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Finance & Banking Updates

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

New Developments on the Scope of the Registered Investment Adviser Exemption under Section 16 of Exchange Act

by Proskauer Rose LLP on

Hedge funds and other private investment funds can take advantage of the exemption for registered investment advisers (RIAs) under Exchange Act Rule 16a-1(a)(1)(v), the "RIA Exemption." While the exemption can be helpful, it...more

CFIUS Publishes 2015 Annual Report and 2016 Statistics Amid More Recent Dynamic CFIUS Environment

by White & Case LLP on

The Committee on Foreign Investment in the United States (CFIUS) recently released the public version of its Annual Report covering calendar year 2015 along with some statistics regarding filings in calendar year 2016. By...more

What Happens When a Secured Creditor Files a Late Claim in an Equity Receivership?

by Snell & Wilmer on

Pitting a receivership court’s inherent equitable powers against pre-existing property rights can lead to some pretty interesting questions. In SEC v. Wells Fargo Bank, N.A., 848 F.3d 1339, 1343-44 (11th Cir. 2017), the...more

The Pre-Action Protocol for Debt Claims

by Dentons on

The Pre-Action Protocol for Debt Claims comes into force on 1 October 2017. This note deals with the key elements to be aware of. Applicability - While the Protocol is named the Pre-Action Protocol for Debt Claims the...more

Cyber Week in Preview: SEC Hack, Equifax CEO on Hot Seat and Energy Sector Cyber Spend

As we start the new week, a recap of major cybersecurity developments: Equifax CEO Faces Senate Committee – Senate staffers are busy readying cross examination scripts for the testimony next week of Equifax Inc. Chief...more

New European Commission proposals aimed at promoting growth and investment in Europe

by Dechert LLP on

The European Commission has proposed a series of reforms to strengthen and further centralise supervision of the European capital and financial markets at the EU level with the aim of creating stronger and more integrated...more

Top Ten International Anti-Corruption Developments for August 2017

by Morrison & Foerster LLP on

In order to provide an overview for busy in-house counsel and compliance professionals, we summarize below some of the most important international anti-corruption developments from the past month, with links to primary...more

NYSE Proposes Change in Material News Releases After Closing

by Goodwin on

The New York Stock Exchange has filed a proposal that will prohibit listed companies from issuing material news after the close of trading (generally 4:00 p.m. Eastern Time) until the earlier of the publication of the...more

Corporate and Financial Weekly Digest - Volume XII, Issue 36

SEC/CORPORATE - Implementation of Pay Ratio Disclosure Requirement Not Expected to Be Delayed - On September 15, at the ABA Business Law Section Annual Meeting, the Securities and Exchange Commission (SEC) Division of...more

NASAA Survey Finds Seniors Are Most Vulnerable to Financial Fraud

On August 21, 2017, the North American Securities Administrators Association (“NASAA”) released a survey on senior citizens and financial exploitation. The survey of the state securities regulators highlighted, among other...more

In Alabama: Lenders Must Strictly Comply with Notice Requirements

The Alabama Supreme Court recently released an opinion interpreting the pre-foreclosure notice requirements contained in paragraph 22 of the standard mortgage form. In short, strict compliance is required. The Court in Ex...more

Financial Regulatory Observer - September 2017: Calculation of risk-weighted credit exposures

by White & Case LLP on

Regulators are trying to bring consistency in calculating risk-weighted assets, casting further doubt on the use of internal models by financial institutions. The Capital Requirements Regulation (CRR) requires credit...more

Equifax Breach: 3 Immediate Steps Leading Companies Are Taking To Respond

by Fenwick & West LLP on

Equifax, one of the three nationwide credit bureaus that track and rate the financial history of consumers, announced in September that it had suffered a data breach exposing personal information of up to 143 million...more

Ultra Court Confirms Make-Whole Amount and Post-Petition Interest for OpCo Noteholders

by Morgan Lewis on

The court awarded OpCo Noteholders in excess of $320 million in Make-Whole Amount and post-petition interest, confirming that make-whole is an enforceable liquidated damage claim....more

SEC Issues Revised C&DIs Reflecting Updates for Prior Amendments to Rules 147 and 504, the Repeal of Rule 505 and Clean-up Changes

On September 20, 2017, the staff of the SEC’s Division of Corporation Finance issued revised compliance and disclosure interpretations (“C&DIs”) for purposes reflecting updates for prior amendments to Securities Act Rules 147...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The ‘book is backing off of a 2016-proposed stock reclassification that “would have solidified Mark Zuckerberg’s control over the social network” after a shareholder suit that would have seen Zuck on the stand in a Delaware...more

IRS Issues Guidance to Ease Assistance for Hurricane Recovery

While Hurricanes Harvey and Irma have subsided, recovery efforts have just begun. In an effort to help bring timely assistance to beleaguered residents of areas hard hit by the storms, the Internal Revenue Service (IRS) has...more

European Central Bank Releases Guide on Assessment of Fintech Bank License Applications

by Morgan Lewis on

Earlier this month, the European Central Bank (ECB) released a draft guide to provide a consistent approach on how to assess fintech credit institution license applications. The guide defines fintech banks as having “a...more

Quebec Transfer Duties on Immovables: Recent Developments

The Quebec Minister of Finance presented the budget speech for the 2016–2017 financial year on March 17, 2016 (2016–2017 Budget), which modified the system of duties on transfers of immovables (please see our March 2016...more

Equifax Data Breach Highlights SEC Disclosure Obligations for Public Companies in the Wake of Cybersecurity Attacks

On September 7, 2017, Equifax, one of the country’s three primary credit reporting bureaus, announced it had suffered a major cybersecurity breach that could potentially affect half of the U.S. population. According to the...more

Arizona Court of Appeals Clarifies Law Governing Arbitration Waiver

by Snell & Wilmer on

In Security Alarm Financing Enterprises, L.P. v. Fuller, et al., Case No. 1 CA-CV 16-0255 (Ariz. Ct. App. July 6, 2017), the Arizona Court of Appeals recently held as a matter of first impression that Arizona state courts...more

How to Get a Student Loan Discharged Because of a Disability

Many people with disability income owe student loans. Although deferring repayment or working out a repayment plan based on the individual’s income are possible options, there’s also a process for discharging student loans...more

Key Regulatory Topics: Weekly Update - 15 September 2017 – 21 September 2017

by Allen & Overy LLP on

CMA issues statement on investment consultancy market investigation - On 21 September, the CMA published its issues statement to set out the scope of the market investigation into the supply and acquisition of investment...more

Good Housekeeping Tips Every 401(k) Plan Sponsor Should Follow

by Ary Rosenbaum on

Good housekeeping isn’t just about keeping your house clean, it’s about keeping everything in order. When it comes to being a 401(k) plan sponsor, good housekeeping isn’t about dusting and putting baking soda in the...more

UK Tax Round Up - September 2017

by Proskauer Rose LLP on

UK Tax News and Developments - Finance (No 2) Bill 2017 - The second Finance Bill of 2017, known as Finance (No 2) Bill 2017, has now been published. As expected, this contains most of the provisions which were dropped from...more

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