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Singapore and the Brexit Effect

On 23 June, 52% of UK voters voted in favour of leaving the European Union, which has generated considerable uncertainty about the United Kingdom’s future relationship with Europe and, as a result, the wider world, including...more

The potential impact of the LMEshield initiative on base metals warehouse financing structures

Parties to warehouse financing structures using LMEshield warehouses will need to revisit their familiarity and assumptions regarding the methods for taking and perfecting security over metal stored in warehouses and over...more

SEC Issues C&DIs for Securities Act Rule 701

On June 23, 2016, the SEC Division of Corporation Finance (the “Division”) issued new Compliance and Disclosure Interpretations (“C&DIs”) for Securities Act Rule 701. The new C&DIs address the exemption for offers and sales...more

Five Ways that Brexit Will Complicate Cross-Border M&A

This week's referendum in the UK and the decision for Great Britain to exit the European Union (EU) has caused turmoil in financial markets. For M&A practitioners, however, the impact is only just beginning. Below are five...more

SEC Proposes Rule Requiring Investment Advisers to Adopt Business Continuity and Transition Plans

In its third rulemaking in two days without holding a meeting, the SEC proposed a new rule that would require registered investment advisers to adopt and implement written business continuity and transition plans. The...more

Small Business Investors Can Save Big with New IRS Code Amendments

Recent amendments to the Internal Revenue Code of 1986 (the Code) have significantly expanded the opportunity for tax savings under Section 1202. Section 1202, which was originally added to the Code in 1993, provides relief...more

SEC Applies Advisers Act Provisions to Nonadvisor Fund Service Providers

The SEC continues to expand the scope of responsibilities and standards applicable to gatekeepers. In an application of the Investment Advisers Act of 1940 (Advisers Act) to the actions of a nonadviser fund service...more

EU Referendum – what does it mean for alternative capital providers?

The UK referendum has caused uncertainty in the financial services industry, but what does it mean for alternative capital providers? And could it create some business opportunities? Alternative capital providers are...more

UK Financial Regulatory Developments - June 2016 #17

ECB publishes governance and risk management review - ECB has published the results of a thematic review that resulted from an in-depth assessment of all significant institutions across the euro area. The review looked...more

Battle of the Somme Week – Part III: Lessons from Brexit

There have been a plethora of new books about the Battle of the Somme. Daniel Todman reviewed several in an article for the Financial Times (FT), entitled “Stories of the Somme”. One of the books reviewed, Breakdown: The...more

Government Investigations: Use of the Financial Crimes Enforcement Network and Virtual Currency

Since 2009, the US Department of Justice has implemented an aggressive anti-tax evasion strategy that has changed by targeting tax havens that host financial intermediaries (i.e., banks) to the financial intermediaries...more

Court Grants Motion To Stay Action Pending Arbitration, And Found That Issue Of Whether Arbitration Clause Allows For Class...

In this case, Jeffrey Hedrick brought an action in Kansas federal court on behalf of himself and others similarly situated under the Fair Labor Standards Act (“FLSA”) against BNC National Bank, Hedrick’s employer. The bank...more

SEC Proposes to Amend Smaller Reporting Company Definition

In the years following the JOBS Act, which created the term “emerging growth company” and made available certain disclosure and other accommodations to companies that qualified as EGCs, there has been renewed focus on scaled...more

Bank of America Wins Reversal of FIRREA $1.27B Penalty

A breach of contract is insufficient to also support a claim for fraud, the Second Circuit Court of Appeals has ruled, reversing a $1.2 billion verdict against Countrywide Home Loans in the process. What happened...more

SEC to Adjust Net Worth Threshold for Qualified Clients

On June 14, 2016, the U.S. Securities and Exchange Commission (“SEC”) issued an order increasing the net worth threshold for “qualified clients” under the Investment Advisers Act of 1940 (“Advisers Act”). This change, made...more

The Rosenbaum Law Firm Review - July 2016

The Future Is Now For 401(k) Plan Sponsors. The future is here. When I was the head ERISA attorney at a New York based third party administrator (TPA), I left because I saw the future of the retirement plan...more

The Best Defense is a Good Strategy: Planning for the Arbitration Rule

On May 5, 2016, the Consumer Financial Protection Bureau (“CFPB”) held its fourth field hearing on Arbitration and issued a proposed Rule that would prohibit the use of arbitration clauses that block consumers’ participation...more

Revised Mining Charter published for comment

On 15 April 2016, the Department of Mineral Resources published the Reviewed Broad-Based Black Economic Empowerment Charter for the South African Mining and Minerals Industry, 2016 (Draft Mining Charter) for public comments....more

UK Financial Regulatory Developments - June 2016 #16

BoE publishes planned Mansion House speech - Mark Carney had been due to give a speech on the FinTech transformation at Mansion House. It was replaced with a tribute to Jo Cox MP. Mr Carney had planned to speak on the...more

SCOTUS Declines Hearing Madden: Are Industry Repercussions Limited?

In a disappointing move, the Supreme Court today denied the petition by Midland Funding to hear the case Madden v. Midland Funding. But could the inaction by the Supreme Court be much ado about nothing?...more

"IRS Corrects Effective Date of Recently Issued Built-in Gain Regulations"

The Internal Revenue Service (IRS) and Treasury Department today issued a much-welcomed technical correction to the effective date of the recently issued “built-in gain” regulations regarding real estate investment trust...more

IRS Agrees to Increased Enforcement of IRS's Offshore Voluntary Disclosure Program

In a report issued to the Internal Revenue Service International Division and Criminal Division, the Treasury Inspector General for Tax Administration (TIGTA) found that taxpayers trying to avoid criminal charges and...more

SEC Proposes Increasing Threshold to Qualify as a Smaller Reporting Company

The SEC has proposed amendments that would increase the financial thresholds in the “smaller reporting company” definition. The proposal to update the definition would expand the number of companies that qualify as smaller...more

Can There Be Too Much Disclosure?

In an effort to provide transparency, the Dodd-Frank Act has previously formed an Investor Advisory Committee to assist the SEC on various issues including regulatory priorities, the regulation of securities products, trading...more

What does Brexit mean for the European CLO Market?

In its referendum held on 23 June 2016, the UK voted to leave the European Union (“Brexit”). On the following day, David Cameron announced that he will resign as Prime Minister on the election of a new Conservative Party...more

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