Securities Law, Finance & Banking

Simplifying Leaver Provisions?

by Orrick, Herrington & Sutcliffe LLP on 5/23/2013

Introduction - In response to the Nuttall Review of Employee Ownership, the Government has introduced the Companies Act 2006 (Amendment of Part 18) Regulations 2013 (the Regulations) which entered into force on 30 April...more

SEC Targets Another Fund Board in Recent Enforcement Case

by Catherine Botticelli, Stephanie Capistron, Christopher Harvey, Emily Shea | Dechert LLP on 5/23/2013

The U.S. Securities and Exchange Commission (“SEC”) recently issued an Order Instituting Proceedings (“Order”) against the administrator and compliance services provider, as well as current and former members of the boards of...more

Keeping Internal Investigations Independent and Conflict-Free

by David Smyth | Brooks Pierce on 5/23/2013

Internal investigations can arise in a number of different ways and can concern a number of different subjects. Allegations of financial misconduct, employment-related missteps, and breaches of fiduciary duty, among others,...more

CIS Legal Update - May 2013: Russia and the United Arab Emirates Take Measures to Encourage and Improve Investment Security

by Elizaveta Molosnova | Dechert LLP on 5/23/2013

Russia ratified an intergovernmental Agreement with the United Arab Emirates (hereinafter - UAE) on the Encouragement and Mutual Security of Investments (executed on June, 28, 2010) along with the accompanying Protocol...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Deadline Approaching for Compensation Committee Charter Amendments"

by Michael R. Bergmann, Andrew Brady, Brian V. Breheny, Kristin M. Davis, Berit R. Freeman, Richard J. Grossman, Neil M. Leff, Alessandra K. Murata, Audrey Murga, Timothy Nelson, more +Regina Olshan, David C. Olstein, Erica Schohn, Joseph M. Yaffe | Skadden, Arps, Slate, Meagher & Flom LLP on 5/23/2013

As a reminder, by July 1, 2013, compensation committee charters must comply with the new New York Stock Exchange (NYSE) and Nasdaq Stock Market (Nasdaq) listing requirements that were approved by the Securities and Exchange...more

Terror Tactics: Report Urges Government To Use Financial, Immigration, Trade And Immigration Systems To Squeeze Theft Of IP

by Sophie Yu | Orrick - Trade Secrets Group on 5/23/2013

A new report on halting the theft of trade secrets and other intellectual property reads like a blueprint for fighting terrorism—not surprising, given that it was co-authored by the nation’s former spy chief and a member of...more

Bill on Bankruptcy: The Market's Unquenchable Thirst for Junk [Video]

by Bloomberg Law on 5/22/2013

May 22 (Bloomberg) -- AMF Bowling Worldwide Inc. and Ahern Rentals Inc. are prime examples of the frothy market where junk-bond investors are fearless in the face of risk, as Bloomberg Law's Lee Pacchia and Bloomberg News...more

N.Y. ALJ Holds Taxpayer’s Motives for Acquiring Stock and How Stock Is Used Irrelevant in Determining Investment Capital

by Lindsay LaCava, Arthur R. Rosen | McDermott Will & Emery on 5/22/2013

A New York administrative law judge recently held in Matter of C.V. Starr & Co., Inc. that income received by a taxpayer from its ownership of common stock was investment income. In so holding, the ALJ addressed an important...more

OCC Issues Clarification of the Treatment of Certain Sovereign and Securitization Positions

by Jeffrey M. Werthan | Katten Muchin Rosenman LLP on 5/22/2013

On May 10, the Office of the Comptroller of the Currency (OCC) issued Bulletin OCC 2013-13, which is intended to clarify the treatment of sovereign and securitization provisions under the Market Risk Capital Rule...more

Legal Alert: Tax Court Finds Indirect Prohibited Transaction in IRA

by Adam Cohen, Mikka Gee Conway, Jonathan Goldman, Carol McClarnon, Alice Murtos, Joanna Myers, Vanessa Scott, W. Mark Smith, Rich Sun, William Walderman, Carol Weiser | Sutherland Asbill & Brennan LLP on 5/22/2013

In Peek v. Commissioner (May 9, 2013), the U.S. Tax Court ruled that two taxpayers had engaged in an indirect “prohibited transaction” with their individual retirement accounts (IRAs) when they provided personal guarantees...more

CFTC Reviewing Over 1 Million E-mails In ISDAfix Interest-Rate Swaps Investigation

by Felix Shipkevich | Shipkevich PLLC on 5/22/2013

CFTC investigators are reviewing over one million e-mails and instant messages as part of an investigation into possible price manipulation of ISDAfix interest-rate swaps....more

SEC Issues IM Guidance Update on Compliance with Exemptive Orders

by Ropes & Gray LLP on 5/22/2013

On May 6, 2013, the SEC’s Division of Investment Management issued a guidance update for registered funds and investment advisers that rely on exemptive orders emphasizing the importance of ensuring “compliance with the...more

NYSE and NASDAQ Compensation Committee Adviser Independence Rules Effective July 1, 2013

by Ali Fawaz, Joshua Miller | Proskauer - ERISA Practice Center on 5/22/2013

Publicly traded companies are reminded of the approaching deadline for compliance with certain of the SEC-approved final amendments of the NYSE and Nasdaq stock exchange listing rules governing compensation committee...more

