Securities Elections & Politics

Read need-to-know updates, commentary, and analysis on Securities issues written by leading professionals.
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Brexit: How will it impact asset and fund managers?

Following the result of the UK referendum on 23 June 2016 to leave the EU, there is still a considerable amount of uncertainty about the impact of the decision on the financial services industry, including asset and fund...more

Quarterly Investment Update - 2nd Quarter 2016

Stock Market Commentary - The markets endured much drama in the two weeks leading up to quarter - end as the surprise exit of the U.K. from the European Union rattled investors. Brexit knocked over 5% off of the S&P...more

Yet Another Congressional Proposed Corporate Reform: Proxy Advisory Firms in the Crosshairs.

Over the past six months, U.S. legislators have engaged in an unusual burst of energy to introduce three separate bills regulating various areas affecting U.S. public company corporate governance: - The Cybersecurity...more

Congressmen Question IPO Fees

Congressman Himes (CT) and eight other members of Congress wrote to FINRA and to the Securities and Exchange Commission questioning the typical 7% gross spread in U.S. IPOs. The letter appears to have been prompted by a...more

Corporate and Financial Weekly Digest - Volume XI, Issue 27

BREXIT UPDATE - Nathaniel Lalone, a Financial Services partner at Katten Muchin Rosenman UK LLP, will continue to share his insight into the evolution of the relationship between the United Kingdom and European Union in...more

Brexit: Key Issues for General Counsel

On June 23rd, the UK electorate voted to leave the European Union in an advisory referendum. We expect the UK Government to commence negotiations to withdraw and to establish a framework for the UK’s new relationship with the...more

What is the potential impact of Brexit on the European System of Accounts (ESA10)?

One of the key benefits of PPP has always been the 'additionality' of investment that off-balance sheet treatment can offer. However, the emergence of the European System of Accounts (ESA10) heralded a shift away from...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Brexit: UK Votes to Leave EU - The 23 June 2016 referendum on the UK’s continued membership of the EU resulted in a vote to leave the EU. Under the EU Treaty, the exit process should take at least two years. During...more

UK Corporate Briefing Summer 2016 Issue 6 - Summer 2016

The UK's EU referendum on 23 June 2016 delivered a leave result. The nature of the UK's future relationship with the EU and the timescale and details of the process for establishing that relationship remain to be seen....more

Congress Poised to Extend Investment Company Act to U.S. Territories

Congress is poised to eliminate the exemption in the Investment Company Act of 1940 (the 1940 Act) for investment companies located in Puerto Rico, the Virgin Islands, and other U.S. possessions. The 1940 Act governs...more

Investment Management Update

SEC Enforcement Action against Private Equity Fund Adviser - On June 1, 2016, the SEC announced that a private equity fund adviser and its principal owner agreed to pay more than $3.1 million to settle SEC charges that,...more

Yet Another Congressional Proposed Corporate Reform: Proxy Advisory Firms in the Crosshairs

Over the past six months, U.S. legislators have engaged in an unusual burst of energy to introduce three separate bills regulating various areas affecting U.S. public company corporate governance...more

Senator Warren Leads Coalition to Expand Scope of Limitations on Executive Compensation Tax Deductions

Section 162(m) of the Internal Revenue Code generally limits the deductibility of compensation paid in excess of $1 million to the chief executive officer and the three other highest compensated officers (other than the chief...more

Fix Crowdfunding Act and Venture Capital Bill Pass House

The Fix Crowdfunding Act (H.R. 4855) passed the House of Representatives by a vote of 394 to 4. It doesn’t look much like the original bill we reported on here. As passed by the House, the bill allows special purpose...more

New rules on technical provisions Article published in Italian on Insurance Daily on 5 July 2016 N. 960

On June 7, IVASS (Italian Insurance Supervisory Authority) published the long-awaited Regulation no. 24/2016 relating to the investments and assets covering technical provisions....more

Brexit for Fund Managers: Time for Cool Heads

The UK electorate voted to leave the European Union (EU) in the “Brexit” referendum held on 23 June 2016. This note looks at the practical impact of a Brexit for fund managers, including possible solutions in the event that...more

UK Financial Regulatory Developments - July 2016 #3

CPS pursuing assets in land banking fraud case - Four directors, two of whom had already been disqualified as directors by the Financial Services Authority (now FCA), have been convicted of conspiracy to defraud,...more

Brexit: What are the likely effects of the Referendum decision on planning?

What are the likely effects of the Referendum decision on planning? The real answer is that nobody knows but planning partner Stephen Ashworth gives his views...more

A Trip Through the Labyrinth – The Regulatory Man in Full

And now to return to our commentary a few weeks back about the stultifying impact of ill-thought through rules and regulations (at best) (Brexit has intervened). This is our Regulatory State which broadly attempted to pick...more

California Legislature Mulls Anti-Short Selling Bill

In April, I wrote about a bill, SB 726 (Hueso), that would have added a new section to the Corporate Securities Law banning false statements to government officials for the purpose of manipulating the price of a company’s...more

Your daily dose of financial news - The Brief – 7.5.16

Even with US markets shrugging off the Brexit [maybe?] by the end of last week, the effects of the split are FAR from over. One recent ripple: Standard Life Investments UK Real Estate mutual fund—which invests in high-end...more

SEC Disclosure Initiative Encounters Resistance on Capitol Hill

Since 2013, the Securities and Exchange Commission, under the direction of Chair Mary Jo White, has undertaken a “Disclosure Effectiveness Initiative” aimed at improving the content and presentation of disclosures by...more

"FINRA Extends Deadline for SEC to Act on Proposed FINRA Pay-to-Play Rule"

On June 21, 2016, the Financial Industry Regulatory Authority extended the time for the Securities and Exchange Commission (SEC) to act on Proposed Rules 2030 and 4580 (the Proposed Rules) to August 26, 2016. The Proposed...more

The UK’s Referendum on Membership of the European Union – An Update

This is an update to our Alert published on 24 June 2016 on the result of the UK’s Referendum on membership in the European Union (“EU”). We consider in this Alert some of the immediate and longer-term consequences of the...more

Market Abuse Regulation: Implications for Issuers of Debt Securities

The Market Abuse Regulation (“MAR”) will take effect on 3 July 2016. MAR contains rules on insider dealing, unlawful disclosure of inside information and market manipulation that will apply in the European Economic Area...more

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