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"Update on Compliance Date of SEC Rule 206(4)-5's Placement Agent Provision"

On June 25, 2015, the Securities and Exchange Commission (SEC) issued Release No. IA-4129 setting July 31, 2015, as the compliance date for SEC Rule 206(4)-5's placement agent restrictions on using third-party and affiliated...more

House Holds Hearings on Bill to Ease BDC Restrictions

The Subcommittee on Capital Markets and Government Sponsored Enterprises of the House Financial Services Committee heard testimony on June 16, 2015 in support of proposed bills that would, among other things, increase the...more

SEC Announces First Charges Against Underwriters under MCDC Initiative

On June 18, the U.S. Securities and Exchange Commission (SEC) announced enforcement actions against 36 municipal bond underwriters, the first enforcement actions against underwriters brought by the SEC under the...more

Senator Elizabeth Warren Criticizes SEC Chair Mary Jo White for “Extremely Disappointing” Leadership

In a letter dated June 2, 2015, Senator Elizabeth Warren described several “promises” that Mary Jo White, chair of the Securities and Exchange Commission, had allegedly broken. Senator Warren focused on (1) the SEC’s failure...more

Washington Politics and Compliance

Consider this posting a warning to everyone in the corporate governance field. I am not known for being a chicken little and screaming “the sky is falling, the sky is falling.” I tend to be a realist when it comes to politics...more

In Case You Missed It - Interesting Items for Corporate Counsel - May 2015

The SEC proposed pay for performance rules to implement Section 953(a) of Dodd-Frank, which requires disclosure of “information that shows the relationship between executive compensation actually paid and the financial...more

Kyiv Corporate Alert (Ukrainian) On Amendments to Some Legislative Acts of Ukraine relating to Investors’ Rights Protection

Президент України підписав закон № 289-VIII...more

FinCrimes Update - April 2015 Summary, Volume 2, Issue 4

OFAC FINES PAYMENT PROCESSING COMPANY FOR PROVIDING SERVICES TO A DESIGNATED NARCOTICS TRAFFICKER - On April 15, OFAC entered into a $23,336 settlement with an Atlanta-based payment processing company for its role in...more

Kyiv Corporate Alert On Amendments to Some Legislative Acts of Ukraine relating to Investors’ Rights Protection

The President of Ukraine has signed Law No. 289-VIII “On Amendments to Some Legislative Acts of Ukraine relating to Investors’ Rights Protection” (the “Law”) aimed at deregulating the economic activities of joint-stock...more

Blog: Senator Urges SEC To Revisit Rules And Policies On Stock Buybacks

Data compiled by S&P and Bloomberg shows that companies in the S&P 500 spent 95% of their earnings on repurchases and dividends in 2014, including spending $553 billion on stock buybacks in 2014. ...more

"MSRB’s Rule G-42 Submitted to SEC for Approval; Rule G-44 Now in Effect"

This alert is to inform you that the Municipal Securities Rulemaking Board (MSRB) recently submitted Proposed Rule G-42 (standards of conduct for nonsolicitor municipal advisors) to the Securities and Exchange Commission...more

Finders Bill Finds Success In Assembly Committee

In February, I wrote about the resurrection of a bill that would clarify the status of finders under the California Corporate Securities Law of 1968.  Earlier this week, the bill, AB 667 (Wagner) cleared its first policy...more

Financial Services Weekly News Roundup - April 2015 #3

DOL Fiduciary Standard Proposal. The Department of Labor issued a notice of proposed rulemaking including a definition of the term “fiduciary,” a conflict of interest rule for retirement investments, new exemptions and...more

Contribution Caution: Mitigating Risks From Pay-To-Play

With the record-breaking campaign expenditures of the 2014 midterm elections behind us, and the 2016 campaign cycle already heating up, this is an ideal moment for investment advisers (including advisers to venture capital...more

SEC 2015 Budget Impacts Investment Management Industry

This past December, President Obama signed an appropriations bill that provides an $11.8 million budget increase for the SEC’s Division of Economic and Risk Analysis (DERA) intended to bolster the agency’s cost-benefit...more

Why PE Should Stick with Entrepreneurs’ Relief Over the New Employee Shareholder Status

Over the years the UK has seen a variety of tax efficient schemes available to incentivize management; and in 2014 the Employee Shareholder Status (ESS) regime was added into the mix. ESS essentially allows an employee...more

On the Hill this Week….

On March 24th, the U.S. Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Securities, Insurance and Investment will hold a hearing on “Capital Formation and Reducing Small Business Burdens.” Information...more

Bridging the Week - March 2015 #3

CFTC Chairman Suggests European-CFTC Agreement on Clearinghouse Equivalency May Come Soon; Skin in the Game Debate Needs More Study - In an address before the 40th annual FIA Boca Raton International Futures Industry...more

Blog: Senate Bill Introduced To Raise Rule 701 Disclosure Threshold

Senators Pat Toomey (R., PA) and Mark Warner (D., VA) have introduced Senate Bill 576, the ‘‘Encouraging Employee Ownership Act.’’ The bill would require the SEC, within 60 days after enactment, to raise the threshold in...more

"SEC Approves MSRB’s Professional Qualification Requirements for Municipal Advisors; Status Update of Other Municipal Advisor...

Municipal Advisor Professional Qualification Requirements and Exam - On March 2, 2015, the Municipal Securities Rulemaking Board (MSRB) announced that the Securities and Exchange Commission (SEC) approved the MSRB’s...more

Is SEC Regulation of Political Spending Dead?

It is unlikely that it is dead, but it certainly is on life support. But, I believe that board oversight, and disclosure, of corporate political expenditures will continue to increase. In 2011, the Committee of...more

Fighting the Fiduciary Rule Before It’s Been Even Proposed

Not long after President Obama expressed the desire that the Department of Labor (DOL) implement a fiduciary rule for brokers who work on retirement plans; did one of Wall Street’s paid minions strike back....more

Financial Services Weekly News Roundup - February 2015 #3

The Impact of Regulation on Community Banks: Harvard Study and Senate Banking Committee Hearing Highlight Differing Views. FDIC Director of Risk Management Supervision Doreen Eberley testified last week before the Senate...more

Governance & Securities Law Focus: Latin America Edition - February 2015

In this issue: - SEC and NYSE Developments - Noteworthy US Securities Law Litigation - Recent SEC/DOJ Enforcement Matters - Executive Compensation & Employee Benefits Developments -...more

Newly Passed Bill May Impact Dodd-Frank Act

The House of Representatives passed legislation that could loosen some of the restrictions imposed by Dodd-Frank on big banks. The bill, Promoting Job Creation and Reducing Small Businesses Burden Act, passed by a margin of...more

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