Securities Law, Commercial Law & Contracts, Finance & Banking

HM Treasury Rethinks the UK Tax Treatment of Fee Rebates

by David Gubbay, Daniel Hawthorne, Mark Stapleton | Dechert LLP on 5/22/2013

In a Written Ministerial Statement made in UK Parliament on 21 May 2013, Treasury Economic Secretary Sajid Javid MP announced the Treasury’s intention to make a crucial and very welcome clarification to the recent HMRC Brief...more

Lessons from Ralph Lauren: Designing Better Ways to Manage Third Party Risk

by NAVEX Global on 5/21/2013

Trying to avoid the unusually strict import controls in Argentina and facilitate faster clearance of its products through customs, a subsidiary of Ralph Lauren Corp. was found to have bribed local officials between 2005 and...more

New York State Court Dismisses RMBS Putback Action Against Nomura As Time-Barred

by Orrick - Structured Finance Group on 5/20/2013

On May 10, Justice Sherwood of the Supreme Court of the State of New York dismissed on statute of limitations grounds an RMBS putback action brought against Nomura Credit & Capital, Inc. (Nomura)....more

Hong Kong – Applying Securities Laws to Sales of Hotel Units

by Jeffrey Horwitz, Jeremy Leifer, Yuval Tal | Proskauer Rose LLP on 5/20/2013

In a move that represents a first in Hong Kong, one of the territory's largest listed property developers, Cheung Kong (Holdings) Limited and certain of its subsidiaries have entered into an agreement with the Securities and...more

New York State Court Allows Trustee Lawsuit Against DB Structured Products to Proceed

by Orrick - Structured Finance Group on 5/20/2013

On May 13, Justice Kornreich of the Supreme Court of the State of New York denied DB Structured Products, Inc.’s (DBSP) motion to dismiss an RMBS putback action brought against it by the trustee for the relevant RMBS trust. ...more

Whistleblower Law Firm Complains To SEC

by Jill Radloff | Leonard, Street and Deinard - Dodd-Frank and... on 5/20/2013

Two partners from a self-described law firm that specializes in the representation of whistleblowers have sent a letter to the SEC Commissioners complaining about the use of severance agreements to prevent employees from...more

Client Alert: SEC Publishes Cross-Border Release and Reopens Comment Period for Dodd-Frank Rules

by Mara Giorgio, Micah Green, Matthew Kulkin | Patton Boggs LLP on 5/20/2013

On May 1, 2013, the Securities and Exchange Commission (SEC or Commission) held an open meeting to consider: - Whether to propose new rules and interpretive guidance for cross-border security-based swap (SBS)...more

Rating Agency Developments - May 20, 2013

by Orrick - Structured Finance Group on 5/20/2013

On May 17, DBRS released its criteria for rating market-linked securities. On May 17, DBRS released a criteria report relating to Canadian bankruptcy and restructuring legal considerations. On May 15, Moody’s released its...more

SEC Warns About Exemptive Order Compliance

by David Freese, Sean Graber, Daniel Levin, Richard F. Morris, John O'Brien, Kaitlyn L. Piper | Morgan Lewis on 5/20/2013

Division of Investment Management's guidance reminds firms to comply with conditions and representations in exemptive orders and notes that consequences for noncompliance may be "severe."...more

The Panel takes AIM

by Alex Gibson, Thomas Sibert | K&L Gates LLP on 5/20/2013

On 15 May 2013, the Code Committee of the Takeover Panel published its response statement in connection with its public consultation paper from 5 July 2012 relating to "Companies subject to the Takeover Code" (PCP 2012/3)....more

UK Treasury Plans to Extend AIFMD Transition Period for Non-UK Fund Managers

by Jeffrey D. Collins, Diana W. Lo | Foley Hoag LLP on 5/20/2013

The HM Treasury has issued a Q&A in which it suggests upcoming changes to the timetable for implementing the Alternative Investment Fund Managers Directive (the “AIFMD”) in the United Kingdom. The HM Treasury is the UK...more

European Union Pending Legislation Requiring Additional Transparency from Extractive Industries

by Raymond Banoun | Cadwalader, Wickersham & Taft LLP on 5/20/2013

On April 9, 2013, the European Union agreed to a preliminary deal requiring oil, gas, mining and forestry companies to report in greater detail any payments at or above €100,000 (approximately $130,000) they make to foreign...more

Dodd-Frank Act Rulemaking: SEC and CFTC Issue Red Flags Rules to Address Identity Theft

by Cole Beaubouef, Scott H. Moss | Lowenstein Sandler LLP on 5/20/2013

On April 10, 2013, the Securities and Exchange Commission (the “SEC”) and the Commodity Futures Trading Commission (the “CFTC”, together with the SEC, the “Commissions”) jointly issued final rules to require certain regulated...more

CIS Legal Update - May 2013: New Orders Adopted to Facilitate the Activity of the Central Depository

by Andrey Dukhin, Evgenia Korotkova | Dechert LLP on 5/20/2013

A number of orders were adopted in the second part of 2012 by the Federal Service for Financial Markets (the “FSFM”) in order to facilitate the activity of the central depository of the Russian Federation (the “Central...more

The European Alternative Investment Fund Managers Directive—a non-EU Fund Manager’s Perspective

by Jay G. Baris, Afia Fening, Jeremy C. Jennings-Mares | Morrison & Foerster LLP on 5/20/2013

Introduction - The European Member States must implement the Directive on Alternative Investment Fund Managers (the “AIFMD”), which came into force on July 21, 2011, into their national laws by July 22, 2013. Once the...more

