Securities General Business

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

Luxembourg VAT authorities: Circular on VAT Treatment of Director Services - The Luxembourg VAT authorities published Circular n° 781 on 30 September 2016 regarding the VAT treatment of director services and a...more

Recent Amendments to the Foreign Investment Regulations in China

China has been quite successful in encouraging foreign investments since the Sino-Foreign Equity Joint Venture Enterprise Law was promulgated in the beginning of the country’s economic reform in 1979. With the passage of...more

FINRA Announces Effective Date of New Capital Acquisition Broker Rules

FINRA has announced the adoption of the new Capital Acquisition Broker (CAB) rules. CABs, which will be able to act as brokers for merger and acquisition transactions and agents in private placements to institutional...more

Warranties and representations distinguished

The High Court has considered whether warranties in a share purchase agreement were also representations and could, therefore, found an action for misrepresentation under the Misrepresentation Act 1967....more

"SEC Staff Issues Interpretive Guidance on Pay Ratio Rules"

On October 18, 2016, the staff of the Division of Corporation Finance (Staff) of the U.S. Securities and Exchange Commission (SEC) issued interpretive guidance on the pay ratio disclosure requirements in Item 402(u) of...more

Corp Fin Issues Three New and Revised Interpretations of the Securities Act Rules

On October 19th, the Division of Corporation Finance released three new and revised Compliance and Disclosure Interpretations (C&DIs) concerning the Securities Act. Revised C&DI 271.04 and new C&DI 271.21 relate to exempt...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CTFC Approves Proposed Rules Addressing Application of Certain CEA Regulations to Cross-Border Transactions - On October 11, 2016, the U.S. Commodity Futures Trading Commission...more

Your Daily Dose of Financial News

Meanwhile, some banking officials—including a BOE representative speaking in NYC yesterday—contend that the legal expenses related to financial misconduct enforcement actions and litigation (roughly $275 billion for global...more

For Food & Beverage Entrepreneurs, Financing Deals Often Come In More Flavors Than Just Vanilla: Insights from Nutter’s Will...

Will Bernat, a partner in Nutter’s Business Department and a member of the firm’s Emerging Companies and Commercial Finance practice groups, weighed in on financing deals for food and beverage companies in Nutter Insights....more

It’s Hunting Season. For Unicorns? Lawsuit Against Theranos Signals Trend In Investors Going After Late-Stage Start-ups

Last week brought more bad news for private blood testing company Theranos Inc., as San Francisco-based Partner Fund Management L.P. (“PFM”) launched a suit claiming that it was duped into making a $96.1 million investment in...more

"Corporate Finance Alert: 2017 SEC Filing Deadlines for Companies With December 31, 2016 Fiscal Year-End"

As the end of the year approaches, reporting companies should be aware of the various SEC filing deadlines for 2017. Companies also should be mindful of the 2017 financial statement “staleness” dates (when financial...more

China Simplifies Its Legal Administration of Foreign Direct Investments

In order to implement the State Counsel’s decision issued on September 3, 2016 (State Counsel’s Decision), which simplifies the original substantive review and approval process (Approval System) to a new simple filing system...more

Derivatives In Review - October 2016

CFTC Delays Reduction in Swap Dealer De Minimis Exception Threshold - On October 13, 2016, the Commodity Futures Trading Commission approved an Order delaying for one year the reduction of the threshold for determining...more

Fund Restructurings: How to Navigate a Conflict-Rich Environment

The number of private equity fund restructurings is likely to rise in the coming years. The current economic expansion will inevitably come to an end (at 87 months and counting, this expansion is already the third longest...more

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

Central Bank Issues "Dear Chairman" Letter Regarding Directors' Time Commitments for Each Sub Fund - The Central Bank of Ireland issued a “Dear Chairman” letter on 8 September 2016, concerning its review of the number of...more

Financial Services Quarterly Report - Third Quarter 2016: Foreign Institutional Investors are Granted Unprecedented Access to...

A new program providing fund managers with access to China’s principal bond market officially opened for business in May 2016. The program – known as the China Interbank Bond Market (CIBM) program – greatly simplifies the...more

SEC Fines Fantasy Stock Market App Developer

The Securities Exchange Commission (“SEC”) recently fined New York-based Forcerank LLC (“Forcerank”) $50,000 in connection with charges that Forcerank’s fantasy stock market mobile app illegally offers complex derivative...more

Seventh Circuit Holds that Insurers Cannot Challenge Policies for Lack of Insurable Interest

On October 12, 2016, the United States Court of Appeals for the Seventh Circuit, in an opinion authored by Judge Richard Posner, affirmed a district court decision finding that securities intermediary U.S. Bank, N.A. is...more

Alphabet Soup?

Several years have now passed since the financial crisis and the onslaught of regulations intended to prevent a future crisis. Regulatory reform has assuredly resulted in significant changes to our financial services sector....more

Bipartisan Members of Congress and NASAA Declare Support for SEC’s Proposed Modernization of Rules to Facilitate Intrastate...

On October 7, 2016, a bipartisan contingent of members of the U.S. House of Representatives and the president of the North American Securities Administrator Association (NASAA) coordinated a duel message to the SEC regarding...more

FCPA Compliance Report-Episode 287-the FCPA Mock Trial Institute [Video]

An increasing number of these cases will be litigated through discovery and trial. The Institute will focus on the unique evidentiary and trial challenges that the parties must negotiate to successfully litigate and try a...more

SEC Publishes FAQs on Pay Ratio Rule

The SEC has published five FAQs on its pay ratio rule – see new questions 128C.01 to 128C.05. As we noted in our checklist of preliminary planning matters for the upcoming proxy season, the pay ratio disclosure need not be...more

Financial Services Quarterly Report - Third Quarter 2016: The Shenzhen–Hong Kong Stock Connect

The official announcement of the launch of the long-awaited Shenzhen-Hong Kong Stock Connect was jointly made by the Securities and Futures Commission of Hong Kong (SFC) and the China Securities Regulatory Commission (CSRC)...more

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

Exception from the License Requirement for Investment Intermediaries in the Future Only in Case of a First Public Offer of Investment Assets (Vermögensanlagen) - As of 31 December 2016, investment advisors and...more

Are We Headed into a Perfect Storm of Securities Class Action Filings?

The history of securities litigation is marked by particular types of cases that come in waves: ..the IPO laddering cases, which involved more than 300 issuers and their underwriters; ..the Sarbanes-Oxley era...more

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