Finance & Banking, Securities Law

Accessing Asian Capital By Canadian Companies – The Case For Listing In Hong Kong

by Julianne Doe | Dentons on 5/25/2013

Why Hong Kong - Michael Chan, Assistant Vice President of the Global Markets Division of the Hong Kong Stock Exchange (“HKEx”), was recently in Canada, visiting Calgary, Toronto and Vancouver and delivering a...more

Skadden, Arps, Slate, Meagher & Flom LLP

SEC Proposes Cross-Border Security-Based Swap Rules and Guidance

by Maureen A. Donley, Elizabeth Doyle, Ryan Elsey, Prashina J. Gagoomal, Theodore M. Kneller, Daniel S. Konar II, Rachel Kaplan Reicher, Mark D. Young | Skadden, Arps, Slate, Meagher & Flom LLP on 5/25/2013

On May 23, 2013, the Securities and Exchange Commission (SEC) published in the Federal Register proposed rules and guidance for applying Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank)...more

New York State Trial Courts Issue Opposing Opinions On MBS Claims Statute Of Limitations

by BuckleySandler LLP on 5/24/2013

This week, two New York trial court justices issued diverging opinions on when the statute of limitations begins to run on claims related to the repurchase obligations of securitizers under certain MBS pooling and servicing...more

Treasury Secretary Testifies about CMBS Markets and Dodd Frank

by Timothy Lupinacci | Baker, Donelson, Bearman, Caldwell &... on 5/24/2013

On May 21, 2013, Treasury Secretary Jack Lew in his role as Chairman of the Financial Stability Oversight Council ("FSOC") testified before the House Financial Services Committee. In its annual report, the FSOC stated that...more

Senator Warren Pushes Federal Authorities On Bank Prosecutions

by BuckleySandler LLP on 5/24/2013

On May 14, Senator Elizabeth Warren (D-MA) sent a letter to Federal Reserve Board Chairman Ben Bernanke, Attorney General Eric Holder, and SEC Chairman Mary Jo White seeking additional information about the agencies’...more

SFO & The Bribery Act: Sector Sweeps, Facilitation Payments & London Listed Companies

by Thomas Fox on 5/24/2013

News reaches us of a private small round table session put together by Transparency International and attended by some from the US FCPA white collar community (we understand Mark Mendelsohn attended) and our very own David...more

ISS Charged With Selling Shareholder Vote Data; Agrees To $300,000 Settlement

by David Jenson | Leonard, Street and Deinard - Dodd-Frank and... on 5/24/2013

The SEC and Institutional Shareholder Services, Inc. (ISS) have settled public administrative and cease-and-desist proceedings initiated against ISS by the SEC alleging that ISS violated Section 204A of the Advisers Act by...more

Court Holds Non-Parties May Enforce Arbitration Agreement Even Though The General Rule Is That They Can’t

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 5/24/2013

The Financial Industry Regulatory Authority, more commonly known as FINRA, has adopted a Code of Arbitration for Customer Disputes (FINRA has a separate code for industry disputes). Under FINRA’s Customer Code, a claim by or...more

Simplifying Leaver Provisions?

by Orrick, Herrington & Sutcliffe LLP on 5/23/2013

Introduction - In response to the Nuttall Review of Employee Ownership, the Government has introduced the Companies Act 2006 (Amendment of Part 18) Regulations 2013 (the Regulations) which entered into force on 30...more

SEC Targets Another Fund Board in Recent Enforcement Case

by Catherine Botticelli, Stephanie Capistron, Christopher Harvey, Emily Shea | Dechert LLP on 5/23/2013

The U.S. Securities and Exchange Commission (“SEC”) recently issued an Order Instituting Proceedings (“Order”) against the administrator and compliance services provider, as well as current and former members of the boards of...more

Keeping Internal Investigations Independent and Conflict-Free

by David Smyth | Brooks Pierce on 5/23/2013

Internal investigations can arise in a number of different ways and can concern a number of different subjects. Allegations of financial misconduct, employment-related missteps, and breaches of fiduciary duty, among others,...more

