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Proxy Advisory Firms Release Policy Updates for 2015

Institutional Shareholder Services (ISS) and Glass Lewis, two leading proxy advisory firms, recently published their 2015 proxy voting guidelines for US companies, which include several updates applicable to the 2015 proxy...more

ISS and Glass Lewis Update their Proxy Voting Guidelines for 2015

Proxy research and advice entities Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co., LLC (“Glass Lewis”) recently updated the guidelines each service will use to inform their voting recommendations for...more

NYC Pension Fund Submits 75 Proxy Access Proposals

New York City Comptroller Scott M. Stringer, on behalf of the $160 billion New York City Pension Funds, has submitted proxy access shareowner proposals to 75 companies. The proposals request a bylaw to give shareowners who...more

SEC Obtains Over $4 Billion for Securities Violations in 2014

Following the end of its fiscal year on September 30, the Securities and Exchange Commission (SEC) reported that FY 2014 was notable not only for the record number of enforcement actions filed, but for the wide range of...more

Proxy Advisory Firms Update Policies with Respect to Executive Compensation for the 2015 Proxy Season

Two of the leading shareholder proxy advisory firms, Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. ("Glass Lewis"), released updates to their proxy voting guidelines for the 2015 proxy season. In sum, there...more

2008 Mortgage Crisis: A silenced whistleblower finally speaks out

Meet 30-something year old Alayne Fleischmann. Fleischmann is from Terrace, British Columbia, she attended Cornell Law School, and in 2013, she was the reason JP Morgan Chase had to pay a $9 billion fine....more

Stock Options for Private Companies: Understanding the Risks, Realizing the Rewards

Executive Brief - • Stock options have been useful components of employee compensation, but new accounting rules adopted in 2005 can have a significant impact on a company’s financial processes and can result in severe...more

"MSRB Releases Draft Amendments to Rule G-20 on Gifts, Gratuities and Noncash Compensation, Requests Comments"

On October 23, 2014, the Municipal Securities Rulemaking Board (MSRB) released Notice 2014-18 (the Notice), containing draft amendments to Rule G-20, with conforming changes to MSRB Rules G-8 and G-9 (required records and...more

Guide To Doing Business In New Zealand: Exchange Control

EXCHANGE CONTROL - Currency movements in and out of New Zealand are subject to certain controls. The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 imposes restrictions on transfer of money to...more

Banking On Your Executive’s Compliance With the Trade Secrets Law

On behalf of the Commission on the Theft of American Intellectual Property, the National Bureau of Asian Research published its findings in 2013. Members of the Commission included Craig R. Barrett, former Chairman and CEO of...more

Blog: SCOTUS Hears Omnicare: When Can A Statement Of Opinion Be Actionable As A “False Statement Of Material Fact”?

Yesterday, SCOTUS heard oral argument in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund. The case seeks to answer this question: when can a statement of opinion be actionable as a “false...more

When the Whistle Blows, What Follows?

Real estate investment trust American Realty Capital Properties (“ARCP”) recently announced the preliminary findings of an Audit Committee investigation into accounting irregularities and the resulting resignation of its...more

Guide To Doing Business In New Zealand: Entry Into New Zealand

ENTRY TO NEW ZEALAND - A visa or permit is not required to visit New Zealand if the visitor is an Australian citizen, British citizen, or a citizen of a country which has a visa waiver agreement with New Zealand...more

Sixth Circuit again Demonstrates the Need for the Supreme Court to Clarify the Standard for Judging the Falsity of Opinions

On November 3, 2014, the U.S. Supreme Court will hear oral argument in Laborers District Counsel Construction Industry Pension Fund v. Omnicare, Inc., which concerns the standard for judging the falsity of an opinion...more

Client Bulletin: Money Market Reform - November 2014: What ERISA Service Providers Should Know About Money Market Reform

Most U.S. money market funds will begin restructuring their operations beginning in 2014 and throughout 2015 and 2016 as a result of the SEC’s adoption of wide ranging changes to the rules regulating these funds. Since many...more

ERISA (6th Circuit): Venue Selection Clauses Enforceable Despite Secretary of Labor Opposition

Many ERISA plans have venue provisions. The Secretary of Labor has argued in litigation, however, that these provisions are “incompatible with ERISA.”...more

Treasury Department and IRS Allow Lifetime Annuity Contracts as Investments by Target Date Funds

Last week, the IRS issued Notice 2014-66, providing a special rule that allows defined contribution pension plans to give participants a lifetime annuity income option by offering target date funds ("TDFs") that include...more

Washington Supreme Court Finds Employer’s Discretionary Bonus Not Unlawful “Rebate” Under Wage Rebate Act (“WRA”)

In a 5-4 decision, the Washington Supreme Court has ruled in an employer’s favor and clarified what are, and are not, statutory “wages” and unlawful wage “rebates” under Washington State’s Wage Rebate Act (“WRA”), RCW 49.52...more

Broker-Dealer Beat - October 2014: Supervising Registered Employees of Foreign Affiliates

Supervising Registered Employees of Foreign Affiliates - NASD Rules 1021(a) and 1031(a) permit a FINRA member to register or maintain the registration as principal or representative of an individual who is engaged in...more

Employees Face Uphill Battle in Holding Private Equity Firms Accountable under WARN Act

The United States District Court in Delaware recently issued a welcome decision for private equity firms whose portfolio companies run afoul of the Worker Adjustment and Retraining Notification Act (the “WARN Act”). In In re...more

6 Guidelines for Fostering a Culture of AML Compliance

The Financial Crimes Enforcement Network (FinCEN) is hoping to help financial institutions increase compliance with the Bank Secrecy Act (BSA) and anti-money laundering (AML) regulations. Noting that violations often stem...more

Proposed Bankruptcy Fairness and Employee Benefits Protection Act of 2014 would place significant restrictions on employers in...

Legislation recently introduced in the Senate would place many restrictions on the ability of a corporation navigating bankruptcy to change the compensation and benefits of employees and retirees. The bill would also create a...more

Changes on Horizon for Equity Compensation Plans as ISS Issues New Draft Policy

Recent announcements by Institutional Shareholder Services Inc. (“ISS”), a proxy voting advisor, indicate that publicly held U.S. companies may need to consider implementing certain modifications to their equity compensation...more

"Banker Bonuses: UK and EU Remain on Collision Course"

Since 1 January 2014, the EU’s Capital Requirements Directive (CRD)1 has required EU-regulated banks (EU Banks) to limit variable compensation paid to key bank staff to 100 percent of their fixed compensation (or 200 percent...more

FINRA Issues Guidance Notice To Warn Against Settlements Barring Whistleblower Tips

This month, FINRA issued guidance notice 14-40 to reminds firms that “it is a violation of FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) to include confidentiality provisions in settlement agreements...more

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