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UK Financial Regulatory Developments - June 2016 #16

BoE publishes planned Mansion House speech - Mark Carney had been due to give a speech on the FinTech transformation at Mansion House. It was replaced with a tribute to Jo Cox MP. Mr Carney had planned to speak on the...more

SEC Proposes Increasing Threshold to Qualify as a Smaller Reporting Company

The SEC has proposed amendments that would increase the financial thresholds in the “smaller reporting company” definition. The proposal to update the definition would expand the number of companies that qualify as smaller...more

Can There Be Too Much Disclosure?

In an effort to provide transparency, the Dodd-Frank Act has previously formed an Investor Advisory Committee to assist the SEC on various issues including regulatory priorities, the regulation of securities products, trading...more

What does Brexit mean for the European CLO Market?

In its referendum held on 23 June 2016, the UK voted to leave the European Union (“Brexit”). On the following day, David Cameron announced that he will resign as Prime Minister on the election of a new Conservative Party...more

The Financial Report, Volume 5, Number 12 - June, 2016 (Global)

Discussion and Analysis In our last edition, we discussed a recent SEC enforcement action against a private equity fund advisory firm and its owner, who agreed to pay more than $3 million to settle charges that included...more

Does Federal Bankruptcy Law Preempt State Law Fraudulent Transfer Claims Assigned to a Bankruptcy Estate Representative?

The U.S. Bankruptcy Court for the District of Delaware recently issued an opinion that addresses, among other issues, the question of whether section 546(e) of the Bankruptcy Code preempts certain fraudulent transfer...more

Your daily dose of financial news - The Brief – 6.27.16

The leadership void at the top in the UK isn’t helping matters at all, as resignations among both major parties reign supreme in the aftermath of the Leave vote....more

UK Financial Regulatory Developments - June 2016 #15

FCA brings investment fraud charges - FCA has charged five individuals with various offences under the Financial Services and Markets Act 2000 and with conspiracy to defraud. The offences relate to promotion and sale of...more

The Long Road Ahead for the UK and Europe

The UK has voted to leave the EU, but what happens next is undecided. For now, nothing changes. The June 23 referendum was advisory, and the actual processes and mechanisms that will determine the UK’s exit from the EU will...more

This Week In Securities Litigation

Merrill Lynch was at the center of actions brought by the SEC and FINRA this week. One action charged the firm with violations of the customer protection rule tied to using customer cash and failing to protect their...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

UK Financial Regulatory Developments - June 2016 #14

IAIS consults on mutuals’ role in insurance markets - IAIS has published a consultation paper looking at how mutuals, community organisations and co-operatives operate and the role they play in the insurance marketplace....more

Contractual interpretation disputes from the Trustee's perspective: The saga continues

In the first four months of 2016 three more judgments relating to issues of contractual interpretation of provisions contained in documents of securitisation transactions (all three of them for legacy CMBS deals) and...more

MAR for AIM Companies

The Market Abuse Regulation (MAR) has direct effect as law in the United Kingdom from 3 July 2016. MAR extends the market abuse framework and its disclosure obligations to AIM companies. The key obligations relate to inside...more

What’s in a VC Term Sheet?

You’ve just received your first venture capital term sheet. Congratulations—you’ve earned it. Now what does it all mean? “Pre-money valuation,” “liquidation preference,” “pro-rata participation rights”? A seasoned venture...more

MAR for GDR 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 and...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

Your daily dose of financial news - The Brief – 6.23.16

It was House day for Chair Yellen on the Hill, and if you guessed that in this election year her final appearance before this Congress was more about her questioners scoring political points than it was anything related to...more

UK Financial Regulatory Developments - June 2016 #13

Commission consults on FICOD evaluation - The Commission has launched a consultation on its performance evaluation of the Financial Conglomerates Directive (FICOD). Its purpose is to assess whether the current FICOD...more

The Delta Report - June 2016

White & Case LLP is proud to introduce the first edition of our derivatives newsletter, The Delta Report. In each issue, we will highlight recent key regulatory developments across the Americas, Europe and Asia and discuss...more

Equity For The Crowd

On May 16, 2016 the long awaited Crowdfunding rules became final. In some 680 pages of regulations, not to mention the length of the text of the enabling law, Congress and securities regulators have sought to balance the...more

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

In an order dated June 14, 2016, the Securities and Exchange Commission (SEC) adopted its prior proposal to increase the net worth threshold for "qualified clients" under Rule 205-3 of the Investment Advisers Act of 1940 (the...more

Delaware Law Updates - Delaware Supreme Court Defers to the Court of Chancery’s Fact-Finding and Witness Credibility...

In a recent decision out of the Delaware Supreme Court—CDX Holdings, Inc. v. Fox, C.A. No. 526, 2015 (Del. June 6, 2016)—Justice Holland, writing for the majority, affirmed a Court of Chancery post-trial decision that found...more

New European Legislation Creating Headaches (and Opportunities) for Borrowers

New legislation gives European regulators the power to write-down, change the terms of, cancel, and convert into equity the liabilities (including loan commitments) of troubled European lenders. New credit agreements...more

SEC Settles with Private Equity Fund Adviser Charged with Acting as an Unregistered Broker

A recent Securities and Exchange Commission (SEC) settlement order highlights the importance that the SEC has placed on the issue of broker-dealer registration for the private equity industry. On June 1, 2016, the SEC...more

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