Securities Finance & Banking

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Agencies Issue Guidance for Foreign Banking Entities on the Application of the Marketing Restriction for the Volcker Rule’s SOTUS...

On Friday, February 27, 2015, the Volcker Inter-Agency Group posted a new frequently asked question (FAQ 13), clarifying the scope of the so-called “marketing restriction” under the SOTUS covered fund exemption. The SOTUS...more

Still Exempt? Important Changes to the Private Placement Regime

On February 19, 2015, the Canadian Securities Administrators (CSA) and Ontario Securities Commission (OSC) announced significant amendments to National Instrument 45-106 Prospectus and Registration Exemptions (NI 45-106) and...more

Blog: Shareholder Proposal Regarding Audit Committee Composition

As noted in this article from Compliance Week, the Corp Fin staff have refused to issue no-action relief to Citigroup agreeing that it could exclude from its proxy statement a proposal from the prolific John Chevedden...more

Advisory Committee on Small and Emerging Companies Meets Wednesday

The SEC’s advisory committee will meet this Wednesday to discuss and address means of promoting secondary market liquidity for the securities of small and emerging companies, including addressing the Section 4(a)(1-1/2)...more

Orrick's Financial Industry Week in Review

New FAQ's Regarding the Scope and Implementation of the Volcker Rule Issued by the U.S. Banking, Securities and Commodities Regulatory Agencies - On February 27, the Board of Governors of the Federal Reserve System,...more

Insigh: Capital Markets: Tips for Taps

Following a successful bond issuance, an issuer may consider a “tap” issuance as a way to access further funding. White & Case offers some “Tips for Taps” for issuers and underwriters in accessing the capital markets...more

Fighting the Fiduciary Rule Before It’s Been Even Proposed

Not long after President Obama expressed the desire that the Department of Labor (DOL) implement a fiduciary rule for brokers who work on retirement plans; did one of Wall Street’s paid minions strike back....more

SEC Advisory Committee to vote on definition of “Accredited Investor”, and to consider secondary market liquidity for securities...

The Securities and Exchange Commission announced today that the next meeting of its Advisory Committee on Small and Emerging Companies will focus on ways to increase the opportunities for investors in small and emerging...more

SEC Provides Guidance on Receipt of Gifts by Fund Advisory Personnel

On February 23, 2015, the SEC’s Division of Investment Management issued guidance concerning the conflict of interest that arises when persons doing business, or hoping to do business, with a fund provide gifts, entertainment...more

Bridging the Week - March 2015

Europe and US Receive Good Grades for PFMI Implementation; Japan Receives the Best Grade - Regulators in the European Union, Japan and the United States have made “good progress” in implementing the Principles of...more

Rating Agency Developments

On February 23, DBRS releases its Criteria for Guarantees and other forms of explicit support....more

EBA Opinion on Regulation of EU Lending-Based Crowdfunding

On February 26, 2015, the European Banking Authority (“EBA“) published an opinion on lending-based crowdfunding. The opinion notes that certain Member States (France, Italy, Spain and the UK) have created specific regulations...more

Federal Agencies Release New Volcker Rule Guidance for Non-U.S. Banking Entities and Fund Sponsors Seeking to Rely on the “SOTUS”...

On February 27, 2015, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange...more

"New Reporting Requirements on the Horizon for US Financial Services Providers Doing Business With Non-US Persons"

Following closely on the heels of the reinstated reporting requirements for inbound and outbound direct investment involving U.S. entities, the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) has announced...more

Morgan Stanley Reaches Agreement to End DOJ Investigation into MBS Deals

On February 25, 2015, Morgan Stanley announced that it reached an agreement in principle with the U.S. Department of Justice, Civil Division, and the U.S. Attorney’s Office for the Northern District of Califoirnia, Civil...more

China Update February 2015: Settlement of the SEC Action Against Chinese Auditors Regarding Production of Workpapers, and EB-5...

Settlement of the SEC Action Against Chinese Auditors Regarding Production of Workpapers - Earlier this month the US Securities and Exchange Commission (SEC) agreed to “stay” the administrative action (meaning the SEC...more

FCPA Compliance and Ethics Report-Episode 136, Joel Borgquist, President of Etik [Video]

In this episode, I visit with Joel Borgquist, President of Etik a company that works to insure transparency in corporate social responsibility programs and assists in conflict resolution. ...more

MSRB Moves Foward Professional Qualification Standards For Municipal Advisors

The Municipal Securities Rulemaking Board, or MSRB, has received approval from the SEC to create baseline standards of professional qualification for municipal advisors. The new standards will be incorporated through...more

Privacy & Cybersecurity Update - February 2015 (Updated)

In This Issue - White House Releases Proposed Privacy Legislation - Lessons from the Anthem Data Breach - SEC and FINRA Release Results of Industrywide Cybersecurity Examination Sweeps - COSO Releases Report on...more

Cooperation By Broker Mitigates SEC Sanctions

Cooperation was a key factor in the resolution of an action involving a minority owner of a broker-dealer that is alleged to have facilitated a fraudulent scheme to conceal losses at a major Japanese company. In the Matter of...more

SEC May Seek Companies’ Agreements to Determine Whistleblower Treatment

The SEC continues to focus on its whistleblower initiative. According to a February 25 Wall Street Journal article titled “SEC Probes Companies’ Treatment of Whistleblowers,” the U.S. Securities and Exchange Commission...more

Second Circuit Holds That SIPA Does Not Permit an Inflation or Interest Adjustment to “Net Equity” Claims For Customer Property

In In re Bernard L. Madoff Investment Securities LLC, No. 14-97-bk(L), 2015 WL 727965 (2d Cir. Feb. 20, 2015), the United States Court of Appeals for the Second Circuit held that no adjustment for inflation or interest could...more

UK Financial Conduct Authority Issues Significant Financial Penalty in Respect of Management of Conflicts of Interest by Asset...

Summary - This alert sets out details of a recently published final notice issued by the UK Financial Conduct Authority (FCA) regarding the management of conflicts of interest within UK-licensed investment managers....more

Corporate and Financial Weekly Digest - Volume X, Issue 8

In this issue: - CBOE Proposes to Offer Extended Trading Hours for SPX and VIX Options - CFTC Staff to Host Public Roundtable on Recovery and Orderly Wind-Down of DCOs - CFTC Reopens Comment Period for...more

Broad Coalition Delivers Blunt Rebuke To SEC Chairman

Last month, I wrote that the SEC’s about face in responding to the no-action letter request of Whole Foods Market, Inc. “clearly wasn’t the SEC’s finest hour.” Several days later, a coalition of some 17 different...more

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