Finance & Banking Updates

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European Commission Proposes an Anti-Tax Avoidance Directive

The proposed Council Directive marks another, significant, though likely problematic, step towards tackling tax avoidance across Member States. Background - The European Commission (the Commission) has been moving...more

Partnership Audit Regime Shakeup

The recent Bipartisan Budget Act of 2015 (the “Act”) sets forth a new tax audit regime for partnerships (and limited liability companies taxed as partnerships) that will have far-reaching consequences. The new audit...more

Hart-Scott-Rodino Premerger Reporting Thresholds Increase

On January 26, the Federal Trade Commission published the annual adjustment of the thresholds that trigger premerger reporting obligations (and the mandatory waiting period) under the Hart-Scott Rodino (HSR) Act. The new...more

What is a Section 83(b) Election and why is it helpful to Entrepreneurs

Start-up founders, executives and other employees should understand the role that Internal Revenue Code Section 83 plays in effective tax planning when certain equity incentive grants are given in exchange for services....more

The Long Long Game: The EU Financial Regulatory Agenda Into 2016 and Beyond

2016 will mark the eighth anniversary of the collapse of Lehman Brothers and the raft of regulatory reforms introduced in the aftermath of that event and the wider financial crisis will continue to be implemented during the...more

CFPB Enforcement Update

This update analyzes the trends and patterns in the Consumer Financial Protection Bureau’s publicly available enforcement actions. Leveraging the analysis in our December 2014 White Paper, CFPB Enforcement by the Numbers...more

Hotel Lawyer at the ALIS hotel conference in Los Angeles — A turnaround in hotel investor sentiment? Was that just a raindrop or...

Hotel Lawyers with first signs of a sea change in investor sentiment about the hotel sector - As our team of hotel lawyers returns from the Americas Lodging Investment Summit (or ALIS) in Los Angeles, we all noticed a...more

Take the Sting Out of Funding – Equity-Free Loans from the SBA

What do the following startups have in common? • Startup 1 is in an “in-between” place. The founders have already passed the hat and raised seed money, but they lack the funds to pay their staff before the next financing...more

Energy Sector Alert Series: Risks and Opportunities in Distressed Oil and Gas

In this eight-week alert series, we are providing a broad look at current and emerging issues facing the energy sector. Attorneys from across the firm will discuss issues ranging from environmental disclosures and risk...more

Midstream Contract Acreage Dedications at Risk

If you read one thing... - On Tuesday, Judge Shelley Chapman, the Southern District of New York Bankruptcy Judge in the Sabine Oil & Gas chapter 11 cases, noted she was “inclined” to permit the rejection of certain...more

Japan FSA Finalizes Amendments to the Article 63 Exemption

Final text of the Regulations with respect to the Amendments promulgated has been released as well as the Response to the public comments....more

House Passes Encouraging Employee Ownership Act

On February 3, 2016, the House passed H.R. 1675, the Encouraging Employee Ownership Act of 2015. The bill directs the SEC to revise regulations to require an issuer to furnish investors with additional specified disclosures...more

CREFC and MBA/CREF: A Hitchhiker’s Guide to Alternate Universes

That whole alternate universe thing, the conceit of so many sci-fi novels, is clearly not merely the product of fevered minds. It’s real. Or, at least it seemed awfully real after having been at the CREFC meeting in Miami...more

Raising the Stakes for AML Compliance Officers: Court Refuses to Rule Out Potential Liability for Role in Employer's BSA...

Why it matters - A federal court judge in Minnesota has rejected the motion of a former chief compliance officer to dismiss the U.S. government's claim that he is liable under the federal Bank Secrecy Act for his...more

Financial Services Weekly News - February 2015

Regulatory Developments - FDIC Provides Framework for Cybersecurity in Recent Supervisory Insights - The FDIC featured an article titled “A Framework for Cybersecurity” in the Winter 2015 issue of Supervisory...more

FIRPTA reform under the Protecting Americans from Tax Hikes Act of 2015: key points for non-US investors

Among the reforms and provisions in the Protecting Americans From Tax Hikes Act of 2015 are several important changes to the Foreign Investment in Real Property Tax Act of 1980 (commonly referred to as FIRPTA) that are...more

Purpose built student accommodation (PBSA) to be exempt from Private Housing (Tenancies) (Scotland) Bill

On 3 February the Scottish Government published their response to the Infrastructure and Capital Investment Committee’s Stage 1 report on the Private Housing (Tenancies) (Scotland) Bill. The report contains the following...more

CFPB Encourages Financial Institutions to Improve Checking Account Access

In remarks delivered yesterday at a field hearing in Louisville, Kentucky, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced three actions the CFPB is taking to encourage financial institutions to...more

Nevada Supreme Court Opinion Impacts HOA Foreclosure Litigation

The Nevada Supreme Court held in SFR Investments Pool 1, LLC. v. U.S. Bank, N.A. that a non-judicial foreclosure by an HOA generally extinguishes a first mortgage interest, however, it left several unresolved issues. For...more

SBA Submits Call for Early Stage SBIC Applicants

On February 2, 2016, the U.S. Small Business Administration (SBA) released a Federal Register Call Notice (2016 Call Notice) inviting fund managers to submit preliminary materials in the form of the Management Assessment...more

BEPS Action 7: how the OECD's proposals to redefine a PE could affect multinationals

The OECD’s final reports on the Base Erosion and Profit Shifting (BEPS) Project aim to target aggressive tax planning strategies which have the effect of shifting profits from high tax jurisdictions to low tax jurisdictions....more

UK Financial Regulatory Developments - February #1

FMLC issues addendum to legal uncertainty for CCPs paper - FMLC and the US-based Committee on Capital Markets Regulation (CCMR) have issued an addendum to their comment paper on issues of legal uncertainty relating to...more

CFPB provides insight on treatment of big data

This will follow up on Barbara Mishkin’s January 14, 2016 blog “FTC warns use of big data may violate federal consumer protection laws.” At the American Bar Association’s Consumer Financial Services Committee meeting last...more

11th Circuit Says Assignee Cannot File Bankruptcy for Company

An “Assignment for the Benefit of Creditors” (an “ABC”) is an alternative to bankruptcy available under California law—as well as the laws of other states. An ABC is often a more cost-efficient alternative to filing a...more

This Week In Securities Litigation

The Commission filed another group of settled actions under its initiative regarding municipal bond underwriters. This time a group of fourteen actions were filed. Each centered largely on claims that the underwriter failed...more

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