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Double-Check the Math: Advisers Should Not Provide Clients With Performance Data Created by Other Investment Managers Without...

In a series of enforcement actions this week, the SEC made it clear that investment advisers need to substantiate the performance records of investment management firms they recommend to their clients. In these cases,...more

Three Immigration Lawyers Sanctioned by the SEC for Brokering EB-5 Investments

The Securities and Exchange Commission (SEC) has just published three new decisions in connection with administrative proceedings against two well known immigration lawyers, as well as against a third lawyer. One party has...more

Trading and Markets Enforcement Report - August 2016

The last several years have seen law enforcement and regulatory bodies sharpen their focus on trading activity in the securities and derivatives markets. This focus has coincided with the advent of new and expanded reporting,...more

August 2016: Securities & Structured Finance Litigation Update: Relation Back in RMBS Putback Cases.

Relation Back in RMBS Putback Cases. In a recent RMBS putback case in the Southern District of New York, Quinn Emanuel won a ruling that the plaintiff trustee’s expert reports, served nearly three years after the litigation...more

Case Note: Court Rules In Favor Of Fidelity And Holds That Float Income Is Not A Plan Asset

The First Circuit Court of Appeals has ruled that float income is not a plan asset and therefore is not subject to fiduciary and prohibited transaction provisions of ERISA. The decision was written by former Justice Souter...more

Proposed Rule Relates to Investment Advisers' Business Continuity and Transition Plans

The Securities and Exchange Commission (“SEC”) recently proposed Rule 206(4)-41 under the Investment Advisers Act of 1940 (“Advisers Act”), which would require registered investment advisers (“firms” or “Advisors”) to adopt...more

"EU Market Abuse Regulation — New Requirements for Issuers of Debt Securities Admitted to Trading in Europe"

On 3 July 2016, Regulation 596/2014 of the European Parliament and of the Council of the European Union (the Market Abuse Regulation) repealed and replaced Directive 2003/6/EC on Market Abuse (the Market Abuse Directive)....more

Financial Services Weekly News - July 2016 #3

Regulatory Developments - SEC Proposes Amendments to Update and Simplify Disclosure Requirements as Part of Overall Disclosure Effectiveness Review - On July 13, the Securities and Exchange Commission (SEC) proposed...more

Orrick's Financial Industry Week in Review

Federal Reserve Announces Extension of Conformance Period under Section 13 of the Bank Holding Company Act - On July 7, 2016, the Federal Reserve announced that it will extend until July 21, 2017 the conformance period...more

Dutch Foundation Dismissed for Inadequate Safeguarding of Members’ Interests

On June 29, 2016, the Dutch Court of East Brabant dismissed a foundation’s claims against Rabobank Group for alleged unlawful selling of interest rate swaps because it failed to meet the requirement of the Dutch Claim Code...more

Financial Services Quarterly Report - Second Quarter 2016: Does the Supreme Court’s Dudenhoeffer Decision under ERISA do “More...

Earlier this year, the U.S. Supreme Court decided the case of Amgen v. Harris, in which the Court revisited and clarified its 2014 holding in Dudenhoeffer v. Fifth Third Bancorp.2 Both cases concern the application of a...more

Your daily dose of financial news - The Brief – 7.7.16

Disgraced Wall Street scion Andrew Casperson has pleaded guilty to federal wire and security fraud charges related to his Ponzi-like scheme in which he bilked nearly $40 million from friends and a private foundation....more

Australia: An Increasingly Attractive Plaintiffs’ Forum for Securities Class Actions

The United States has long been the primary home for securities class actions around the world. This trend, however, was curtailed to some degree with the Supreme Court decision in Morrison v. National Australia Bank, 130 S....more

FINRA Sanctions Investment Firm Following Unsuitable Sales of Nontraditional ETFs

On June 7, 2016, FINRA settled proceedings against a New York-based investment firm for alleged violations of its suitability and related rules, namely NASD Rule 2310 and FINRA Rules 2111 and 2010. According to FINRA,...more

Orrick's Financial Industry Week in Review

SEC Adopts Trade Acknowledgment and Verification Rules for Security-Based Swap Transactions - On June 8, 2016, the Securities and Exchange Commission publicized the implementation of "rules that will establish timely and...more

Left Swinging: Why Mickelson Went Uncharged For Insider Trading

In Depth - The Securities and Exchange Commission recently revealed details of an insider trading case against a gambler named William Walters, who allegedly engaged in insider trading based on information he obtained...more

The Final DOL Fiduciary Rule—Considerations for Plan Sponsors

The final rule has implications for plan sponsors and may impact certain relationships with service providers. On April 6, after a long (and some might say tortured) process, the US Department of Labor (DOL) issued a...more

The Department of Labor’s 2016 Final Fiduciary and Conflict of Interest Regulations: The Principal Transactions Exemption

This post continues our examination of the Department of Labor’s suite of final fiduciary and conflict of interest regulations. Our prior posts discussed the newly expanded definition of “investment advice fiduciary” and the...more

It Is All About The Disclosures

The SEC recently commenced an enforcement action against an investment advisory firm and its principal in connection with the failure to disclose material conflicts of interest in connection with new mutual funds that the...more

Update Kapitalmarkt- und Gesellschaftsrecht: Sind Sie vorbereitet auf die MAR (Marktmissbrauchsverordnung)?

Ab dem 3. Juli 2016 gelten die Vorgaben der Marktmissbrauchsverordnung (Verordnung (EU) Nr. 596/2014 des Europäischen Parlaments und des Rates vom 16. April 2014). Ihre Regelungen gelten für alle börsennotierten...more

Orrick's Financial Industry Week in Review

Council of EU Adopts Regulation Extending Exemptions for Commodity Dealers under CRR - On May 30, 2016, the Council of the EU published a press release confirming that it has adopted a Regulation amending the Capital...more

SEC Charges Private Equity Advisor for Acting as an Unregistered Broker

The SEC has charged a registered private equity fund adviser and its principal for receiving transaction-based compensation for the provision of brokerage services in connection with the acquisition and disposition of...more

401(k) Plan Sponsors and Fiduciaries Face an Alarming Number of Stable Value Fund and Other Class Action Lawsuits

In the last several months, plaintiffs have filed multiple class action lawsuits against plan sponsors, plan fiduciaries and stable value fund providers. These lawsuits, which have involved 401(k) plans sponsored by large...more

The Brave New Fiduciary World Has Arrived – The DOL Tries to Find a More Ideal Balance in the Final “Investment Advice” Rules

The U.S. Department of Labor (the “DOL”) on April 6, 2016 released the final version of its “investment advice” regulation and accompanying prohibited transaction exemptions, a highly-anticipated milestone that is the...more

The Department of Labor’s 2016 Final Fiduciary and Conflict of Interest Rule: The Best Interest Contract Exemption

Last month the U.S. Department of Labor published a suite of final regulations governing the fiduciary status of, and prescribing conflict of interest rules that apply to, persons who provide investment advice to...more

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