Securities Antitrust & Trade Regulation

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Orrick's Financial Industry Week in Review

EU Commission Sends Statement of Objections to Three Banks in Cartel Investigation - On May 20, the European Commission announced that it has sent a statement of objections to Credit Agricole, HSBC and JP Morgan for...more

Fee Shifting Bylaw Facially Valid Under Delaware Law

On May 8, 2014, Delaware Supreme Court, en banc, answered four questions of law certified to it by the U.S. District Court for the District of Delaware and upheld the facial validity of a fee shifting provision in a Delaware...more

US China Trade War Newsletter

Dear Friends, There have been major developments in the trade, solar cells, US/Chinese antitrust, and securities areas. REASON FOR THIS NEWSLETTER - Some readers have commented that this newsletter is...more

Health Headlines: Also in the News

Sixth Circuit Upholds FTC Decision to Block Hospital Merger – In an opinion issued last week, the Sixth Circuit Court of Appeals unanimously upheld the FTC’s decision that a 2010 merger in Lucas County, Ohio between...more

The Life Sciences Report - Spring 2014

In this issue: - A New Accelerator Takes Digital Health Start-Ups to the Next Level - The Return of the MedTech IPO Market - Is There a Deal in Your Future? A Guide to Navigating Antitrust Waters -...more

Privacy & Cybersecurity Update - April 2014

In This Issue: - Decision in Wyndham Case Provides FTC With Significant Victory - SEC Announces Cybersecurity Initiative - Heartbleed Bug Generates Significant Security Concerns - FTC and DOJ Announce Policy...more

Deal Carefully With Bitcoins Until Legislation Catches Up

Interest in cryptocurrencies is growing, even after Mt. Gox, formerly the largest international bitcoin exchange, filed for bankruptcy in Japan following $473 million in losses. Bitcoin’s resulting drop in value, from a...more

Reform of the Audit Market in the EU – Implications For Borrowers and Loan Documentation

A legislative package for the reform of the audit market in the EU has this month been approved by the EU Parliament and adopted by the Council of the European Union. Listed companies will need to change the firms that audit...more

Trendy “Cybersecurity” Versus Traditional “Information Security” Two Sides of the Same Security Coin

Cybersecurity has become a dominant topic of the day. The Snowden revelations, the mega-data breaches of 2013, the pervasiveness of invisible online “tracking” and the proliferation of “ data broker” trading in personal data...more

Section 1 Claims Dismissed in LIBOR, TIBOR Class Action

On March 28, 2014, Judge Daniels of the Southern District of New York dismissed antitrust and unjust enrichment claims against over 20 banks accused of manipulating prices in the Euroyen interbank lending market by submitting...more

US China Trade War Developments - Trade, IP, Antitrust and Securities

There have been major developments in the trade, Chinese Antidumping, 337, litigation, US/Chinese antitrust, and securities areas. TRADE - THE ANTICOMPETITIVE IMPACT OF US ANTIDUMPING LAW IN CHINA AND THE US...more

The Complexities of the USPTO Proposed Attributable Ownership Rules

The USPTO proposed attributable ownership rules would require the public disclosure of the “attributable owner” of patent applications and patents. As discussed in this article, the proposed definition of “attributable owner”...more

Global Investigation of Manipulation of Benchmark Foreign Exchange Rates Focuses on Chat Group of Top Bank Traders

Competition authorities around the world are investigating whether banks manipulated WM/Reuters rates, which are used as a benchmark for foreign exchange (“FX”) rates for trillions of dollars of investment transactions. ...more

Banking & Financial Services E-Note - March 27, 2014

In This Issue: - SEC Considers New Funding Rules for Shadow Banking System - Judge Backs FTC Authority to Pursue Payday Lenders - Regulator Estimates Volcker Rule Could Cost Banks Up to $4.3B - Appeals Court...more

Target, University of Maryland Testify on Data Breaches; Congress, FTC and SEC Continue Inquiries

On Wednesday, March 26, 2014, the Senate Committee on Commerce, Science and Transportation held a hearing entitled “Protecting Personal Consumer Information from Cyber Attacks and Data Breaches” and heard testimony from...more

Compliance Program Success: “Doing Better With Less”

Chief Compliance Officers always are asked to do more with less. It is a simple and overused phrase, usually promoted by corporate bean counters looking for ways to justify decisions that serve their own financial interests....more

White House Issues Cybersecurity Framework: “Phase I” Implementation Begins

On February 12, 2014, the White House unveiled its final Cybersecurity Framework 1.0 along with a new U.S. Department of Homeland Security (DHS) “Critical Infrastructure Cyber Community (C3) Voluntary Program.” This capped...more

Commitment To Compliance: The Compliance Committee

Sunday was the 69th anniversary the most iconic photo of World War II, at least from the American perspective. Of course it was the raising of the American flag at Mt. Suribachi on Iwo Jima. To say that one photo cannot...more

Cyber Security: Are You At Risk?

In This Issue: - Prevention - Notification - Potential Litigation - Conclusion - Excerpt from Foreward: As the recent Target and Neiman Marcus data breaches made clear, cyber security is one...more

US China Trade War – Default Dangers, Trans Pacific Partnership In Jeopardy, Trade, Customs Antitrust And Securities

There have been some major developments in litigation, including dangers of default judgments, trade, Solar Cells, Chinese Antidumping, patents, US/Chinese antitrust, and securities areas. January was a very important...more

Corporate and Financial Weekly Digest - Volume IX, Issue 5

In this issue: - FTC Announces New Filing Thresholds for Hart-Scott-Rodino Pre-Merger Notifications - SEC Division of Corporation Finance Issues Three C&DIs Relating to “Unbundling Rule” - NFA Members...more

Orrick's Financial Industry Week in Review - January 27, 2014

Lehman Court Finds Safe Harbors Protect Damage Calculation Provisions in Swap - Judge James M. Peck issued a significant opinion in the Lehman Brothers bankruptcy late last month, which preserved important safe...more

The World in US Courts: US Laws Discussed - Fall 2013

We provide below alphabetically very brief summaries of key US laws addressed by cases summarized in this edition. Please note that these summaries provide a very simplified overview of the statutes and are not intended to...more

US China Trade War – Reagan Predicted It, Trade, Customs, 337/Patents, US China Antitrust, And Securities

There have been some major developments in the trade, Customs, patents, US/Chinese antitrust, and securities areas. In looking at the first posts I wrote on my blog, they were relatively short, but with the US litigation...more

December 2013: Structured Finance/Antitrust Update - Major Banks Face New Antitrust Investigations and Civil Suits

On the heels of the investigations into manipulation of LIBOR and price-fixing in the aluminum markets, the world’s largest banking institutions now face new inquiries from domestic and international antitrust regulators into...more

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