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

Delaware Becomes the First State to Allow Corporations to Maintain Corporate Records Using Blockchain Technology

by Jones Day on

On August 1, 2017, Delaware became the first state to allow corporations to use blockchain technology to maintain corporate records. This development comes almost a year after Vice Chancellor J. Travis Laster of the Delaware...more

Lehman Ruling Sets Stage For Future Subordination Contests

In the case In re Lehman Brothers Holdings Inc., 855 F.3d 459 (2d Cir. 2017), the U.S. Court of Appeals for the Second Circuit affirmed a district court order subordinating the claims of former Lehman Brothers employees for...more

The Entrepreneurs Report - H1 2017

From the WSGR Database: Financing Trends for 1H 2017 - Strong median pre-money valuations for all rounds of financing ushered in nearly unprecedented median amounts raised in 1H 2017, particularly for Series C and later...more

NYSE Rule Change Requires Ten Minutes Advance Notice of Public Announcement of Dividends or Stock Distributions

by Dorsey & Whitney LLP on

On August 14, 2017, the SEC approved an NYSE rule change that requires listed companies to give notice to the NYSE at least 10 minutes before any public announcement of dividends or stock distributions, even if such...more

A Subsidiary Post

by Allen Matkins on

Not too long ago, I wrote about the Securities and Exchange Commission’s confusing classification of subsidiaries. See The Case Of The Wholly Owned, But Not Totally Held, Subsidiary That May Or May Not Be 100% Owned. Since...more

Minnesota Supreme Court Articulates Test for Direct Versus Derivative Claims in In re Medtronic, Inc. Shareholder Litigation

by Faegre Baker Daniels on

On August 16, 2017, the Minnesota Supreme Court decided In re Medtronic, Inc. Shareholder Litigation, holding that a shareholder’s claim is properly characterized as a direct claim, not a derivative claim, if the shareholder...more

Compliance into the Weeds-Episode 50, Where's the Upside?

by Thomas Fox on

In this very topical episode Matt Kelly and I take a deep dive into the administration’s response to the events over the weekend in Charlottesville and what it means for business leaders, compliance practitioners and others...more

Dentist, Claiming Tip Was a Rumor, Wins Insider Trading Case

by Dorsey & Whitney LLP on

A jury found Jessie Roberts, a Louisiana dentist who claimed what the government called an illegal tip was just a rumor, not guilty of insider trading. U.S. v. Roberts, No. 15-ct-00020 (M.D. La. Filed Feb19, 2015). The case...more

Developments in the U.S. Tax Treatment of UK Charities

by DLA Piper on

The Internal Revenue Service has revoked the U.S. tax exempt status of 195 prominent UK charities by posting their names on a website. These UK charities will find it harder to attract support from U.S. individuals and...more

Day 12 of One Month to More Effective Continuous Improvement-Keeping Track of Current Events

by Thomas Fox on

In 2015, the Securities and Exchange Commission (SEC) announced resolution of a Foreign Corrupt Practices Act (FCPA) enforcement action involving the Hitachi Ltd (Hitachi). There were several interesting aspects to this...more

Next SEC Advisory Committee Meeting Scheduled

The SEC Advisory Committee on Small and Emerging Companies will hold its next meeting on Wednesday, September 13, 2017 at 9:30 a.m. ET. ...more

Securities regulators provide enhanced guidance on material conflict of interest transactions

by Dentons on

On July 27, 2017, staff of securities regulatory authorities in each of Ontario, Québec, Alberta, Manitoba, and New Brunswick (together, Staff) published a notice (Notice) setting out the recent experiences and approach of...more

Day 13 of One Month to More Effective Continuous Improvement-Big Data and Continuous Monitoring

by Thomas Fox on

I continue my discussion of continuous improvement using big data in a best practices compliance program, with some thoughts on how to use it going forward. In an eBook, entitled “Planning for Big Data – A CIO’s Handbook to...more

OCIE Provides Insight into Issues Identified in Recent Cybersecurity Sweep

by Morrison & Foerster LLP on

The National Exam Program of the SEC’s Office of Compliance Inspections and Examinations (OCIE) recently published its observations from the second generation of its Cybersecurity Initiative. It reported overall improvement...more

Across the Board-Episode 4, Why Wells Fargo Needs Compliance Expertise on its Board

by Thomas Fox on

In this episode, I explore why Wells Fargo needs a true compliance expert on its Board of Directors. The Wells Fargo Board needs someone with compliance expertise to oversee of the role of the Chief Compliance Officer (CCO)...more

Day 11 of One Month to More Effective Continuous Improvement-the Desktop Risk Assessment

by Thomas Fox on

Another mechanism to facilitate continuous improve comes from ideas around risk assessments. Both the Department of Justice (DOJ) and Securities and Exchange Commission (SEC) make clear the need for a risk assessment to...more

Leadership Lessons from Dunkirk

by Thomas Fox on

In this episode Richard Lummis and I consider the movie Dunkirk and the leadership lessons which can be drawn from the movie and historical events. If you have not seen it, I would suggest you go to see what I believe is the...more

News Round Up - August 2017

by Morrison & Foerster LLP on

SEC Permits Draft Registration Statements for All Initial Public Offerings and Direct Listings - On June 29, 2017, the Securities and Exchange Commission (SEC) announced that the Division of Corporation Finance will permit...more

Division of Investment Management Eases Compliance Deadline for New ADV Filing Requirement

Currently pending amendments to Form ADV have a compliance date of October 1, 2017 and, as of that date, an adviser filing an initial Form ADV or an amendment to an existing Form ADV must use the revised Form ADV. In an...more

FAQs about the FINRA Communication Rules

Understanding Financial Industry Regulatory Authority, Inc. Rule 2210, Communications with the Public - What is Rule 2210, and what does it require? - Rule 2210 governs three categories of “communications” by FINRA member...more

In Brief: Second Circuit Reaffirms Broad Scope of Bankruptcy Code’s Subordination of Shareholder Claims

by Jones Day on

Section 510(b) of the Bankruptcy Code provides a mechanism designed to preserve the creditor/shareholder risk allocation paradigm by categorically subordinating most types of claims asserted against a debtor by equityholders...more

Delaware Court Of Chancery Recommends Limiting The Preclusive Effect Of Prior Decisions On Demand Futility In Derivative Lawsuits ...

by Shearman & Sterling LLP on

On July 25, 2017, Chancellor Andre G. Bouchard of the Delaware Court of Chancery issued a supplemental opinion, responding to a remand order from the Delaware Supreme Court, in which Chancellor Bouchard recommended that the...more

Delaware Supreme Court Reverses And Remands Appraisal Award But Rejects Bright-Line Presumption In Favor Of Deal Price

by Shearman & Sterling LLP on

On August 1, 2017, the Delaware Supreme Court, in an opinion by Chief Justice Leo E. Strine, Jr., reversed and remanded an appraisal ruling that had determined the buyout of DFC Global Corporation (“DFC”) by private equity...more

Government Dismisses All Charges In Benjamin Wey Securities Fraud Case After U.S. District Judge Suppresses All Evidence Obtained...

by Shearman & Sterling LLP on

On August 8, 2017, the Government moved to dismiss all charges against Benjamin Wey, the CEO of New York Global Group charged with securities fraud, wire fraud, conspiracy, and money laundering. United States District Court...more

Announcement Clarifies Regulatory Position on Digital Token Offerings in Singapore

by Jones Day on

In the wake of a recent increase in the number of initial coin (or token) offerings ("ICOs") in Singapore as a means of raising funds, as well as announcements from other concerned regulators, including in the United States,...more

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