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Asset Management Regulatory Roundup - July 2017 - Issue 2

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on the updated Q&As published by ESMA in relation to the AIFMD and UCITS, IOSCO's...more

Asset Management Regulatory Roundup - July 2017 - Issue 1

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. In this issue we look at the extension of the PSC regime to Scottish limited partnerships and AIM listed companies,...more

Wrap-up: “Who is Winning the Securities Class Action War—Plaintiffs or Defendants?”

I am grateful for the enthusiastic feedback I’ve received on my three-part blog post “Who is Winning the Securities Class Action War—Plaintiffs or Defendants?” I especially appreciate the time Kevin LaCroix took to write a...more

Who Is Winning the Securities Class Action War—Plaintiffs or Defendants? (Part III)

This is the third of a three-part post that analyzes why plaintiffs are winning the securities class action war and what defendants can do about it....more

Who is Winning the Securities Class Action War—Plaintiffs or Defendants? (Part II)

This is the second of a three-part post evaluating who is winning the securities class action war. Part I explained that this war is not just a scorecard of wins and losses, but rather a fight for strategic...more

The $100 Million Question is Answered With Extrinsic Evidence, Not Contra Proferentem

by Murtha Cullina on

Last October, we reported on the issues at stake in Gold v. Rowland, the class action that claims that Connecticut state employees were members entitled to shares of stock when their insurer, Anthem, demutualized in 2001. The...more

Business Litigation Reporter - April 2017

by Goodwin on

Representations and Warranties Insurance Policies – Lessons from the Claims Process - Representations and warranties insurance policies (R&WI Policies)—designed to protect parties from loss arising from breaches of...more

Criminal Conviction Of De Facto Officer Does Not Preclude D&O Coverage

by Allen Matkins on

After a two week trial in 2013, a jury convicted Mitchell J. Stein, a lawyer, of mail, wire, and securities fraud based on evidence that he fabricated press releases and purchase orders to inflate the stock price of his...more

Myths & Misconceptions of Biotech Securities Claims: An Analysis of Motion to Dismiss Results (2005-2016)

There is a common life cycle for Directors and Officers Liability for a publicly-traded biotechnology company bringing its first drug or device to the market. In the early stages, whether pre-clinical or Phase 1, there is...more

New York DFS Finalized Cybersecurity Regulations Go Into Effect March 1, 2017

by Bracewell LLP on

On February 16, 2017, the New York State Department of Financial Services (DFS) announced the final version of the “first-of-its-kind” cybersecurity regulations governing financial institutions, insurance companies, and other...more

Be Careful What You Wish For, Part II: Would Companies Be Better Off Without the Fraud-on-the-Market Doctrine?

The villain in the fight against securities class actions is the fraud-on-the-market presumption of reliance established by the U.S. Supreme Court in 1988 in Basic Inc. v. Levinson, 485 U.S. 224 (1988). Without Basic, the...more

The Eighth Circuit Applies Insured vs. Insured Exclusion to Non-Insured Co-Plaintiffs

by Cozen O'Connor on

In a significant decision interpreting one of the most frequently litigated exclusions in the world of D&O insurance, the Eighth Circuit recently ruled that an Insured vs. Insured exclusion applied to an insured director’s...more

Ministry of Finance relaxes restrictions on foreign ownership of insurance companies operating in Thailand

by DLA Piper on

On 18 January 2017, the Ministry of Finance (MOF)’s notification was published in the government gazette, which liberalised the restrictions concerning the participation and ownership of foreign entities in the Thai insurance...more

Warranty and Indemnity Insurance – Is the Silver Bullet Beginning to Tarnish?

by Latham & Watkins LLP on

Warranty and indemnity (W&I) insurance products have been marketed as a “silver bullet,” which can bridge the gap between a buyer’s wish to receive proper deal protection and a seller’s aim of a clean exit. However, as the...more

UK Autumn Statement 2016: finance

by DLA Piper on

In the 2016 Autumn Statement, the UK government confirmed, as previously announced, that from April 2017, it is to cap the amount of tax deductions for interest to the higher of 30% of taxable earnings in the UK or the net...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

by Dechert LLP on

German Investment Fund Association Extends Rules of Conduct - The general meeting of the German Investment Fund Association BVI (Deutscher Fondsverband) agreed to revised rules of conduct for the fund industry which will...more

Delay to the Application Date of the EU Regulation on Packaged Retail and Insurance-based Investment Products

by Ropes & Gray LLP on

The European Commission announced on 9 November 2016 an extension to the application date of the Regulation on Key Information Documents for Packaged Retail and Insurance-based Investment Products (“PRIIPs”) to 31 December...more

The Few. The Responsible. Those who can serve as Fiduciaries for Brokerage Firms.

by Ary Rosenbaum on

Most brokerage firms are staying mum about how they intend to meet their requirements under the new fiduciary rule in 2017, but some have tipped their hands and are going to go the approach that I thought they would....more

5 Wishes for Securities Litigation Defense: Greater Director Involvement in Securities Litigation Defense and D&O Insurance

One of my “5 Wishes for Securities Litigation Defense” (April 30, 2016 post) is greater involvement by boards of directors in decisions concerning D&O insurance and the defense of securities litigation, including...more

Regulatory decisions

by Dentons on

Senior managers regime, certification regime and conduct rules - Crucially, this period has seen the start of implementation of the new regime for individual accountability, although it will take a further year for it to...more

New rules on technical provisions Article published in Italian on Insurance Daily on 5 July 2016 N. 960

by DLA Piper on

On June 7, IVASS (Italian Insurance Supervisory Authority) published the long-awaited Regulation no. 24/2016 relating to the investments and assets covering technical provisions....more

5 Wishes for Securities Litigation Defense: Greater Insurer Involvement in Defense-Counsel Selection and Strategy

One of my “5 Wishes for Securities Litigation Defense” last month was for greater D&O insurer involvement in securities class action defense. This simple step would have extensive benefits for public companies and their...more

New information disclosure requirements for insurance companies

by DLA Piper on

The China Insurance Regulatory Commission (CIRC) recently issued the Circular on Issuing the Information Disclosure Standards for Insurance Companies on the Use of Funds No.4: Large Investments in Unlisted Shares and Large...more

SEC Staff Issues No-Action Letter on Index Fund Investments in Insurance Companies and Securities Related Businesses

by Morgan Lewis on

SEC staff expands upon prior no-action positions to permit funds that track a third-party index to invest in insurance companies and securities related businesses beyond the limitations set forth in Sections 12(d)(2) and...more

Do You Have to Disclose a Government Investigation? Practical Considerations, Legal Standards, and Recent Case Law

by Goodwin on

After receiving an inquiry from a government agency, such as a subpoena, a Civil Investigative Demand (“CID”), or an informal request for information, public companies ask whether they must disclose publicly that they may be...more

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