Labor & Employment Law, Finance & Banking, Securities Law

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

Skadden, Arps, Slate, Meagher & Flom LLP

"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

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

Whistleblower Law Firm Complains To SEC

by Jill Radloff | Leonard, Street and Deinard - Dodd-Frank and... on 5/20/2013

Two partners from a self-described law firm that specializes in the representation of whistleblowers have sent a letter to the SEC Commissioners complaining about the use of severance agreements to prevent employees from...more

Investment Management Legal + Regulatory Update -- May 2013

by Luke T. Bagley, Jay G. Baris, Thomas M. Devaney, Kelley A. Howes, Robert E. Putney, III, Isabelle Sajous | Morrison & Foerster LLP on 5/17/2013

In This Issue: Regulatory Updates - SEC Allows Limited Use of Social Media for Public Disclosure; Federal Reserve Board Publishes a Final Rule Specifying when Nonbank Firms are “Predominantly Engaged in...more

Corporate and Financial Weekly Digest - May 10, 2013

by Katten Muchin Rosenman LLP on 5/13/2013

In this issue: - SEC Roundtable Discusses Current Securities Law Topics at 33rd Annual Ray Garrett Jr. Corporate and Securities Law Institute - SEC Reopening Comment Periods for Certain Rulemaking Releases and...more

Ninth Circuit Holds that Federal Securities Laws Preempt California Labor Code's Ban on Forced Patronage at Brokerage Firms

by Bram Hanono, Jennifer Redmond, John Stigi | Sheppard Mullin Richter & Hampton LLP on 5/10/2013

In McDaniel v. Wells Fargo Investments, LLC, Nos. 11-17017, 11-55859, 11-55943, 11-55958, 2013 WL 1405949 (9th Cir. Apr. 9, 2013), the United States Court of Appeals for the Ninth Circuit affirmed the dismissal of four class...more

Protecting Privacy or Enabling Fraud? Employee Social Media Password Protection Laws May Clash with FINRA Rules

by Jessica Goldenberg | Proskauer - Privacy & Data Security on 5/9/2013

As a growing number of states pass legislation which will protect individuals’ social media accounts from employer scrutiny, they have encountered a surprising adversary – FINRA and other securities regulators....more

Pooled Registered Pension Plans – Status Update

by Jonathan Marin | Osler, Hoskin & Harcourt LLP on 5/8/2013

To address concerns about pension coverage in Canada, the federal government introduced the concept of the pooled registered pension plan (PRPP) in late 2011 through Bill C-25, the Pooled Registered Pension Plan Act (PRPP...more

Second Circuit Further Curtails Duty of Prudence Claims in Saint Vincent Catholic Medical Centers v. Morgan Stanley

by Jennifer Clark, Angelo Savino | Cozen O'Connor on 5/8/2013

In a line of recent cases, the 2nd Circuit has limited ERISA plaintiffs’ claims for breach of the duty of prudence by holding that investments of benefit plan funds in employer securities pursuant to plans calling for such...more

SEC Dings Investment Adviser for Custody Violations, Failure to Supervise

by David Smyth, Elizabeth Spainhour | Brooks Pierce on 5/3/2013

Readers of this space – and SEC observers generally – will recall a March 4 risk alert designed to warn investors about the ways U.S. investment advisers had recently been found to have violated the SEC’s asset custody rule....more

UK Employment Alert No 209: Update on The Proposed European Cap on Bank Bonuses

by Katie Clark, James Noble | McDermott Will & Emery on 4/30/2013

Following recent discussions on this topic, lawmakers in the European Parliament have now adopted legislation intended to cap the value of bonuses paid to certain bank staff....more

New Disclosure Requirements for Massachusetts Pension Investments

by Ropes & Gray LLP on 4/29/2013

The Commonwealth of Massachusetts has started implementing pension reform legislation enacted in 2011 that imposes demanding contracting and disclosure requirements on state and local pension fund boards. The new pension fund...more

PBGC Withdraws Two Territorial Coverage Opinion Letters Impacting Puerto Rican Plans

by Justin Alex | Proskauer - ERISA Practice Center on 4/26/2013

The status of PBGC coverage for Puerto Rico defined benefit plans is one that has been the subject of review and analysis by the PBGC for quite some time. Most recently, on April 19, 2013, the PBGC withdrew two older opinion...more

