to file Form 4s and...more

ERISA Litigation Review

The courts have been busy in 2014, addressing a variety of issues in the employee benefits field in decisions that impact everyone from union travelers to ESOP fiduciaries. This advisory summarizes a selection of the 2014...more

CFTC Votes to Re-Propose Margin Requirements for Uncleared Swaps

On September 17, 2014, the Commodity Futures Trading Commission (“CFTC”) voted to re-propose rules to impose initial and variation margin requirements on uncleared swaps entered into by swap dealers and major swap...more

SEC Charges Issuers, Corporate Insiders, and Other Significant Investors for Violating Laws Requiring Reporting of Transactions in...

On September 10, 2014, the U.S. Securities and Exchange Commission announced settlements with officers, directors, and significant shareholders for violating federal securities laws requiring information about their...more

Sanctions: European Union significantly toughens its stance towards Russia

Note: This is an update to our last bulletin on this subject of 13 August 2014. The new measures are relevant to Harneys' core jurisdictions: Cyprus, the British Virgin Islands and the Cayman Islands. Concurrent with...more

Broker-Dealer Beat - September 2014

The SEC recently settled an enforcement action against brokerage firm Monness, Crespi, Hardt & Co. ("MCH") for deficient insider trading procedures. This case is an important reminder of some key elements of effective insider...more

When Do You Need Acquired Business Financials in a Prospectus?

General Rule: Your prospectus must include (or incorporate by reference) financial statements for a significant acquisition of a business that has closed 75 days or more before the offering. Significant means above 20% on any...more

SEC Institutes Proceeding Against High Speed Trader – But Not For Trading

High speed trading is a frequent topic of discussion in the securities markets. Books have been written about it such as Michael Lewis’ “Flash Boys” and Scott Patterson’s “Dark Pools.” Hearings have been held on Capitol Hill...more

Investment Firm Fined $15 Million for Cherry Picking and Soft Dollar Schemes

An investment firm's plan to defraud clients out of $10.9 million landed it a $15 million penalty from the U.S. Securities and Exchange Commission (SEC). On top of the penalty, the firm must disgorge — or give up the profits...more

Door-To-Door Selling Of Financial Instruments: Recent Clarifications By The Court Of Cassation

The interpretation of the scope of application of the investor’s right to withdraw from any contracts for the placement of financial products entered into door-to-door has again captured the attention of all players following...more

Weeding Out Bad Actors: The Rule 506 Bad Actor Provisions and Capital Markets Practice – One Year Later

As we approach the anniversary of the effectiveness of the Rule 506 bad actor provisions (if you don’t happen to have it marked on your calendar, the new rules went into effect on September 23, 2013), it is a good time to...more

UK Court Decision Demonstrates Importance of Compliance With ISDA Market Quotation Procedures

The High Court of England and Wales (Commercial Court) recently decided in favor of Lehman Brothers Finance S.A. (in liquidation) (LBF) against Sal. Oppenheim Jr. & Cie. KGAA (Oppenheim). The matter involved a dispute over...more

Special Economic Zones For The Maldives

The Maldives has taken a significant step towards attracting foreign investment and diversifying the economy through its recent passing of the Special Economic Zone Act (Act No. 24/2014) (SEZ Act). The Act has now commenced...more

EB-5 Visas and China “Retrogression” – What’s it all about?

In the past, when China exceeded its 7% allocation of US Immigrant Investor Visas (EB-5 visas), Chinese applicants were permitted to take advantage of unused EB-5 visas allotted to other countries. But as of the last week of...more

8,096 Results
|
View per page
Page: of 324

Follow General Business Updates on: