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Canadian Wrapper Exemptions Implemented as Rules

The Canadian securities regulators have finalized rule changes that would enable foreign issuers (including governments) to make private placement offerings to permitted clients in Canada as part of a global offering without...more

SEC Publishes Staff Interpretations on New Regulation A+

The Securities and Exchange Commission has published 11 Compliance and Disclosure Interpretations (“C&DIs”) related to the new rules implementing “Regulation A+,” which became effective June 19, 2015. The C&DIs are numbered...more

Our Picks for the Top 10 Ethics and Compliance Articles You Don’t Want to Miss This Month

With so many articles available every month, it’s possible that a few got buried in either your inbox or the bowels of the blogosphere. Here are ten articles you don’t want to miss...more

SEC Charges KKR With Misallocating Broken Deal Expenses

Everyone knew the SEC would pursue a marquee-name private equity sponsor for misallocating expenses. It finally happened, with KKR settling charges for misallocating “broken deal” expenses. Charges against others are likely...more

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

Corporate Governance for Investment Firms - The Central Bank has issued a consultation paper regarding the appropriate corporate governance requirements to be applicable to investment firms. The relevant paper, CP 94,...more

“Notable By Their Absence: Finders And Other Financial Intermediaries In Small Business Capital Formation”

Small businesses are often regarded as the catalyst for economic growth in the United States. Small businesses account for the creation of two-thirds of all new jobs, and are the incubators of innovation. The majority of...more

Client Alert on New Rules on Related Party Transactions for all Azerbaijani Companies

Following recent amendments to the Civil Code, effective from 24 May 2015, new regulations on related party transactions now extend to all Azerbaijani legal entities. Previously, similar regulations existed only for...more

Successful Planning and Exit Strategies for Government Contractors in 2015 and Beyond

In This Presentation: - How To Position Your Business To Reap The Benefits Of A Liquidity Event - How To Position Your Business To Reap (Internal Review And Check-Up) - Strategic And Structuring...more

Delaware Supreme Court Rejects Presumption of Disloyalty for Independent Directors

Public companies incorporated in Delaware frequently adopt a charter provision, pursuant to 8 Del. C. § 102(b)(7), that insulates their directors from monetary damages for breaches of the fiduciary duty of care. Those...more

Deadline Approaching for Submission of 2014 BEA Surveys of U.S. Direct Investment Abroad and Foreign Direct Investment in the U.S.

The Bureau of Economic Analysis (BEA) of the U.S. Commerce Department is conducting its quinquennial (every five years) survey of investment in foreign entities. The BE-10 Benchmark Survey (BE-10 Survey) is the most...more

Another Dubious Assertion Concerning Section 2115

I have often written about numerous provisions of the California Corporations Code that expressly apply to foreign corporations meeting specified tests. The most famous, but not the only, statute of this breed is Section...more

Gallagher Chides Commission for Sanctioning IA CCO’S

In a strongly-worded public statement last week, SEC Commissioner Gallagher chided the Commission for “cutting off the noses of CCO’s to spite its face.” Explaining his dissent in two recent enforcement actions imposing...more

Firm Settles FCPA Claim With Non-Prosecution Agreement, VP Pleads Guilty

IAP Worldwide Services Inc., a Virginia based facilities management firm, entered into a non-prosecution agreement with the Department of Justice and agreed to pay a $7.1 million penalty to resolve FCPA charges. A vice...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

SEC Denies Motion to Stay Regulation A+

On June 16, the Securities and Exchange Commission denied a motion, filed by Monica J. Lindeen, Montana State Auditor, ex officio Commissioner of Securities and Insurance, which sought to stay the effectiveness of new...more

SEC Sanctions Independent Trustees for Approving Mutual Fund Advisory Contract without Sufficient Information

Underscoring the need for independent trustees to act vigilantly, a recent SEC consent order issued in an enforcement action imposed discipline on a mutual fund's independent trustees, its investment advisor, and the...more

Closely-Held Shareholder Derivative Actions are Alive and Well in Texas

After 30 years of running his family-owned business, Hillbilly Oil Co., Jed Clampett decided to retire in 2013. The board of directors elects Jethro Bodine as Hillbilly’s President and Elly May as Vice President. Both Jethro...more

A+ for Raising New Capital

Access to capital for private companies just became easier and most likely cheaper. The U.S. Securities and Exchange Commission’s amendments to Reg A under the Securities Act of 1933 went into effect on June 19, 2015....more

Blog: SEC To Consider Requiring Disclosure Of Audit Firm Tenure And Name Of Engagement Partner

The SEC is expected to issue its concept release on improving audit committee reports “soon” (whatever that means) according to Compliance Week, and among the topics the SEC will examine is whether those “reports should...more

Hey There Fellow Securities Defense Lawyers: Omnicare is GOOD for Us!

If correctly understood and applied, the Supreme Court’s decision in Omnicare, Inc. v. Laborers Dist. Council Const. Industry Pension Fund, 135 S. Ct. 1318 (2015), will allow corporate officers to speak more freely, without...more

The Financial Report - Volume 4, No. 11 • June 2015 (Global)

FRB will extend high-quality liquid asset status to some state and municipal bonds. The FRB has proposed a rule that would recognize certain general obligation state and municipal bonds meeting the same liquidity...more

U.S. Companies with Foreign Affiliates: Important Deadline for BEA Filing Approaching

The U.S. Bureau of Economic Analysis (BEA) has extended the deadline for first-time filers of BE-10 forms to June 30, 2015. The BEA is willing to consider reasonable requests for extension, provided that the extension...more

Initial Public Offerings under the New UAE Commercial Companies Law

The long anticipated UAE Federal Commercial Companies Law no. 2 of 2015 (the “New Companies Law”) was issued on 25 March 2015 and will be in force by 1 July 2015, replacing UAE Federal Commercial Companies Law no. 8 of 1984...more

US Bureau of Economic Analysis mandatory filings: US persons that own foreign entities and US persons with foreign ownership

Update: Extended deadline for first-time filers of Form BE-10 - The Bureau of Economic Analysis (BEA) has extended the deadline from May 29, 2015 to June 30, 2015 for US reporters that are required to file the BE-10...more

The ABI Commission on Business Bankruptcy Reform: Director and Officer Fiduciary Duties and Lender Liability

Will Congress Finally Act? This is the third in a series of Alerts regarding the proposals made by the American Bankruptcy Institute’s Commission to Reform Chapter 11 Business Bankruptcies. It covers the Commission’s...more

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