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Securities Finance & Banking

Read need-to-know updates, commentary, and analysis on Securities issues written by leading professionals.

Ascensus is becoming a big time player

by Ary Rosenbaum on

The first job I had was working as an ERISA attorney for a small law firm that was affiliated with a third party administrator (TPA) called CBIZ Retirement Services, Inc. Let’s just say that CBIZ wasn’t much of a moneymaker,...more

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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Call it the Loeb effect: just days after Third Point announced its sizeable stake in Nestle, the company is preparing to spend billions on stock buybacks in an effort to create value for shareholders, hinting that it would...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

How Technology Is Changing the Market For Energy Commodities

by Steptoe & Johnson PLLC on

An experiment performed by a startup in Brooklyn, New York, in 2016 could be a harbinger of the future of the energy industry. In the experiment, individuals were able to trade energy generated by solar panels between each...more

Supreme Court Rejects Tolling Argument for Nonnamed Class Members’ Section 11 Claims

by Foley & Lardner LLP on

On June 26, 2017, the Supreme Court issued a 5-4 decision in California Public Employees’ Retirement System v. ANZ Securities, Inc., et al. (No. 16-373), holding that tolling does not apply, when a class action is pending, to...more

Supreme Court Rules That Equitable Tolling Does Not Apply to Section 13 of the Securities Act

In one of the first cases argued before new Justice Neil Gorsuch, the Supreme Court in California Public Employees’ Retirement System v. ANZ Securities, Inc. (CalPERS), No. 16-373, slip op. at 16-17 (June 26, 2017), decided...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

Just tell them straight

by Ary Rosenbaum on

One of the big parts of my practice is assisting third party administrators (TPAs) who cant or don’t want afford an ERISA attorney on staff....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

Supreme Court to Determine Scope of Whistleblower Protection

A percolating issue with respect to the SEC’s whistleblower regulations is whether the anti-retaliation protections apply only when suspected misconduct is reported to the SEC, or whether the protections also apply when the...more

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

by Dechert LLP on

BaFin Restricts CFD Trading to Retail Clients - BaFin issued a General Administrative Act pursuant to section 4b of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) on 8 May 2017. The General...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

Blog: What’s Up With The Declining Number Of IPOs?

by Cooley LLP on

At a meeting on Thursday of the SEC’s Investor Advisory Committee, a panel discussed the declining number of IPOs, a topic that seems to be top of mind for many in the securities arena. Of course, there’s a reason for that;...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

Supreme Court Decides California Public Employees' Retirement System v. ANZ Securities, Inc., No. 16-373

by Faegre Baker Daniels on

On June 26, 2017, the United States Supreme Court decided California Public Employees’ Retirement System v. ANZ Securities, Inc., No. 16-373, holding that the three-year statute of repose in the Securities Act of 1933 cannot...more

Financial Services Quarterly Report - Second Quarter 2017: Hong Kong Consultation on Guidelines on Online Distribution and...

by Dechert LLP on

The use of online platforms for distribution of financial products has become increasingly popular in Hong Kong. In May 2017, the Hong Kong Securities and Futures Commission (SFC) issued a Consultation Paper inviting comments...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

This Week in FCPA-Episode 58, the Declination Edition

by Thomas Fox on

After last week’s guest announcers, Jay and I return for a wide-ranging discussion on some of the week’s top compliance related stories, including: 1. The first Declination of the Session’s Justice Department, Linde gas....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

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

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