CIS Legal Update - May 2013: Russia and the United Arab Emirates Take Measures to Encourage and Improve Investment Security

by Elizaveta Molosnova | Dechert LLP on 5/23/2013

Russia ratified an intergovernmental Agreement with the United Arab Emirates (hereinafter - UAE) on the Encouragement and Mutual Security of Investments (executed on June, 28, 2010) along with the accompanying Protocol...more

"Deadline Approaching for Compensation Committee Charter Amendments"

by Michael R. Bergmann, Andrew Brady, Brian V. Breheny, Kristin M. Davis, Berit R. Freeman, Richard J. Grossman, Neil M. Leff, Alessandra K. Murata, Audrey Murga, Timothy Nelson, more +Regina Olshan, David C. Olstein, Erica Schohn, Joseph M. Yaffe | Skadden, Arps, Slate, Meagher & Flom LLP on 5/23/2013

As a reminder, by July 1, 2013, compensation committee charters must comply with the new New York Stock Exchange (NYSE) and Nasdaq Stock Market (Nasdaq) listing requirements that were approved by the Securities and Exchange...more

Terror Tactics: Report Urges Government To Use Financial, Immigration, Trade And Immigration Systems To Squeeze Theft Of IP

by Sophie Yu | Orrick - Trade Secrets Group on 5/23/2013

A new report on halting the theft of trade secrets and other intellectual property reads like a blueprint for fighting terrorism—not surprising, given that it was co-authored by the nation’s former spy chief and a member of...more

Bill on Bankruptcy: The Market's Unquenchable Thirst for Junk [Video]

by Bloomberg Law on 5/22/2013

May 22 (Bloomberg) -- AMF Bowling Worldwide Inc. and Ahern Rentals Inc. are prime examples of the frothy market where junk-bond investors are fearless in the face of risk, as Bloomberg Law's Lee Pacchia and Bloomberg News...more

N.Y. ALJ Holds Taxpayer’s Motives for Acquiring Stock and How Stock Is Used Irrelevant in Determining Investment Capital

by Lindsay LaCava, Arthur R. Rosen | McDermott Will & Emery on 5/22/2013

A New York administrative law judge recently held in Matter of C.V. Starr & Co., Inc. that income received by a taxpayer from its ownership of common stock was investment income. In so holding, the ALJ addressed an important...more

OCC Issues Clarification of the Treatment of Certain Sovereign and Securitization Positions

by Jeffrey M. Werthan | Katten Muchin Rosenman LLP on 5/22/2013

On May 10, the Office of the Comptroller of the Currency (OCC) issued Bulletin OCC 2013-13, which is intended to clarify the treatment of sovereign and securitization provisions under the Market Risk Capital Rule...more

Legal Alert: Tax Court Finds Indirect Prohibited Transaction in IRA

by Adam Cohen, Mikka Gee Conway, Jonathan Goldman, Carol McClarnon, Alice Murtos, Joanna Myers, Vanessa Scott, W. Mark Smith, Rich Sun, William Walderman, Carol Weiser | Sutherland Asbill & Brennan LLP on 5/22/2013

In Peek v. Commissioner (May 9, 2013), the U.S. Tax Court ruled that two taxpayers had engaged in an indirect “prohibited transaction” with their individual retirement accounts (IRAs) when they provided personal guarantees...more

CFTC Reviewing Over 1 Million E-mails In ISDAfix Interest-Rate Swaps Investigation

by Felix Shipkevich | Shipkevich PLLC on 5/22/2013

CFTC investigators are reviewing over one million e-mails and instant messages as part of an investigation into possible price manipulation of ISDAfix interest-rate swaps....more

SEC Issues IM Guidance Update on Compliance with Exemptive Orders

by Ropes & Gray LLP on 5/22/2013

On May 6, 2013, the SEC’s Division of Investment Management issued a guidance update for registered funds and investment advisers that rely on exemptive orders emphasizing the importance of ensuring “compliance with the...more

