Finance & Banking Updates

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Upper Tribunal Decision in Samarkand and Proteus

The long-awaited Upper Tribunal Decision in the Samarkand and Proteus case has been published. The case relates to statutory sale and leaseback partnerships with partners claiming losses under the film acquisition relief...more

Dodd-Frank Update: CFTC Proposes to Reduce Trade Option Obligations for End Users

On April 30, 2015, the Commodity Futures Trading Commission (“CFTC”) issued a notice of proposed rulemaking (“NOPR”) proposing to reduce certain reporting and recordkeeping requirements for end users. Notably, the NOPR...more

Structured Thoughts: News for the financial services community, Volume 6, Issue 3

In This Issue: - The National Senior Investor Initiative - SEC Commissioner Addresses Structured Notes - The SEC Defines “Voting Equity Securities” Under the Rule 506(d) Bad Actor Disqualification...more

CFPB Ups the Ante in RESPA Crackdowns

On April 29, 2015, the CFPB, in conjunction with the Maryland Attorney General, filed six proposed consent orders—five of which are against individual defendants—in its latest RESPA enforcement action. The Bureau alleges that...more

Private equity transactions in the UK: the essential differences from the US market

A US private equity fund seeking to acquire a target in the UK will soon notice a number of differences from the US market. It is important to be aware of these differences if you are competing against UK private equity...more

CFTC Says Securitization SPVs Eligible for End-User Exception

The CFTC issued a no-action letter to Ford Motor Credit to clarify that a securitization special purpose vehicle, or SPV, that is wholly-owned by, and consolidated with, a captive finance company (as described in Section...more

Developments in Prospectus Exemptions

On May 5, 2015, certain changes to the prospectus exemptions under National Instrument 45-106 Prospectus Exemptions (“NI 45-106”) come into force. These changes include amendments to the accredited investor exemption and the...more

CFPB Goes Public and Steps Up Enforcement Activity

The Consumer Financial Protection Bureau (CFPB) recently announced what may be its boldest move yet: a $63 million enforcement action in coordination with the Federal Trade Commission (FTC) against Minnesota-based mortgage...more

Converting Your Convertible Note

If you just invested in the next big thing by way of a convertible promissory note, you will want to ensure that, when it converts, you get all of the equity to which you’re entitled. Does your note convert at the valuation...more

SCOTUS Accepts Certiorari to Address Article III Standing in “No-Injury” FCRA Class Action

On April 27, the Supreme Court accepted certiorari review in Spokeo, Inc. v. Robins, 13-1339, to address whether consumers can establish Article III standing without actual harm or injury, by alleging a violation of a federal...more

Proxy Access — Week of April 26

During the week of April 26, 2015, 8-Ks were filed that disclosed two shareholder sponsored proxy access proposals passed and two failed. All required three percent ownership for three years and all were opposed by the...more

Healthcare & Life Sciences Private Equity Deal Tracker: Rapid Micro Biosystems Secures $25 Million in Financing

Rapid Micro Biosystems, based in Lowell, Mass., develops imaging technology that detects microbial contamination in the manufacture of pharmaceutical, biotechnology and other products....more

Investment Funds Update - Asia: Legal and regulatory updates for the funds industry from the key jurisdictions in Asia: South...

Licensing Manual for Financial Investment Services Business - The Financial Supervisory Service (“FSS”) announced a complete revision of the manual for licensing requirements and procedures for financial investment...more

"CFTC Proposes to Reduce Trade Option Reporting Requirements for Commercial End-Users"

Trade options are physically settled over-the-counter options on most deliverable commodities (e.g., agricultural, energy, or metals) where the buyer is a producer, processor, commercial user or merchant of the commodity...more

Sued by Midland Funding in Arizona? 3 Ways to Deal with the Lawsuit

When faced with a difficult situation it is comforting to know your options. If you have been sued by one of the junk debt buyers like Midland Funding, CACH, LLC, or Portfolio Recovery you are likely loosing a lot of sleep...more

Insider Trading After United States v. Newman, the Second Circuit’s Landmark Decision Limiting Liability of Downstream Recipients...

The Second Circuit recently dealt a major setback to federal prosecutors’ recent crackdown on insider trading, overturning two high-profile convictions and simultaneously placing the most significant new limits on insider...more

SEC Issues Cybersecurity Guidance for Registered Investment Advisers and Registered Funds

The SEC’s Division of Investment Management issued guidance highlighting the importance of cybersecurity and discussing measures that registered investment companies (“funds”) and registered investment advisers (“advisers”)...more

SEC Commissioner Stein On “Short-termism” and Corporate Boards

Two issues of continued importance to shareholders and the U.S. capital markets were recently discussed by SEC Commissioner Kara Stein. One the Commissioner called “short-termism” while the other focuses on the composition of...more

Nevada Supreme Court holds that Voluntary Payment Doctrine Prohibits a Party from Recovering Amounts Wrongly Paid to Homeowner’s...

On September 30,2014, we posted “Lenders Beware: the Nevada Supreme Court Holds that Foreclosures of Homeowner’s Association Liens May Extinguish First Priority Deeds of Trust” which discussed the recent decision of SFR...more

Spokeo, Inc. v. Robins: Supreme Court to Decide Class Action Standing Issue

The U.S. Supreme Court recently granted certiorari in Spokeo, Inc. v. Robins, No. 13-1339 (SCOTUSblog page), to decide whether a plaintiff who does not suffer any injury has Article III standing to sue for violation of a...more

Proposed MLA expansion cleared to move forward

Last week, the House Armed Services Committee removed language from the draft Fiscal Year 2016 National Defense Authorization Act that would have delayed the finalization of rules proposed by the Department of Defense that...more

CFPB and FTC Announce Settlement with National Mortgage Servicing Company

On April 21, the CFPB and the FTC announced a joint enforcement action against a national mortgage servicing company, ordering the company to pay roughly $63 million in relief and penalties for allegedly mishandling home...more

SEC Adopts Rules to Implement Regulation A+, Providing New Avenue for Capital Formation

Overview - On March 25, 2015, the Securities and Exchange Commission (SEC) adopted amendments to Regulation A (Regulation A+) pursuant to Section 401 of the Jumpstart Our Business Startups Act (JOBS Act) for offers...more

Servicer Foreclosing in Own Name Must Establish Standing and Ratification by Real Party in Interest

In Russell v. Aurora Loan Services, LLC, 40 Fla. L. Weekly D967a (Fla. 2d DCA Apr. 24, 2015), Florida’s Second District Court of Appeal added to the emerging line of case law regarding the proof required to establish standing...more

Supreme Court to Hear Historic FCRA Standing Case During October 2015 Term

On April 27, the United States Supreme Court granted a petition for a writ of certiorari seeking review of a hotly-debated question with potentially far-reaching implications: whether a mere violation of a federal statute,...more

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