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Saudi Arabia Update - September 2016

As per the new Companies Law that came into effect on 2 May 2016 and which we have described in previous updates, single owner LLCs may be formed – whereas previously a minimum of two shareholders was required....more

Recurring Issues in Accounting for Litigation Contingencies

Certain questions seem to recur when it comes to outside counsel’s communications with a company’s auditors about potential exposures as a result of litigation or regulatory/enforcement matters and the underlying accounting...more

How the DOL’s Impartial Conduct Standard Affects Exemptions Used by Financial Services Companies

In conjunction with its issuance in April 2016 of a new regulation redefining the concept of “investment advice” for purposes of fiduciary status under ERISA and Section 4975 of the Code, the Department of Labor amended a...more

House Financial Services Committee Votes To Repeal And Replace Dodd-Frank

On September 13th, the House Financial Services Committee approved the Financial CHOICE Act of 2016 to repeal and replace key parts of the 2010 Dodd-Frank law by a largely partisan vote of 30 to 26. Democrats declined to...more

The Financial Report, Volume 5, Number 18

The SEC recently adopted new rules that substantially amend Form ADV under the Investment Advisers Act of 1940, as amended (the Advisers Act). Although not as comprehensive as the Form ADV amendments adopted in 2011, the new...more

Venture Exchange Regulation: Listing Standards, Market Microstructure, and Investor Protection

This summer, the House Financial Services Committee passed the Main Street Growth Act, which calls for legislative changes to promote the formation of venture exchanges. The idea that securities exchanges specially designed...more

GPs Operating in Japan: Follow-Up Information Disclosures for Article 63 Filers Is Required

GPs that operate limited partnerships based on the exemption under Article 63 of the FIEA and have recently completed a renewal filing around the end of the grace period (August 31, 2016) are required to prepare Form 20-2...more

SEC Files Action Against Company and its General Counsel for Loss Contingency Accrual and Disclosure Failures – What to Know

SEC’s Factual Allegations - On September 9, 2016, the Securities and Exchange Commission (“SEC”) filed a complaint against RPM International Inc. (“RPM”) and its General Counsel and Chief Compliance Officer, alleging the...more

House Bill Would Ease Regulatory Restrictions to Private Fund Advisers

On September 9, 2016, the U.S. House of Representatives approved a bill that would amend the Investment Advisers Act of 1940 to modernize certain disclosure requirements and lessen regulatory burdens on private fund advisers....more

Funds and Investment Advisers: Changes Coming in AML Compliance

Anti-money laundering (AML) regulation has continued to evolve since it was introduced in 1970 under the broad regulatory scheme commonly known as the Bank Secrecy Act. While funds and investment advisers have not been...more

Compliance into the Weeds-Episode 14-Wells Fargo and the Fraud Triangle [Video]

In this episode, Matt Kelly and I take a look at the Wells Fargo scandal through the lens of the fraud triangle. ...more

Managing Risks in Acquisitions from Financially Challenged Sellers in the Resources & Energy Sector

Impact of Low Commodity Prices - After a decade long boom in the resources and energy sector, prices across almost all commodities declined from 2012, with particularly sharp declines during 2015 and into 2016, as supply...more

In Case You Missed It: Launch Links - September, 2016 #2

Some interesting links we found across the web this week: Ransomware Prevention Highlighted at FTC Technology Workshop - When a piece of software or an online service is your company’s most valuable asset, it’s...more

The Financial Choice Act: Implications for the U.S. Securities Legal Framework

On September 13, 2016, the House Financial Services Committee of the United States House of Representatives (the “FSC”) formally released H.R. 5983, the “Financial CHOICE Act” (the “CHOICE Act”). While the CHOICE Act has...more

North Carolina Court Clarifies Deadlines to Set Aside Fraudulent Conveyances

Recently, the North Carolina Court of Appeals, in the case of KB Aircraft Acquisition, LLC v. Berry, et al., clarified the time limit for bringing claims under the North Carolina Uniform Voidable Transactions Act (“UVTA”). ...more

Singapore: Asia Pacific’s Debt Restructuring Hub?

Earlier this year the Committee to Strengthen Singapore as an International Centre for Debt Restructuring (the “Committee”) published, and the Singapore Ministry of Law accepted, recommendations aimed at enhancing Singapore’s...more

Russian Legislation Update: 18 July – 4 September 2016

Welcome to the most recent issue of our Russian Legislation Update, covering the period of 18 July – 4 September 2016. In this issue: - Corporate - Banking - Anti-Money Laundering - Subsoil - Public-private...more

Tax Considerations for BDC Consolidation Transactions [Video]

In this video, Dechert tax partner Jeffrey S. Sion examines several important tax considerations related to business development company (BDC) consolidation transactions, including the pros and cons of taxable and tax-free...more

Bridging the Week - September 2016

NFA Proposes Requiring CTAs and CPOs to File Certain Financial Ratio Information: The National Futures Association submitted to the Commodity Futures Trading Commission for its approval a new requirement that would mandate...more

In Eagerly Awaited Ruling, AXA Beats Excessive Fee Claim

The fund manager was victorious in the first court decision to come from a group of complaints filed over the last several years against manager-of-manager models. Introduction - Following a 25-day bench trial, the...more

Federal Banking Agencies Issue Recommendations as Part of Their Section 620 Report to Solidify the Safety and Soundness of the...

On September 8, 2016, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Federal Deposit Insurance Corporation (the “FDIC”) and the Office of the Comptroller of the Currency (the “OCC,” and...more

Updates from the Division of Corporation Finance

During the ABA Business Law Section Annual Meeting, at the Dialogue with the Director of the Division of Corporation Finance, hosted by the Federal Regulation of Securities Committee, Keith Higgins offered a comprehensive...more

Brexit: Where to next?

On June 23, Britain voted to leave the European Union. The repercussions of this unprecedented decision could be felt beyond the UK and Europe, as businesses and investors the world over determine how they will be impacted by...more

Taking stock: Going public in volatile times

The third report in our Deal Dimensions series, written in collaboration with Mergermarket and launched today, reveals that a wave of IPOs could hit the global markets within the next 12 months. The study of senior executives...more

Grant of security – Not so secure anymore?

The recent High Court decision in Encus International Pte Ltd (in compulsory liquidation) v Tenacious Investment Pte Ltd & Ors [2016] SGHC 50 (Encus International) bears significance to lenders for two pivotal reasons. First,...more

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