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Persons with Significant Control: Important new regulations that are now in force

On 6 April 2016, amendments to the Companies Act 2006 (the “Act”) came into effect that require companies incorporated under the Act (including companies limited by guarantee) and limited liability partnerships to produce and...more

The Financial Report - Volume 5, No. 8 - April 2016 (Global)

There are currently only three SEC Commissioners, rather than the normal five. A recent New York Times article discussed what appears to be a logjam in the approval of two apparently highly qualified nominees for the open...more

Financial Services Weekly News - April 2016 #3

Regulatory Developments - FHFA Announces Principal Reduction Program for Struggling Underwater Homeowners - On April 14, the Federal Housing Finance Agency (FHFA) announced a new Principal Reduction Modification...more

House Financial Services Hearing on Capital Formation Bills

On Thursday, April 14th, the House Financial Services Subcommittee on Capital Markets and GSEs held a hearing at 10 am titled, The JOBS Act at Four: Examining its Impact and Proposals to Further Enhance Capital Formation. The...more

McDermott’s Public Company & Capital Markets Quarterly: New Rules Impacting Disclosure, Governance and Capital Raising Efforts

During the first quarter of 2016, the Securities and Exchange Commission (SEC) and U.S. stock exchanges issued proposed and final rules that will likely impact disclosure and capital raising efforts. This report provides a...more

In Case You Missed It - Interesting Items for Corporate Counsel - April 2016

Lest you think the pending U.S. Supreme Court nominee is the only nominee-casualty of partisan politics, the Wall Street Journal reports, “a revolt” by U.S. Senate Democrats to block the appointment of two Obama SEC...more

Countries Close to Signing U.S.-China Bilateral Investment Treaty

After 24 rounds of negotiations, former Chinese Minister of Commerce Chen Deming announced on March 23, 2016, that the United States and China have resolved several key roadblocks and are close to signing a U.S.-China...more

Beneficial Ownership Reporting and the Brokaw Act

Recently, Senators Tammy Baldwin (D-WI) and Jeff Merkley (D-OR) introduced legislation that, if enacted into law and implemented accordingly, would dramatically change the course of beneficial ownership reporting for purposes...more

Most recent changes to the German regulatory situation for debt funds

Pursuant to recent legislative changes, certain investment funds are now entitled under certain conditions to originate or restructure loans in Germany without the need to obtain a banking licence for lending. Due to the...more

Bill Targeting Activist Fund Tactics Introduced by Prominent Democratic Senators

On March 17, 2016, Sen. Baldwin and her co-sponsors, Sens. Merkley, Sanders and Warren, introduced S.2720, the Brokaw Act (the “Bill”) to target activist hedge funds and their tactics. In particular, it would amend Section 13...more

Bill Aims To Put The Kibosh On Alleged Hedge Fund Stock Price Manipulation

The California Corporate Securities Law has long declared a number of manipulative devices to be unlawful.  See Cal. Corp. Code § 25400.  Now, a California legislator wants to add to the list.  As amended last week, SB 726...more

Capital Formation Legislative Update

On March 22, 2016, Congressman French Hill introduced a bill, HR 4831, that would amend the 100-holder restriction on S corporations in the limited case of shares acquired through crowdfunded offerings or Regulation A...more

Two Bills Aimed at Broadening Access to Capital Markets Reported out of House Financial Services Committee

Earlier this month, on March 2, 2016, the House Financial Services Committee reported favorably on two bills that propose changes to the federal securities laws: the Main Street Growth Act (H.R. 4638) and the Fostering...more

‘Brexit’ Implications for Listings of Securities on the London Stock Exchange

If Britain decides to leave the European Union as a result of a “Brexit” vote on 23 June 2016, the effect on the UK and EU financial services sectors could be significant; in particular, there could be effects on the London...more

Maloney Introduces Board Gender Diversity Bill

Congresswoman Carolyn Maloney introduced HR 4718, which would require that the SEC establish a Gender Diversity Advisory Group. The Group would be responsible for studying and making recommendations to the Commission on...more

Flash: Congress Fixes the CMBS Risk Retention Problem (Just Kidding)

Last week, the House Committee on Financial Services reported out the Preserving Access to CRE Capital Act of 2016 (the “bill”) in a remarkably bipartisan sort of way (paving the way for: “Well, yes, I did vote for it, but...more

US House of Representatives Financial Services Committee Holds Hearing on Volcker-Related Legislation

The US House of Representatives’ Financial Services Committee’s Capital Markets Subcommittee held a hearing on legislation that would clarify the name-sharing provision of the Volcker Rule. Specifically, the Financial...more

Bill Aims To Negate Scienter

You can thank the Romans for science and the English for knowledge - The etymon of “scienter” is sciens which is the present participle form of the Latin verb meaning to know (scire). The English word “know” is derived...more

Obama's Budget Proposals Expand Application of Net Investment Income Tax and Address Carried Interest

On February 9th, President Obama released his Budget Proposals for 2017 (the "Budget Proposals"). The Budget Proposals include the following proposals that may affect private investment fund managers...more

House Passes Encouraging Employee Ownership Act

On February 3, 2016, the House passed H.R. 1675, the Encouraging Employee Ownership Act of 2015. The bill directs the SEC to revise regulations to require an issuer to furnish investors with additional specified disclosures...more

The Year in Social Enterprise: 2015 Legislative and Policy Review

The past year proved to be a landmark year in the brief history of the emerging social enterprise sector. Indeed, 2015 witnessed continued legislative efforts and important policy developments that illustrate the increased...more

House Passes SEC Small Business Advocate Act and Fair Investment Opportunities for Professional Experts Act

On February 1, 2016, the House passed H.R. 3784, the SEC Small Business Advocate Act, and H.R. 2187, the Fair Investment Opportunities for Professional Experts Act....more

District Court Declines To Redress The SEC’s Failure To Respond To Petition Seeking Political Spending Disclosure Rule

Although placed right up front in the First Amendment to the U.S. Constitution, the right to petition the government for redress of grievances is often overshadowed by the other First Amendment rights. There can be no doubt,...more

New Bill Would Require Cybersecurity Disclosures by Publicly Traded Companies

Why it matters - In the continuing efforts to enact cybersecurity legislation and advise the public about cybersecurity preparedness, a new bill introduced in the Senate would mandate that publicly traded companies...more

JOBS Act Quick Start – A Brief Overview of the JOBS Act, 2016 Update

Many market participants were taken by surprise by the enactment of the Jumpstart Our Business Startups (JOBS) Act. The JOBS Act, HR 3606, was passed by the United States House of Representatives on March 8, 2012. On March...more

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