Labor & Employment Securities Finance & Banking

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New DOL fiduciary rule and swaps - ISDA update

The Department of Labor’s final revised fiduciary regulation will become applicable on April 10, 2017. Those affected by the revised regulation will include banks and other financial institutions that negotiate investment...more

The ERISA Litigation Newsletter - September 2016

Editor's Overview - This month, we have re-published an interview of our colleague Seth Safra discussing the Department of Labor’s final regulation concerning fiduciaries and conflicts of interest. In this interview,...more

Your 401(k) Plan "Brokerage Window" May Require An S-8 Registration

New guidance from the Securities Exchange Commission requires issuers to take a fresh look at their 401(k) plans. On September 22, 2016, the SEC’s Division of Corporation Finance released a Compliance and Disclosure...more

How the DOL’s Impartial Conduct Standard Affects Exemptions Used by Financial Services Companies

In conjunction with its issuance in April 2016 of a new regulation redefining the concept of “investment advice” for purposes of fiduciary status under ERISA and Section 4975 of the Code, the Department of Labor amended a...more

New California Law Requires Increased Private Fund Fee and Expense Disclosure

Recent state legislative developments in California will require disclosure of certain information by private investment fund managers, primarily in the area of fees and expenses incurred by state and local pension and...more

California’s New Fee Disclosure Law For Public Pension Plans Investing In Alternative Investment Vehicles

On September 14, 2016, California Governor Jerry Brown signed into law a bill intended to provide transparency with respect to fees and expenses paid by California public pension or retirement systems (“PPPs”) to private...more

Seventh Circuit Rejects Dudenhoeffer Applicability to Privately Held Stock - Decision Clarifies Burden to Plead ERISA Section 406...

The U.S. Court of Appeals for the Seventh Circuit's Aug. 25, 2016, decision in Allen v. GreatBanc Trust Co., No. 15-3569, made it the first court in a published opinion to expressly reject Fifth Third Bancorp v....more

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

BaFin Plans to Prohibit Retail Distribution of Credit-Linked Notes - BaFin announced on its website that the regulator intends to prohibit the marketing, distribution and sale of credit-linked notes...more

CFTC Proposes Rules to Align with SEC Whistleblower Program

The U.S. Commodity Futures Trading Commission (CFTC) proposed amendments last month to the regulations governing its whistleblower bounty program. A number of the changes are aimed at more closely aligning the CFTC’s...more

SEC Continues Crackdown on Severance Agreements

Why it matters - The Securities and Exchange Commission (SEC) continued its efforts against anti-whistleblowing provisions in severance agreements, fining one employer $265,000 for the use of an allegedly illegal clause....more

District Court Rules on ERISA Liability of Board and ESOP Advisory Committee Members in ESOP Transactions

On Sept. 1, 2016, the U.S. District Court for the Northern District of Illinois issued its decision in the Antioch employee stock ownership plan (ESOP) fiduciary litigation. The court held that the Antioch Board of Directors...more

New Nasdaq Rule Requires Disclosure of Third Party Compensation of Directors and Nominees

Effective August 1, 2016, companies listed on Nasdaq are subject to a new rule requiring annual disclosure of the material terms of agreements or arrangements between directors or director nominees and third parties that...more

Broker-Dealers dealing with The New Fiduciary Rule: Some Guidance

I’ve been hired by a couple of broker-dealers in how to develop a plan to comply with the new fiduciary rule. Unlike some of my competitors, all of my fees are based on a flat fee (cheap plug here). I’m often asked how a...more

ESMA Publishes Guidelines for UCITS V Remuneration Policy

The guidelines, which apply from 1 January 2017, seek to clarify the concepts of disclosure, governance, and risk alignment in respect of remuneration; in advance of this date, non-EU investment managers of UCITS should...more

CFTC Proposes Amendments to Whistleblower Awards Process and Anti-Retaliation Authority

The amendments would make the CFTC’s whistleblower awards process more uniform with the SEC’s program and would enable the CFTC to bring enforcement actions against employers that retaliate against whistleblowers....more

CFTC Proposes New Amendments to its Whistleblower Rules

The U.S. Commodity Futures Trading Commission (“CFTC” or the “Commission”) has proposed numerous amendments to the Whistleblower Rules found in Part 165 of the CFTC’s Regulations. The Commission seeks to enhance the process...more

The ERISA Litigation Newsletter - August 2016

Editor's Overview - This month’s newsletter features an article on the DOL’s recently published interim final rule that increases penalties for notice and disclosure violations, which generally became effective on...more

CFTC Proposes to Amend Whistleblower Rules to Provide Anti-Retaliation Enforcement Authority

The CFTC has proposed amendments to its whistleblower rules that reinterpret its anti-retaliation authority and proposes appropriate rule amendments to implement that authority. When the CFTC initially adopted its...more

The New DOL Fiduciary Rule: Impact on Mutual Fund Distribution

The Department of Labor (DOL) has issued the final version of its “investment advice” regulation (Final Rule), which is widely expected to impact significantly the financial services industry, including registered investment...more

Navigating the DOL’s New Fiduciary Rules: A Game Plan for Broker-Dealers

This OnPoint focuses on the new and amended fiduciary investment advice regulations issued by the U.S. Department of Labor (DOL) and accompanying prohibited transaction exemptions (Final Rules), from the perspective of...more

California's Legislature Puts Additional Disclosure Pressure on Fund Managers with the Passage of AB 2833

On August 24th, the California Legislature approved Assembly Bill No. 2833 (“AB 2833”), which is now headed to Governor Jerry Brown’s desk for signature. If Governor Brown signs the bill, as is expected, all public pension...more

Employment Law This Week®: Transgender Case, “Labor Peace” Agreements, EEOC’s Pay Data Proposal, Parental Leave Requests [Video]

We invite you to view Employment Law This Week® - a weekly rundown of the latest news in the field, brought to you by Epstein Becker Green. We look at the latest trends, important court decisions, and new developments that...more

Bridging the Week - August 2016 #3

Another Publicly Traded Firm Sanctioned by SEC For Allegedly Undercutting Whistleblower Protections Through Severance Agreements: Health Net, Inc., a formerly publicly traded company whose securities were registered with the...more

Private Fund Advisers Must Pay Close Attention to Nuances under Pay-to-Play Restrictions in Light of Upcoming Elections Nationwide

As the elections approach nationwide, advisers to private investment funds with current or prospective state or local government entity investors should be mindful of political activities by their personnel which could raise...more

Financial Services Weekly News - August 2016 #3

Editor's Note - MetLife Fights On. MetLife continued to fight its designation as a nonbank systemically important financial institution (SIFI) this week as the insurer filed its reply brief in the Financial Stability...more

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