What Every Private Equity Fund Manager Should Know About ERISA

by The R. Bernard Law Group on 4/26/2013

What is ERISA? The Employee Retirement Income Security Act of 1974 (“ERISA”) protects the interests of employee benefit plan participants by establishing strict standards of conduct for “plan fiduciaries” – i.e.,...more

A Cautionary Tale Under Code § 409A: Case Evidences IRS' Willingness To Seek 409A Penalties For Discount Options

by Janet Lowder | Womble Carlyle Sandridge & Rice, PLLC on 4/22/2013

The United States Court of Federal Claims recently issued an opinion confirming that § 409A of the Internal Revenue Code of 1986 applies in the context of discount stock options. The case, Sutardja v. United States, is one of...more

Are Your 401(k) Plan’s Target Date Funds On Target?

by Carol Buckmann | Osler, Hoskin & Harcourt LLP on 4/19/2013

Most 401(k) plans that have qualified default investment funds (QDIA’s) have chosen target date funds as their default investments. Target date funds change their mix of investments to become more conservative over time in...more

CFTC Issues Proposed Rule to Clarify Responsibilities of Clerical Employees of SDs and MSPs

by Kevin M. Foley, Adam J. Spector | Katten Muchin Rosenman LLP on 4/16/2013

In general, Commodity Futures Trading Commission Regulation 23.22 prohibits a swap dealer (SD) or major swap participant (MSP) from permitting an associated person (AP) of the SD or MSP to effect or be involved in effecting...more

Ninth Circuit Holds Private Company Rules Preempt California Law

by Keith Paul Bishop | Allen Matkins Leck Gamble Mallory & Natsis... on 4/10/2013

California Labor Code Section 450(a) forbids employers from coercing the patronage of their employees: It provides...more

Corporate and Financial Weekly Digest - April 5, 2013

by Katten Muchin Rosenman LLP on 4/8/2013

In this issue: - SEC Advisory Committee on Small and Emerging Companies Makes Recommendations - SEC Provides Guidance Regarding Social Media and Regulation Fair Disclosure (Regulation FD) - SEC Amends...more

The Season for ESOP Valuation Updates

by Caryn McNeill | Smith, Anderson, Blount, Dorsett, Mitchell &... on 4/4/2013

“In the spring a young man’s fancy lightly turns to thoughts of … [ESOP updates]?” With apologies to Tennyson, this is the time of year when trustees of Employee Stock Ownership Plans, or “ESOPs,” begin to receive and...more

Ninth Circuit Decides Selection Of Retail Mutual Funds Was A Breach Of Fiduciary Duty

by Jeffrey P. Cairns | Leonard, Street and Deinard - Employee... on 4/2/2013

On March 21, 2013 the Ninth Circuit Court of Appeals issued its opinion in Tibble v. Edison International, in which the Court ruled that the plan fiduciaries of the Edison 401(k) Savings Plan (the “Plan”) had breached their...more

U.S. Supreme Court Invites Solicitor General’s Views on Whether to Grant Review of Case Addressing Two Key Issues in ERISA...

by Paul Flum, Raymond Hasu | Morrison & Foerster LLP on 4/1/2013

On March 25, 2013, the U.S. Supreme Court invited the U.S. Solicitor General to express its views on whether the Court should grant a certiorari petition in Dudenhoeffer v. Fifth Third Bancorp, et al., No. 12-751. Although...more

Ninth Circuit Rules on Breach of Fiduciary Duty Claim in Investment Options Case

by Anthony Cacace | Proskauer - ERISA Practice Center on 3/29/2013

In Tibble v. Edison Int’l, 10-cv-56406, 2013 WL 1174167 (9th Cir. Mar. 21, 2013), the Ninth Circuit Court of Appeals ruled that 401(k) plan fiduciaries breached their duty of prudence in selecting investment options for the...more

Update: UK Government Publishes Changes to Law on Share Buy Backs

by Gemma Formby, Iain Wright | Morgan Lewis on 3/21/2013

Changes aim to help companies make greater use of employee share schemes and equity arrangements. On 19 March, the revised draft of the UK Companies Act 2006 (Amendment of Part 18) Regulations 2013, including final...more

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Labor & Employment Law › Finance & Banking › Securities Law