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SEC Issues New C&DIs on the Use of Non-GAAP Financial Measures

On May 17, 2016, the staff of the Division of Corporation Finance of the Securities and Exchange Commission (SEC) issued 12 new Compliance & Disclosure Interpretations (C&DIs) regarding the use of non-GAAP financial...more

Corporate and Securities Alert: SEC Releases Additional Guidance Relating to the Use of Non-GAAP Financial Measures

On May 17, the SEC’s Division of Corporation Finance published additional Compliance and Disclosure Interpretations (CDIs) relating to the use of Non-GAAP financial measures in documents filed with or furnished to (for...more

Compliance into the Weeds-Episode 7-meta data for your dashboard [Video]

In this episode Matt Kelly and I take a deep dive into the meta data on the types of information a CCO needs to feed into a compliance dashboard. Go from asking, “What do I want to know about?”; to asking, “What types of...more

SIFMA Releases Draft Municipal Advisor Rule G-42 Compliance Documents

Starting June 23, municipal advisors will be subject to revised Rule 42 and its heightened engagement letter and disclosure obligations. SIFMA has released exposure drafts of compliance documents to help MAs meet those...more

Government’s Decision Not to Charge Phil Mickelson Illustrates Difficulties in Proving Insider Trading Cases Against Tippees

On May 19, 2016, the United States Attorney’s Office for the Southern District of New York and the Securities and Exchange Commission (“SEC”) announced insider trading charges against Las Vegas sports bettor William (“Billy”)...more

Recent Investment Management Developments - May 2016

Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management...more

UK Financial Regulatory Developments - May 2016 #13

Pensions guidance rules come into force - The second commencement order under the Bank of England and Financial Services Act 2016 brings into force from 13 May the provisions on pensions guidance, which extend the...more

SEC's Division of Corporation Finance Releases New Guidance Related to Non-GAAP Financial Measures

On May 17, 2016, the Division of Corporation Finance of the Securities and Exchange Commission (SEC) issued 12 new or revised Compliance and Disclosure Interpretations (C&DIs) to its existing body of interpretations relating...more

SEC Reins in Use of Non-GAAP Financial Measures with New Guidance

In Depth - On May 17, 2016, the Securities and Exchange Commission issued six new Compliance & Disclosure Interpretations (C&DIs) and modified other existing C&DIs to provide additional guidance on the use of non-GAAP...more

IRS Offers Tax Guidance Relating to Money Market Fund Rules

The IRS recently provided relief from the RIC distribution requirement for money market funds that receive contributions in connection with the transition to a floating NAV, enabling RICs to top up their NAVs without having...more

"Hong Kong Takeovers Panel Invalidates Whitewash Waiver Granted to Alibaba"

The recent decision of the Hong Kong Takeovers and Mergers Panel (the Panel) in relation to Alibaba Health Information Technology Limited (formerly CITIC 21CN Company Limited (21CN)) has reemphasized the fundamental...more

ISO 37001: A New Measuring Stick for Corporate Compliance Programs

The International Organization for Standardization is developing a certifiable international standard for “anti-bribery management systems” that could influence how the US Department of Justice, US Securities and Exchange...more

The SEC, CCOs and Compliance Programs

Compliance programs, Chief Compliance Officers and liability have been the subject of a great deal of debate in recent months. Members of the Commission, for example, debated charging decisions regarding CCOs last year in...more

Citadel, a $24-Billion Hedge Fund, Seeks Whistleblower Status

Just a few months after announcing the first-ever award to an outside whistleblower, federal authorities may be on the verge of expanding the reach of whistleblower incentives even further. Last week, Citadel, the...more

Your daily dose of financial news The Brief – 5.24.16

Tribune’s not only given a hard “no” to Gannett, but it’s got some new firepower (and capital) on its side thanks to a $70.5 million investment by Nant Capital—a group “founded by Patrick Soon-Shiong, a billionaire who has...more

Taking Action That Affects The Shareholder Vote? Expect the "Gimlet Eye"

On May 19, 2016, the Delaware Chancery Court preliminarily enjoined the directors of Cogentix Medical from reducing the size of the company's board because, under the facts presented, there was a reasonable probability that...more

SEC Approves FINRA Rule 2273

The SEC has approved FINRA Rule 2273, which requires a transferring representative to send customers an educational communication regarding firm recruitment practices and account transfers. The rule is designed to address...more

SEC Continues to Turn the Screw on Non-GAAP Financial Disclosures With Updates to Compliance & Disclosure Interpretations

Continuing the SEC’s recent focus on companies’ use of non-GAAP financial measures, the staff of the SEC Division of Corporation Finance issued updated guidance on May 17, 2016 that addresses compliance issues under...more

Supreme Court Holds “Arising Under” Standard Satisfies Jurisdictional Questions

In an 8-0 opinion delivered by Justice Kagan on May 16, the Supreme Court affirmed the Third Circuit’s ruling that the “jurisdictional test established by §27 [of the Exchange Act] is the same as [28 U.S.C.] §1331’s test for...more

UK Financial Regulatory Developments - May 2016 #12

FCA publishes draft margin exemption form - FCA has published a draft application form relating to the exemption from the requirement to exchange margin for intragroup transactions under the European Market...more

SEC Proposes Higher Net Worth Threshold for Qualified Clients under the Advisers Act

On Wednesday, May 18, 2016, the U.S. Securities and Exchange Commission (SEC) proposed to increase the net worth threshold for qualified clients from $2 million to $2.1 million. This proposed adjustment is being made...more

SEC Approves FINRA’s Educational Communication Rule

The SEC recently approved FINRA’s new Rule 2273 (Educational Communication Related to Recruitment Practices and Account Transfers), which requires delivery of an educational communication prepared by FINRA to customers of a...more

Singapore Bond Market: Issuing Retail Bonds without a Prospectus

New regulations facilitate retail investor participation in the Singapore bond market. On May 19, the Monetary Authority of Singapore (MAS) promulgated two new regulations, effective immediately, to facilitate retail...more

The Financial Report, Volume 5, Number 10 - May 2016 (Global)

Two stories prominent in the financial media this week highlight the interesting policy challenges facing the nation’s lawmakers. On Monday, the so-called equity crowdfunding rules went into effect. The rules,...more

SEC Updates Guidance on Use of Non-GAAP Financial Measures

On May 17, 2016, the Securities and Exchange Commission released updated guidance regarding the disclosure of non-GAAP financial information by public companies. This updated guidance comes in the wake of several public...more

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