Structured Thoughts -- Volume 4, Issue 8 -- May 15, 2013

by Bradley Berman, Lloyd S. Harmetz, Charles M. Horn | Morrison Foerster - Structured Products on 5/16/2013

In This Issue: Due Diligence Procedures for Structured Note Distributors; Key Issues for Yankee CDs; The SEC and FINRA: Protect Your Elders; The FSOC’s 2013 Annual Report: Increasing Exchange-Traded Product Activity;...more

"Extension of UK Takeover Code Jurisdiction"

by Michael Hatchard, Scott Hopkins | Skadden, Arps, Slate, Meagher & Flom LLP on 5/16/2013

On 15 May, the U.K. Takeover Panel (the Panel) published its response to a consultation paper proposing to extend the jurisdiction of the U.K. Takeover Code (the Code). The Panel has concluded that the Code’s jurisdiction...more

Continuous Disclosure – What to Say and When?

by Adam Levine, Su Sze Ting | K&L Gates LLP on 5/16/2013

Key Points - Continuous disclosure is one of the key elements of ensuring market integrity. With the recent amendments to the Listing Rules and the introduction by the Australian Securities Exchange (ASX) of a new...more

DOJ Turns FCPA Spotlight on Financial Services Sector as Enforcement Efforts in Latin America Continue

by Demme Doufekias, Adam S. Hoffinger, Robert A. Salerno | Morrison & Foerster LLP on 5/16/2013

Last week, the U.S. Department of Justice (DOJ) announced the indictment of two employees of a U.S. broker-dealer, Direct Access Partners, and a senior official in Venezuela’s state economic development bank, Banco de...more

IRS Issues Final Regulations Treating Qualified Stock Dispositions as Asset Sales

by Wilson Sonsini Goodrich & Rosati on 5/16/2013

On May 10, 2013, the Internal Revenue Service (IRS) and Treasury Department released the long-awaited final regulations under Section 336(e) of the Internal Revenue Code, treating certain sales, exchanges, and distributions...more

SEC Issues Guidance on Disclosures Made via Social Media

by David Garcia, Michael Meskill | Jackson Walker on 5/16/2013

The Securities and Exchange Commission (the "SEC") recently issued a Report of Investigation (the "Report") in which it provides helpful guidance to public companies regarding their use of social media to disclose material...more

District Court Denies Countrywide’s Motion to Dismiss AIG Suit

by Orrick - Structured Finance Group on 5/15/2013

On May 6, Judge Mariana Pfaelzer of the United States District Court for the Central District of California allowed American International Group, Inc. (AIG) to proceed with several of its claims against Bank of America and...more

SEC Roundtable Discusses Current Securities Law Topics at 33rd Annual Ray Garrett Jr. Corporate and Securities Law Institute

by Mark Reyes, Mark Wood | Katten Muchin Rosenman LLP on 5/15/2013

On May 2, Lona Nallengara and Shelley E. Parratt, the acting director and the deputy director, respectively, of the Securities and Exchange Commission’s Division of Corporation Finance, participated in a roundtable...more

Scam Artists From Texas And Compliance Risk Management

by Thomas Fox on 5/15/2013

Billie Sol Estes died yesterday and when it comes to scam artists from the great state of Texas, before there was Allen Stanford and his magical Certificates of Deposits located in his private bank in Antigua, there was...more

New York Appellate Court Reinstates Fraudulent Inducement Claim Against Goldman and M&T Bank

by Orrick - Structured Finance Group on 5/15/2013

On May 7, New York’s First Department appellate court reinstated CIFG Assurance North America, Inc.’s fraud claim against Goldman Sachs & Co. and M&T Bank. Last May, a New York trial court dismissed CIFG’s claim for...more

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Securities Law › Commercial Law & Contracts › Finance & Banking

HM Treasury Rethinks the UK Tax Treatment of Fee Rebates

Lessons from Ralph Lauren: Designing Better Ways to Manage Third Party Risk

New York State Court Dismisses RMBS Putback Action Against Nomura As Time-Barred

Hong Kong – Applying Securities Laws to Sales of Hotel Units

New York State Court Allows Trustee Lawsuit Against DB Structured Products to Proceed

Whistleblower Law Firm Complains To SEC

Client Alert: SEC Publishes Cross-Border Release and Reopens Comment Period for Dodd-Frank Rules

Rating Agency Developments - May 20, 2013

SEC Warns About Exemptive Order Compliance

The Panel takes AIM

UK Treasury Plans to Extend AIFMD Transition Period for Non-UK Fund Managers

European Union Pending Legislation Requiring Additional Transparency from Extractive Industries

Dodd-Frank Act Rulemaking: SEC and CFTC Issue Red Flags Rules to Address Identity Theft

CIS Legal Update - May 2013: New Orders Adopted to Facilitate the Activity of the Central Depository

The European Alternative Investment Fund Managers Directive—a non-EU Fund Manager’s Perspective

Structured Thoughts -- Volume 4, Issue 8 -- May 15, 2013

"Extension of UK Takeover Code Jurisdiction"

Continuous Disclosure – What to Say and When?

DOJ Turns FCPA Spotlight on Financial Services Sector as Enforcement Efforts in Latin America Continue

IRS Issues Final Regulations Treating Qualified Stock Dispositions as Asset Sales

SEC Issues Guidance on Disclosures Made via Social Media

District Court Denies Countrywide’s Motion to Dismiss AIG Suit

SEC Roundtable Discusses Current Securities Law Topics at 33rd Annual Ray Garrett Jr. Corporate and Securities Law Institute

Scam Artists From Texas And Compliance Risk Management

New York Appellate Court Reinstates Fraudulent Inducement Claim Against Goldman and M&T Bank

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