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

Final EU Guidelines on the Treatment of Shareholders in Bail-in Published

by Shearman & Sterling LLP on

The European Banking Authority has published final Guidelines on the treatment of shareholders in bail-in under the Bank Recovery and Resolution Directive. The Guidelines are addressed to national resolution authorities and...more

UK HM Treasury Publishes Updated Special Resolution Regime Code of Practice

by Shearman & Sterling LLP on

HM Treasury has published a revised"Banking Act 2009 Special Resolution Regime Code of Practice". The Code aims to encourage financial stability by resolving institutions such as banks, building societies and certain...more

FINRA Proposes Desk Commentary Safe Harbor

by Latham & Watkins LLP on

The safe harbor would offer relief from certain requirements of FINRA’s research rules, but significant compliance obligations and questions remain. On April 12, 2017, the Financial Industry Regulatory Authority, Inc....more

AML and Sanctions: 2017 Trends and Developments

by WilmerHale on

Over the past year, regulators continued to actively examine compliance, introduce new and heightened requirements, recalibrate global priorities, and aggressively pursue enforcement. This report reviews recent trends and...more

Final EU Guidelines on Converting Debt to Equity in Bail-in Published

by Shearman & Sterling LLP on

The European Banking Authority has published final Guidelines on the setting of rates of conversion of debt to equity in bail-in under the Bank Recovery and Resolution Directive. The Guidelines are addressed to national...more

The ABCs of Fund Finance: Credit Facilities for Secondaries Funds and Funds of Funds

by Dechert LLP on

Private equity funds raised the second-highest level of capital for investments in secondary private equity interests in 2016. According to Preqin, 19 funds secured $23 billion in investor capital.1 This level was surpassed...more

FINRA Proposes Broad Range of Amendments to Corporate Financing Rule

by Shearman & Sterling LLP on

On April 12, 2017, the US Financial Industry Regulatory Authority, Inc. (“FINRA”) published proposed amendments to FINRA Rule 5110, which regulates the terms and arrangements of securities underwriting conducted by FINRA...more

FINRA Announces Updates to Private Placement Filer Form

On April 21, 2017, FINRA announced updates to the Private Placement Filer Form (“Filer Form”) that FINRA members complete when submitting private placement filings under FINRA Rules 5122 (Private Placements of Securities...more

SEC Issues New C&DI on Intrastate Offerings under New Rule 147A

On April 19, 2017, the staff of the SEC’s Division of Corporation Finance issued a new compliance and disclosure interpretation (“C&DI”) addressing intrastate offerings pursuant to new Securities Act Rule 147A. The C&DI...more

S-VACC: Future of the Singapore fund industry

by Dentons on

The Monetary Authority of Singapore (the MAS) had on 24 April 2017 concluded its public consultation with various stakeholders on the Singapore Variable Capital Company (S-VACC) concept. The aim of the S-VACC framework is to...more

Frequently asked questions: non-Canadian funds selling in Canada

by DLA Piper on

The purpose of this paper is to provide a high-level overview of certain regulations applicable to non-Canadian closed-ended investment funds1 marketing to Canadian investors. Please see full Paper below for more...more

Day 19 of One Month to 3rd Party Management-Risk Ranking in the Supply Chain [Video]

by Thomas Fox on

One of the areas many companies do not focus on enough is possible corruption in their Supply Chain (SC) for goods and services provided on a company’s behalf. The FCPA risks can be just as great through those entry points as...more

NYSE Issues Proposed Rule Allowing Listing Without an IPO

On March 13, 2017, the NYSE issued a proposed rule to modify the provisions regarding the qualification of companies listing on the NYSE to allow for a listing without an IPO. Section 102.01B of the NYSE Listed Company Manual...more

Shareholder Liability a Cause for Concern for Private Equity Firms

by Latham & Watkins LLP on

The global regulatory environment has become increasingly challenging for private equity in recent years. In our view, this trend will continue as politicians in the UK and elsewhere seek new tools to hold business...more

Investment Banker Charged with Insider Trading by SEC, USAO

by Dorsey & Whitney LLP on

Investment banker Avaneesh Krishnamoorthy was supposed to report his outside brokerage account and that of his wife to his firm. He did not....more

Day 18 of One Month to 3rd Party Management-Freight Forwarders [Video]

by Thomas Fox on

The FCPA world is littered with cases involving freight forwarders, brokers and agents in the shipping and express delivery arena. Both the Department of Justice and Securities and Exchange Commission have aggressively...more

For closely held companies: Is there, or will there soon be, a significant lender in your life?

by Mintz Levin on

Ten considerations for closely held companies incurring debt in connection with minority investments by private equity sponsors, growth financing, or dividend recapitalizations....more

Bridging the Week - April 2017 #4

CME Group Revises July 2016 Proposal Authorizing End Customers to Become Direct Clearing Members Without Incurring Liability for Default of Other Members - CME Group submitted amendments to its proposed rule changes...more

Alternative investment company – deadline for regulatory adjustment will end June 4, 2017

by Dentons on

On June 4, 2016 amendments to the Act on Investment Funds (the “Act”) entered into force. The purpose of the amendment is implementation in the Polish legal system AIFMD (Directive 2011/61/EU of 8 June 2011 regarding managers...more

UK Financial Conduct Authority Takes Action Against Two Individuals for Market Abuse

by Shearman & Sterling LLP on

The Financial Conduct Authority has banned and fined two individuals for market abuse. Mr. Niall O'Kelly and Mr. Lukhvir Thind were Chief Executive Officer and Financial Controller, respectively, at Worldspreads Limited...more

Day 17 of One Month to 3rd Party Management-Distributor Compensation [Video]

by Thomas Fox on

One of the issues in any compliance program is the compensation paid to a third party as FCPA exposure arises when companies pay money - either directly or indirectly - to fund bribe payments. In the traditional intermediary...more

Day 16 of One Month to 3rd Party Management-Terminating a Third Party [Video]

by Thomas Fox on

At some point, you will be required to terminate a third-party and there will be multiple legal, compliance and business issues to navigate going forward. If you are stuck doing it in the middle of a Foreign Corrupt Practices...more

Compliance into the Weeds-Episode 36, McFadden Remarks on FCPA Enforcement [Video]

by Thomas Fox on

In this episode, Matt Kelly and I take a very deep dive into two recent speeches by Department of Justice (DOJ) Acting Principal Assistant Attorney General Trevor McFadden in which he addressed multiple topics and issues...more

Governance & Securities Law Focus: Europe Edition - April 2017

by Shearman & Sterling LLP on

In this newsletter, we provide a snapshot of the principal European, US and selected international governance and securities law developments of interest to European corporates. Please see full Newsletter below for more...more

Committee Recommendations for U.S. Public Equity Markets

The Committee on Capital Markets Regulation released a report setting forth certain recommendations that are intended to revive the public equity markets. The report cites certain statistics regarding equity capital markets...more

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