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

SEC Commissioner Comments On JOBS Act; Immigration Reform

by David Jenson | Leonard, Street and Deinard - Dodd-Frank and... on 5/22/2013

On May 18, 2013, SEC Commissioner Luis A. Aguilar spoke at the annual gala of the Georgia Hispanic Chamber of Commerce, using the opportunity to highlight the contributions of immigrants (and Hispanic immigrants in...more

Federal Reserve Division Director Michael S. Gibson Testifies on Cross-Border Resolution Plans

by Jeffrey M. Werthan | Katten Muchin Rosenman LLP on 5/22/2013

On May 15, Michael S. Gibson, Director, Division of Banking Supervision and Regulation of the Federal Reserve, testified before the Subcommittee on National Security and International Trade and Finance of the U.S. Senate...more

United Kingdom Aims to Minimise the Transition and Marketing Requirements For AIFMs Under AIFMD

by Proskauer Rose LLP on 5/22/2013

INTRODUCTION - On 13 May 2013, HM Treasury published a response document to its earlier consultation regarding transposition of the Alternative Investment Fund Managers Directive (AIFMD) in the UK, along with amended...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 SEC Identity Theft Red Flag Regulations Call Attention to Investment Advisers

by Charles Hertlein, Jr. | Dinsmore & Shohl LLP on 5/21/2013

It is probably fair to say most registered investment advisers, at least those below a certain size, did not pay a great deal of attention to the anti-identity theft, or “red flag” rules jointly adopted by the Federal Trade...more

European Commission Requests ESMA Deliver Draft Regulatory Technical Standards on Cross-Border Application of EMIR

by Orrick - Structured Finance Group on 5/21/2013

On May 13, the European Securities and Markets Authority (ESMA) published a letter (dated April 22, 2013) from Jonathan Faull, European Commission Director General of Internal Market and Services, to Steven Maijoor, ESMA...more

Business News Digest – May 2013

In this issue: - Does the SEC Like Social Media? Understanding the Application of Regulation FD to Social Media - NIST Holds First Workshop on Executive Order Cybersecurity Framework - Jumpstart Our...more

The AIFMD Developments

by Orrick - Structured Finance Group on 5/21/2013

HM Treasury Responds to Consultation on Transposing AIFM Directive - On May 13, HM Treasury published its response to its January 2013 consultation on transposing the Alternative Investment Fund Managers Directive...more

UK Prospectus Regulations 2013

by Orrick - Structured Finance Group on 5/21/2013

On May 14, the UK Prospectus Regulations 2013 and an accompanying explanatory memorandum were published. These regulations amend sections of the Financial Services and Markets Act 2000 (FSMA) as part of the implementation of...more

CFTC Adopts Final Rules for Execution Facilities and Other Matters

by Blake Brockway, Kevin M. Foley | Katten Muchin Rosenman LLP on 5/21/2013

During an open meeting on May 16, the Commodity Futures Trading Commission adopted a final rule establishing core principles and other requirements for swap execution facilities, which will become effective 60 days after...more

CIS Legal Update - May 2013: London Stock Exchange to Introduce New High-Growth Segment to the Main Market

by Richard O'Brien | Dechert LLP on 5/21/2013

The London Stock Exchange (the ‘LSE’) recently launched a new segment of the Main Market of the LSE for high growth businesses (to be called the ‘High Growth Segment’), which is a new route available for Russian businesses...more

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Securities Law › Finance & Banking

Simplifying Leaver Provisions?

SEC Targets Another Fund Board in Recent Enforcement Case

Keeping Internal Investigations Independent and Conflict-Free

CIS Legal Update - May 2013: Russia and the United Arab Emirates Take Measures to Encourage and Improve Investment Security

"Deadline Approaching for Compensation Committee Charter Amendments"

Terror Tactics: Report Urges Government To Use Financial, Immigration, Trade And Immigration Systems To Squeeze Theft Of IP

Bill on Bankruptcy: The Market's Unquenchable Thirst for Junk [Video]

N.Y. ALJ Holds Taxpayer’s Motives for Acquiring Stock and How Stock Is Used Irrelevant in Determining Investment Capital

OCC Issues Clarification of the Treatment of Certain Sovereign and Securitization Positions

Legal Alert: Tax Court Finds Indirect Prohibited Transaction in IRA

CFTC Reviewing Over 1 Million E-mails In ISDAfix Interest-Rate Swaps Investigation

SEC Issues IM Guidance Update on Compliance with Exemptive Orders

NYSE and NASDAQ Compensation Committee Adviser Independence Rules Effective July 1, 2013

HM Treasury Rethinks the UK Tax Treatment of Fee Rebates

SEC Commissioner Comments On JOBS Act; Immigration Reform

Federal Reserve Division Director Michael S. Gibson Testifies on Cross-Border Resolution Plans

United Kingdom Aims to Minimise the Transition and Marketing Requirements For AIFMs Under AIFMD

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

New SEC Identity Theft Red Flag Regulations Call Attention to Investment Advisers

European Commission Requests ESMA Deliver Draft Regulatory Technical Standards on Cross-Border Application of EMIR

Business News Digest – May 2013

The AIFMD Developments

UK Prospectus Regulations 2013

CFTC Adopts Final Rules for Execution Facilities and Other Matters

CIS Legal Update - May 2013: London Stock Exchange to Introduce New High-Growth Segment to the Main Market

Bill on Bankruptcy: The Market's Unquenchable Thirst for Junk [Video]

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