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Complete Revision of German Securities Trading Act Passed German Parliament

by Jones Day on

On 30 March 2017, the German Parliament (Bundestag) finally approved a complete revision of the German Securities Trading Act (Wertpapierhandelsgesetz) as part of the Second Financial Markets Reform Act (2....more

Compliance Lessons for Executive Leadership from The Wells Fargo Investigation Report

by Thomas Fox on

Compliance lessons from truly one of the most damning reports of complete corporate failures around ethics and culture that has recently been seen....more

FCA Announces Review on Availability of Information Before IPO

by Jones Day on

May 2017 On 1 March 2017, the FCA published a consultation paper proposing a number of policies aimed at improving the information made available to investors during the initial public offering ("IPO") process. The paper also...more

U.S. Treasury Secretary Mnuchin Urges Amending CFIUS Reviews

by Hogan Lovells on

On Thursday, May 18, U.S. Treasury Secretary Steven Mnuchin waded further publicly into efforts on Capitol Hill to amend the authorizing statute underlying the Committee on Foreign Investment in the U.S. (CFIUS), a U.S....more

Thailand Business Security Act 2017

by DLA Piper on

Welcome to the installment of DLA Piper Alerts on Thai laws. The continuing series seeks to provide an overview of laws of Thailand and legal updates on a targeted basis. The Business Security Act B.E. 2558 (2015) (the...more

Shareholder Rights Directive: Parliament Resolution at First Reading to Adopt Directive

by Jones Day on

On 14 March 2017, the European Parliament resolved to adopt the Commission's proposal to amend the Shareholder Rights Directive. The amendments approved by Parliament include...more

Less Is More or More Is More? Differing Regulatory Ethos in the United States and United Kingdom Pose Challenges for Financial...

The United States is poised to usher in an era of decreased regulation of financial institutions while the trend in the United Kingdom maintains relatively robust regulation of the financial services sector in line with...more

Corporate and Financial Weekly Digest - Volume XII, Issue 19

BROKER-DEALER - FINRA Requests Comment on Rules Governing Employees’ Outside Business Activities - On May 15, as part of a new review, the Financial Industry Regulatory Authority requested public comment on the...more

Bridging the Week - May 2017 #4

Innocuous Changes in CME Group Globex Rule Could Inadvertently Increase Potential FCM Liability Bigly: CME Group announced amendments to its rule related to Globex order entry that will affirmatively require all persons that...more

More Bond Traders Sued By The SEC For Alleged Fraudulent Misrepresentations Relating To MBS Prices

by Shearman & Sterling LLP on

On May 15, 2017, the Securities and Exchange Commission sued two commercial mortgage backed securities (“CMBS”) traders for securities fraud allegedly committed while buying and selling CMBS on behalf of a large broker-dealer...more

Legislation Relating to Capital Formation

As the 115th United States Congress is currently in session, a number of bills designed to promote capital raising for companies have been introduced in both the House and the Senate. In the last two months, both the House...more

When are Parent Company Financial Disclosures Required?

by LeClairRyan on

A franchisor selling franchises in the U.S. must disclose its audited financial statements in Item 21 of the franchise disclosure document (FDD). Sometimes, parent company financials are used instead of the franchisor’s...more

Simple Advice to Retirement Plan Sponsors

by Ary Rosenbaum on

I don’t know about you, most of the advice I got growing up was usually wrong. Maybe some very unsuccessful people surrounded me when I was younger, but advice can be biased and self-serving at times. The best advice I would...more

Russian Legislation Update: May 2017

by White & Case LLP on

Welcome to the most recent issue of our Russian Legislation Update, covering the period of May 2017. In this issue: - Banking - Corporate...more

Second Circuit: Reclassification of Claim as Equity Interest? Not Unless It Is Duplicative

The Second Circuit affirmed the bankruptcy and district courts’ decisions subordinating claims asserted against the Debtor by holders of restricted stock units. However, while the court agreed with the lower courts that the...more

Supreme Court judgment in the long-running Lehman Waterfall litigation

by Dentons on

On 17 May 2017, the UK Supreme Court handed down judgment in proceedings - commonly known as the Waterfall I litigation - to determine claims with regard to the estimated £8 billion surplus arising in the estate of Lehman...more

Success for LBHI2 and LBL in Supreme Court on Lehman Waterfall I

by DLA Piper on

The Supreme Court's decision in Lehman Waterfall I was handed down this morning. DLA Piper represents one of the successful appellants, Lehman Brothers Limited (in administration) (LBL)....more

Until You're the Unicorn, Protect Yourself: Tips on Personal Guarantees

by Davis Brown Law Firm on

One of the first steps in any business venture is for the founder to form a business entity separating their personal assets and liabilities from the business assets and liabilities of the new company. Without this...more

Uncertain Future For CFPB Small Business Data Rule

by WilmerHale on

On Wednesday, May 10, the Consumer Financial Protection Bureau issued a request for information (RFI) on the small-business lending marketplace — the first step in an anticipated rulemaking pursuant to Section 1071 of...more

FINRA T+2 Rules Are Approved

In May 2017, in Regulatory Notice 17-19, FINRA announced the SEC approval of a variety of its proposed rule amendments relating to the upcoming move of the U.S. securities markets to the T+2 settlement cycle....more

The NCUA's New Member Business Lending and Commercial Lending Rule, and the Lingering Issue of Spousal Guarantees

by Nexsen Pruet, PLLC on

Business loans have “become a larger share of credit unions’ loans and assets.” Of those credit unions with between $100 million and $500 million in assets, over three quarters are making business loans. Of those with more...more

Financial Conduct Authority Publishes Policy Statement on Remuneration in Capital Requirements Directive IV Firms

by Shearman & Sterling LLP on

The Financial Conduct Authority has published a Policy Statement containing final Handbook text and guidance on the requirements for remuneration policies that apply to firms subject to the Capital Requirements Directive IV....more

Financial Conduct Authority Publishes Policy Statement on Application of its Conduct Rules to Non-Executive Directors

by Shearman & Sterling LLP on

The Financial Conduct Authority has published a Policy Statement on applying conduct rules in the Code of Conduct sourcebook to non-executive directors in the banking and insurance sectors. In-scope NEDs are those who do not...more

Financial Conduct Authority Publishes Policy Statement and Final Guidance on the Duty of Responsibility

by Shearman & Sterling LLP on

The Financial Conduct Authority has published a Policy Statement and final Guidance on how it will enforce the "duty of responsibility". The "duty of responsibility" came into force to replace the much-criticised so-called...more

NASAA adopts statement of policy to usher in e-delivery and e-signature for non-traded offerings

by DLA Piper on

Under an initiative approved last week by the membership of the North American Securities Administrators Association (NASAA), sponsors, issuers, broker-dealers and others involved in the offer and sale of shares of non-traded...more

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