NYSE and NASDAQ Compensation Committee Adviser Independence Rules Effective July 1, 2013

by Ali Fawaz, Joshua Miller | Proskauer - ERISA Practice Center on 5/22/2013

Publicly traded companies are reminded of the approaching deadline for compliance with certain of the SEC-approved final amendments of the NYSE and Nasdaq stock exchange listing rules governing compensation committee...more

HM Treasury Rethinks the UK Tax Treatment of Fee Rebates

by David Gubbay, Daniel Hawthorne, Mark Stapleton | Dechert LLP on 5/22/2013

In a Written Ministerial Statement made in UK Parliament on 21 May 2013, Treasury Economic Secretary Sajid Javid MP announced the Treasury’s intention to make a crucial and very welcome clarification to the recent HMRC Brief...more

SEC Commissioner Comments On JOBS Act; Immigration Reform

by David Jenson | Leonard, Street and Deinard - Dodd-Frank and... on 5/22/2013

On May 18, 2013, SEC Commissioner Luis A. Aguilar spoke at the annual gala of the Georgia Hispanic Chamber of Commerce, using the opportunity to highlight the contributions of immigrants (and Hispanic immigrants in...more

Federal Reserve Division Director Michael S. Gibson Testifies on Cross-Border Resolution Plans

by Jeffrey M. Werthan | Katten Muchin Rosenman LLP on 5/22/2013

On May 15, Michael S. Gibson, Director, Division of Banking Supervision and Regulation of the Federal Reserve, testified before the Subcommittee on National Security and International Trade and Finance of the U.S. Senate...more

United Kingdom Aims to Minimise the Transition and Marketing Requirements For AIFMs Under AIFMD

by Proskauer Rose LLP on 5/22/2013

INTRODUCTION - On 13 May 2013, HM Treasury published a response document to its earlier consultation regarding transposition of the Alternative Investment Fund Managers Directive (AIFMD) in the UK, along with amended...more

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Finance & Banking › Securities Law

Accessing Asian Capital By Canadian Companies – The Case For Listing In Hong Kong

SEC Proposes Cross-Border Security-Based Swap Rules and Guidance

New York State Trial Courts Issue Opposing Opinions On MBS Claims Statute Of Limitations

Treasury Secretary Testifies about CMBS Markets and Dodd Frank

Senator Warren Pushes Federal Authorities On Bank Prosecutions

SFO & The Bribery Act: Sector Sweeps, Facilitation Payments & London Listed Companies

ISS Charged With Selling Shareholder Vote Data; Agrees To $300,000 Settlement

Court Holds Non-Parties May Enforce Arbitration Agreement Even Though The General Rule Is That They Can’t

Simplifying Leaver Provisions?

SEC Targets Another Fund Board in Recent Enforcement Case

Keeping Internal Investigations Independent and Conflict-Free

CIS Legal Update - May 2013: Russia and the United Arab Emirates Take Measures to Encourage and Improve Investment Security

"Deadline Approaching for Compensation Committee Charter Amendments"

Terror Tactics: Report Urges Government To Use Financial, Immigration, Trade And Immigration Systems To Squeeze Theft Of IP

Bill on Bankruptcy: The Market's Unquenchable Thirst for Junk [Video]

N.Y. ALJ Holds Taxpayer’s Motives for Acquiring Stock and How Stock Is Used Irrelevant in Determining Investment Capital

OCC Issues Clarification of the Treatment of Certain Sovereign and Securitization Positions

Legal Alert: Tax Court Finds Indirect Prohibited Transaction in IRA

CFTC Reviewing Over 1 Million E-mails In ISDAfix Interest-Rate Swaps Investigation

SEC Issues IM Guidance Update on Compliance with Exemptive Orders

NYSE and NASDAQ Compensation Committee Adviser Independence Rules Effective July 1, 2013

HM Treasury Rethinks the UK Tax Treatment of Fee Rebates

SEC Commissioner Comments On JOBS Act; Immigration Reform

Federal Reserve Division Director Michael S. Gibson Testifies on Cross-Border Resolution Plans

United Kingdom Aims to Minimise the Transition and Marketing Requirements For AIFMs Under AIFMD

Bill on Bankruptcy: The Market's Unquenchable Thirst for Junk [Video]

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