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Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

Veil Piercing/Alter Ego Determinations – How Fund Managers Can Protect Themselves

A veil piercing claim can be a worst-case scenario for a private fund manager dealing with a struggling portfolio company investment – the company fails, and ensuing legal claims are brought not only against the portfolio...more

Planning for the Approaching CEO Pay Ratio Disclosure Requirement

by Goodwin on

It appears likely that the CEO pay ratio disclosure rule adopted by the Securities and Exchange Commission in 2015 will require companies that are subject to the rule to begin including CEO pay ratio disclosure for 2017...more

How will the extended SMCR apply to NEDs?

by Dentons on

The Financial Conduct Authority (FCA) has consulted on the way in which the senior managers and certification regimes (SMCR) will be rolled out to all authorised firms, probably from next year. From the inception of the SMCR,...more

New disclosure requirements applying to EU fund distribution in 2018

by Ropes & Gray LLP on

Asset managers located inside and outside the European Union (“EU”) must comply with the new “point of sale” disclosure requirements that will apply when they distribute financial products, and investment services, to EU...more

Investment Adviser Compliance with SEC’s Amended Form ADV

by Winstead PC on

Beginning October 1, 2017, investment advisers filing Form ADV with the Securities and Exchange Commission (the “SEC”) must file using the amended form adopted by the SEC on August 25, 2016 (the “Amended Form ADV”). According...more

The Corporate Transparency Act: A Proposal to Expand Beneficial Ownership Reporting for Legal Entities, Corporate Formation...

by Ballard Spahr LLP on

In late June, Representatives Carolyn Maloney and Peter King of New York introduced The Corporate Transparency Act of 2017 (the “Act”). In August, Senators Ron Wyden and Marco Rubio introduced companion legislation in the...more

Everything Compliance-Episode 18, the Post Harvey Edition, Part II

by Thomas Fox on

The top compliance roundtable podcast is back with a wealth of new topics. 1. Matt Kelly considers the current state of the SEC and what he sees for changes by SEC Chairman Jay Clayton. 2. Mike Volkov opens with the...more

Day 14 of Innovation in Compliance-Putting Compliance at the Center of Business Strategy

by Thomas Fox on

Another innovation is to put your compliance program at the center of corporate strategy. An article in the Harvard Business Review (HBR) by Frank Cespedes, entitled “Putting Sales at the Center of Strategy”, discussed how to...more

Investment Services Regulatory Update - September 2017

by Vedder Price on

Market and Product Developments - Securities Industry Implements T+2 Settlement Cycle - On September 5, 2017, the securities industry transitioned to a shorter settlement cycle for most broker-dealer securities...more

Beijing-Based Cryptocurrency Trading Exchanges Told to Announce Trading Halt

by Perkins Coie on

Under the impact of the Chinese government’s recent formal notices of halting ICOs, Notice 99 and Joint Notice released on September 2, 2017 and September 4, 2017 respectively, Beijing authorities have taken further actions...more

Licensing for crowd-sourced funding operators

by DLA Piper on

Amendments to the Corporations Act 2001 (Cth) (Corporations Act), introducing a crowd-sourced funding (CSF) regime, will take effect on 29 September 2017. From this date, CSF operators (intermediaries) will be able to apply...more

Criminal justice: How best to stop economic crime

by WilmerHale on

Speaking at the 35th annual Cambridge International Symposium on Economic Crime, Robert Buckland QC MP, the Solicitor General for England and Wales, and David Green QC, Director of the SFO, addressed the question, “Preventing...more

Investor Advisory Committee Meeting

The SEC’s Investor Advisory Committee announced its next meeting on October 12, beginning at 9.30 am. The agenda for the meeting includes remarks from Commissioners; a discussion regarding blockchain and other distributed...more

Day 10 Of Innovation in Compliance-Improvisation in Compliance

by Thomas Fox on

How can you change the perceptions around compliance in your organization? With the Justice Department requirement, set out in the Evaluation of Corporate Compliance Programs, to more fully operationalize your compliance...more

Supreme Court Declines to Resolve Circuit Split on Debt Recharacterization

On August 10, 2017, the U.S. Supreme Court rescinded the grant of certiorari in PEM Entities LLC v. Levin on the grounds that review had been “improvidently granted.” The case seemingly provided a perfect vehicle to resolve...more

Compliance into the Weeds-Episode 54, Report from TEC 2017

by Thomas Fox on

In this episode, Matt Kelly returns to his journalism roots with a live report from TEC 2017, the Workiva user conference. We discuss some of the hot topics at the conference including possible repeal or modification of SOX...more

China Halts ICOs and Token Sales and China-Based Trading Platforms Suspend Trading Amid Reports of Additional Government...

by Perkins Coie on

The government of the People’s Republic of China (PRC) has formally announced a suspension to all ICOs and token offerings and financing activities by releasing two notices, namely, the Notice of Seven Ministries Including...more

A Pending Supreme Court Ruling Can’t Create a Claim that Doesn’t Currently Exist

After hearing oral argument at confirmation on August 30, 2017, the bankruptcy court for the Western District of Pennsylvania issued a written opinion in In re rue21, inc., et. al., Case No. 17-22045-GLT (Bankr. W.D. Pa....more

Proposed Legislation May Afford Broader Use of Regulation A

Earlier this month, the House of Representatives approved in a landslide vote the Improving Access to Capital Act (HR 2864), which would extend the use of Regulation A, an exemption from registration under the Securities Act,...more

Capital Formation Bills Advance in the Senate

Last week, the Senate passed three bipartisan bills that promote access to capital for small businesses and startups. The Senate bills, the House corollaries of which originally passed on March 9, 2017, include the...more

Venture Capital Valuations

In a recent paper, “Squaring Venture Capital Valuations with Reality,” authors Will Gornall and Ilya A. Stebulaev review and consider valuations for a sample of unicorns. The valuations are on average 49% above fair value...more

Filed v. Furnished, What’s the Difference?

by Sullivan & Worcester on

When disclosing information in a filing with the SEC, it is important to know whether such disclosure and any related exhibits should be "filed" or "furnished". To non-lawyers, this may seem like semantics or another...more

The Financial Report, Vol. 6, No. 17

by DLA Piper on

The juxtaposition of items in the financial news is always fascinating. Earlier this week, an article appearing in the Wall Street Journal stated that state legislatures are moving to bolster investor protections due to...more

AML Beneficial Ownership Register for Irish Funds – Who’s Holding the Baby?

by Dechert LLP on

If you’ve been involved in the funds industry, you will be well aware of the ever-increasing focus on anti-money laundering and “know your customer” requirements by national and supranational regulatory bodies alike. In...more

Directors’ liability D&O: Entering uncharted territory

by Allen & Overy LLP on

Welcome to this the fifth edition in our series of surveys on directors’ liabilities, brought to you by the international law firm Allen & Overy LLP and the global advisory broking and solutions company Willis Towers Watson....more

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