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EU Council Agrees on Final Anti Tax Avoidance Directive

We wrote in February (European Commission Publishes Anti Tax Avoidance Package) about the draft EU Anti Tax Avoidance Directive (“ATAD”). On 21st June 2016, the EU Council agreed on the final text of the ATAD and it will...more

SEC Charges Private Fund Administrator with “Gatekeeper Failures”

Add fund administrators to the list of service providers the SEC expects to act as “gatekeepers.” In two separate settled actions last week, the SEC found that a private fund administrator “caused” the managers’ unregistered...more

Harmonized Discretionary Relief for New Trading Rules

On June 17, 2016, pursuant to Multilateral CSA Staff Notice 96-301 (the "Notice"), the securities regulators of each Alberta, New Brunswick, Nova Scotia and Saskatchewan (the "Announcing Jurisdictions") announced that they...more

Venture Capital Coast to Coast – June 2016

VC WATCH - Half-Time 2016: A Glass Half-Empty, or Half-Full? After two record years for venture fundraising and investment, the “bears” among us are already planning for the next down-cycle. Recent headlines have...more

Blog: Corp Fin Issues New CDIs Providing Guidance On Rule 701 Primarily In The Merger Context

Corp Fin has just issued some new CDIs providing guidance on Rule 701, with all but one of the CDIs addressing the application of Rule 701 in the context of merger transactions. The new CDIs are summarized below...more

Maryland Court of Special Appeals Reaffirms Heightened Standard for Recovering Punitive Damages

On June 1, 2016, the Court of Special Appeals of Maryland issued an opinion in 1st Team Fitness, LLC, et al. v. Francesco Illiano, No. 0136, Sept. Term 2015 (Md. Ct. Spec. App. Jun. 1, 2016) reaffirming Maryland’s heightened...more

Financial Services Weekly News - June 2016 #4

Regulatory Developments - SEC Issues Order Approving Inflation Adjustments to “Qualified Client” Dollar Thresholds for Investment Adviser Performance Fee Rule - On June 14, the SEC issued an order approving...more

Financial Regulatory Developments Focus - June 2016 #2

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

EU Market Abuse Regulation—Implications for Non-EU Issuers with Securities Traded on an EU Market

The EU’s revamped market abuse rules—the Market Abuse Regulation (“MAR”)—come into direct effect in all EU Member States on July 3, 2016. MAR expands the scope of certain EU rules to EU markets that were previously not...more

CFTC Requests Public Comment on a Rule Amendment Certification Filing by ICE Futures U.S.

The U.S. Commodity Futures Trading Commission (CFTC) seeks comments from the public on a proposed amendment that “would clarify that parties to a block trade may engage in pre-hedging or anticipatory hedging of the position...more

MAR for Premium Listed Issuers

The Market Abuse Regulation (MAR) has direct effect as law in the United Kingdom from 3 July 2016. Broadly, it replaces the current regime in relation to the disclosure of and delaying the disclosure of inside information,...more

The Private Equity Review - France Fifth Edition

The fifth edition of The Private Equity Review comes on the heels of a solid but at times uneven 2015 for private equity. Deal activity and fundraising were strong in North America, Europe and Asia, but the year ended with...more

SEC Proposes Rules to Update Disclosure Requirements for Mining Registrants

On June 16, 2016, the Securities and Exchange Commission (the SEC) issued a press release proposing rules to modernize disclosures for mining properties (the “Proposed Rules”), currently set forth in Item 102 of Regulation...more

SEC Staff Throws Funds a Lifeline on Auditor Independence (For Now)

The SEC’s Division of Investment Management provided temporary relief from the headache created for funds when the failure to meet the provisions of the so-called “loan rule” may disqualify fund auditors from being...more

SEC Proposes Revamp of its Mining Company Disclosure Requirements

On June 16, 2016, the US Securities and Exchange Commission (“SEC”) issued a proposed rule, which, if adopted, would amend disclosure requirements for mining company issuers. The key changes proposed for mining companies are:...more

SEC Staff Issues No-Action Relief on Auditor Independence and the “Loan Provision”

The U.S. Securities and Exchange Commission’s Division of Investment Management (the “SEC Staff”) last night issued a no-action letter (the “Relief”) to Fidelity Management and Research Company that provides guidance to...more

Compliance into the Weeds-Episode 9-the COSO ERM Framework  [Video]

In this episode Matt Kelly and I go deep into the weeds to being our discussion of the new COSO Enterprise Risk Management Framework. ...more

The New UAE Companies Law

The UAE Cabinet recently approved a proposal by Sultan bin Saeed Al Mansouri, Minister of Economy, to extend the grace period for compliance with certain aspects of the new UAE Commercial Companies Law (Federal Law No. 2 of...more

EU Reaches Political Understanding on Conflict Minerals Regulation – An Overview and Take-aways for Downstream Companies

Late last Wednesday, the European Union reached agreement on the broad framework of a conflict minerals regulation. In this Alert, we describe some of the key terms of the regulation and what it means for the downstream....more

OSC panel provides guidance on fundamental securities law concepts

On May 4, 2016, an Ontario Securities Commission panel (the Panel) issued its Reasons and Decision In the Matter of Future Solar Developments Inc., containing interpretive guidance on three central concepts in securities...more

Next on the SEC regulatory agenda: a chief valuation officer?

First, the Securities and Exchange Commission required funds to designate a chief compliance officer. Then, the SEC proposed that funds designate a liquidity risk manager, and after that, a derivatives risk manager. Can a...more

Using a Retirement Plan to Start a Business

Ever wanted to start a business using a retirement plan? There’s a way to roll over plan benefits into a new business without paying taxes and penalties, but you have to be careful. Two recent cases illustrate how not to do...more

Rating Agency Developments

On June 14, 2016, DBRS issued a report entitled: General Corporate Methodology. Report. On June 14, 2016, DBRS issued a report entitled: DBRS Criteria: Evaluating Corporate Governance. Report. On June 14, 2016, DBRS issued a...more

SEC Issues Order Increasing the Net Worth Test Under Rule 205-3 Under the Investment Advisers Act of 1940 to $2.1 Million

Section 205(a)(1) of the Investment Advisers Act of 1940 (the “Advisers Act”) generally prohibits an investment adviser from entering into, extending, renewing, or performing any investment advisory contract that provides for...more

Practice Pointers on Navigating the Securities Act’s Prohibition on General Solicitation and General Advertising

The Jumpstart Our Business Startups Act (the “JOBS Act”) included a measure directing the Securities and Exchange Commission (the “SEC” or “Commission”) to relax the prohibition against general solicitation and general...more

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