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ASIC seeks better compliance with asset holding requirements in funds management and custodial services

by Dentons on

On 22 June, following an industry review of custody of assets, ASIC released a report of its findings which indicated that custody of assets is and will remain its focus going forward and that it will continue to engage with...more

Compliance into the Weeds-the Compliance Profession and the Cannabis Industry

by Thomas Fox on

In this episode, Matt Kelly and I take a deep dive, literally into the weeds of the convergence of the compliance profession and the nascent cannabis industry. While several states have made pot for medical use legal and one...more

Ten (plus one) things to consider when you do a leveraged finance deal in Italy

by White & Case LLP on

European Leveraged Finance Alert Series: Issue 6 - Legislative changes in Italy (starting from 2012) facilitated leveraged transactions facilitating security in both bank and bond financings and aligning bond and bank...more

It’s Time to Bring Back the Square State Conduit:  If We Build It, They Will Come.

by Dechert LLP on

What in the world have we done to ourselves? Our CRE Securitization business, or at least the conduit part of our business, continues to shrink: $800 billion in outstanding principal balance in 2007 and now, $400 billion? ...more

Supreme Court Limits The Time For Filing SA §11 Suits

by Dorsey & Whitney LLP on

The Supreme Court concluded that the three year limitation period applicable to Securities Act Section 11 claims cannot be extended or tolled. California Public Employees’ Retirement System v. Anz Securities, Inc., No. 16-373...more

SEC Chief Accountant Gives Speech on Credible Financial Reporting in the Capital Markets

On June 8, 2017, SEC Chief Accountant Wesley Bricker gave a speech titled “Advancing the Role of Credible Financial Reporting in the Capital Markets” at the 36th Annual SEC and Financial Reporting Institute Conference. Mr....more

Delaware Supreme Court Affirms Dismissal Of "Demand-Refused" Derivative Suit Regarding Alleged Misconduct In Foreign Exchange...

by Shearman & Sterling LLP on

On June 19, 2017, the Supreme Court of Delaware affirmed the dismissal of a shareholder derivative suit against the board of directors of The Bank of New York Mellon Corporation (“BNYM”) in which plaintiff had asserted a...more

DAY 19 OF ONE MONTH TO BETTER INVESTIGATIONS AND REPORTING-SPECIFIC BENEFITS OF A HOTLINE

by Thomas Fox on

Is your hotline working for you? In an article entitled, entitled “Promoting Effective Us of the Compliance Hotline” José Tabuena provided an excellent example of the power of a hotline. He provide a case study of a company...more

Bond Traders Beat Most Charges In RMBS Fraud Case

by Shearman & Sterling LLP on

On Thursday, June 15, 2017, a Connecticut federal jury delivered a mostly defendant-friendly verdict in the criminal trial of three residential mortgage-backed securities (“RMBS”) traders charged with conspiracy, securities...more

Securitization in Italy: New Market-Friendly Rules Enacted

by Jones Day on

On June 15, 2017, the Italian Parliament approved the Conversion Law of Decree no. 50 of April 25, 2017 ("Conversion Law"). The Conversion Law includes a review of the legal framework applicable to Italian securitization...more

NYSE Withdraws Proposed Rule Allowing Listing Without an IPO

On June 19, 2017, the NYSE withdrew its proposed rule, originally issued on March 13, 2017, to modify the provisions regarding the qualification of companies listing on the NYSE to allow for a listing without an IPO. Section...more

Nevada Imposes Fiduciary Obligations on Broker-Dealers and Investment Advisers

by Morgan Lewis on

Broker-dealers and investment advisers with clients in Nevada should review the fiduciary obligations contained in new amendments to the Nevada financial planner statute that go into effect on July 1, 2017....more

Corporate and Financial Weekly Digest - Volume XII, Issue 24

BROKER-DEALER - FINRA Proposes to Make New TRACE Security Activity Reports Available - On June 19, the Financial Industry Regulatory Authority filed a proposed rule amendment that would make new Trade Reporting and...more

IV Anti-Money Laundering Directive: the issuance of the Italian Legislative Decree implementing the Directive

by DLA Piper on

The Legislative Decree No. 90 of May 25, 2017 has been published in the Ordinary Supplement No. 28 of the Italian Official Gazette No. 140 of 19 June 2017 (the Decree). The Decree amends the legislative decrees No 231 dated...more

Bridging the Week - June 2017 #4

CFTC Inspector General Strongly Criticizes Cost-Benefit Analysis Underlying Commission’s Rule Establishing Margin for Uncleared Swaps: The Office of Inspector General of the Commodity Futures Trading Commission said that the...more

The Strategy Behind Strategic Planning

by Bryan Cave on

Jim McAlpin joins host Jonathan Hightower to discuss the steps that banks should take to ensure effective strategic planning sessions, along with common mistakes that banks make in approaching the planning process....more

Pitfalls a 401(k) Sponsor Can Avoid With Plan Providers

by Ary Rosenbaum on

While much of the focus concerning the liability of sponsoring a 401(k) plan is about plan expenses thanks to the many lawsuits filed against plan sponsors. However for most plan sponsors, the greatest liability they actually...more

Red Light for New Activist Strategy

by Jones Day on

Earlier this month, General Motors ("GM") won a decisive victory in a proxy contest waged by Greenlight Capital, the activist fund headed by David Einhorn. Greenlight claimed that GM's shares, which were trading at a price...more

Day 18 of One Month to Better Investigations and Report-Reporting Line Best Practices

by Thomas Fox on

Today I would like to review some best practices regarding a compliance hotline. ...more

More on the IPO Market from the SEC Investor Advisory Committee

The Committee devoted the morning’s session to a discussion of the decline in the number of U.S. IPOs. Chair Clayton addressed the Committee and noted that the decline in the number of U.S. IPOs and in the number of listed...more

Corporate and Financial Weekly Digest - Volume XII, Issue 23

SEC/CORPORATE - SEC Updates to Form ADV FAQs - On June 12, the staff of the Securities and Exchange Commission’s Division of Investment Management updated its Frequently Asked Questions on Form ADV and IARD. Much of the...more

This Week In Securities Litigation

by Dorsey & Whitney LLP on

The first criminal charges against a major international bank and four of its executives tied to the market crisis were brought this week by the SFO. The charges were based on actions the firm took with private lenders to...more

Day 17 Of One Month To Better Investigations and Reporting-Whom To Suspend During an Internal Investigation and De-Confliction

by Thomas Fox on

Who to suspend during any Foreign Corrupt Practices Act (FCPA) investigation is always a delicate question to answer. Unfortunately there is never an easy answer. As the Volkswagen (VW) emission-testing scandal continues to...more

Italy Addresses "Carried Interest" Tax Treatment

by Jones Day on

The Italian government has enacted Law Decree no. 50 ("Decree 50"), providing a set of new tax measures aimed at, among other things, attracting investments in Italy. Decree 50 was finally approved by the Italian Parliament...more

Taiwan: Cross-border opportunities amid global change: Taiwan M&A has strong Q1 after a robust 2016 - Spurred by semiconductor...

by White & Case LLP on

The 2017 kickoff in Taiwan M&A showed the second-highest Q1 deal volume since Q1 2010, with 13 deals (Figure 1). This matched the Q1 2016 total—which itself was a busy year for M&A in Taiwan....more

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